This paper empirically analyses the long-run relationship among the variables in the aggregate import demand functions of Madagascar and Mauritius in order to evaluate the appropriateness and effectiveness of the structural adjustment programmes (SAPs). Given the small sample size, we use the...

This paper analyses the monetary aspects of the Japanese economy based on the cash-in-advance (CIA) model. The Svensson (1985) model and the Lucas and Stokey (1987) model are examined by calibration. The Euler equations obtained from the representative agent's optimization behaviour stand for a...

This paper empirically analyzes India’s money demand function during the period of 1980 to 2007 using monthly data and the period of 1976 to 2007 using annual data. Cointegration test results indicated that when money supply is represented by M1 and M2, a cointegrating vector is detected...

This paper empirically analyzes the determinants of foreign direct investment for Sub-Saharan African countries and other some developing countries. Our results suggest that both productivity-related policy and exchange rate policy can be effective in sharpening FDI competitiveness, i.e., in...

Frankel et al (1986) pointed out that industrialized countries have larger saving rate coefficients than do developing countries in the framework of Feldstein-Horioka puzzle. This is referred to as the Frankel-Dooley-Mathieson puzzle in this paper. This paper extends past analyses by...

This paper empirically analyzes the business cycle transmission between the two African countries and their largest economic partners. The empirical results show that business cycles in France, the United Kingdom, and the United States induce the economic fluctuations in Madagascar and...

This paper empirically analyzes the long-run equilibrium between trade balances and the terms of trade using the nonstationary panel data analysis. Empirical results indicate that trade balances and the terms of trade do not have cointegrating relation for G-7 countries. This implies that the...

China has experienced a dramatic demographic transition since the latter half of the twentieth century, and thus, assessing the global economic implications is an important issue. This article uses time-series data on China to estimate the determinants of gross domestic product (GDP) per capita....

We extend Kilian's (2009) framework to identify an exogenous shock arising from changes in financial market conditions and examine the consequent macroeconomic impacts of oil price changes. We find that a financial shock is a key determinant of oil prices and its macroeconomic impact is as...