This study analyses some political factors determining budget deficit in Pakistan. It examines the short and long-run relationship between the Budget deficit, democracy and cabinet size for Pakistan’s economy. The bounds testing approach to co-integration and (ECM) error-correction models, developed within an autoregressive distributed lag (ARDL) framework is applied to annual data for the peri...

Previous work on automated error recognition and correction of texts written by learners of English as a Second Language has demonstrated experimentally that training classifiers on error-annotated ESL text generally outperforms training on native text alone and that adaptation of error correction models to the native language (L1) of the writer improves performance. Nevertheless, most extant m...

This paper analyses the shortand long-term relationships between hedge funds and traditional financial assets for the main emerging market regions of Asia, Latin America, and Eastern Europe by using multivariate cointegration analysis. Because cointegrated assets are tied together over the long term, a portfolio consisting of these assets lowers uncertainty and should therefore be preferred by ...

assumption of exchange rate overshooting has significant position in international macroeconomic discussion. this phenomenon is one of the abnormal behaviors of exchange rate that happen in short run. dornbusch (1976) shows that because speed of equilibrium prices is slow relative to asset markets and commodity prices are sticky in the short run, however, over time, commodity prices will rise a...

introduction: today, lasik surgery is one of the most common and effective procedures for correction of refractive errors. less than 1% of patients undergoing lasik operation suffer from serious and 3-5% suffers from mild complications. also, results of lasik in most centers are promising. with the recent inauguration of the lasik center of yazd, it was decided to evaluate the results and compl...

We initiate a study of Maurer’s bounded storage model (JoC, 1992) in presence of transmission errors and perhaps other types of errors that cause different parties to have inconsistent views of the public random source. Such errors seem inevitable in any implementation of the model. All previous schemes and protocols in the model assume a perfectly consistent view of the public source from all ...

Purpose of this paper is twofold. It is first to offer a rough overview on the field of threshold cointegration, from the seminal paper of Balke and Fomby (1997) to the recent developments. Simultaneously, it is to describe the implementation of the main functionalities for the modeling in the open-source package tsDyn. It provides hence a unique way to get an introduction on the threshold coin...

This paper applies dynamic specification approach and error correction model form to construct a quarterly foreign trade model of China at the aggregate level for the period of 1992-2004. The empirical results indicate China’s imports and exports depend on each other both in the long run and short run, which reflects the special and importance role of processing trade in China. Imports respond ...

Current integration and co-movement among international stock markets has been boosted by increased globalization of the world economy, and profit-chasing capital surfing across borders. With a reputation as the fastest growing economy in the world, China’s stock market has continued gaining momentum during recent years and incurred growing attention from academicians, as well as practitioners....

This study looks at the dynamic relationship between the Pakistani equity market and equity markets of Group of Eight countries (G8) which includes Canada, France, Germany, Italy, Japan, Russia, UK and USA by using weekly time series data starting from June 2004 to May 2009. Multivariate Co-integration approach by Johnson and Julius (1990) shows there exists no long-term relationship between th...