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Real and Monetary Convergence within the European Union and Between the European Union and Candidate Countries: A Rolling Cointegration Approach

Brada, Josef C.; Kutan, Ali M.; Zhou, Su - William Davidson Institute, University of Michigan - 2002

We use rolling cointegration to measure the convergence of base money, M2, the consumer price index and industrial …. Counties that recently joined the EU exhibit time-varying cointegration with the reference countries over much of the 1980 …-2000 sample period. Cointegration for the transition economies was comparable for M2 and prices, but less so for monetary policy …

Persistent link: https://www.econbiz.de/10005489862

Real Exchange Rate Misalignment: Prelude to Crisis?

Kemme, David M.; Roy, Saktinil - William Davidson Institute, University of Michigan - 2005

A model of the long run equilibrium real exchange rate based upon macroeconomic fundamentals is employed to calculate real exchange rate misalignments for Poland and Russia during the 1990s using the Beveridge and Nelson (1981) decomposition of macrofundamentals into transitory and permanent...

Persistent link: https://www.econbiz.de/10005652606

Equilibrium Exchange Rates in the Transition: The Tradable Price-Based Real Appreciation and Estimation Uncertainty

Égert, Balázs; Lommatzsch, Kirsten - William Davidson Institute, University of Michigan - 2004

traditional Balassa-Samuelson model. With this as a background, alternative cointegration methods are applied to time series …

Persistent link: https://www.econbiz.de/10005677707

Implications of ERM2 for Poland’s Monetary Policy

Orlowski, Lucjan; Rybinski, Krzyzstof - William Davidson Institute, University of Michigan - 2005

employing the Johanssen cointegration tests and the threshold generalized autoregressive heteroscedasticity model with the in …

Persistent link: https://www.econbiz.de/10005784742

Infrastructure and Growth: Empirical Evidence

Egert, Balazs; Kozluk, Tomasz; Sutherland, Douglas - William Davidson Institute, University of Michigan - 2009

Investment in network infrastructure can boost long-term economic growth in OECD countries. Moreover, infrastructure investment can have a positive effect on growth that goes beyond the effect of the capital stock because of economies of scale, the existence of network externalities competition...

Persistent link: https://www.econbiz.de/10008528994

Yuan Real Exchange Rate Undervaluation, 1997-2006. How Much, How Often? Not Much, Not Often

Chen, Jeff; Deng, Wende; Kemme, David - William Davidson Institute, University of Michigan - 2008

Yuan real effective exchange rate misalignment is esitimated in a behavioral equilibrium exchange rate (BEER) model for the period 1997 to third quarter 2007. Using the Beveridge-Nelson decomposition a vector error correction model (VECM) of the exchange rate as a function of macroeconomic...

Persistent link: https://www.econbiz.de/10008529011

Equilibrium Real Exchange Rates in Central Europe's Transition Economies: Knocking on Heaven's Door

Égert, Balázs - William Davidson Institute, University of Michigan - 2002

. The empirical part of the paper consists in estimating a VAR-based 3-equation cointegration system. Long-term equilibrium … estimated cointegration relationship connecting the RER with relative prices and the current account. Results show that the gap …

Persistent link: https://www.econbiz.de/10005207893

Do Stock Markets Promote Economic Growth

Filer, Randall K.; Hanousek, Jan; Campos, Nauro F. - William Davidson Institute, University of Michigan - 1999

One of the most enduring debates in economics is whether financial development causes economic growth or whether it is a consequence of increased economic activity. Little research into this question, however has used a true causality framework. This paper fills this lacuna by using...

Persistent link: https://www.econbiz.de/10005677711

A Refinancing Model of Decentralization with Empirical Evidence from China

Park, Albert; Shen, Minggao - William Davidson Institute, University of Michigan - 2002

information in response to market signals. In China, however, banks centralized lending authority following financial reforms in …

Persistent link: https://www.econbiz.de/10005489888

Entrepreneurs' Access to Private Equity in China: The Role of Social Capital

Batjargal, Bat; Liu, Mannie M. - William Davidson Institute, University of Michigan - 2002

investors. The context of the study is People's Republic of China. The empirical data is composed of 158 venture capital …

Persistent link: https://www.econbiz.de/10005489896