The study utilizes the Autoregressive-distributed lag (ARDL) approach for cointegration and Granger causality test, to explore the long run equilibrium relationship and the possible direction of causality between international trade, financial development and economic growth for the Pakistan...

In this paper we attempt to determine whether the Chinese foreign exchange reserves have been too large. We empirically analyzed the foreign exchange reserves first by using the rate analysis method and then using the cost-profit method. Using the rate analysis method we found that the Chinese...

The aim of the paper is to verify whether the USD/EUR exchange rate market is efficient. The fundamental parity condition for testing foreign exchange market efficiency is represented by the uncovered interest-rate parity (UIP). Therefore, the UIP hypothesis verification accounts for the crucial...

Over the last two decades, a number of financial disasters have occurred due to failure in risk management procedures. If some, as the Asian financial crisis, had a very much more muted global impact (even though they sent shock waves through global financial markets, the main damage were fairly...

This paper applies the Johansen Cointegration procedure to test the law of one price (LOOP) for twelve international markets of paintings using semi-annual data for the period 1985-2007. Cointegration test is performed in a pairwise arrangement. Price index for each market is estimated using the...

IMF and World Bank were created after the Second World War as a result of monetary and fiscal Conference of the United Nations (UN) in the Bretton Wood, New Hampshire in July 1944. This conference was part of the efforts to finance the construction of Europe which was destroyed in the Second...