This paper investigates the direction of causal relationship between taxes and expenditure in South Africa, using quarterly data for the period 1960:1-2006:2, and annual data for 1960 to 2005. For both frequencies, gross domestic product and government debt are included in the VAR system as...

Reserves of natural gas in Bangladesh are very large and total demand has increased secularly in recent years. This paper examines the causal relationship between the consumption of natural gas and GDP in Bangladesh over the period 1980 to 2010. We find that there is a positive unidirectional...

In this paper we propose a new test for efficiency of spot and forward markets where returns are nonstationary and cointegrated. The test for market efficiency is developed within the framework of a vector error correction (VEC) representation of a bivariate vector autoregression (VAR) model....