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Abstract - Does High Unemployment Rate Cause High Suicide Rate? Evidence from Japan and South Korea
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Abstract: This study utilizes an asymmetric Granger causality test suggested by Hatemi-J (2012) to examine the causal relationship running from unemployment rate to suicide rate over the period of 1985 to 2012 in Japan and South Korea. Empirical results show that no Granger causality running from unemployment rate to suicide rate exists in Japan. However, results show that for South Korea,Granger causality exists running from a negative unemployment rate shock to a negative shock in suicide rate. More specifically, a decrease in unemployment rate leads to a decrease in suicide rate. Although the findings of this study do not support that an increase in unemployment rate has led to an increase in suicide rate for Japan and South Korea,a decrease in unemployment rate leads to a decrease in suicide rate in South Korea. Therefore, policy makers in South Korea could decrease unemployment rateto causea decrease in suicide rate. Keywords: Asymmetric Granger causality test, Unemployment rate, Suicide rate.Download Full Article |
Abstract - Differential Games with (A) symmetric Players and Heterogeneous Strategies
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Abstract: One family of heterogeneous strategies in differential games with (a)symmetric players is developed in which one player adopts an anticipating open-loop strategy and the other adopts a standard Markovian strategy. Via conjecturing principle, the anticipating open-loop strategic player plans her strategy based on the possible updating the rival player may take. These asymmetric strategies should be appropriate choices in some modelling circumstances and they frame one of the infinitely many non-degenerate Markovian Nash Equilibrium. Except the stationary path, this kind of strategy makes the study of short-run trajectory possible, which usually are not subgame perfect. However, the short-run non-perfection may provide very important policy suggestions. Keywords: Differential game, Heterogeneous strategy, subgame perfect Markovian Nash Equilibrium, anticipating open-loop strategy.Download Full Article |
Abstract - Does Financial Sector Development Enhance the Relationship between FDI and Economic Growth? A Comparative Study of East African Countries
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Abstract: This study examines the causal relationship between FDI and GDP growth in a number of East African countries, focusing on the impact of financial sector development on this relationship. There are strong theoretical reasons to believe that a developed financial sector will enhance the impact of FDI on growth, but empirical evidence remains scant. This study looks first at the short term causal relationship between FDI and GDP growth, using a robust methodology that avoids issues associated with Granger causality testing. This testing indicates little evidence of a relationship. Johansen cointegration testing yields little evidence of a long run relationship when a VECM containing just FDI and GDP growth is estimated, however once variables proxying financial sector development and an interaction variable between FDI and financial sector development are included, we find that although FDI and GDP growth may not be cointegrated directly, there is a relationship running through their interaction with the financial sector, and that FDI only appears to have a positive impact on GDP growth in cases where the financial sector is more developed. This finding is in line with the findings of previous researchers, and has important policy implications. Keywords: FDI, Financial Sector Development, Cointegration, Causality.Download Full Article |
Abstract - Does Foreign Aid Cause “Dutch Disease”?: Case of Cambodia, Lao PDR, Myanmar and Vietnam
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Abstract: This paper examined the economic impacts of foreign aid from the Dutch-Disease perspective, focusing on the economies of Cambodia, Lao PDR, Myanmar and Vietnam (so-called CLMV). The CLMV were targeted in this study since they have rarely been studied in the literature in this field although their economies have still depended highly on foreign aid. We found no evidence that they have suffered from the Dutch Disease, or rather identified a positive production effect of foreign aid. We speculate that the major use of foreign aid in the CLMV has focused on economic infrastructure, which has given little room for raising consumption and contributed directly to capital accumulation there. Keywords: Foreign Aid, Dutch Disease, CLMV, ODA, Tradables and Non-Tradables, Capital Accumulation.Download Full Article |
Abstract - Causality between Monetary Expansion and the Price Level in India since 1950s – A Re-Examination
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Abstract: This paper has tested short run causality between broad money supply and whole-sale price index (WPI) in India during 1951-2013 adopting a Toda-Yamamoto (1995) modified Granger causality approach under a VAR environment. Exponentially detrended annual time series data on broad money supply and the whole-sale price index are used for this purpose. Alternative tests for structural breaks reveal significant but dissimilar breaks in the variables. The empirical results are suggestive of a uni-directional causality from broad money supply to WPI. The study further finds that broad money supply and WPI in India have a long-run co-integrating relationship and short run causal relations could hence be expected. Keywords: Broad money supply, WPI, Modified Granger Causality, Toda-Yamamoto (1995) and VAR.Download Full Article |