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This paper uses Johansen’s cointegration to test for the possibility of co-integration and Granger-causality to …-run relationship before and during the crisis. The Granger-causality tests show a uni-directional causality running from M2 to ASI … before the crisis while during the period of the crisis there is absence of causality between the variables. This suggests …
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1961-2010. These relationships are examined using the Johansen frameworks for co-integration whereas the Vector Error …
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