International Financial Integration and Real Exchange Rate Long-Run Dynamics in Emerging Countries

The aim of this paper is to provide new empirical evidence on the impact of international financial integration on the long-run Real Exchange Rate (RER) in 39 developing countries belonging to three different geographical regions (Latin America, Asia and MENA). It covers the period 1979-2004, and carries out "second-generation" tests for non-stationary panels. Several factors, including international financial integration, are shown to drive the long-run RER in emerging countries. It is found that the new financial environment characterised by international financial integration leads to a depreciation of the RER in the long run. Further, RER misalignments take the form of an under-valuation in most MENA countries and an over-valuation in most Latin American and Asian countrieshttp://deepblue.lib.umich.edu/bitstream/2027.42/64383/1/wp970.pd

International Financial Integration and Real Exchange Rate Long-Run Dynamics in Emerging Countries: Some Panel Evidence

The aim of this paper is to provide new empirical evidence on the impact of international financial integration on the long-run Real Exchange Rate (RER) in 39 developing countries belonging to three different geographical regions (Latin America, Asia and MENA). It covers the period 1979-2004, and carries out "second-generation" tests for non-stationary panels. Several factors, including international financial integration, are shown to drive the long-run RER in emerging countries. It is found that the new financial environment characterised by international financial integration leads to a depreciation of the RER in the long run. Further, RER misalignments take the form of an under-valuation in most MENA countries and an over-valuation in most Latin American and Asian countries.emerging economies, real exchange rate, financial integration, misalignment, second-generation panel unit-root and cointegration tests

International Financial Integration and Real Exchange Rate Long-Run Dynamics in Emerging Countries: Some Panel Evidence

The aim of this paper is to provide new empirical evidence on the impact of international financial integration on the long-run Real Exchange Rate (RER) in 39 developing countries belonging to three different geographical regions (Latin America, Asia and MENA). It covers the period 1979-2004, and carries out “second-generation” tests for non-stationary panels. Several factors, including international financial integration, are shown to drive the long-run RER in emerging countries. It is found that the new financial environment characterised by international financial integration leads to a depreciation of the RER in the long run. Further, RER misalignments take the form of an under-valuation in most MENA countries and an over-valuation in most Latin American and Asian countries.emerging economies, real exchange rate, financial integration, misalignment, second-generation panel unit root and cointegration tests

One step protocol and green synthesis of 2-N,N-dimethylamino-3-alkyl(aryl)-2-oxido-1- hydro-2-benzo[1,3,2]diazaphosphinine-4-one derivatives

ABSTRACT. 2-N,N-dimethylamino-2-oxido-3-alkyl(aryl)-1-hydro-2-benzo[1,3,2]diazaphosphinin-4-one (2) derivatives  are synthesized by one pot reaction by reacting equimolar quantities of anthranilic acid, primary amine, and N,N-dimethylphosphoramic dichloride under reflux of ethanol with good yields. The structure of the compounds were established on the basis of their infrared, nuclear magnetic resonance spectral data (1H NMR, 13C NMR and 31P NMR), mass spectrometry, and elemental analysis.   KEY WORDS: Anthranilic acid, N,N-Dimethylphosphoramic dichloride, Diazaphosphinine Bull. Chem. Soc. Ethiop. 2022, 36(4), 859-864.                                                               DOI: https://dx.doi.org/10.4314/bcse.v36i4.11                                                   &nbsp

Long Term Dynamic of Real Exchange Rate, Trade Liberalization and Financial Integration: The Case of South-East Mediterranean Countries

In this paper, we aim to test the empirical validity of the QTM relationship for the Turkish economy. Using some contemporaneous time series estimation techniques, our estimation results reveal that stationarity characteristics of the velocities of currency in circulation and the broad money aggregate in the economy cannot be rejected through a quantity theoretical co-integrating long-term variable space. We find that there exists an about one-to-one proportionality between money and prices and money and real income, and that exogeneity of money cannot be rejected for the currency in circulation in the economy. But, the exception here comes from the broad monetary aggregate used in the QTM equation such that money seems to be endogenous as for the long-term variable space.Equilibrium real exchange rate, Misalignment, Trade liberalization, International financial integration, Cointegration, PSEM

Almost reducibility for finitely differentiable SL(2,R)-valued quasi-periodic cocycles

Quasi-periodic cocycles with a diophantine frequency and with values in SL(2,R) are shown to be almost reducible as long as they are close enough to a constant, in the topology of k times differentiable functions, with k great enough. Almost reducibility is obtained by analytic approximation after a loss of differentiability which only depends on the frequency and on the constant part. As in the analytic case, if their fibered rotation number is diophantine or rational with respect to the frequency, such cocycles are in fact reducible. This extends Eliasson's theorem on Schr\"odinger cocycles to the differentiable case

Asymmetric effect and dynamic relationships between oil prices shocks and exchange rate volatility: Evidence from some selected MENA countries

The aim of this paper is to investigate the exchange rate consequences of oil-price fluctuations across selected MENA countries (including both commodity importers and exporters) and to examine the dynamic relationship between such shocks. We employed the asymmetry of volatility through the GJR-GARCH model using daily time series data covering the period between 2001 and mi-2015. We refer to impulse responses functions in order to test the dynamic relationships. Empirical results reveal that foreign exchange market and crude oil exhibit asymmetric and no asymmetric in the return series. Additionally, the findings show asymmetric response of volatilities to positive and negative shocks. Furthermore, the results suggest that there is a dynamic relationship among oil price shocks and exchange rate volatility. Indeed, in the short run, oil prices shocks had a significant impact on exchange rate changes. Finally, we found that in the case of oil-exporting country, the oil prices rise may experience exchange rate appreciation, while, the decrease of oil price leads to appreciation of the currency of oil importing countries. This implies that oil prices are a key variable in determining the strength of the currency and its volatility. Therefore, policy makers of most MENA countries should consider exchange rate and oil price fluctuations on their macroeconomic policies and diversify more their economics

Reading Trajectories in Elementary Grades: A Longitudinal Analysis

Research shows that children's reading proficiency levels in the early grades positively correlate with students' future academic achievement. This study provides the first-ever analysis of reading achievement trajectories for a cohort of students in grades 3 to 5 in 2014–17 in Hawaii schools. Hawaii serves a diverse student population whose characteristics differ in ways often overlooked by standard US racial and ethnic classifications. Our analysis shows that Native Hawaiian and Pacific Islander students not only start at a lower reading proficiency than their peers in Grade 3, but the achievement gap widens as they move from Grade 3 to Grade 5. Moreover, we find a strong association between students' third-grade performance and reading achievement growth rate above and beyond all other factors in our longitudinal model. The difference in performance patterns between student subgroups across the elementary grades can serve as an accurate baseline for yearly monitoring. In light of our findings, we discuss implications for policy and practice