entries has not been fully discussed in cointegration theory. In such cases, the use of standard VECM models may lead to …

. It is found that the null hypothesis of no cointegration cannot be rejected for Japan. By contrast, there is some … for testing the null hypothesis of no cointegration against alternatives which are fractionally cointegrated. Fractional … cointegration would imply that, although there exists a long-run relationship, the equilibrium errors exhibit slow reversion to zero …

standard and international trade. The estimation results allow us to formulate some interesting policy conclusions. …

in the Association of Southeast Asian Nations (ASEAN), especially since the 1997-1998 Asian financial crisis. According … currency union. The large increase in intra-ASEAN trade in recent years raises the question of whether the ASEAN countries are … becoming better prepared to form a currency union. This article sets to test whether the recorded increase in intra-ASEAN trade …