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2006

Faculty of Commerce - Papers (Archive)

Economy

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Testing For Structural Breaks In The Korean Economy 1980-2005: An Application Of The Innovational Outlier And Additive Outlier Models, Charles Harvie, Mosayeb Pahlavani Jan 2006

Testing For Structural Breaks In The Korean Economy 1980-2005: An Application Of The Innovational Outlier And Additive Outlier Models, Charles Harvie, Mosayeb Pahlavani

Faculty of Commerce - Papers (Archive)

This paper employs quarterly time series data to endogenously determine the timing of structural breaks for various macroeconomic variables in the 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 o f a 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 ...


Tacit Assumptions In The Analysis Of A Creative Economy, Dr. Eduardo Pol Jan 2006

Tacit Assumptions In The Analysis Of A Creative Economy, Dr. Eduardo Pol

Faculty of Commerce - Papers (Archive)

The formal models of a creative economy revolve around these tacit assumptions: (1) all innovations are equally important for economic growth (equipollent innovation); (2) all innovations occur in one sector only (confined innovation); and (3) there are no innovatory discontinuities ( unruffled innovation).


Identifying Structural Breaks In The Lebanese Economy 1970-2003: An Application Of The Zivot And Andrews Test, Charles Harvie, Mosayeb Pahlavani, Ali S. Saleh Jan 2006

Identifying Structural Breaks In The Lebanese Economy 1970-2003: An Application Of The Zivot And Andrews Test, Charles Harvie, Mosayeb Pahlavani, Ali S. Saleh

Faculty of Commerce - Papers (Archive)

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 ...