Our paper differs from previous studies by examining the issue of whether regime changes have broken down the stability of the long-run relationships between tourism development and real GDP in Taiwan for the 1959–2003 period. We empirically investigate the co-movements and the causal...

The motivation behind this paper is to re-investigate the stability of the long-run money demand function (MDF) in a non-linear cointegrating framework for G-7 countries. Previous studies on non-linearity in the MDF are only related to the short-run dynamics and assume that long-run...

This paper applies the newly developed panel cointegrated technique [R. Larsson, J. Lyhagen, M. Lothgren, Likelihood-based cointegration tests in heterogeneous panels, Econom. J. 4 (1) (2001) 109–142] that allows for multiple cointegrated relationships to empirically re-examine the long-run...

This paper examines the impact of changes in real oil prices on the real stock returns of G7 countries. In addition to investigating the asymmetric effect of oil price shocks on stock returns, we also examine the effect of the performances of stock markets themselves, which are relevant to...