as a result of higher crude oil prices, in one hand, it is expected that alternative energy resources consumption is increased and consumers change their behavior to decline energy intensity too. on the other hand, more alternative energy consumption can leads to a decline of crude oil aggregate demand. therefore, existence of mutual causality between crude oil price and alternative energy cons...

abstract this study uses annual data over the period 2005-2014 and the panel vecm approach to examine financial inclusion and monetary policy effectiveness in africa. the study shows that financial inclusion and monetary policy effectiveness are linked by a set of long-run relationships. policy reaction to the positive financial inclusion shock is not significant. policy reaction to the positiv...

This paper studies bank loans over the business cycles in Iran to determine the role of Iranian banks in stabilizing credit. By estimating the long-run relations using dynamic OLS and fully modified OLS estimators, the findings show that real bank lending is positively related to real GDP in the long-run providing evidences of the pro-cyclicality of bank lending in Iran. Hence, Iranian banking ...

Econometric Causality This paper presents the econometric approach to causal modeling. It is motivated by policy problems. New causal parameters are defined and identified to address specific policy problems. Economists embrace a scientific approach to causality and model the preferences and choices of agents to infer subjective (agent) evaluations as well as objective outcomes. Anticipated and...

This Paper examines the causality and long-run relationships between economic growth and Tourism development in developing countries using P-VAR approach during 1995-2009. The findings reveal that there is a bilateral causality and positive long-run relationship between economic growth and Tourism development. In the other words, the tourism-led growth hypothesis is confirmed, as well as, outpu...

abstract in this paper, we examine relationship between financial intermediary development variables and values added of agricultural sector in iran during 1352 to 1385. the five indices derived from the banking system as a financial intermediary development indicators, that define in related to the agricultural sector, and with the introduction of statistic methods of factor analysis and its a...

The ‘rational addiction’ model of cigarette smoking downplays the influence of social factors and biological dependency. This paper develops a simple model of these factors and presents some causality tests that indicate that nicotine content ‘causes’ smoking with the direction being negative. ©2000 Elsevier Science B.V. All rights reserved. JEL classification: D12; J12

In this paper we use the frequency domain Granger causality test of Breitung/Candelon (2006) to analyse short and long-run causality between energy prices and prices of food commodities. We find that the oil price Granger causes all the considered food prices. However, when controlling for business cycle fluctuations this link exists especially at low frequencies. Thus, short-run phenomena like...

This study examines the causal relationship between foreign direct investment and economic growth. Methodology is based on the Toda-Yamamoto test for causality relationship and the bounds testing (ARDL). Time-series data covering the period 19702005 for Malaysia, the study found, in the case of Malaysia there is no strong evidence of a bi-directional causality and long-run relationship between ...

In this paper, we discuss the properties of mixed graphs which visualize causal relationships between the components of multivariate time series. In these Granger-causality graphs, the vertices, representing the components of the time series, are connected by arrows according to the Granger-causality relations between the variables whereas lines correspond to contemporaneous conditional associa...