The long-run Effect of Services Exports on Total Factor Productivity Growth in Sri Lanka: Based on ARDL, FMOLS, CCR, and DOLS Approaches

Priyankara, Eac

doi:10.6007/ijarbss/v8-i6/4180

Cited by 15 publications

(16 citation statements)

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“…FMOLS estimator of Phillips and Hansen (1990) estimate the long-run parameter using the semi-parametric approach, it provides a consistent parameter even in the small sample size and encounters the problem of endogeneity, serial correlation effects, omitted variable bias, measurement errors and allows for the heterogeneity in the long-run parameters (Priyankara, 2018).…”

Section: Data and Empirical Resultsmentioning

confidence: 99%

The Impacts of Monetary and Fiscal Policies on Economic Growth in Malaysia, Singapore and Thailand

Tan

Azali

Habibullah

et al. 2020

South Asian Journal of Macroeconomics and Public Finance

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This article analyses the impact of monetary and fiscal policies on economic growth in Malaysia, Singapore and Thailand from 1980:Q1 to 2017:Q1. Autoregressive distributed lag (ARDL) approach is employed to determine the long-run relationship. Further, a range of econometric models, such as fully modified least squares method (FMOLS), canonical cointegration regression (CCR) and dynamic ordinary least squares method (DOLS), are applied to check the robustness. The results are stable and robust as all the models yield consistency result. The main findings in this study demonstrate that: (a) interest rate had a negative impact on economic growth in three selected countries. (b) Government spending had a negative impact on economic growth in Malaysia and Singapore, but had a positive impact in Thailand. (c) Monetary policy is more effective in Malaysia and Singapore, while fiscal policy is more effective in Thailand. JEL Classification: E52, E58, E62, C01

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Section: Data and Empirical Resultsmentioning

confidence: 99%

The Impacts of Monetary and Fiscal Policies on Economic Growth in Malaysia, Singapore and Thailand

Tan

Azali

Habibullah

et al. 2020

South Asian Journal of Macroeconomics and Public Finance

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“…The rationale of using FMOLS in our study is that it allows receiving consistent parameters even in the small samples in the short-run. Additionally, it helps to overcome the problems of endogeneity and serial correlation and thus allows for the heterogeneity in the parameters [107,108]. DOLS has been commonly utilized in combination with FMOLS as a computationally convenient alternative to FMOLS estimators.…”

Section: Interactionmentioning

confidence: 99%

“…Its estimators obtained from least-squares estimates are unbiased and asymptotically efficient even in the presence of the endogenous problem [111]. Echoing the successful application of both FMOLS and DOLS in testing the robustness of the ARDL results by Yuzbashkandi and Sadi [104], Pasha and Ramzan [112], Priyankara [107], and Adebayo [97] we consider these two methods as efficient estimators to study serial interactions and examine potential correlations between Y and X (1-4) . Some scholars, for instance, Aliyev et al [81], Guan et al [113], Yue et al [114], and Rahman et al [115], further checked FMOLS and DOLS results by employing the canonical cointegration regression (CCR).…”

Section: Interactionmentioning

confidence: 99%

Impacts of COVID-19 on Trade and Economic Aspects of Food Security: Evidence from 45 Developing Countries

Erokhin

Tianming

2020

IJERPH

245

173

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The stability of food supply chains is crucial to the food security of people around the world. Since the beginning of 2020, this stability has been undergoing one of the most vigorous pressure tests ever due to the COVID-19 outbreak. From a mere health issue, the pandemic has turned into an economic threat to food security globally in the forms of lockdowns, economic decline, food trade restrictions, and rising food inflation. It is safe to assume that the novel health crisis has badly struck the least developed and developing economies, where people are particularly vulnerable to hunger and malnutrition. However, due to the recency of the COVID-19 problem, the impacts of macroeconomic fluctuations on food insecurity have remained scantily explored. In this study, the authors attempted to bridge this gap by revealing interactions between the food security status of people and the dynamics of COVID-19 cases, food trade, food inflation, and currency volatilities. The study was performed in the cases of 45 developing economies distributed to three groups by the level of income. The consecutive application of the autoregressive distributed lag method, Yamamoto’s causality test, and variance decomposition analysis allowed the authors to find the food insecurity effects of COVID-19 to be more perceptible in upper-middle-income economies than in the least developed countries. In the latter, food security risks attributed to the emergence of the health crisis were mainly related to economic access to adequate food supply (food inflation), whereas in higher-income developing economies, availability-sided food security risks (food trade restrictions and currency depreciation) were more prevalent. The approach presented in this paper contributes to the establishment of a methodology framework that may equip decision-makers with up-to-date estimations of health crisis effects on economic parameters of food availability and access to staples in food-insecure communities.

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“…The Fully Modified Least Squares (FMOLS) estimation method was obtained by Phillips and Hansen (1990) with the development of the Least Squares method. The FMOLS estimation method is a semi-parametric correction method that takes into account the correlation and endogeneity problems arising from the co-integration relationship between the variables (Phillips and Hansen, 1990;Shahbaz, 2009;Priyankara, 2018). The FMOLS estimator is expressed as follows.…”

Section: Estimation For Long-run Relationshipmentioning

confidence: 99%

The Relationship between the Exchange Rate, Interest Rate and Inflation: The Case of Turkey

Özen

Özdemir

Grima

2020

SAEB

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The purpose of the study is to measure the effects of changes in exchange rates and interest rates on inflation and to determine which of the exchange rates or interest rates has a greater impact on inflation rate following the July 15, 2016 coup attempt in Turkey. Our expectation is that similar to most authors is to find that there is a long-term relationship between the inflation rates and both the exchange rate and interest rates and that the effect of the exchange rate on the Producer Price Index (PPI) is greater than that of the interest rates. Moreover, we expect to find a unidirectional causality relationship between the Interest Rate of Commercial Banks Credit (IRBC), Over Night Interest Rate (O/N) and United States Dollar (USD) and the PPI, but not between the IRBC, O/N, USD and the Consumer Price Index (CPI).

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The long-run Effect of Services Exports on Total Factor Productivity Growth in Sri Lanka: Based on ARDL, FMOLS, CCR, and DOLS Approaches

Cited by 15 publications

References 0 publications

The Impacts of Monetary and Fiscal Policies on Economic Growth in Malaysia, Singapore and Thailand

The Impacts of Monetary and Fiscal Policies on Economic Growth in Malaysia, Singapore and Thailand

Impacts of COVID-19 on Trade and Economic Aspects of Food Security: Evidence from 45 Developing Countries

The Relationship between the Exchange Rate, Interest Rate and Inflation: The Case of Turkey

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