This paper investigates the monetary interdependence and the money-income relationship between countries under a pegged and a floating exchange rate system during the same time period (1979-1997). The relationship is tested between three ERM countries, France, Germany and Holland, and also between these countries and the United States. The ERM countries have a pegged exchange rate between thems...

Florian M.E. Wagenlehner, Johny E. Elkahwaji*, Ferran Algaba†, Truls Bjerklund-Johansen‡, Kurt G. Naber¶, Rudolf Hartung§ and Wolfgang Weidner Department of Urology, Justus-Liebig-University Giessen, Germany, *Department of Surgery, Division of Urological Surgery, University of Nebraska Medical Center, Omaha, USA, †Department of Pathology, Fundacio Puigvert, Barcelona, Spain, ‡Department of Uro...

Emerging economies have grown much faster than the advanced countries during the past decades. This study investigates the relationship between economic growth and electricity consumption in the emerging economies during the period 1970-2011 by using Pedroni, Kao and Johansen co-integration tests and Granger causality tests. We found that electricity consumption had a positive impact on the eco...

Henning R. Stennicke, Marianne Kjalke, Ditte M. Karpf, Kristoffer W. Balling, Peter B. Johansen, Torben Elm, Kristine Øvlisen, Flemming Möller, Heidi L. Holmberg, Charlotte N. Gudme, Egon Persson, Ida Hilden, Hermann Pelzer, Henrik Rahbek-Nielsen, Christina Jespersgaard, Are Bogsnes, Anette A. Pedersen, Anne K. Kristensen, Bernd Peschke, Wendy Kappers, Frederik Rode, Lars Thim, Mikael Tranholm,...

Generally, high oil prices slow economic growth, cause inflationary pressures and creates global imbalances. In addition, oil price volatility increase uncertainty and restrain the much-needed investment in the capital market. Thus, this paper applies the Augmented Dickey Fuller and Johansen Co-integration Tests in which the effect of oil price volatility, crude oil price and stock price is ana...

The present study explores the impacts of foreign capital inflows in terms of external debt, foreign direct investment and worker’s remittances on domestic investment in Pakistan economy for the period of 1972-2007. Since the study utilizes the time series data of the sample period so augmented Dickey-Fuller unit root test has been employed to find out each of the time series variables to be st...

This study investigated the relationship between financial development and economic growth for Ireland for the period 1965-2007 using a vector error correction model (VECM). Questions were raised whether financial development causes economic growth or reversely taking into account the positive effect of industrial production index. Financial market development is estimated by the effect of cred...

By undertaking a cointegration analysis with annual data over the period 1985~2005 in China, the estimation results show that there is cointegration relationship between electrical energy consumption and economic growth taking into account industry structure changes and technical efficiency. The model shows that three explanatory variables, the GDP per capita, heavy industry share and efficienc...