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11.
Mohsen Bahmani-Oskooee Tsangyao Chang Zahra Elmi Abera Gelan Omid Ranjbar 《Applied economics letters》2018,25(7):465-471
It is now a common practice to establish stationarity of the real exchange rate as a sign of purchasing power parity (PPP) hypothesis. In this article, we consider the real effective exchange rates of 29 African countries. When we apply conventional linear unit root tests, we find support for the PPP in eight countries. However, when we shift to the newly introduced non-linear quantile unit root test, support for the PPP increases to 15 countries. 相似文献
12.
Omid Asadollah;Linda Schwartz Carmy;Md. Rezwanul Hoque;Hakan Yilmazkuday; 《The World Economy》2024,47(8):3450-3486
This paper investigates the effects of global geopolitical risks and global supply chain pressures on global inflation for the monthly period of 1999M1–2022M12. The investigation is based on a structural vector autoregression model, where the effects of global oil prices and global monetary policy are controlled for. Four alternative measures of inflation are used, including headline, core, food, and energy inflation. The empirical results show that disruptions in global supply chains are the main drivers of global inflation in the long run as the corresponding shocks explain the lion's share of volatilities in headline inflation (by 32%), core inflation (by 30%), and food inflation (by 22%), followed by oil price shocks and policy rate shocks. In comparison, energy inflation is explained the most by oil price shocks (by 55%) followed by supply chain shocks and policy rate shocks. Positive supply chain pressure and oil price shocks have positive and statistically significant effects on headline inflation even after five years, whereas positive policy rate shocks have negative and statistically significant effects on headline inflation in the long run. In contrast, positive shocks to geopolitical risk result in higher headline inflation only up to one year, with insignificant effects in the long run. Several policy implications follow. 相似文献
13.
Omid Sabbaghi Gerald F. Cavanagh S. J. Tim Hipskind S. J. 《Journal of Business Ethics》2013,118(1):127-137
We provide an empirical investigation of leadership characteristics and social justice issues in the context of financial literacy service-learning. Using a unique dataset of student self-ratings, we find that students experience statistically significant increases in 8 of the 10 leadership dimensions and 7 of the 7 social justice issues examined in this study. Leadership dimensions include: persuasion, building community, “commitment to the growth of people,” stewardship, empathy, awareness, foresight, and listening. Interest in social justice issues include: dignity of the human person, community and the common good, rights and responsibilities, option for the poor, dignity of work, solidarity, and care for God’s creation. The statistically significant increases in these dimensions following the completion of the service-learning suggest positive effects on students’ self-perception of leadership qualities and interests in social justice issues: business school students sense improvement in nurturing growth of employees and colleagues, commitment to serving the need of others, understanding and empathizing with others, ethics, ability to foresee the likely outcome of a situation, and listening intently to others. As a consequence of the financial literacy service-learning, we believe that business students become more prepared toward becoming ethical leaders and citizens with compassion to serve the world for the well-being of all people, rich and poor alike. 相似文献
14.
Michael Rebstock Philipp Thun Omid Amirhamzeh Tafreschi 《Group Decision and Negotiation》2003,12(4):269-286
The inter-organizational character of electronic negotiations raises social, legal, organizational and technical research questions. One of the main weaknesses of electronic negotiation applications today is that they do not sufficiently take into consideration the integration requirements that stem from the latter two of these aspects. Our objective is to design and build an electronic negotiation application that complies with these requirements. A major task within this work is the modeling and specification of the negotiation process and negotiation objects. To meet the integration requirements, the use of standards is essential. In our paper, we apply the ebXML framework to the task of modeling interactive bilateral multi-attribute electronic negotiations. For this purpose, we introduce the negotiation process flow underlying our application scenario. We explain the significance of ebXML for standardized business transaction modeling. We develop ebXML process and object definitions and suggest modifications of and additions to the current ebXML standard. Finally, we discuss the scope and the limitations of our concept and prototype. 相似文献
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16.
Omid Ranjbar Xiao-Lin Li Tsangyao Chang 《The journal of international trade & economic development》2013,22(4):570-589
This paper investigates the stability of the steady-state growth process in East Asian region using a novel panel stationarity test, which allows us to control for (a) unobserved heterogeneity in form and date of potential structural breaks in a trend function, (b) the cross-sectional dependence among countries in the panel bootstrapping methods, and (c) the serially correlated errors. Evidence shows that a large majority of countries exhibit slowdowns in economic growth after their structural breaks and thus could not recover from negative shocks and return original balanced growth path. 相似文献
17.
Mohsen Bahmani‐Oskooee Tsangyao Chang Zahra Elmi Omid Ranjbar 《Bulletin of economic research》2019,71(3):348-358
Real interest rate differentials usually exhibit two properties; structural breaks and asymmetric dynamics. In this paper, we use various types of Quantile Unit Root Test (QURT) which accounts for both properties. Unlike previous research, we reject the unit root in the real interest rate differentials in 18 out of 21 OECD countries as well as in 4 out of 5 BRICS countries using QURT with sharp and smooth breaks. 相似文献
18.
We provide the first econometric investigation of volatility dynamics for the Carbon Financial Instrument (CFI) traded on the Chicago Climate Exchange (CCX). A CFI is a financial contract with the right to emit 100 metric tons of CO2 equivalent. In this study, we present evidence of infrequent trading in the CCX, consistent with emerging markets that are inhabited by non-competitive agents trading permits. We explore the relationship between the observed thin trading effects and GARCH model testing and estimation, concluding with some implications for volatility-based Value-at-Risk forecasts. Our results are important for traders of Carbon Financial Instruments and for policy makers seeking to improve the design of the Chicago Climate Exchange. 相似文献
19.
Mohsen Bahmani-Oskooee Tsangyao Chang Farhang Niroomand Omid Ranjbar 《Bulletin of economic research》2020,72(4):451-481
We test the PPP hypothesis in 29 African countries using a newly developed nonlinear Quantile unit root test with a Fourier function which accounts for smooth breaks. Simulation indicates that the proposed new test has higher power than the conventional Quantile unit root test as proposed by Koneker and Xiao (2004). Our empirical results provide support for the PPP hypothesis in 21 out of 29 African countries, a unique discovery using their real effective exchange rates. It appears that incorporating Fourier function to nonlinear Quantile unit root test gets us closer and closer to solving the PPP puzzle in Africa. 相似文献
20.
Edward W. Sun Omid Rezania Svetlozar T. Rachev Frank J. Fabozzi 《Journal of International Money and Finance》2011,30(4):692-707
Using four years of second-by-second executed trade data, we study the intraday effects of a representative group of scheduled economic releases on three exchange rates: EUR/USD, JPY/USD, and GBP/USD. Using wavelets to analyze volatility behavior, we empirically show that intraday volatility clusters increase as we approach the time of the releases, and decay exponentially after the releases. Moreover, we compare our results with the results of a poll that we conducted of economists and traders. Finally, we propose a wavelet volatility estimator which is not only more efficient than a range estimator that is commonly used in empirical studies, but also captures the market dynamics as accurately as a range estimator. Our approach has practical value in high-frequency algorithmic trading, as well as electronic market making. 相似文献