This paper estimates aggregate short-run and long-run import demand functions for the Philippines using data for the period 1960-2006. Results indicate that import demand and its determinants are cointegrated in the long run. The import demand with respect to expenditure components is inelastic...

This paper estimates aggregate short-run and long-run import demand functions for the Philippines using data for the period 1960-2006. Results indicate that import demand and its determinants are cointegrated in the long run. The import demand with respect to expenditure components is inelastic...

We analyze the degree of persistence of the unemployment rates of the 10 Canadian provinces using quarterly data for the period 1976:1-2005:4. We apply a two-break minimum Lagrange Multiplier unit root statistic, which, unlike standard unit root statistics (without or with breaks), makes it...

The purpose of the paper is twofold. Firstly, we test the validity of the PPP hypothesis for selected CEEC (Czech Republic; Hungary; Poland and Slovak Republic). Secondly, we attempt to define those countries’ trade linkages between Euro Area; US and the rest of the world. By applying univariate...

The purpose of the paper is twofold. Firstly, we test the validity of the PPP hypothesis for selected CEEC (Czech Republic; Hungary; Poland and Slovak Republic). Secondly, we attempt to define those countries’ trade linkages between Euro Area; US and the rest of the world. By applying both...

The results of this paper complement the recent findings of real exchange rates as stationary processes. The standard procedure of applying a battery of unit root tests can be problematic since the tests are sensitive to the specifics of the time-series process. The novelty of the approach we...

There has been serious suspicion of a spurious rejection of the unit roots in panel studies of PPP due to the failure to control for cross-sectional dependence. This article presents evidence of mean-reversion in industrial country real exchange rates in a set up that accounts naturally for...

The purpose of the study is to examine the impact of tourism on economic growth in Sri Lanka through the Autoregressive Distributed Lag (ARDL) bounds testing approach. The analysis was carried out for the period from 1969 to 2009. By and large, our analysis reveals that the tourism has a...

Tourism has a significant impact on economic growth as put forth by the tourism-led growth hypothesis. Turkey's earnings from tourism were 31.5 billion dollars in 2015 according to TURKSTAT. This implies that tourism is an important industry for Turkey and has a significant impact on economy....