This paper will investigate the sustainability of external debt for 21 OECD countries. We modify the solvency condition in an open economy derived by Sawada (1994). The quantile autoregression (QAR) model is applied to test the stationary property of the net external surplus process. The...

This paper will take Taiwan as an example to investigate the closeness-turnout relation. Instead of using actual electoral data, we utilize the information provided by pre-election polls to construct the measure for electoral closeness. The empirical result of Taiwan shows when the race is...

This paper will investigate the Granger causality between foreign reserves and economic growth in twenty largest reserves-holding countries ranging from 1980 to 2008. The method of first-differencing each variable is used to estimate the panel data VAR equations for Granger causality test. The...

This paper analyzes the impacts of timing errors, capital flows and economic openness on the behavior of the balancing item. We choose Norway, Sweden, Philippines and South Africa as sample countries where the size of the balancing item is often excess the IMF's criterion of ‘smallness'....

We analyze the G7 countries data set of real balance of payments series. The unit root tests with an endogenously determined break date in the trend function proposed by Zivot and Andrews (1992) is employed to characterize the balance of payments series. The empirical results show that allowing...

We analyze the G7 countries data set of real balance of payments series. The unit root tests with an endogenously determined break date in the trend function proposed by Zivot and Andrews (1992) is employed to characterize the balance of payments series. The empirical results show that allowing...