International Intertemporal Solvency in OECD Countries: Evidence From Panel Unit Root

The purpose of this study is to investigate the sustainability of current account of 22 OECD countries by employing Liu and Tanner (1996) testing procedure. The procedure used here is to examine stationarity of current account. Using ADF unit root test on single time series, it is found that current account of most OECD countries have unit root. This outcome, however, might be due to the generally low power of this test. The aim of this paper is to reconsider this issue by exploiting the extra information provided by the combination of the time-series and cross-sectional data and the subsequent power advantages of panel data unit root tests. We apply the test advocated by Im, Pesaran and Shin (1997). According to estimation results current account deficits in OECD countries are sustainable.panel data unit-root test; current account; solvency

An aggregate import demand function for Turkey: a cointegration analysis

This paper estimates an aggregate import demand function for Turkey during the period 1994:1-2003:12. In our empirical analysis of the aggregate import demand function for Turkey, cointegration and error correction modeling approaches have been used. Empirical results suggest that there exists a unique long run or equilibrium relationship among real quantities of imports, relative import price and real GNP.

Sustainability of Current Account for Turkey: Intertemporal Solvency Approach

This paper examines sustainability of current account for Turkey during the period 1987:1-2002:4. Using the usual intertemporal borrowing constraint, we have tested for a long-run relationship between two Turkey exports measures and imports measures (measured real terms and percentage to real GDP) using quarterly data. In our empirical analysis of the sustainability of current account for Turkey, cointegration approaches have been used. Empirical results suggest that there exists a unique long-run or equilibrium relationship among real exports and imports and their percentage to real GDP and their estimated cointegration factor, , is very close to 1. The empirical findings suggest that the current account of Turkey is sustainable in the long run.Current account deficits; Sustainability; Intertemporal budget constraint

An Empirical Work On Catch Up By The Diffusion Of Technology

The main idea of catch up hypothesis is how rapidly follower economies tend to catch the leader since imitation and implementation of discoveries are cheaper than innovation. Therefore imitation and implementation of discoveries tends to generate convergence even though diminishing returns to capital or to R&D do not apply. If the diffusion of technology occurs gradually, then we get another reason to predict a pattern of convergence across economies, which we estimate in this study. The estimation indicates that follower economies tend to catch up the leader. Hence, we could say imitation and implementation of discoveries generate convergence in an empirically

Four-element phased-array beamformers and a self-interference canceling full-duplex transciver in 130-nm SiGe for 5G applications at 26 GHz

This thesis is on the design of radio-frequency (RF) integrated front-end circuits for next generation 5G communication systems. The demand for higher data rates and lower latency in 5G networks can only be met using several new technologies including, but not limited to, mm-waves, massive-MIMO, and full-duplex. Use of mm-waves provides more bandwidth that is necessary for high data rates at the cost of increased attenuation in air. Massive-MIMO arrays are required to compensate for this increased path loss by providing beam steering and array gain. Furthermore, full duplex operation is desirable for improved spectrum efficiency and reduced latency. The difficulty of full duplex operation is the self-interference (SI) between transmit (TX) and receive (RX) paths. Conventional methods to suppress this interference utilize either bulky circulators, isolators, couplers or two separate antennas. These methods are not suitable for fully-integrated full-duplex massive-MIMO arrays. This thesis presents circuit and system level solutions to the issues summarized above, in the form of SiGe integrated circuits for 5G applications at 26 GHz. First, a full-duplex RF front-end architecture is proposed that is scalable to massive-MIMO arrays. It is based on blind, RF self-interference cancellation that is applicable to single/shared antenna front-ends. A high resolution RF vector modulator is developed, which is the key building block that empowers the full-duplex frontend architecture by achieving better than state-of-the-art 10-b monotonic phase control. This vector modulator is combined with linear-in-dB variable gain amplifiers and attenuators to realize a precision self-interference cancellation circuitry. Further, adaptive control of this SI canceler is made possible by including an on-chip low-power IQ downconverter. It correlates copies of transmitted and received signals and provides baseband/dc outputs that can be used to adaptively control the SI canceler. The solution comes at the cost of minimal additional circuitry, yet significantly eases linearity requirements of critical receiver blocks at RF/IF such as mixers and ADCs. Second, to complement the proposed full-duplex front-end architecture and to provide a more complete solution, high-performance beamformer ICs with 5-/6- b phase and 3-/4-b amplitude control capabilities are designed. Single-channel, separate transmitter and receiver beamformers are implemented targeting massive- MIMO mode of operation, and their four-channel versions are developed for phasedarray communication systems. Better than state-of-the-art noise performance is obtained in the RX beamformer channel, with a full-channel noise figure of 3.3 d

Is Per Capita Real GDP Stationary in the OECD Countries? Evidence from a Panel Unit Root Test

This paper examines the stationarity of real GDP per capita for 27 OECD countries during the period 1950 to 2004. Using ADF unit root test on single time series, it is found that real GDP per capita series of most OECD countries have unit root. This outcome, however, might be due to the generally low power of this test. The aim of this paper is to reconsider this issue by exploiting the extra information provided by the combination of the time-series and cross-sectional data and the subsequent power advantages of panel data unit root tests. We apply the test advocated by Im, Pesaran and Shin (1997). The results overwhelmingly indicate that real GDP per capita series among OECD countries are nonstationary.Real GDP per capita, Stationary, Panel Unit root tests, OECD

Foreign Direct Investment and Growth: An Empiricial Investigation Based on Cross-Country Comparison

This paper investigates empirically the impact of FDI on economic growth of Turkey and Pakistan over the period of 1975-2004. To analyse the causal relationship between FDI and economic growth, the Engle-Granger cointegration and Granger causality tests are used. It is found that these two variables are cointegrated for both countries studied. Our empirical findings suggest that it is GDP that causes FDI in the case of Pakistan, while there is strong evidence of a bi-directional causality between the two variables for Turkey.Economic growth, foreign direct investment, Granger causality

Energy Consumption and Economic Growth in Turkey: Cointegration and Causality Analysis

This paper examines the causal relationship between energy consumption and economic growth for Turkey during 1971–2006. We employed two multivariate models, namely demand model and production model, based on vector error correction model. Then, we tested Granger causality after finding cointegration among variables for the both models. The results indicate that energy consumption and economic growth are cointegrated and there is bidirectional causality running from energy consumption to economic growth and vice versa. This means that an increase in energy consumption directly affects economic growth and that economic growth also stimulates further energy consumption. Consequently, we conclude that energy is a limiting factor to economic growth in Turkey and, hence, shocks to energy supply will have a negative impact on economic growth and vice versa.Energy consumption, Economic growth, Causality, Cointegration, Turkey