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Articles 91 - 100 of 100
Full-Text Articles in Economics
Univariate Time Series Behavior Of Merger Activity And Its Various Components In The United States, Abdur Chowdhury
Univariate Time Series Behavior Of Merger Activity And Its Various Components In The United States, Abdur Chowdhury
Abdur R. Chowdhury
The paper employs unit-root tests to analyse the time-series properties of merger activity and its various components in the United States during 1973:I-1987: IV. The results indicate that the aggregate merger series is integrated of order one. It contains a large permanent or random-walk component. Economic variables have not succeeded in shifting the merger series other than in a random fashion. However, the time-series properties of the various components of the merger series are not uniform. Horizontal and vertical merger series have unit roots, while the conglomerate merger series is stationary.
The Housing Market, Macroeconomic Activity, And Financial Innovation: An Empirical Analysis Of U.S. Data, Mark Wheeler, Abdur Chowdhury
The Housing Market, Macroeconomic Activity, And Financial Innovation: An Empirical Analysis Of U.S. Data, Mark Wheeler, Abdur Chowdhury
Abdur R. Chowdhury
The relationship between macroeconomic activity and residential expenditure over the period 1959:I to 1991:I has been examined. The analysis is conducted using varriance decompostions (VDCs) and historical decompostions (HDs). The VDCs indicate that shocks to the money stock. Output and interest rates have significant impact on residental expenditure. The HDs indicate that shocks to macroeconomic variable are relatively unimportant in the determination of residential expenditure in the period following the extensive fiancial deregulation in the early 1980s.
Advertising Expenditures And The Macroeconomy: Some Further Evidence, Abdur Chowdhury
Advertising Expenditures And The Macroeconomy: Some Further Evidence, Abdur Chowdhury
Abdur R. Chowdhury
This article reinvestigates the relationship between advertising expenditures and various macro-variables using aggregate data from the United Kingdom. The analysis is based on the recently developed cointegration and causality approach. Unlike Galbraith's 1967 findings, the results fail to show evidence of any relationship between advertising activity and the level of national income, disposable income, and personal consumption expenditures. However, a strong uni-directional causality exists from advertising activity to the unemployment rate. This 'article raises concern about some fundamental issues in the advertising literature, and introduces a new and powerful estimation technique.
(Wp 2013-07) Terms Of Trade Shocks And Private Savings In The Developing Countries, Abdur Chowdhury
(Wp 2013-07) Terms Of Trade Shocks And Private Savings In The Developing Countries, Abdur Chowdhury
Abdur R. Chowdhury
Economic agents in the developing countries are subject to tight credit constraints, which are more pronounced during bad state of nature. Thus, adverse shocks to commodity prices in the world market can force them to reduce savings by a larger amount than they would otherwise have. Empirical analysis using a dynamic GMM model and data from 45 developing countries confirm that most of the determinants of savings identified in the literature also apply to the developing countries. The transitory component in the terms of trade have a larger positive impact than the permanent component. This reflects the lack of access …
Expenditures And Receipts At The State And Local Government Level: Comment, Abdur Chowdhury
Expenditures And Receipts At The State And Local Government Level: Comment, Abdur Chowdhury
Abdur R. Chowdhury
No abstract provided.
Inflation And Its Variability: Reply, Abdur Chowdhury
Inflation And Its Variability: Reply, Abdur Chowdhury
Abdur R. Chowdhury
No abstract provided.
The Fiscal Dimensions Of Conflict And Reconstruction, Abdur Chowdhury
The Fiscal Dimensions Of Conflict And Reconstruction, Abdur Chowdhury
Abdur R. Chowdhury
No abstract provided.
Money Demand Stability Under Currency Substitution: Some Recent Evidence, Santi Chaisrisawatsuk, Subhash C. Sharma, Abdur Chowdhury
Money Demand Stability Under Currency Substitution: Some Recent Evidence, Santi Chaisrisawatsuk, Subhash C. Sharma, Abdur Chowdhury
Abdur R. Chowdhury
This study deals with the issue of independent monetary policy and the stability of the domestic money demand function in the presence of currency substitution and capital mobility in five Asian economies. It is argued that money demand will be less stable and more difficult to control in the presence of international variables. The money demand function is derived using the portfolio balance approach. The results from the cointegration analysis reveal that capital mobility and currency substitution are significant factors in the domestic money demand equations for Indonesia, Korea, Malaysia, Singapore, and Thailand. The results also show that the US …
Does Real Exchange Rate Volatility Affect Foreign Direct Investment? Evidence From Four Developed Countries, Abdur Chowdhury, Mark Wheeler
Does Real Exchange Rate Volatility Affect Foreign Direct Investment? Evidence From Four Developed Countries, Abdur Chowdhury, Mark Wheeler
Abdur R. Chowdhury
This study examines the impact of shocks to exchange rate uncertainty (volatility) on foreign direct investment (FDI) in Canada, Japan, the United Kingdom, and the United States. The analysis is conducted using vector autoregressive models that contain the price level, real output, the real exchange rate, the volatility of the real exchange rate, the interest rate, and FDI. The results from variance decompositions yield public policy implications. In Canada, Japan, and the United States, innovations to exchange rate uncertainty explain significant portions of the forecast error variance in FDI at longer time horizons. The impulse response functions indicate that, to …
Fdi And Growth: What Causes What?, Abdur Chowdhury, George Mavrotas
Fdi And Growth: What Causes What?, Abdur Chowdhury, George Mavrotas
Abdur R. Chowdhury
This paper examines the causal relationship between FDI and economic growth by using an innovative econometric methodology to study the direction of causality between the two variables. We apply our methodology, based on the Toda-Yamamoto test for causality, to time-series data covering the period 1969–2000 for three developing countries, namely Chile, Malaysia and Thailand, all of them major recipients of FDI with a different history of macroeconomic episodes, policy regimes and growth patterns. Our empirical findings clearly suggest that it is GDP that causes FDI in the case of Chile and not vice versa, while for both Malaysia and Thailand, …