This study investigated the impact of China’s monetary policy on both the money market and stock markets,assuming that non-policy variables would not respond contemporaneously to changes in policy variables.Monetary ...This study investigated the impact of China’s monetary policy on both the money market and stock markets,assuming that non-policy variables would not respond contemporaneously to changes in policy variables.Monetary policy adjustments are swiftly observed in money markets and gradually extend to the stock market.The study examined the effects of monetary policy shocks using three primary instruments:interest rate policy,reserve requirement ratio,and open market operations.Monthly data from 2007 to 2013 were analyzed using vector error correction(VEC)models.The findings suggest a likely presence of long-lasting and stable relationships among monetary policy,the money market,and stock markets.This research holds practical implications for Chinese policymakers,particularly in managing the challenges associated with fluctuation risks linked to high foreign exchange reserves,aiming to achieve autonomy in monetary policy and formulate effective monetary strategies to stimulate economic growth.展开更多
Vegetation is an important ecosystem on earth. It influences the earth system in many ways. Any influences on this fragile variable should be investigated, especially in a changing climate. Humans can have a positive ...Vegetation is an important ecosystem on earth. It influences the earth system in many ways. Any influences on this fragile variable should be investigated, especially in a changing climate. Humans can have a positive or a negative influence on plants. This paper investigates the possible impact of tourism development and economic growth on vegetation health using cointegration and causality for Aruba. The proposed framework contributes to a better understanding on the use of remote sensing of vegetation response to tourism development and economic growth. Thereby, provide opportunities for improving the overall strategy for achieving sustainable development on a small island state. The calculations showed that there were relationships between the tourism demand and economic growth on the vegetation health on Aruba for the western part of the island. On the other hand, for the central part of the island, no relationships were found.展开更多
This study investigates the causal relationship among financial development, trade openness, and economic growth in Zambia from 1965 to 2011. Two measures of financial development were used： broad money and domestic ...This study investigates the causal relationship among financial development, trade openness, and economic growth in Zambia from 1965 to 2011. Two measures of financial development were used： broad money and domestic credit to the private sector, each as a ratio of gross domestic product （GDP）. In this regard, two models were developed for each indicator. The Augmented Dickey-Fuller （ADF） and Phillips-Perron （PP） tests were used to determine stationarity of all the variables. Furthermore, Johansen test was employed to ascertain possible cointegration among variables. The vector error correction model （VECM） was employed to examine the short-run and long-run dynamics among the variables in each model. The results indicate that the relationship among financial development, trade openness, and economic growth is sensitive to the financial development indicator chosen.展开更多
The existing evidence on the economic burden of road accidents on gross domestic product(GDP)focused mainly on developed countries.This paper addresses an important gap in the literature by investigating into the impa...The existing evidence on the economic burden of road accidents on gross domestic product(GDP)focused mainly on developed countries.This paper addresses an important gap in the literature by investigating into the impacts of road traffic accidents and injuries on GDP in the small island of Mauritius.Mauritius,having perceived an important structural transformation over the past decades,is witnessing a rise in road accidents and injuries,which is a concern in terms of economic costs.In addition,it is a small island nation with limited road infrastructure,making it vulnerable to traffic congestion and accidents.The paper provides important insights for other island countries with similar geographic chal-lenges.The Vector error correction model(VECM)approach is used to assessing the exis-tence of a long-run relationship between road traffic accidents and GDP in Mauritius from 1980 to 2020.In addition to road crashes,different levels of injury severity linked to road accidents are evaluated.The results reveal that on average a 1%rise in road acci-dents leads to a 0.42%fall in real GDP.Further,a 1%rise in casualties linked to road acci-dents is likely to cause a 0.18%decline in GDP.Although a long-run relationship is established,there is no statistically significant influence of road accidents on GDP in the short-run.展开更多
文摘This study investigated the impact of China’s monetary policy on both the money market and stock markets,assuming that non-policy variables would not respond contemporaneously to changes in policy variables.Monetary policy adjustments are swiftly observed in money markets and gradually extend to the stock market.The study examined the effects of monetary policy shocks using three primary instruments:interest rate policy,reserve requirement ratio,and open market operations.Monthly data from 2007 to 2013 were analyzed using vector error correction(VEC)models.The findings suggest a likely presence of long-lasting and stable relationships among monetary policy,the money market,and stock markets.This research holds practical implications for Chinese policymakers,particularly in managing the challenges associated with fluctuation risks linked to high foreign exchange reserves,aiming to achieve autonomy in monetary policy and formulate effective monetary strategies to stimulate economic growth.
文摘Vegetation is an important ecosystem on earth. It influences the earth system in many ways. Any influences on this fragile variable should be investigated, especially in a changing climate. Humans can have a positive or a negative influence on plants. This paper investigates the possible impact of tourism development and economic growth on vegetation health using cointegration and causality for Aruba. The proposed framework contributes to a better understanding on the use of remote sensing of vegetation response to tourism development and economic growth. Thereby, provide opportunities for improving the overall strategy for achieving sustainable development on a small island state. The calculations showed that there were relationships between the tourism demand and economic growth on the vegetation health on Aruba for the western part of the island. On the other hand, for the central part of the island, no relationships were found.
文摘This study investigates the causal relationship among financial development, trade openness, and economic growth in Zambia from 1965 to 2011. Two measures of financial development were used： broad money and domestic credit to the private sector, each as a ratio of gross domestic product （GDP）. In this regard, two models were developed for each indicator. The Augmented Dickey-Fuller （ADF） and Phillips-Perron （PP） tests were used to determine stationarity of all the variables. Furthermore, Johansen test was employed to ascertain possible cointegration among variables. The vector error correction model （VECM） was employed to examine the short-run and long-run dynamics among the variables in each model. The results indicate that the relationship among financial development, trade openness, and economic growth is sensitive to the financial development indicator chosen.
基金funding from the Traffic Management and Road Safety Unit,Ministry of Land Transport and Light Railway,Mauritius.
文摘The existing evidence on the economic burden of road accidents on gross domestic product(GDP)focused mainly on developed countries.This paper addresses an important gap in the literature by investigating into the impacts of road traffic accidents and injuries on GDP in the small island of Mauritius.Mauritius,having perceived an important structural transformation over the past decades,is witnessing a rise in road accidents and injuries,which is a concern in terms of economic costs.In addition,it is a small island nation with limited road infrastructure,making it vulnerable to traffic congestion and accidents.The paper provides important insights for other island countries with similar geographic chal-lenges.The Vector error correction model(VECM)approach is used to assessing the exis-tence of a long-run relationship between road traffic accidents and GDP in Mauritius from 1980 to 2020.In addition to road crashes,different levels of injury severity linked to road accidents are evaluated.The results reveal that on average a 1%rise in road acci-dents leads to a 0.42%fall in real GDP.Further,a 1%rise in casualties linked to road acci-dents is likely to cause a 0.18%decline in GDP.Although a long-run relationship is established,there is no statistically significant influence of road accidents on GDP in the short-run.
