CES Production Function: Estimates of Elasticity of Substitution, Returns to Scale and Technical Progress in Australian Manufacturing Industries

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Energy-GDP relationship for oil-exporting countries: Iran, Kuwait and Saudi Arabia

The purpose of this paper is to examine the causality issue between energy consumption and economic growth for three typical oil-exporting countries: Iran, Kuwait and Saudi Arabia. We use two different test methods to test for causality, namely, the error correction model and Toda-Yamamoto (1995) procedure. The results based on both approaches consistently show a unidirectional long-run causality from economic growth to energy consumption for Iran and Kuwait and unidirectional strong causality from energy consumption to economic growth for Saudi Arabia. So, the results support the neutrality hypothesis of energy consumption with respect to economic growth for Iran and Kuwait and vice versa for Saudi Arabia. The findings have practical policy implications for decision makers in the area of macroeconomic planning, as energy conservation is a feasible policy with no damaging repercussions on economic growth for Iran and Kuwait. However, increased GDP requires enormous energy consumption in Saudi Arabia. So, it seems misleading to recommend the same policy for different oil-exporting countries. Copyright 2007 Organization of the Petroleum Exporting Countries.

ARE CHINESE STOCK MARKETS INCREASING INTEGRATION WITH OTHER MARKETS IN THE GREATER CHINA REGION AND OTHER MAJOR MARKETS?

This paper investigates the cointegrating and long-term causal relationships between the Shanghai A and B-share market, and between these two markets and the Hong Kong, the Taiwanese, the Japanese and the US market of two sub periods between July 1993 and March 2007. On the basis of a new Granger non-causality test procedure developed by Toda-Yamamoto (1995) and Johansen's (1988) cointegration test, my results suggest that a long-term equilibrium relationship measured by cointegration has been merged between the Chinese A-share market and the other markets in greater China region as well as the US market during the post-crisis period which covers the period since Chinese A-share market was opened to the Qualified Foreign Institutional Investors (QFII) in 2002. I also found that the Shanghai A-share market uni-directionally Granger-causes the other regional markets after the Asian financial crisis, while the A-share market and Hong Kong H-share market have had a significant feedback relationship since then. However, I found no evidence there has been cointegrating relationship between Shanghai B-share market and any other market ever since the B-share market was opened to the local retail investors in 2001. Copyright 2007 The Author Journal compilation 2007 Blackwell Publishing Ltd/University of Adelaide and Flinders University .

Causal and Dynamic Relationships among Stock Returns, Return Volatility and Trading Volume: Evidence from Emerging markets in South-East Asia

Stock returns, Trading volume, Return volatility, VAR, EGARCH,