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Implications Of Macroeconomic Controls In Ghana, Wisdom Takumah Jan 2018

Implications Of Macroeconomic Controls In Ghana, Wisdom Takumah

Electronic Theses and Dissertations

Ghana’s desire to achieve sustainable economic growth with relatively stable price level pursue both monetary and fiscal policies that could lead to macroeconomic. This study examines the effects of fiscal and monetary policy on economic growth and determine the level of convergence of growth for Ghana using structural equation modeling (SEM) using time series data from 2008 to 2017. Both short run and long-run results revealed that the ratio of government spending to private investment was statistically significant and it exerted a positive impact on economic growth, an indication that government expenditure is a key channel through which we ...


Essays On Inequality And Macroeconomic Stability, Thomas Hauner Sep 2017

Essays On Inequality And Macroeconomic Stability, Thomas Hauner

All Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters. . .

Chapter 1: Aggregate Wealth and Its Distribution as Determinants of Financial Crises: Panel Evidence This essay investigates the relationship between wealth inequality and financial crises across a panel of nine advanced economies over the past 100 years. While substantiation of a role for income inequality is ambiguous in the literature, evidence is presented suggesting a unique capacity for the accumulation of assets to increase the likelihood of a future financial crisis episode. Testing long-run panel data with a reduced form, two-way fixed effects model, estimates suggest that increasing wealth inequality, in an economy with ...


Three Essays On The European Sovereign Debt Crisis With A Special Focus On Greece, Flora Leventi Sep 2017

Three Essays On The European Sovereign Debt Crisis With A Special Focus On Greece, Flora Leventi

All Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters where I examine several aspects of the European sovereign debt crisis. The first chapter focuses on systemic risk. Following the financial crisis of 2007-08, both in academic as well as policy circles, much of the research has focused toward the systemic importance of financial institutions. Parallel to that research, but to somewhat lesser extent, there have been improvements in our understanding of how risk is transmitted from the financial system to the real economy. This chapter investigates a related yet distinct manifestation of systemic risk, namely systemic sovereign risk. Using data on sovereign credit ...


Foreign Capital Flows And Economic Growth In Pakistan: An Empirical Analysis, Sharafat Ali Jan 2014

Foreign Capital Flows And Economic Growth In Pakistan: An Empirical Analysis, Sharafat Ali

Sharafat Ali

Pakistan economy has received large inflows of foreign capital, in shape of foreign debt, FDI and worker’s remittances, over the years. The present study is focused on the examination of effects of these flows on economic growth in Pakistan. Johansen cointegration technique and Granger causality test has been used for the analysis for the sample period of 1972-2013. The results reveal negative impacts of these flows on economic growth of the economy in long run. Short run analysis confirmed unidirectional causality running from debt service, FDI, inflation and literacy rate to growth. Causality from domestic investment is not concluded ...


Cointegration Analysis Of Oil Prices And Consumer Price Index In South Africa Using Stata Software, Mphumuzi A. Sukati Mr Jan 2013

Cointegration Analysis Of Oil Prices And Consumer Price Index In South Africa Using Stata Software, Mphumuzi A. Sukati Mr

Mphumuzi A Sukati Mr

This paper investigates the concept of vector autoregression (VAR) and cointegration using a bivariate model of global oil prices and headline Consumer Price Index (CPI) in South Africa. The study aims to determine how much of inflation is driven by oil prices. Particular attention is paid to the theoretical underpinnings of cointergration analysis and the application of STATA software to undertake such analysis and perform test statistics. Contrary to the popular myth that a rise in global oil prices fuels inflation, this study has observed that global oil prices are not the drivers of inflation in South Africa. In this ...


Cointegration Analysis Of Exports And Imports: The Case Of Pakistan Economy, Sharafat Ali Dec 2012

Cointegration Analysis Of Exports And Imports: The Case Of Pakistan Economy, Sharafat Ali

Sharafat Ali

No abstract provided.


Income Inequality And Economic Incentives: Is There An Equity-Efficiency Tradeoff?, Lonnie K. Stevans Jun 2012

Income Inequality And Economic Incentives: Is There An Equity-Efficiency Tradeoff?, Lonnie K. Stevans

Lonnie K. Stevans

What is the basis and direction of relationship between income inequality and economic growth? The equity versus efficiency dictum which predicts a positive relationship between inequality, capital formation, and real GDP growth—emphasizes the importance of economic incentives. Subsequently, this was challenged by the incomplete markets and political outcomes theories, because of increasing empirical evidence of an inverse relationship between income inequality and economic growth. In this paper, a further explanation of the basis and nature of the inequality–capital–growth relationship is presented, which emphasizes the divergence between savings and investment. For the United States, over the period 1970 ...


Demand For Money And Exchange Rate: Evidence For Wealth Effect In India, Sahadudheen I Mar 2012

Demand For Money And Exchange Rate: Evidence For Wealth Effect In India, Sahadudheen I

Undergraduate Economic Review

External factors such as variations in exchange rates should, to some extent, affect the composition of optimal money holdings. It was Robert Mundell who proposed the idea that demand for money could depend on the exchange rate in addition to the income and interest rate. Changes in exchange rate may have two effects on the demand for domestic currency, wealth effect and currency substitution effect. The main objective of the paper is to examine the effects of exchange rate on domestic demand for money in India covering the period of 1998Q1 to 2009Q4. The statistical and time series properties of ...


Workers’ Remittances And Real Exchange Rate In Bangladesh: A Cointegration Analysis, Mamta B. Chowdhury, Fazle Rabbi Jul 2011

Workers’ Remittances And Real Exchange Rate In Bangladesh: A Cointegration Analysis, Mamta B. Chowdhury, Fazle Rabbi

Fazle Rabbi

Workers’ remittances have an ever important role as one of the major sources of foreign exchange earnings for the Bangladesh economy. It accounts for over 12 per cent of GDP in 2010 and having colossal socio economic implications for the country. Using Cointegation an Error Correction model, this paper attempts to contribute to the literature by investigating the effects of increasing flow of remittances on the real exchange rate of the country. Our results suggest that the influx of workers’ remittances significantly appreciating the real exchange rate by lowering the relative prices tradables to nontradables of the country compared to ...


The Sustainability Of South African Fiscal Policy: An Historical Perspective, John Thornton, Lusine Lusinyan Mar 2009

The Sustainability Of South African Fiscal Policy: An Historical Perspective, John Thornton, Lusine Lusinyan

John Thornton

This article examines the issue of long-term fiscal sustainability in South Africa by applying a battery of recently developed unit root and cointegration tests to real revenue and spending data the period 1895 to 2005. The results provide evidence that, allowing for structural breaks, South African revenue and spending during this period were I(1) series and cointegrated, with the estimated long-run equilibrium relation supporting the presence of a weak deficit sustainability condition.


A Model Of Inflation For Sri Lanka, Arusha V. Cooray Jan 2008

A Model Of Inflation For Sri Lanka, Arusha V. Cooray

Faculty of Commerce - Papers (Archive)

This paper uses two models: an open economy model and a closed economy model to estimate a price equation for Sri Lanka. The results suggest greater support for the open economy model. Consistent with previous studies for Sri Lanka, supply side factors appear to be important in influencing the general price level in Sri Lanka.


Regional And International Market Integration Of A Small Open Economy, Cesar M. Rodriguez, Sebastian Fossati, Fernando Lorenzo May 2007

Regional And International Market Integration Of A Small Open Economy, Cesar M. Rodriguez, Sebastian Fossati, Fernando Lorenzo

Cesar M. Rodriguez

This paper studies the relationship between a set of commodity prices in a small open economy like Uruguay and the corresponding international and regional prices. The empirical methodology used is the multivariate cointegration procedure based on maximum likelihood methods introduced by Johansen (1988) as well as estimations of half-life persistence indicators. In the case of cereals, the evidence suggests strong market integration between domestic and regional markets and, to some extent, also to international markets. Therefore, directly or indirectly, domestic prices are connected with the efficient price signal. Results for beef indicate strong market integration between the domestic market and ...