This study examines the demand for money in Hungary using the autoregressive distributed lag (ARDL) cointegration framework. The results based on the bounds testing procedure confirm that a stable, long-run relationship exists between demand for money and its determinants: real income, inflation...

This paper empirically examines the causal relationship between the degree of openness of the economy, financial development and economic growth by using a multivariate autoregressive VAR model in Greece for the examined period 1960:I-2000:IV. The results of cointegration analysis suggest that...

This paper investigates the relationship between cigarette consumption per capita net disposable income, cigarette price index, and per capita expenditure for education. In this empirical analysis the Johansen cointegration test is applied in conjunction with the vector error correction model....

The purpose of this paper is to investigate and measure the proportion of changes in wholesale prices transferred to private consumption prices in European Union economy. The data used in the investigation are monthly, covering the period from 1996:9 to 2001:7 and refer to consumer price indexes...

This paper examines empirically the causal relationship among exports, gross capital formation, foreign direct investments and economic growth using a multivariate autoregressive Var model for Greece over the period 1960-2002. The results of cointegration test suggested that there is only one...