Our paper examines the relationship between bank credit to the private sector and economic growth in Morocco during the period 2003-2020. We employ a VECM in an econometric framework that controls for the impact of structural breaks. In the short run, we provide robust evidence for a one-way...

This study uses quarterly data from 1973 to 2007 to investigate the influence of financial institutions on economic growth in Taiwan. We find that the breakpoint obtained by Gregory and Hansen (1996) appears in the third quarter of 1982, which coincides with the period of financial openness. In...

This paper investigates asymmetric co-integration and causality effects between financial development and economic growth for South African data spanning over the period of 1992 to 2013. To this end, we make use of the momentum threshold autoregressive (MTAR) approach which allows for threshold...

The Portuguese economy has benefited from large amounts of European structural funds since the mid-eighties. At the same time, interest rates have decreased substantially, mainly due to a credibility phenomenon. The effects of those funds and the reduction of financial costs can be considered as...

The objective of this paper is to measure the impact of economic growth on unemployment in the Jordanian economy in the short and long-run during the period (1980-2011) by implementing the okun's law. The relationship is measured by performing the gap model with Hodrick-Prescott filter (HP...

Empirical analyses of Cagan?s money demand schedule for hyper-inflation have largely ignored the explosive nature of hyper-inflationary data. It is argued that this contributes to an (i) inability to model the data to the end of the hyper-inflation, and to (ii) discrepancies between ?estimated?...

Empirical analyses of Cagan's money demand schedule for hyper-inflation have largely ignored the explosive nature of hyper-inflationary data. It is argued that this contributes to an (i) inability to model the data to the end of the hyper-inflation, and to (ii) discrepancies between 'estimated'...

This paper investigates the short run as well the long run relationships between money supply, inflation, government expenditure and economic growth by employing the Error Correction Mechanism (ECM) and Johansen co-integration test respectively for the case of Cyprus using annual data from 1980...

Understanding market integration in developing countries is an important issue in current research. This study is an attempt to analyze wheat market integration in Pakistan. Previous research on the subject has attempted at analyzing market integration in Pakistan's south and north Punjab...

It is well established that the shocks driving many key macro-economic and financial variables display time-varying volatility. In this paper we consider estimation and hypothesis testing on the coefficients of the co-integrating relations and the adjustment coefficients in vector...