349 research outputs found
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The linkage between financial liberalization and economic development: empirical evidence from Poland
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The dollar-euro exchange rate and monetary fundamentals
Abstract This study analyses the relationship between the dollar-euro exchange rate and macroeconomic fundamentals according to the monetary model after 1999. Multivariate and time-varying univariate cointegration techniques are used to test for a long-run equilibrium and changes in the underlying coefficients. Our results provide clear evidence of a long-run relationship between exchange rates and fundamentals. However, we find significant changes in the economic impact of fundamentals on the dollar-euro exchange rate. Both long-run and the short-run coefficients are shown to be strongly time-varying and significantly affected by the financial crisis and the emergence of unconventional monetary policy
Miocene hominoids from Pakistan
Remains of hominoid primates collected by Yale Peabody Museum - Geological Survey of Pakistan expeditions to the Siwalik Group rocks of the Potwar Plateau, Pakistan, are described. They consist of facial, gnathic, dental, and postcranial remains of Ramapithecus, Sivapithecus, and Gigantopithecus. They are discussed anatomically and without precise taxonomic attributions. The hominoids come from 24 localities, the majority being around eight million years old. The depositional environments of 21 hominoid localities are documented in the form of microstratigraphic sections. These sections depict depositional and postdepositional features that are necessary for interpreting the facies of fossiliferous horizons. Within the predominantly fluvial Siwalik Group sediments, a three-fold division of facies is convenient for distinguishing certain taphonomic influences on hominoid and other vertebrate fossils. These facies are 1) channel, 2) channel margin, and 3) floodplain. A locality consists of one or more fossiliferous horizons, and thus one or more facies may be represented. Interpretations of the facies represented at each locality accompany the microstratigraphic sections
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Does ESG investing pay-off? An analysis of the Eurozone area before and during the Covid-19 pandemic
We examine whether the stock return performance of 620 Eurozone companies based on their environmental, social and governance (ESG) ratings both before and during the Covid-19 pandemic on both a nominal and risk adjusted basis. We also look at how country level governance indicators interact with our samples of ESGHigh and ESGLow companies to affect both nominal and risk adjusted investment returns. We use both panel data and cross-sectional regressions as well as the difference-in-differences approach to derive the empirical results. We generally find some evidence that highly rated ESG firms performed slightly worse than lower rated ESG both overall and during the pandemic. However, once we control for governance at the country level, we find that in high governance scoring countries ESGHigh companies perform better than ESGLow companies. Finally, when we examine the relative performance of EU companies compared to companies in economies less impacted by the Covid-19 pandemic, namely South Korea and Australia, we find that during the pandemic, the South Korean and Australian companies performed much better than their counterparts in Europe
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Public Debt and Economic Growth: Panel Data Evidence for Asian Countries
This study examines the relationship between public debt on both short and long-run economic growth, in a panel of selected Asian countries for the period of 1980-2012. We employ several econometrics methods: pooled mean group, mean group, dynamic fixed effects and also allow for common correlated effects. The impact of a change in public debt is also analysed using asymmetric panel ARDL method. Our results indicate that an increase in government debt is negatively associated with economic growth in both the short and long-run
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Exchange rate volatility and international trade: International evidence from the MINT countries
This paper examines the effect of exchange rate volatility on international trade volumes for Mexico, Indonesia, Nigeria, and Turkey. We use volatility predicted from GARCH models for both nominal and real effective exchange rate data. To detect the long-term relationship we use the autoregressive distributed lag (ARDL) bound testing approach, while for the short-term effects, Granger causality models are employed. The results show that, in the long term, there is no linkage between exchange rate volatility and international trade activities except for Turkey, and even in this case, the magnitude of the effect of volatility is quite small. In the short term, however, a significant causal relationship from volatility to import/export demand is detected for Indonesia and Mexico. In the case of Nigeria, unidirectional causality from export demand to volatility is found, while for Turkey, no causality between volatility and import/export demand is detected
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Intervention in the Foreign Exchange Market: Rationale, Effectiveness, Costs and Benefits
This paper reviews the underlying rationale for intervention in the foreign exchange market and argues that intervention can at times be justified due to the market producing the “wrong rate”, to mitigate the effects of exchange rate overshooting and also to slow down the process of economic adjustment. However, in order to be effective foreign exchange market intervention needs to be of the non-sterilized variety, that is, affect the domestic money supply and short term interest rate. Unfortunately, as the case of the Peoples Bank of China and the recent case of the Swiss National Bank’s attempts to stem the appreciation of their currencies, the side effects have shown the rapid expansion of their money supplies and low interest rates have had imposed significant costs on their economies. The result is that the Cemtral Bank has to continually monitor the costs and benefits of their foreign exchange interventions and be prepared consider a return to floating when the costs become too high
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