Backward bending structure of Phillips Curve in Japan, France, Turkey and the U.S.A.

This work aims to analyse the cointegration and the causality relationship between inflation and unemployment by using nonlinear A.R.D.L. and two popular nonlinear causality tests for the period from 1960 to 2016 in Japan, Turkey, the U.S.A. and from 1970 to 2016 in France. This study complements the previous empirical papers. However, it differs from the existing literature with simultaneous use of nonlinear A.R.D.L. and causality methods. Nonlinear A.R.D.L. determined that there is a long run relationship between inflation and unemployment; between economic growth and unemployment for Japan, France, the U.S.A. and Turkey

Forecasting exchange rate volatility: GARCH models versus implied volatility forecasts

This study investigates whether different specifications of univariate GARCH models can usefully forecast volatility in the foreign exchange market. The study compares in-sample forecasts from symmetric and asymmetric GARCH models with the implied volatility derived from currency options for four dollar parities. The data set covers the period 2002 to 2012. We divide the data into two periods one for the period 2002 to 2007 which is characterised by low volatility and the other for the period 2008 to 2012 characterised by high volatility. The results of this paper reveal that the implied volatility forecasts significantly outperforms the three GARCH models in both low and high volatility periods. The results strongly suggest that the foreign exchange market efficiently prices in future volatility

Biased Technical Change and Economic Growth : The Case of Korea, 1970-2013

This paper explores the pattern of technical change in the Korean economy from 1970 to 2013 and investigates its determinants. We use the Classical growth-distribution schedule to show that the labor-saving and capital-using pattern has predominated. For the rationale behind this Marx-biased technical change (“MBTC”), we focus on the relationship between technical change and real wage growth via the evolution of labor and capital productivity, and verify the historical direction of technical change against the rise and fall of the working class. Furthermore, we find that the deviation during the post-crisis period from the long-run trend of MBTC is not attributable to the vitality of new technological innovations, but rather the reflection of class dynamics over extracting productivity under weaker capital deepening. The results suggest that the recent deterioration of labor share and labor unions in Korea is closely associated with low incentive for technological progress, which contributes to prolonged stagnation

A novel de novo BRCA1 mutation in a Chinese woman with early onset breast cancer

Germline mutations in the two breast cancer susceptibility genes, BRCA1 and BRCA2 account for a significant portion of hereditary breast/ovarian cancer. De novo mutations such as multiple exon deletion are rarely occurred in BRCA1 and BRCA2. During our mutation screening for BRCA1/2 genes to Chinese women with risk factors for hereditary breast/ovarian cancer, we identified a novel germline mutation, consisting of a deletion from exons 1 to 12 in BRCA1 gene, in a patient diagnosed with early onset triple negative breast cancer with no family history of cancer. None of her parents carried the mutation and molecular analysis showed that this novel de novo germline mutation resulted in down-regulation of BRCA1 gene expression

Political Instability and Growth: An Econometric Analysis of Turkey, Mexico, Argentina and Brazil, 1985-2004

In this paper, the link between political instability, financial depth and economic growth is investigated in both theorical and emprical model, and the emprical section of paper focus on the relationship between political instability, financial depth and economic growth in emerging countries for 1985-2004 period.Panel Cointegration, economic growth

The effects of oil prices on confidence and stock return in China, India and Russia

This study aims to investigate the relationships between oil price, business confidence and stock return for China, India and Russia by employing the Markov Switching Vector Auto Regressive(MS-VAR) and MS-Granger Causality(MS-GC) methods. For China, the causality relationship between business confidence and stock return differ from the results of Russia and India. For China, while there is unidirectional causality from stock return to business confidence for all regimes, in India there is the evidence of bidirectional causality in all regimes. For Russia, there is the evidence of a bidirectional causality between business confidence and stock return in the first regime, while there is none causality in the second regime. In all regimes for the selected countries, there is the evidence of a unidirectional causality from oil price to stock return. But there are different results between oil price and business confidence. The different results obtained for the selected countries are explained by the three different factors. One of the reasons is that the differences in oil reserves of the countries. The other one is the differences in oil demand of the countries' economies. The last one is that the selected countries have different business confidence that can be affected by various parameters of the economy