This paper examines the causal relationship between stock prices and macroeconomic aggregates in Iran, by applying the techniques of the long–run Granger non–causality test proposed by Toda and Yamamoto (1995). We test the causal relationships between the TEPIX Index and the three macroeconomic variables: money supply, value of trade balance, and industrial production using quarterly data for t...

This study attempts to further verify the validity of the tourism-led growth hypothesis in Malaysia using a multivariate model derived from the Solow growth theory. It employs annual data from 1975 to 2011. We find that economic growth, tourism and other determinants are cointegrated. Specifically, tourism has a positive impact on Malaysia's economic growth both in the short-run and in the long...

Multielectrode neurophysiological recording and high-resolution neuroimaging generate multivariate data that are the basis for understanding the patterns of neural interactions. How to extract directions of information flow in brain networks from these data remains a key challenge. Research over the last few years has identified Granger causality as a statistically principled technique to furni...

This paper develops a multivariate model to test the effectiveness of monetary and fiscal policy for the economic growth in five Asian Countries (Pakistan, India, Thailand, Indonesia and Malaysia). Most of the previous studies in this area have paid less attention to stationarity, cointegration and causality issues. The series M1 (Money Stock), Government Expenditure, GDP and exports are tested...

interest free banking law at 1363 was implemented in the banking system in iran. one of the main goals of this law was eliminating usury from monetary system, and utilization from non-usury credit impact on economic growth through preferring money contribution in the capital. this paper uses data from years 1363 to 1386 and implementing herfindahl-hirschman index, evaluated and ranked concentra...

Power modulations of oscillations in electro- and magnetoencephalographic (EEG/MEG) signals have been linked to a wide range of brain functions. To date, most of the evidence is obtained by correlating bandpower fluctuations to specific target variables such as reaction times or task ratings, while the causal links between oscillatory activity and behavior remain less clear. Here, we propose to...

the main purpose of this paper is analyses the short and long run relationship between budget deficit and trade deficit in some mena countries. the data cover the period from 1971-2000 (and for i.r. iran 1 959-2003).the relationship between these variables will be analyses in short and long run by using johansen cointegration tests, ecm, and granger causality test. the empirical evidence provid...

We propose Granger causality mapping (GCM) as an approach to explore directed influences between neuronal populations (effective connectivity) in fMRI data. The method does not rely on a priori specification of a model that contains pre-selected regions and connections between them. This distinguishes it from other fMRI effective connectivity approaches that aim at testing or contrasting specif...

We recently proposed a new measure, termed Phase Slope Index (PSI), It estimates the causal direction of interactions robustly with respect to instantaneous mixtures of independent sources with arbitrary spectral content. We compared this method to Granger Causality for linear systems containing spatially and temporarily mixed noise and found that, in contrast to PSI, the latter was not able to...

Granger causality is increasingly being applied to multi-electrode neurophysiological and functional imaging data to characterize directional interactions between neurons and brain regions. For a multivariate dataset, one might be interested in different subsets of the recorded neurons or brain regions. According to the current estimation framework, for each subset, one conducts a separate auto...