scholarly journals Agricultural Mechanization as an Expansion Factor of Cropland in Benin: The Case of Tractors

2018 ◽  
Vol 7 (4) ◽  
pp. 1 ◽  
Author(s):  
Ichaou Mounirou
Keyword(s):  
Agricultural Sector ◽  
Cotton Production ◽  
Vector Error Correction ◽  
The North ◽  
Vector Error ◽  
Agricultural Mechanization ◽  
Vec Model ◽  
The One ◽  
Agricultural Investments ◽  
The Impact

We propose in this paper a methodology based on the vector error correction (VCE) model. This modeling approach makes it possible to use a large database to model the impact of agricultural mechanization on cropland in Benin. The results of the VEC model estimates confirm a positive relationship between agricultural mechanization and the areas planted of paddy rice, millet and yams. Moreover, the findings suggest that agricultural mechanization is still far to boost the land uses of cotton, maize and cassava, despite the importance of cotton in the Beninese economy on the one hand, and the key roles of maize and cassava in diet in Benin, on the other hand. Agricultural mechanization is far from being a reality in Benin's agricultural sector to the extent that public agricultural investments are below the Maputo agreements (Note 1). An effective agricultural mechanization must opt for cereals whose investments in agricultural machinery are less expensive compared to cotton. This strategy of agricultural mechanization makes it possible to better ensure food security, unlike the intensive cotton production, whose terms of trade are always unfavorable and dependent on subsidies from the North.

scholarly journals Macroeconomic Variables, the Oil, and the Agricultural Sectors in Nigeria

2019 ◽  
Vol 16 (1) ◽  
pp. 69
Author(s):  
Adegbemi Babatunde Onakoya ◽  
Hassan Akolade Alayande
Keyword(s):  
Error Correction ◽  
Agricultural Sector ◽  
Initial Step ◽  
Policy Formulation ◽  
Dutch Disease ◽  
Vector Error Correction ◽  
Macroeconomic Variables ◽  
Vector Error ◽  
Oil Sector ◽  
The Impact

The present study examined the impact of the macroeconomic variables and the oil sector on the performance of the agricultural sector between 1981and 2017 in Nigeria. The study adopted a three-stage estimation approach. The initial step in this estimation was the conduct of descriptive statistics and stationarity tests of the variables. Some of the series were stationary at level and some others at the first difference which informed the deployment of the Auto regressive distributed lag (ARDL) technique for model estimation. The third stage was the post-estimation of the model in order ascertain its robustness for predictability and policy formulation. These were the Cumulative Sum Control Chart (CUSUM) stability, Vector Error Correction (VEC) Residual Heteroscedasticity, Breusch-Godfrey Serial Correlation LM, Vector Error Correction Residual Normality, and Vector Error Correction (VEC) Residual Heteroscedasticity tests. The results indicated that contrary to the Dutch disease postulation the oil sector positively impacted the output of the agricultural sector. The influence of exchange rate was also positive. Interest and unemployment rates on the other hand, had negative effects. The rate of inflation and the national output had no impact. The study recommended that the Nigerian government should channel resources towards the agricultural sector to ensure increase in foreign earnings and sufficient domestic production.

scholarly journals ANALYSIS ON THE IMPACT OF INVESTMENTS, ENERGY USE AND DOMESTIC MATERIAL CONSUMPTION IN CHANGING THE ROMANIAN ECONOMIC PARADIGM

2019 ◽  
Vol 25 (1) ◽  
pp. 59-81 ◽  
Author(s):  
Gheorghe H. Popescu ◽  
Jean Vasile Andrei ◽  
Elvira Nica ◽  
Mihai Mieilă ◽  
Mirela Panait
Keyword(s):  
Error Correction ◽  
Energy Use ◽  
Correction Term ◽  
Material Consumption ◽  
Vector Error Correction ◽  
Vector Error ◽  
Vec Model ◽  
Economic Paradigm ◽  
High Degree ◽  
The Impact

The main aim of the paper is to assess the impact of fix capital, energy use and domestic material consumption in changing the inland Romanian economic paradigm, from an economic perspective, using the intensive form of the Cobb-Douglas function. In order to identify various connections of economic growth, sustainable development, energy usage has determined the application of the vector error correction (VEC) model and the implied error correction term (ECT). This method was chosen based on the premise that it has a high degree of applicability and it can be used in order to revile significant aspects terms of indicator significance and displays. The results obtained during the research confirm that both in Romania and at EU-28 level there are determinant and significant elements shaping a proactive economic policy.

scholarly journals Price Dynamics in the North American Wheat Market

2006 ◽  
Vol 35 (2) ◽  
pp. 265-275
Author(s):  
Jungho Baek ◽  
Won W. Koo
Keyword(s):  
North American ◽  
Structural Changes ◽  
Cointegration Analysis ◽  
Price Dynamics ◽  
Vector Error Correction ◽  
The North ◽  
Vector Error ◽  
Vec Model ◽  
Wheat Market ◽  
Price Instability

Perron's test, Johansen cointegration analysis, and a vector error-correction (VEC) model are used to identify structural change, as well as to examine price dynamics in the U. S. and Canadian hard red spring (HRS) and durum wheat markets. It is found that, due to the U. S. Export Enhancement Program (EEP), price instability experienced in June 1986 has resulted in structural changes for Canadian HRS and durum prices. We also find that Canadian prices have significant effects on the determination of the U. S. prices in the North American wheat market.

Preaching and Sermons

2017 ◽  
Author(s):  
Robert H. Ellison
Keyword(s):  
Eighteenth Century ◽  
North Atlantic ◽  
Religious Revival ◽  
Early Nineteenth Century ◽  
Denominational Identity ◽  
The North ◽  
The North Atlantic ◽  
The One ◽  
The Impact

Prompted by the convulsions of the late eighteenth century and inspired by the expansion of evangelicalism across the North Atlantic world, Protestant Dissenters from the 1790s eagerly subscribed to a millennial vision of a world transformed through missionary activism and religious revival. Voluntary societies proliferated in the early nineteenth century to spread the gospel and transform society at home and overseas. In doing so, they engaged many thousands of converts who felt the call to share their experience of personal conversion with others. Though social respectability and business methods became a notable feature of Victorian Nonconformity, the religious populism of the earlier period did not disappear and religious revival remained a key component of Dissenting experience. The impact of this revitalization was mixed. On the one hand, growth was not sustained in the long term and, to some extent, involvement in interdenominational activity undermined denominational identity; on the other hand, Nonconformists gained a social and political prominence they had not enjoyed since the middle of the seventeenth century and their efforts laid the basis for the twentieth-century explosion of evangelicalism in Africa, Asia, and South America.

scholarly journals Can Family Farms Depend on Price Information? Testing Butter and Curd Price Integration in Poland

Agriculture ◽  
2021 ◽  
Vol 11 (5) ◽  
pp. 434
Author(s):  
Anna M. Klepacka ◽  
Wojciech J. Florkowski ◽  
Cesar Revoredo-Giha
Keyword(s):  
World Market ◽  
Response Analysis ◽  
The European Union ◽  
Family Farms ◽  
Quota System ◽  
Dairy Farmers ◽  
Vector Error Correction ◽  
Vector Error ◽  
Vec Model ◽  
Dairy Markets

This study examines the integration of regional dairy markets in Poland, which is a major European dairy producing country. The analysis of prices is important, as many dairy farmers are members of dairy processing cooperatives, and their incomes are affected by the prices of two popular products: butter and curd. Moreover, the period of study included significant fluctuations in the world market and the termination of the milk quota system in the European Union (EU). The price records used in this study are from the two main milk-producing regions in the country: Northern and Central. The data were tested for stationarity and Granger causality before estimating a Vector Error Correction (VEC) model. Estimation results show that the removal of the milk quota lowered prices of butter and curd in the two regions. The relationships of the prices in both regions for butter markets were nearly perfect during the period January 2010–November 2017, but curd prices were found unintegrated. Impulse response analysis showed that the effect of shocks was mostly absorbed in a two-week period and prices returned to full equilibrium in about four to five weeks. This fast price adjustment indicates that both markets operate properly and no market participant can obtain gains above those offered at equilibrium.

scholarly journals Do Erratic Rainfalls Hamper Grain Production? Analysis of Supply Response of Rice to Price and Non-Price Factors

Agronomy ◽  
2021 ◽  
Vol 11 (8) ◽  
pp. 1463
Author(s):  
Ghulam Mustafa ◽  
Azhar Abbas ◽  
Bader Alhafi Alotaibi ◽  
Fahd O. Aldosri
Keyword(s):  
Unit Root Test ◽  
Rice Production ◽  
Vector Error Correction ◽  
Supply Response ◽  
Target Time ◽  
Vector Error ◽  
Long Run ◽  
Short Run ◽  
The Government ◽  
The Impact

Increasing rice production has become one of the ultimate goals for South Asian countries. The yield and area under rice production are also facing threats due to the consequences of climate change such as erratic rainfall and seasonal variation. Thus, the main aim of this work was to find out the supply response of rice in Malaysia in relation to both price and non-price factors. To achieve this target, time series analysis was conducted on data from 1970 to 2014 using cointegration, unit root test, and the vector error correction model. The results showed that the planted area and rainfall have a significant effect on rice production; however, the magnitude of the impact of rainfall is less conspicuous for off-season (season 2) rice as compared to main-season rice (season 1). The speed of adjustment from short-run to long-run for season-1 rice production is almost two-and-a-half years (five production seasons), while for season-2 production, it is only about one-and-a-half year (three production seasons). Consequently, the study findings imply the supply of water to be enhanced through better water infrastructure for both seasons. Moreover, the area under season 2 is continuously declining to the point where the government has to make sure that farmers are able to cultivate the same area for rice production by providing uninterrupted supply of critical inputs, particularly water, seed and fertilizers.

Assessing the Impact of Terrorism on African Tourism Demand

2021 ◽  
Author(s):  
Sheereen Fauzel ◽  
Boopen Seetanah
Keyword(s):  
Panel Data Analysis ◽  
Dynamic Panel Data ◽  
Terrorist Attacks ◽  
Tourism Demand ◽  
African Countries ◽  
Correction Model ◽  
Vector Error Correction ◽  
Vector Error ◽  
The Impact ◽  
The Relationship

Many African states are relying on or have identified tourism to accelerate their growth and the continent has become the world’s second fastest growing tourist industry. However, African states have also not been spared by increasing terrorism attacks during the past decades, probably hindering the growth of this sector to certain extent. This study examines the relationship between terrorism and tourism for a sample of selected African countries over the period 1995 to 2017. Given the dynamic nature of tourism demand and the possibility of endogenous relationships in the terrorism-tourism nexus, dynamic panel data analysis, namely a Panel vector error correction model (PVECM) is employed. The results confirm that terrorism negatively affects tourism demand in Africa and this can be explained by the reactive psychology of tourists to the various aggravated terrorist attacks in the countries. Moreover, the findings show that an increase in tourism may have resulted in an increase in terrorist attacks, hence confirming a bi directional causality between tourism and terrorism.

scholarly journals Foreign capital flows, exports and growth in Zambia

2015 ◽  
Vol 5 (4) ◽  
pp. 26-37
Author(s):  
Kunofiwa Tsaurai
Keyword(s):  
Capital Flows ◽  
Foreign Capital ◽  
Growth Enhancement ◽  
Vector Error Correction ◽  
Vector Error ◽  
Long Run ◽  
Short Run ◽  
Foreign Capital Flows ◽  
Causality Relationship ◽  
The Impact

This study investigates the causality between FDI net inflows, exports and GDP using Vector Error Correction Model (VECM) approach. The words foreign capital flows and FDI are used interchangeably in this study. The findings from the VECM estimation technique is six fold: (1) the study revealed a long run causality relationship running from exports and GDP towards FDI, (2) the study showed a non–significant long run causality relationship running from FDI and exports towards GDP and (3) the existence of a weak long run causality relationship running from FDI and GDP towards exports in Zambia. The study also found out that no short run causality relationship that runs from FDI and exports towards GDP, short run causality running from FDI and GDP towards exports does not exist and there is no short run causality relationship running from exports and GDP towards FDI. Contrary to the theory which says that FDI brings along with it a whole lot of advantages (FDI technological diffusion and spill over effects), the current study found that the impact of FDI in Zambia is not significant in the long run. This is possibly because certain host country locational characteristics that ensures that Zambia can benefit from FDI inflows are not in place or they might be in place but still not yet reached a certain minimum threshold levels. This might be an interesting area for further research. On the backdrop of the findings of this study, the author recommends that the Zambian authorities should formulate and implement export promotion strategies and economic growth enhancement initiatives in order to be able to attract more FDI.

scholarly journals Effect of Money Supply on the Stock Market

2017 ◽  
Vol 65 (2) ◽  
pp. 465-472 ◽  
Author(s):  
Vladimír Pícha
Keyword(s):  
Monetary Policy ◽  
Stock Market ◽  
Money Supply ◽  
Policy Framework ◽  
Vector Error Correction ◽  
Flow Of Funds ◽  
Portfolio Balance ◽  
Vector Error ◽  
Long Run ◽  
The Impact

This paper observes effect of money supply on the stock market through the portfolio balance channel as a transmission mechanism of monetary policy. National flow of funds accounts, specifically assets from US households’ portfolios, represent a key data source. Johansen’s cointegration methodology is employed in the empirical part of the paper to analyze both short term and long term relationships among researched variables. Estimates of vector error correction model help to reliably quantify intensity of the effect. Results show money supply excercises influence on valuation of S&P 500 index with 6 months lag. The impact is also distinguishable in the long run, whereas all observed asset classes can positively influence price of S&P 500. Findings are then contextualized in the concluding part of the paper using a monetary policy framework.

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