The first essay introduces a Bayesian logistic smooth transition vector autoregression (LSTVAR) approach to investigating the impact of international business cycles on the UK economy. We find that the British business cycle is asymmetrically influenced by growth in the US, France and Germany....

The first essay attempts to explain how the economy responds to transient exogenous exchange rate and cost-push shocks using a small open economy New Keynesian dynamic general equilibrium model that incorporates prices and wage stickiness and cost channel of interest rate to inflation. The model...

This thesis investigates impacts of oil price on monetary policy in oil-exporting countries.The second chapter reviews the forward-looking new Keynesian model, to show the need for credibility and conservativeness in order to have less inflation, which are the theoretical foundations of central...

In the literature, many statistical models have been used to investigate the existence of a deterministic time trend, changing persistence and nonlinearity in macroeconomic and financial data. Good understanding of these properties in a univariate time series model is crucial when making...

In our previous paper “Can Trust Explain Social Capital Effect on Property Rights and Growth?” (Hall & Ahmad, 2013) we show that generalized trust data by the World Value Survey (WVS) are unable to yield sufficiently robust results in panel estimation due to missing observations problem. In...

Evidence in the literature points to a puzzling initial increase in inflation after an increase in nominal interest rates. This can be explained by the fact that firms have to borrow money to pay wages in advance, i.e., by the cost channel. In this paper, the study of the cost channel is...

This thesis focuses on financial development, economic growth and market volatility in Nigeria and South Africa. For Nigeria, the thesis examines the long-run causality between financial development and economic growth. It uses three measures of financial development: financial development index...

Similar to global currencies, the Zambian currency (kwacha) has varied considerably against major currencies since the early 1990s. Existing empirical evidence reveals that fluctuations in exchange rates can potentially generate distortions in the economy. However, insufficient empirical...

In this paper we empirically analyse the factors which determined consumer credit in Greece in the period before and after the financial liberalisation, while accounting for significant changes in structure due to the lifting of credit restrictions and the subsequent impressive boom of consumer...

Utilizing neoclassical growth framework augmented with institutional controls and latest estimation technique in panel data analysis, this study identifies the crucial institutional qualities in East Asian and other developing countries and uncovers the channel of their effects toward economic...