This paper uses the Johansen test for cointegration to check the prediction of a portfolio balance model that … predictable valuation effects are quantitatively small in developed countries. The rejection of cointegration suggests that the …

balance, and a BEER model) is tested against the random walk specification to determine their assessment in predicting the … in the very short run (up to 2 quarters ahead), particularly the BEER specification, consistently outperform those …

turmoil in the euro zone. The results show evidence of different economic growth rates within Europe, which also converge to …, which are not related to the fact that some countries belong to the euro area. Furthermore, Eastern European countries are … also divided in two clubs, with a more direct effect of belonging to the euro zone in the composition of the clubs. …

data from 1950–51 to 2003–04. Employing the Johansen's cointegration and error correction model, we find that human …

co-integration tests and the studies on South Africa primarily using short-span data from the post-Bretton Woods era, we … Dollar using annual data from 1910 – 2010. The results provide some support for the monetary model in that long-run co-integration …

finding indicates that cross-member cointegration exists and non-stationarity in exchange rates and fundamentals is mainly …

period of independent float regime in Sri Lanka had any link with the domestic money supply. The study of cointegration …