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Hallwood, Paul; MacDonald, Ronald - 2008

regimes have ended in failure; except for the first, which was ended by the outbreak of World War I, all of the others we … World War II the main problem was a shortage of monetary gold that we argue is implicated as a cause of the Great Depression …. After World War II, more particularly from the late-1960s, the main problem has been a surfeit of the main international …

Persistent link: https://www.econbiz.de/10009430175

A Dynamic Equilibrium Model of Real Exchange Rates with General Transaction Costs

GOSWAMI, GAUTAM; SHRIKHANDE, MILIND; WU, LIUREN - 2002

We study the behavior of real exchange rates in a two-country dynamic equilibrium model. In this model, consumers can only consume domestic goods but can invest costlessly in capital stocks of both countries. Nevertheless, transporting goods between the two countries is costly and, hence, the...

Persistent link: https://www.econbiz.de/10009440709

Real Exchange Rates Over the Past Two Centuries: How Important is the Harrod-Balassa-Samuelson Effect?

Lothian, James R.; Taylor, Mark P. - 2003

Using long-span data on the dollar-sterling and dollar-franc real exchange rates over the past two centuries, we apply the findings of various strands of the recent literature in order to examine the statistical and economic significance of the Harrod-Balassa-Samuelson effect (the effect of...

Persistent link: https://www.econbiz.de/10009440727

Purchasing power parity in developing countries: Evidence from conventional and fractional cointegration tests

Arize, A. C.; Malindretos, John; Grivoyannis, Elias C. - 2004

This paper examines the long-run validity of purchasing power parity (PPP) for fourteen developing countries. The period examined is 1973:4 through 2002:8. The methods of Elliot, Rothemberg and Stock (1996), Kwiattkowski et al. (1992) and Geweke and Porter-Hudak (1983) are employed to detect the...

Persistent link: https://www.econbiz.de/10009441661

A test of purchasing power parity: Asia Pacific and Latin America

Ho, Catherine S. F.; Ariff, Mohamed - 2009

Finding evidence of the theoretical relationship between exchange rate and inflation has been a difficult proposition in an exchange rate market, despite many studies in developed markets. Three recent papers employing a new research design, Theil’s Divisia index method, found that this...

Persistent link: https://www.econbiz.de/10009441758

Equilibrium Exchange Rates in Transition Economies: Taking Stock of the Issues

Égert, Balázs; Halpern, László; MacDonald, Ronald - 2005

In this paper we present an overview of a number of issues relating to the equilibrium exchange rates of transition economies of the former soviet bloc. In particular, we present a critical overview of the various methods available for calculating equilibrium exchange rates and discuss how...

Persistent link: https://www.econbiz.de/10009477512

Zero-non-zero Patterned Vector Error Correction Modelling for I(2) Cointegrated Time-Series with Applications in Testing PPP and Stock Market Relationships

Penm, Jack H.W; Brailsford, Tim; Terrell, R.D - 2000

Vector error-correction models (VECMs) have become increasingly popular in their applications to financial markets. Standard VECM models assume that the cointegrating vectors are of full rank such that they contain no zero elements. However, applications of VECM models to financial market data...

Persistent link: https://www.econbiz.de/10009451311

Purchasing Power Parity and Emerging South East Asian Nations

Razzaghipour, A; Fleming, G; Heaney, R.A - 2000

This paper provides a test of purchasing power parity (PPP) as an explanation for longterm foreign exchange rate movements. It essentially extends the analysis of Cheung and Lai (1993) to the South East Asian nations, Indonesia, the Philippines, Malaysia, South Korea, and Thailand. Consistent...

Persistent link: https://www.econbiz.de/10009451722

Interorganizational dynamics in collaboration in university-industry research projects: context, politics and social construction

Zanko, Michael; Badham, Richard; Garrety, Karin H - 2005

University-industry partnerships (UIPs) are widely viewed as essential in leveraging research capability and economic performance in organizations and the nation as a whole. In Australia, as in many other countries, the national government commits significant funds to such ‘strategic’...

Persistent link: https://www.econbiz.de/10009457450