Various forms of instability can be observed in macroeconomic and financial data including changes in variance, changes in cycle properties, or both. Traditional tests do not allow to distinguish between these different cases. This paper proposes and compares two alternative approaches. The...

Every economy requires a sophisticated and efficient financial system to prosper its development. A healthy financial system may be integral to the sound fundamentals of an economy. The objective of the study is to investigate the impact of financial indicators on human development in Pakistan...

Global oil price shock waves and continuous trade imbalance have raised serious alarms among the policy makers around the world, because of its aggressive impacts for the net oil‐importing economies. The objective of this study is to investigate the impact of rising oil prices on the trade...