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Empirical Economics - Employing a panel vector autoregression (PVAR) methodology, the paper addresses the nexus between military expenditures and two key macroeconomic variables, namely growth... 相似文献
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Christos Kollias Nikolaos Mylonidis Suzanna-Maria Paleologou 《Journal of Economics and Finance》2012,36(1):136-147
Both the goods market hypothesis and the portfolio balance theory, suggest a nexus between exchange rates and stock prices,
albeit with a different direction of causality. This paper, using daily data, takes up the issue of the linkages between stock
prices and exchange rates in the case of the euro-dollar rate and two composite European stock market indices: the FTSE Eurotop
300 and FTSE eTX All-Share Index. It addresses the causal ordering issue between the two markets using rolling unit root,
cointegration and Granger causality tests. This methodological approach allows for the emergence of a clearer picture of the
possible dynamic linkages between exchange rates and stock prices. The empirical results provide evidence of time-varying
causality between the two markets. 相似文献
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Christos Kollias Nikolaos Mylonidis Suzanna-Maria Paleologou 《International Review of Economics & Finance》2008,17(3):380-387
This paper addresses the saving-investment (SI) correlation for the EU15 member countries, using the ARDL approach and panel regressions. If we accept the Feldstein–Horioka [Feldstein, M. and C. Horioka, 1980, Domestic saving and international capital flows, Economic Journal 90, 314–329.] interpretation of the SI correlation, the evidence from the ARDL approach does not point to any particular direction in terms of country size, or level of development, or economic and capital market structure. Panel regressions yield an SI coefficient in the range of 0.148–0.157. This finding is attributed to higher capital mobility, lower transaction costs in the international capital markets, and the declining status of long-run current account targeting as a primary government objective. 相似文献
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