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Testing For Structural Breaks In The Korean Economy 1980-2005: An Application Of The Innovational Outlier And The Additive Outlier Models, Charles Harvie, M. Pahlavani
Testing For Structural Breaks In The Korean Economy 1980-2005: An Application Of The Innovational Outlier And The Additive Outlier Models, Charles Harvie, M. Pahlavani
Faculty of Business - Economics Working Papers
This paper employs quarterly time series data to endogenously determine the timing of structural breaks for various macroeconomic variables in Korean economy. The Innovational Outlier (IO) as well as Additive Outlier models (Perron, 1997) are then used to test for non-stationarity of the Korean macroeconomic data. After accounting for the single most significant structural break, the results from the (AO) model clearly indicate that the null of at least one unit root cannot be rejected for all of the series under investigation. This finding is consistent with our finding based on the conventional unit root test. However, by applying the …
Identifying Structural Breaks In The Lebanese Economy 1970-2003: An Application Of The Zivot And Andrews Test, Charles Harvie, M. Pahlavani, A. S. Saleh
Identifying Structural Breaks In The Lebanese Economy 1970-2003: An Application Of The Zivot And Andrews Test, Charles Harvie, M. Pahlavani, A. S. Saleh
Faculty of Business - Economics Working Papers
During the 1960s and early 1970s the Lebanese economy was characterized by low inflation, high growth, sizeable balance of payments surpluses and small public sector deficits, which made it a highly attractive business centre. During this period the country was described as the Switzerland or Paris of the East. This macroeconomic stability did not last long, however, as the economy subsequently underwent fundamental structural changes during most years after the mid 1970s. The aim of this paper is to identify the timing of major structural breaks in the Lebanese economy by applying the Zivot and Andrews (ZA) (1992) procedure, using …