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1.
Much research has shown that mortgage rates exert a negative influence on housing prices. This study analyses the long- and short-run relationships between housing prices and mortgage rates using advanced nonstructural estimation methods. As expected, a bivariate specification and a four-variable housing demand specification both show that these variables have a long-run relationship, and that there is a rather inelastic response of housing prices to changes in mortgage rates. However, contrary to previous research, the results from Granger non-causality tests, impulse response functions and variance decompositions reveal that there is virtually no short-run influence from mortgage rates to housing prices. 相似文献
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The spur for privatization and its impact on economic performance have been analysed from many perspectives, including microeconomics, macroeconomics, and institutional economics. Previous research has focused on efficiency reasons for privatization at the level of the firm, and the relative performance of state‐owned enterprises and privately owned firms. This article investigates the macroeconomic facet of privatization with particular attention paid to the relation between privatization and capital formation in developing countries. Our study uses recent World Bank data on privatization for 105 countries over the time period 1988–2003. We explore the impact of privatization on capital formation by conducting two‐stage least squares and ordinary least squares estimations within three time frames. Our findings indicate that the effect of privatization on capital formation varies across regions and time frames. In general, privatization is neutral with regard to investment. 相似文献
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While a great deal of work has been devoted to the assessment of the effects of structural adjustment programmes, little is known about the relative importance of external financing and its contribution to the success of these adjustment programmes. This paper examines this question, using Iran's recent experience with an orthodox structural adjustment with its limited access to medium- and long-term external financing. Using the annual data for 1963-94, a three-gap model of growth is formulated and estimated in which economic growth is constrained by domestic saving, foreign exchange and public sector resource availability. The resulting foreign exchange-gap equation demonstrates a sharp trade-off between investment (capacity generation) and the capacity utilization rate. The model is simulated over the period 1995-99 under three growth path scenarios. The size of the foreign exchange gap under these growth path scenarios illustrates quite vividly the centrality of the foreign exchange constraint to the achievement of a modest growth rate in the medium-term. 相似文献
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Saeed Moshiri 《Economics of Innovation and New Technology》2016,25(8):801-820
Research on the effect of information and communication technology (ICT) on productivity in developed countries is already extensive, but the spillover and time-varying effects of ICT investment across economic activities have been only minimally explored. This paper investigates the impacts of ICT and its spillovers on productivity in Canada, focusing on heterogeneity across provinces and industries over time. The panel data estimation model includes 10 provinces with diverse economic activities for the period 1990–2008, and the two-digit level industries for the period 1981–2008. The findings show that ICT has a positive impact on labour productivity, but the effects vary significantly across provinces, industries, and time. Specifically, while provinces with higher shares of manufacturing and services in their GDP have reaped the benefits of ICT investment, other provinces primarily dependent on natural resources and agriculture are lagging behind. The industry-level analysis also reveals that manufacturing and services industries have benefited from ICT investment much more than primary sector industries. The results further indicate that ICT investment in the USA, a major trading partner, has spilled over to some Canadian provinces and industries and that the overall ICT effects are stabilized in those ICT-intensive provinces and industries. 相似文献
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Farrokh Nourzad David N. Greenwold Rui Yang 《International Advances in Economic Research》2014,20(2):203-212
This paper focuses on the possible interaction between foreign direct investment (FDI) and the host country’s infrastructure base. Its central hypothesis is that the effect of FDI on per capita real income depends, at least in part, on the size of the recipient country’s infrastructure. This hypothesis is tested in a panel of 46 countries and 5-year averages over the 1980–2000 period using the size of three types of infrastructure capital: telecommunication, power generation, and network of roads or highways. The results indicate that the size of the host country’s infrastructure base helps to improve the marginal effect of FDI on real income. 相似文献
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From 1981iv to 1983ii, the growth rate of the income velocity of money declined sharoly. Almost all forecasts of this rate based on standard models overpredicted the velocity growth rate over this period. In this paper it is argued that income taxes exert a direct and discernible influence on velocity of money which has not been recognized by these models. As a result, most models failed to capture the 1981–1983 Reagan tax cuts and, consequently, overpredicted the velocity growth rate in this period. It is shown that the tax-velocity hypothesis is supported by the results of an empirical test. It is also shown that the inclusion of taxes in a model of velocity helps alleviate the overprediction of the velocity growth rate in the 1981–1983 period. 相似文献
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Farrokh Nourzad 《International Advances in Economic Research》2008,14(1):25-35
This paper uses a stochastic translog production frontier to estimate technical inefficiency indices whose conditional mean
is specified as a function of FDI and its interaction with openness of the economy. The model is estimated using an annual
panel of 46 countries for the years, 1981–2001. The results suggest that increased FDI increases potential output in both
developed and developing countries with the effect being more profound in the former. It is also found that increased FDI
reduces technical inefficiencies the more open is the economy but that this effect holds only for developed economies. Thus
qualified support is found for the “Bhagwati hypothesis” as the results reveal that the efficiency–enhancing effect of FDI
depends not only on openness but also on the degree of development of the host country.
相似文献
Farrokh NourzadEmail: |
10.
Openness, centralized wage bargaining, and inflation 总被引:1,自引:0,他引:1
Joseph P. Daniels Farrokh Nourzad David D. VanHoose 《European Journal of Political Economy》2006,22(4):969-988
This paper develops a model of an open economy containing both sectors in which wages are market-determined and sectors with wage-setting arrangements. A portion of the latter group of sectors coordinate their wages, taking into account that their collective actions influence the equilibrium inflation outcome in an environment in which the central bank engages in discretionary monetary policymaking. Key predictions forthcoming from this model are (1) increased centralization of wage setting initially causes inflation to increase at low degrees of wage centralization but then, as wage centralization increases, results in an inflation drop-off; (2) a greater degree of centralized wage setting reduces the inflation-restraining effect of greater central bank independence; and (3) increased openness is more likely to reduce inflation in nations with less centralized wage bargaining. Analysis of data for seventeen nations for the period 1970–1999 provides generally robust empirical support for all three of these predictions. 相似文献