COMOVEMENTS AND STRUCTURAL FACTORS OF MACROECONOMIC VOLATILITY IN DEVELOPING AND TRANSITION ECONOMIES: A DYNAMIC PANEL DATA APPROACH
Journal Title: Asian Economic and Financial Review - Year 2013, Vol 3, Issue 12
Abstract
This study examines the comovements of some economic variables and explores the structural factors of macroeconomic volatility in developing and transition economies, using dynamic panel technique. According to an analysis of variance and covariance, we conclude that macroeconomic volatilities are higher in these countries compared to developed economies and consumption volatilities exceed those of production in developing and transition economies. This finding shows that these countries don’t maintain their behaviour of consumption smoothing. This, consequently, implies a proof of failure of their financial markets. Using data for 44 countries during 1960- 2010, our GMM estimation results indicate that government expenditures, consumption and GDP volatilities are the major determinants of macroeconomic volatility. The most influential external factors on macroeconomic fluctuations are terms of trade and commercial opening volatilities.
Authors and Affiliations
Ichraf OUECHTATI| Applied Microeconomics Research Laboratory (LARMA) PhD Scholar, Faculty of Economic Sciences and Management of Tunis University of Tunis ElManar, Amira ZAOUALI| PhD Scholar, Faculty of Economic Sciences and Management of Tunis University of Tunis ElManar
Keywords
Related Articles
- EP ID EP1979
- DOI -
- Views 404
- Downloads 20
CAPITAL STRUCTURE DECISIONS AND FIRM PERFORMANCE OF VIETNAMESE SOES
This paper examines relationships between capital structure decisions, firm performance, and Vietnamese state-owned enterprises (SOEs). Capital structure decisions are considered by short- and long-term debts respectivel...
EFFECTS OF FOCUS OF ACCOUNTING RESEARCH ON THE QUALITY OF ACCOUNTING EDUCATION IN MALAYSIAN UNIVERSITIES
This paper reviews the impact of focus of research in accounting on the quality of accounting education in Malaysian Universities. Research in accounting is very important in Malaysian Universities, in particular, and t...
WHAT MATTERS FOR ECONOMIC GROWTH IN PAKISTAN: FISCAL POLICY OR ITS COMPOSITION?
This study employed autoregressive distributed lag (ARDL) model to examines the impact of various fiscal policy variables, such as, productive expenditures, non-productive expenditures, distortionary taxes and non-distor...
REIT PERFORMANCE ANALYSIS: ARE OTHER FACTOR DETERMINANTS CONSTANT?
This main focus of this paper is to propose a regression analysis for the appraisal of REIT performance. The quantitative data required for the study were extracted from the annual financial reports of AMFIRST REIT, a RE...
ENHANCING EMPLOYEE PERFORMANCE IN NIGERIA THROUGH EFFICIENT TIME MANAGEMENT FRAMEWORKS
In developing countries like Nigeria, the need for time management in organizations cannot be over emphasized. Time management helps in achieving individual and organizational goals in view of the limited amount of time...