PEACE AND TOURISM: A NEXUS? EVIDENCE FROM DEVELOPED AND DEVELOPING COUNTRIES

2019 ◽  
Vol 64 (02) ◽  
pp. 323-339 ◽  
Author(s):  
CHRISTOS KOLLIAS ◽  
STEPHANOS PAPADAMOU
Keyword(s):  
Developing Countries ◽  
Impulse Response Functions ◽  
Response Functions ◽  
Short Term ◽  
Promoting Effect ◽  
Term Adverse Effect ◽  
Causality Tests ◽  
Global Peace ◽  
Do So ◽  
Short Term Adverse Effect

The paper empirically examines the nexus between tourism and peace. To do so, it uses in the analysis the recently developed composite Global Peace Index. The sample employed consists of 113 countries and covers the period 2008–2014. The methodology adopted includes PVAR Granger causality tests and impulse response functions. The sample was split into two income groups to allow for the possibility that the nexus differs between developed and developing countries. Findings reported herein indicate a temporary, very short-term adverse effect on tourism as a result of worsening levels of peacefulness only for the former group of countries. A peace promoting effect by tourism is established in the case of the latter group.

scholarly journals Integration of the GCC Stock Markets

2020 ◽  
Vol 11 (5) ◽  
pp. 24
Author(s):  
Turki Alshammari
Keyword(s):  
Saudi Arabia ◽  
Stock Markets ◽  
Gulf Cooperation Council ◽  
Impulse Response Functions ◽  
Response Functions ◽  
Short Term ◽  
Cointegration Tests ◽  
Causality Tests ◽  
Short And Long Term

This study analyzes the short- and long-term interdependence among the Gulf Cooperation Council (GCC) stock markets, namely, Kuwait, Saudi Arabia, Bahrain, Emirates, and Oman. The study finds a solid long-term relationship among the GCC stock markets and that each market contributes significantly to that relationship. The short-term relationship is also supported through the causality tests as well as through impulse response functions. The analysis reveals the Kuwait stock market to be the most influential during the examined period. Also, a feedback exists between the Saudi and the Emirates stock markets. In order to corroborate the results, an ARDL model is specified and its results confirm the cointegration tests. Overall, the results place doubts against the investment diversification principle.

scholarly journals Currency Crises and Growth

2018 ◽  
Vol 10 (3) ◽  
pp. 83
Author(s):  
Arafat Hamida
Keyword(s):  
Economic Growth ◽  
Data Model ◽  
Currency Crises ◽  
Dynamic Panel Data ◽  
Impulse Response Functions ◽  
Response Functions ◽  
Short Term ◽  
Dynamic Panel ◽  
Dynamic Panel Data Model ◽  
Negative Effect

The purpose of this research is to study the effect of currency crises on economic growth. To do this, we opted for a dynamic panel data model and impulse response functions for a sample of seventeen emerging countries over a period from 1980 to 2014. The main results of the various empirical investigations show that there is a Negative effect of currency crises on short-term economic growth.

scholarly journals The Impact of the PSR Rural Insurance Program on the Agricultural Productivity in the Matopiba Region of Brazil

2021 ◽  
Vol 12 (4) ◽  
pp. 1
Author(s):  
Francisco José da Silva Tabosa ◽  
Pablo Urano de Carvalho Castelar ◽  
José Eustáquio Ribeiro Vieira Filho ◽  
Domingos Isaías Maia Amorim ◽  
Maria Josiell Nascimento Da Silva
Keyword(s):  
Government Subsidy ◽  
Impulse Response Functions ◽  
Response Functions ◽  
Short Term ◽  
Insurance Program ◽  
Auto Regressive ◽  
Subsidy Program ◽  
Second Year ◽  
Soy Production ◽  
The Impact

The present work aims to analyze the impact of a government subsidy program of rural insurance in Brazil, (called the Programa de Subvenção ao Prêmio de Seguro Rural - PSR), on the productivity of insured producers in the MATOPIBA region of the country, which encompasses four Brazilian states, Maranhão, Tocantins, Piauí and Bahia, between the years 2008 to 2019. For this, municipalities were selected that had at least one insured producer throughout the analyzed period. The variables used were the number of producers, the number of insurance policies, the planted area, the productivity obtained and the insured financial amount of the producers. The methodological procedure was based on Auto-regressive Vectors (VAR) for panel data. The results showed a concentration, of all the variables used in the research, in the state of Bahia, mainly in the municipalities of Formosa do Rio Preto and São Desidério, whose main economic activity is soy production. It was also found that the impulse response functions on productivity obtained through a shock in the other variables, except the planted area variable, the others showed positive initial (short-term) responses until the second year. The average time for responses to smooth over time occurs from the sixth year onwards.

scholarly journals The Effect of Remittances on Imports in Eight Latin-American Countries

2020 ◽  
Vol 12 (3) ◽  
pp. 255-269
Author(s):  
Julio César Hernández ◽  
Wilfredo Toledo
Keyword(s):  
Developing Countries ◽  
Latin American ◽  
Transmission Mechanism ◽  
Panel Var ◽  
Impulse Response Functions ◽  
Response Functions ◽  
External Resources ◽  
International Remittances ◽  
Using Data ◽  
Latin American Countries

Remittances are an important source of external resources for developing countries.  These transfers may increase the levels of consumption and capital formation in these economies. This paper examines the economic impact of international remittances on different import categories.  A panel VAR was estimated using data from eight Latin-American economies during the 1991 to 2004 period. The impulse response functions show that remittances increase imports of capital, consumption, and intermediate goods.  It was also found that the accelerator is a plausible transmission mechanism from this type of income to investment.

scholarly journals On the Linkage between the Energy Market and Stock Returns: Evidence from Romania

Energies ◽  
2019 ◽  
Vol 12 (8) ◽  
pp. 1463 ◽  
Author(s):  
Daniel Ştefan Armeanu ◽  
Camelia Cătălina Joldeş ◽  
Ştefan Cristian Gherghina
Keyword(s):  
Stock Returns ◽  
Capital Market ◽  
Energy Market ◽  
Hard Coal ◽  
Impulse Response Functions ◽  
Response Functions ◽  
Short Term ◽  
Market Participants ◽  
Johansen Cointegration Test

his paper aims to establish whether the Romanian energy market has an influence on the good running of the associated capital market. In order to achieve this objective, we approached a series of econometric techniques that allowed us to study the cointegration between variables, the presence of short-term or long-term causality relationships, and the application of impulse-response functions to analyze how the BET index responds to the shocks applied. The empirical findings from the Johansen cointegration test, ARDL model, and VAR/VECM models confirmed both the presence of a long-term and short-term relationship between the energy market and capital market. From all energy market indicators, only hard coal presented a causal relationship with the BET index. We also noticed a unidirectional relationship from the WTI crude oil to the Romanian capital market. Our findings should be of interest to researchers, regulators, and market participants.

scholarly journals The Analysis of the Short-term Capital Movements by Using the VAR Model: The Case of Turkey

2001 ◽  
Vol 40 (3) ◽  
pp. 187-201 ◽  
Author(s):  
Ismaіl Çeviş ◽  
Cem Kadilar
Keyword(s):  
Exchange Rate ◽  
Balance Of Payments ◽  
Capital Inflows ◽  
Impulse Response Functions ◽  
Response Functions ◽  
Short Term ◽  
Capital Movements ◽  
Government Deficit ◽  
Random Shocks ◽  
Hot Money

This paper investigates the relations among short-term capital inflows, government deficit, interest rate differentials, real exchange rate and some accounts of the balance of payments in Turkey in 1990s by using the vector autoregression (VAR) technique. The dynamic behaviours of each variable due to random shocks given to short-term foreign liabilities are captured by impulse response functions, and the portion of variance in the prediction for each variable in the system that is attributable to its own innovations and to shocks to other variables in the system is analysed by variance decomposition method. It is found that the policy of high interest-low exchange rate (hot money) is the main reason for the short-term capital inflows in Turkey, and we propose some main controls on capital inflows to limit some of the macroeconomic repercussions of these inflows.

Trade openness and economic development in the UAE: an asymmetric approach

2016 ◽  
Vol 43 (4) ◽  
pp. 587-597 ◽  
Author(s):  
Abdulrahman Al-Shayeb ◽  
Abdulnasser Hatemi-J
Keyword(s):  
Impulse Response ◽  
Trade Openness ◽  
Gdp Per Capita ◽  
Impulse Response Functions ◽  
Response Functions ◽  
Content Type ◽  
Causality Tests ◽  
Per Capita ◽  
The Impact ◽  
Asymmetric Causality

Purpose The purpose of this paper is to offer a review of the trade policy in the UAE. It also investigates the dynamic interaction between trade openness and GDP per capita in this emerging economy. Design/methodology/approach The asymmetric generalized impulse response functions and the asymmetric causality tests developed by Hatemi-J are used. Findings The results from asymmetric generalized impulse response functions indicate that a positive permanent shock in the trade openness results in a significant positive response in the cumulative sum of the positive component of the GDP per capita. Such a response is not found for the negative shocks in the trade openness. Furthermore, neither a positive nor a negative shock in the GPD per capita results in any significant response in the trade openness. These empirical findings are also supported by the implemented asymmetric causality tests. Originality/value This is the first attempt that investigates the impact of trade openness on economic performance in the UAE. Unlike previous literature on the topic, this paper allows for asymmetric impacts in the empirical model.

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