Purchasing Power Parity and Real Exchange Rate in Japan

This paper examines the validity of both the short-run and long-run purchasing power parity (PPP) hypotheses in Japan using two estimation methods, namely, a unit root test and an Autoregressive Distributed Lag (ARDL) cointegration test. Some important findings are obtained from our analysis. The first test reveals the mean reversion of real exchange rate (RER) in the long-run. On the other hand, from the second test, we found that there is a strongly robust long-run PPP relationship but no significant short-run PPP relationship. Furthermore, unlike the previous literature, this paper confirms the stability of the estimated results by CUSUM and CUSUMQ tests. Overall, the results suggest that PPP hypothesis in Japan strongly holds for the long-run while not for the short-run.PPP; Real Exchange Rate; Unit Root; ARDL to cointegration

The Long-Run of Purchasing Power Parity: The Case of Japan

This paper examines the validity of both the short-run and long-run purchasing power parity (PPP) hypotheses in the case of the Yen-Dollar exchange rate using two estimation methods, namely, a unit root test and an Autoregressive Distributed Lag (ARDL) cointegration test. Some important findings are obtained from our analysis. The first test reveals the mean reversion of real exchange rate (RER) in the long-run. From the second test, we found that there is a strongly robust long-run PPP relationship but only weakly significant short-run PPP relationship. Furthermore, unlike the previous literature, we use CUSUM and CUSUMSQ stability tests and rolling estimations to deal with the problems of structural breaks and power of the test respectively. Overall, the results suggest that PPP hypothesis in the case of Yen-Dollar exchange rate strongly holds in the long-run but weakly in the short-run. Finally, our results suggest that a minimum of 30 years of sample be a benchmark required for long-run PPP to hold for the case of Japan.PPP, Real Exchange Rate, Unit Root, ARDL to cointegration

The Monetary Model of Exchange Rate: Evidence from the Philippines Using ARDL Approach

In this paper, we re-examine the validity of both short and long run monetary models of exchange rate for the case of the Philippines by using new approach called Autoregressive Distributed Lag (ARDL) to cointegration. From our analysis, some findings are obtained. First, there are robust short and long run relationships between variables in the monetary exchange rate model. Second, the stability of the estimated parameters is confirmed by CUSUM and CUMSUQ stability tests. Third, the Purchasing Power Parity (PPP) condition is not hold for the Philippines. Last, all the monetary restrictions are rejected. Therefore, this result seems to suggest that the estimation result of the monetary model of exchange rate, in which monetary restrictions are assumed to be satisfied beforehand, might suffer from a number of deficiency; it is not appropriate to estimate the exchange rate model before the monetary restrictions are confirmed as also mentioned in Haynes and Stone (1981).Exchange rate model, ARDL approach to cointegration

The Monetary Model of Exchange Rate: Evidence from the Philippines Using ARDL Approach

In this paper, we re-examine the validity of both short and long run monetary models of exchange rate for the case of the Philippines by using new approach called Autoregressive Distributed Lag (ARDL) to cointegration. From our analysis, some findings are obtained. First, there are robust short and long run relationships between variables in the monetary exchange rate model. Second, the stability of the estimated parameters is confirmed by CUSUM and CUMSUQ stability tests. Third, the Purchasing Power Parity (PPP) condition is not hold for the Philippines. Last, all the monetary restrictions are rejected. Therefore, this result seems to suggest that the estimation result of the monetary model of exchange rate, in which monetary restrictions are assumed to be satisfied beforehand, might suffer from a number of deficiency it is not appropriate to estimate the exchange rate model before the monetary restrictions are confirmed as also mentioned in Haynes and Stone (1981).

Purchasing Power Parity and Real Exchange Rate in Japan

This paper examines the validity of both the short-run and long-run purchasing power parity (PPP) hypotheses in Japan using two estimation methods, namely, a unit root test and an Autoregressive Distributed Lag (ARDL) cointegration test. Some important findings are obtained from our analysis. The first test reveals the mean reversion of real exchange rate (RER) in the long-run. On the other hand, from the second test, we found that there is a strongly robust long-run PPP relationship but no significant short-run PPP relationship. Furthermore, unlike the previous literature, this paper confirms the stability of the estimated results by CUSUM and CUSUMQ tests. Overall, the results suggest that PPP hypothesis in Japan strongly holds for the long-run while not for the short-run

Purchasing Power Parity and Real Exchange Rate in Japan

This paper examines the validity of both the short-run and long-run purchasing power parity (PPP) hypotheses in Japan using two estimation methods, namely, a unit root test and an Autoregressive Distributed Lag (ARDL) cointegration test. Some important findings are obtained from our analysis. The first test reveals the mean reversion of real exchange rate (RER) in the long-run. On the other hand, from the second test, we found that there is a strongly robust long-run PPP relationship but no significant short-run PPP relationship. Furthermore, unlike the previous literature, this paper confirms the stability of the estimated results by CUSUM and CUSUMQ tests. Overall, the results suggest that PPP hypothesis in Japan strongly holds for the long-run while not for the short-run

The i-REACH Project in Cambodia

The i-REACH project in Cambodia is an ambitious three year initiative building two pilot e-communities in rural Cambodia.  Begun on May 2006, funded by IDRC of Canada, and managed by the Ministry of Commerce Cambodia, the goal is to deploy a range of ICTs, including telephony, internet, videoconferencing, radio and video, to bring social and economic benefits to villagers, eventually leading to the creation of community-owned ICT enterprises. Although already somewhat behind schedule, a solid team is in place in each pilot, the communities are mobilising around the initiative, and a range of services are on the point of launch

The Monetary Model of Exchange Rate: Evidence from the Philippines Using ARDL Approach

In this paper, we re-examine the validity of both short and long run monetary models of exchange rate for the case of the Philippines by using new approach called Autoregressive Distributed Lag (ARDL) to cointegration. From our analysis, some findings are obtained. First, there are robust short and long run relationships between variables in the monetary exchange rate model. Second, the stability of the estimated parameters is confirmed by CUSUM and CUMSUQ stability tests. Third, the Purchasing Power Parity (PPP) condition is not hold for the Philippines. Last, all the monetary restrictions are rejected. Therefore, this result seems to suggest that the estimation result of the monetary model of exchange rate, in which monetary restrictions are assumed to be satisfied beforehand, might suffer from a number of deficiency; it is not appropriate to estimate the exchange rate model before the monetary restrictions are confirmed as also mentioned in Haynes and Stone (1981)

The Monetary Model of Exchange Rate: Evidence from the Philippines Using ARDL Approach

In this paper, we re-examine the validity of both short and long run monetary models of exchange rate for the case of the Philippines by using new approach called Autoregressive Distributed Lag (ARDL) to cointegration. From our analysis, some findings are obtained. First, there are robust short and long run relationships between variables in the monetary exchange rate model. Second, the stability of the estimated parameters is confirmed by CUSUM and CUMSUQ stability tests. Third, the Purchasing Power Parity (PPP) condition is not hold for the Philippines. Last, all the monetary restrictions are rejected. Therefore, this result seems to suggest that the estimation result of the monetary model of exchange rate, in which monetary restrictions are assumed to be satisfied beforehand, might suffer from a number of deficiency; it is not appropriate to estimate the exchange rate model before the monetary restrictions are confirmed as also mentioned in Haynes and Stone (1981)

Dabrafenib plus trametinib is effective in the treatment of BRAF V600-mutated metastatic melanoma patients:analysis of patients from the dabrafenib plus trametinib Named Patient Program (DESCRIBE II)

In clinical trials, dabrafenib plus trametinib improved overall survival (OS) compared with single-agent BRAF inhibitors (BRAFi) in patients with BRAF V600-mutant unresectable or metastatic melanoma. We investigated dabrafenib plus trametinib therapy in a compassionate-use setting [Named Patient Program (NPP); DESCRIBE II]. A retrospective chart review of patients with BRAF V600-mutated unresectable stage III/IV melanoma receiving dabrafenib plus trametinib as compassionate use was conducted. Treatment patterns and duration, clinical outcomes, and tolerability were evaluated. Of 271 patients, 92.6% had stage IV melanoma, including 36.5% with brain metastases. Overall, 162 patients (59.8%) were BRAFi naive and 171 (63.1%) received first-line dabrafenib plus trametinib. Among BRAFi-naive patients, the overall response rate (ORR) was 67.3%, median OS (mOS) was 20.0 months, and median progression-free survival (mPFS) was 7.5 months. In BRAFi-naive patients with known brain metastases (n = 62), ORR was 61.3%, mOS was 15.5 months, and mPFS was 6.2 months. Eighty-four patients received BRAFi monotherapy for >30 days and switched to dabrafenib plus trametinib prior to progression. Of these 84 patients, 63 had known disease status at the time of switch, and 22 improved with the combination therapy. No new safety signals were identified, and dabrafenib plus trametinib was well tolerated. Dabrafenib plus trametinib showed substantial clinical activity in NPP patients with BRAF V600-mutated unresectable or metastatic melanoma. Analysis of treatment patterns demonstrated the effectiveness of the combination in patients with brain metastases and across lines of therapy with a well tolerated and manageable safety profile