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2014

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Institution
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Articles 7321 - 7350 of 25673

Full-Text Articles in Social and Behavioral Sciences

Review Of Advances In Monetary Economics By David Currie, Abdur Chowdhury Jul 2014

Review Of Advances In Monetary Economics By David Currie, Abdur Chowdhury

Abdur R. Chowdhury

No abstract provided.

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Stock Market Interdependencies: Evidence From The Asian Nies, Abdur Chowdhury Jul 2014

Stock Market Interdependencies: Evidence From The Asian Nies, Abdur Chowdhury

Abdur R. Chowdhury

National asset markets have become more integrated in recent years. This paper investigates the interrelationship, if any, among the stock markets in four newly industrialized economies (NIEs) in Asia. The results indicate that a significant link exists between the stock markets of Hong Kong and Singapore and those of Japan and the United States. On the other hand, the markets with severe restrictions on cross-country investing, that is, Korea and Taiwan, are not responsive to innovations in foreign markets. Finally, the United States stock market influences, but is not influenced by, the four Asian markets.

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Money In The Yugoslav Economy, Abdur Chowdhury, Stephen Grubaugh, Andrew Stollar Jul 2014

Money In The Yugoslav Economy, Abdur Chowdhury, Stephen Grubaugh, Andrew Stollar

Abdur R. Chowdhury

No abstract provided.

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Review Of Perestroika And The Economy: New Thinking On Soviet Economics By Anthony Jones And William Moskoff, Abdur Chowdhury Jul 2014

Review Of Perestroika And The Economy: New Thinking On Soviet Economics By Anthony Jones And William Moskoff, Abdur Chowdhury

Abdur R. Chowdhury

No abstract provided.

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Til Recession Do Us Part: Booms, Busts, And Divorce In The United States, Abdur Chowdhury Jul 2014

Til Recession Do Us Part: Booms, Busts, And Divorce In The United States, Abdur Chowdhury

Abdur R. Chowdhury

A general hypothesis regarding the impact of permanent income levels and business cycle fluctuations on divorce rate at the state level in the United States is analysed in this article. Based on the data for 45 states over the sample period of 1978–2009, it is shown that the higher the level of transitory income, the higher the incidence of divorce. In other words, divorce is pro-cyclical.

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The Impact Of Financial Openness On Economic Integration: Evidence From Europe And The Cis, Fabrizio Carmignani, Abdur Chowdhury Jul 2014

The Impact Of Financial Openness On Economic Integration: Evidence From Europe And The Cis, Fabrizio Carmignani, Abdur Chowdhury

Abdur R. Chowdhury

We study whether financial openness facilitates the economic integration of formerly centrally planned economies with the EU-15. Two dimensions of economic integration are considered: cross-country convergence of per-capita incomes and bilateral trade in goods and services. We find that more financially open economies effectively catch-up faster and trade more with the EU-15. These integration-enhancing effects occur over and above any effect stemming from domestic financial deepening and other factors determining growth and trade.

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(Wp 2011-05) 'Til Recession Do Us Part: Booms, Busts, And Divorce In The United States, Abdur Chowdhury Jul 2014

(Wp 2011-05) 'Til Recession Do Us Part: Booms, Busts, And Divorce In The United States, Abdur Chowdhury

Abdur R. Chowdhury

A general hypothesis regarding the impact of permanent income levels and business cycle fluctuations on divorce rate at the state level in the United States is analyzed in the paper. Using data for 45 states over the 1978-2009 sample period, the paper shows that the higher the level of transitory income, the higher is the incidence of divorce. In other words, divorce is pro-cyclical. Why do divorce decrease during recession and increase during expansion? When an economy is in crisis and people’s incomes are low, the cost of divorce will prevent a couple from divorcing irrespective of the quality of …

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(Wp 2013-05) Future Implications Of Debt And Deleveraging In The United States Economy, Abdur Chowdhury, Patrick Brown Jul 2014

(Wp 2013-05) Future Implications Of Debt And Deleveraging In The United States Economy, Abdur Chowdhury, Patrick Brown

Abdur R. Chowdhury

This paper will take a broad based approach in analyzing the structure of the U.S. economy with a particular emphasis on the disruptive U.S. recession and financial crisis which began circa 2008. The role of the U.S. government and the implications high levels of fiscal debt have on the projected growth path of the U.S. economy will be the primary focus of the paper. The discussion will show that the U.S. has likely entered a new, much more difficult stage in its history of economic growth. The short to medium term growth potential of the U.S. economy has fallen below …

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Economic Policies In Transition, Abdur Chowdhury, Iikka Korhonen Jul 2014

Economic Policies In Transition, Abdur Chowdhury, Iikka Korhonen

Abdur R. Chowdhury

No abstract provided.

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Does Real Exchange Rate Volatility Affect Foreign Direct Investment? Evidence From Four Developed Economies, Abdur Chowdhury, Mark Wheeler Jul 2014

Does Real Exchange Rate Volatility Affect Foreign Direct Investment? Evidence From Four Developed Economies, Abdur Chowdhury, Mark Wheeler

Abdur R. Chowdhury

This study examines the impact of shocks to exchange rate uncertainty (volatility) on foreign direct investment (FDI) in Canada, Japan, the United Kingdom, and the United States. The analysis is conducted using vector autoregressive models that contain the price level, real output, the real exchange rate, the volatility of the real exchange rate, the interest rate, and FDI. The results from variance decompositions yield public policy implications. In Canada, Japan, and the United States, innovations to exchange rate uncertainty explain significant portions of the forecast error variance in FDI at longer time horizons. The impulse response functions indicate that, to …

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(Wp 2013-09) Virtual Currency And The Financial System: The Case Of Bitcoin, Abdur Chowdhury, Barry K. Mendelson Jul 2014

(Wp 2013-09) Virtual Currency And The Financial System: The Case Of Bitcoin, Abdur Chowdhury, Barry K. Mendelson

Abdur R. Chowdhury

Technological development and the increased use of the internet have led to the proliferation of virtual communities. Some of these communities have created and circulated their own currency for exchanging goods and services. Bitcoin is currently the most popular among these virtual or digital currencies and has been in news recently because of the wild fluctuations in its ‘value’ and also significant venture capital investment in entities associated with it.1 Bitcoin is relevant in several areas of the financial system and is therefore of interest to central banks, consumers and investors. Digital currencies are part of a broader group of …

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Are Causal Relationships Sensitive To Causality Tests?, Abdur Chowdhury Jul 2014

Are Causal Relationships Sensitive To Causality Tests?, Abdur Chowdhury

Abdur R. Chowdhury

No abstract provided.

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The Financial Structure And The Demand For Money In Thailand, Abdur Chowdhury Jul 2014

The Financial Structure And The Demand For Money In Thailand, Abdur Chowdhury

Abdur R. Chowdhury

This paper uses recently developed econometric techniques to investigate the demand for money in Thailand. Initial estimates show the absence of any long-term, unique relationship among a monetary aggregate (M1 or M2), an income and a price variable. However, the introduction of an exchange rate in the above relationship shows the presence of a cointegrating relationship. This provides some support to McKinnon's hypothesis of currency substitution. It also raises some concern about the closed-economy focus of earlier studies on money demand in Thailand. Addition of a foreign interest variable to the above models provide some support to the …

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Monetary Policy, Fiscal Policy, And Investment Spending: An Empirical Analysis, Abdur Chowdhury, James S. Fackler, W. Douglas Mcmillin Jul 2014

Monetary Policy, Fiscal Policy, And Investment Spending: An Empirical Analysis, Abdur Chowdhury, James S. Fackler, W. Douglas Mcmillin

Abdur R. Chowdhury

No abstract provided.

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"James Tobin (1918 -)", Abdur Chowdhury Jul 2014

"James Tobin (1918 -)", Abdur Chowdhury

Abdur R. Chowdhury

No abstract provided.

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The Slowdown In Soviet Defense Expenditures: Comment, Abdur Chowdhury, Josef C. Brada, Ronald L. Graves Jul 2014

The Slowdown In Soviet Defense Expenditures: Comment, Abdur Chowdhury, Josef C. Brada, Ronald L. Graves

Abdur R. Chowdhury

The reason for the apparently opposing results in Brada and Graves' (1988) attempt to explain the reasons for the slowdown in USSR defense expenditures in the mid-1970s is that their analysis suffers from a serious serial correlation problem. The majority of the regressions display Durbin-Watson statistics that reject the null hypothesis of no autocorrelation. A reestimation of their results, after correcting for serial correlation, changes some of their major conclusions regarding the factors influencing Soviet defense spending. The corrected results indicate that no structural break occurred in the mid-1970s. These results suggest that there has been no change in Soviet …

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Financing Reconstruction, Tony Addison, Abdur Chowdhury, Syed Murshed Jul 2014

Financing Reconstruction, Tony Addison, Abdur Chowdhury, Syed Murshed

Abdur R. Chowdhury

No abstract provided.

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Review Of Monetary Economics By N. Gregory Mankiw, Abdur Chowdhury Jul 2014

Review Of Monetary Economics By N. Gregory Mankiw, Abdur Chowdhury

Abdur R. Chowdhury

No abstract provided.

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(Wp 2011-03) State Government Revenue And Expenditures: A Bootstrap Panel Analysis, Abdur Chowdhury Jul 2014

(Wp 2011-03) State Government Revenue And Expenditures: A Bootstrap Panel Analysis, Abdur Chowdhury

Abdur R. Chowdhury

The current fiscal crises that most states in the United States are facing are generally the result of a severe macroeconomic downturn combined with a limited ability of the states to respond to such shocks. States are facing increased demand for public services at the same time revenue is falling. In this context, this paper explores the issue of temporal priority between government expenditures and revenue at the state and local levels. The results show that there is no uniform relationship between government revenue and spending across different states in the US. In fact, about 40% of the states show …

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(Wp 2013-06) The Impact Of Output And Exchange Rate Volatility On Fixed Private Investment: Evidence From Selected G7 Countries, Abdur Chowdhury, Mark Wheeler Jul 2014

(Wp 2013-06) The Impact Of Output And Exchange Rate Volatility On Fixed Private Investment: Evidence From Selected G7 Countries, Abdur Chowdhury, Mark Wheeler

Abdur R. Chowdhury

This study examines the impact of shocks to exchange rate and output uncertainty (volatility) on real private fixed investment (FI) in Canada, Germany, the United Kingdom, and the United States. The analysis is conducted using vector autoregressive models that contain the price level, real output, the volatility of real output, the real exchange rate, the volatility of the real exchange rate, an interest rate, and FI. The results yield important public policy implications with regard to the impact of output volatility of FI. Our analysis indicates that volatility shocks, measured as output volatility or exchange rate volatility, do not have …

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Reforming Russia's Educational System, Abdur Chowdhury Jul 2014

Reforming Russia's Educational System, Abdur Chowdhury

Abdur R. Chowdhury

No abstract provided.

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(Wp 2011-07) Factoring Emerging Markets Into The Relationship Between Global Liquidity And Commodities, Steven Landgraf, Abdur Chowdhury Jul 2014

(Wp 2011-07) Factoring Emerging Markets Into The Relationship Between Global Liquidity And Commodities, Steven Landgraf, Abdur Chowdhury

Abdur R. Chowdhury

What caused the mid-2000s world commodity price “bubble” and the recent commodity price growth during the economic recovery after the 2007-2009 recession? The classical “supply and demand” interpretation offered by some observers suggests that rapid global industrial growth over the past decade – the so-called “demand channel” – is the key driver of price growth. Others have argued that recent bouts of commodity price growth were directly related to central banks, especially the U.S. Federal Reserve, injecting too much money or “liquidity” into the financial system. They assert that high commodity prices are a result of excessively loose monetary policy. …

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Monetary Policy, Output, And Inflation In Bangladesh: A Dynamic Analysis, Abdur Chowdhury, Minh Dao, Abu Wahid Jul 2014

Monetary Policy, Output, And Inflation In Bangladesh: A Dynamic Analysis, Abdur Chowdhury, Minh Dao, Abu Wahid

Abdur R. Chowdhury

This paper investigates the relationship between money, prices, output, and the exchange rate in Bangladesh during the 1974–92 period. Several interesting conclusions can be derived from the paper. First, the inflationary process in Bangladesh cannot be explained exclusively by the monetarist or the structuralist explanation of inflation. Second, regardless of the monetary aggregate employed, monetary policy exerts a significant unidirectional impact on real output. Third, monetary policy and inflation together account for a significant portion of fluctuations in the exchange rate. Finally, it is noted that monetary shocks have a strong, but relatively short-run, impact on inflation. In light of …

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Financial Innovations And The Interest Elasticity Of Money Demand In Canada, Abdur Chowdhury Jul 2014

Financial Innovations And The Interest Elasticity Of Money Demand In Canada, Abdur Chowdhury

Abdur R. Chowdhury

Using Canadian data for the period 1934-86, the paper empirically tests the Gurley-Shaw hypothesis that innovations in the financial markets raise the interest elasticity of money demand. The results provide sufficient evidence to reject the Gurley-Shaw hypothesis in Canada.

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Non-Nested Tests Of Three Competing Theories Of Business Cycles, Abdur Chowdhury, James Mcgibany, Farrokh Nourzad Jul 2014

Non-Nested Tests Of Three Competing Theories Of Business Cycles, Abdur Chowdhury, James Mcgibany, Farrokh Nourzad

Abdur R. Chowdhury

This paper tests the Keynesian, new classical and real business-cycle theories against each other as non-nested hypotheses using quarterly data for the US covering the period 1959:1–1989:2. The results indicate that no one theory stands out as the dominant explanation of the business cycle. This contrasts with the findings of earlier work which is mostly concerned with testing the Keynesian against the new classical theory. We find that the introduction of a third theory, the real business-cycle theory which accounts of real factors, blurs the distinction between the demand-sided Keynesian, and the new classical theories.

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(Wp 2014-02) Trade Volatility And The Gatt/Wto: Does Membership Make A Difference?, Abdur Chowdhury, Xuepeng Liu, Miao Wang, M. C. Sunny Wong Jul 2014

(Wp 2014-02) Trade Volatility And The Gatt/Wto: Does Membership Make A Difference?, Abdur Chowdhury, Xuepeng Liu, Miao Wang, M. C. Sunny Wong

Abdur R. Chowdhury

Using bilateral trade data for 210 countries over the period 1948-2003, this paper attempts to shed some light on the relationship between WTO and members’ trade volatilities. We show that the trade among WTO members tends to be more stable than the trade outside the WTO, and there is strong evidence of interdependence of trade volatilities. The results show comovement of trade volatilities across all dyads in general, and much stronger comovement among WTO members than between WTO and non-WTO members. Such strong comovement implies that WTO member countries not only share the benefits of having an interdependent and more …

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A Causal Analysis Of Defense Spending And Economic Growth, Abdur Chowdhury Jul 2014

A Causal Analysis Of Defense Spending And Economic Growth, Abdur Chowdhury

Abdur R. Chowdhury

The purpose of this article is to investigate the causal relationship between economic growth and defense spending in fifty-five developing countries. Granger-causality tests are employed to analyze the presence and direction of causality between these two variables. Moreover, the study focuses upon the appropriate representation of the nature of nonstationarities apparent in these two economic time series across different countries. The results suggest that the relationship between defense spending and economic growth cannot be generalized across countries. The actual relationship may vary from one country to another due to the use of a different sample period, as well as differences …

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Information Technology And Productivity Payoff In The Banking Industry: Evidence From The Emerging Markets, Abdur Chowdhury Jul 2014

Information Technology And Productivity Payoff In The Banking Industry: Evidence From The Emerging Markets, Abdur Chowdhury

Abdur R. Chowdhury

No abstract provided.

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Factors Determining The Income Velocity Of Money In A Developing Economy, Abdur Chowdhury Jul 2014

Factors Determining The Income Velocity Of Money In A Developing Economy, Abdur Chowdhury

Abdur R. Chowdhury

This paper investigates the influence of different factors on income velocity of money in 23 developing countries for the 1955–88 period. The results show that inflationary expectation raises income velocity in an agricultural developing economy.

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Monetary Aggregates As A Target Variable: A Comment, Abdur Chowdhury Jul 2014

Monetary Aggregates As A Target Variable: A Comment, Abdur Chowdhury

Abdur R. Chowdhury

No abstract provided.

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