This study employs cointegration technique to determine the co-movement of ten national stock markets indexes in Africa. Using monthly indexes spanning February, 1997 to October, 2011, results demonstrate less than full cointegrating vectors, which suggest African stock markets are not fully...

This paper applies a newly developed LM unit root test based on residual augmented least squares (RALS) regression under structural break and Bayer–Hanck cointegration approach to explore the integrating properties and to check whether a long run relationship exists among energy demand,...

This paper examines whether convergence of real income exists among the Association of South East Asian Nations (ASEAN) and South Asian Association for Regional Cooperation (SAARC) countries for the period covering 1970-2009. Univariate Lagrange Multiplier (LM) unit root tests with structural...

With special emphasis on the influence of stock market development, this paper examines the impact of financial development on economic growth in selected African countries over the period from 1990 to 2009. Using the GMM approach, results suggest that African stock market, in terms of...

In this paper, we examine the presence of convergence of real per capita incomes in G7 countries for the period of 1870-2008, using the group average and pairwise approach. Lee and Strazicich (2003, 2004) unit root tests that provide for structural break(s) are utilised to verify incidence of...