Cointegrating relationship and the degree of market integration among the North American softwood lumber product markets

2009 ◽  
Vol 39 (11) ◽  
pp. 2129-2137 ◽  
Author(s):  
Chander K. Shahi ◽  
Shashi Kant
Keyword(s):  
North American ◽  
Market Integration ◽  
Impulse Response Functions ◽  
Vector Error Correction ◽  
Softwood Lumber ◽  
The North ◽  
Long Run ◽  
Equilibrium Relationship ◽  
Integrated Or ◽  
Relationship Of

Studies in spatial market integration of the North American softwood lumber products have mostly focused on the question of whether prices in distinct market locations are cointegrated or not. However, the informational deficiencies in market integration studies were fulfilled in this analysis by examining a continuum of the degree of market integration rather than using the dichotomous approach whereby markets are deemed either integrated or not. Firstly, the methodology of permanent–transitory decomposition in a multivariate vector error correction model was used to estimate the cointegrating relationship of the North American markets for three categories of softwood lumber products: Spruce–Pine–Fir (SPF), Douglas fir (DF), and Hemlock fir (HF). Secondly, a consistent ranking of the degree of market integration was constructed by estimating the reaction time for prices to return back to the steady-state equilibrium, using generalized impulse response functions and persistence profiles. Our results indicate that the long-run price equilibrium relationship for all SPF and HF products is driven by both the production (in Canada) and consumption (in USA) sides of the markets, whereas that for DF products is driven by the consumption (USA) side only. Generally, the degree of market integration for HF products is lower than that for SPF products and higher than that for DF products.

scholarly journals Analysis of Internal and External Determinant Variables towards Profitability of Islamic Banking in Indonesia (2014-2020)

2021 ◽  
Vol 4 (1) ◽  
pp. 18-34
Author(s):  
Febri Ramadhani ◽  
Muhammad Rizkan
Keyword(s):  
Negative Relationship ◽  
Banking System ◽  
Islamic Banking ◽  
Correction Model ◽  
Factors Affecting ◽  
Vector Error Correction ◽  
Vector Error ◽  
Long Run ◽  
Short Run ◽  
Relationship Of

Indonesia is a country that adheres to a dual banking system, namely conventional and Islamic Banking. The growth rate of Islamic banking in the last three years is higher than conventional banking. However, in total assets, Islamic banking is still far behind conventional banking. Therefore, it is necessary to study further the performance of Islamic banking reflected in its profitability. So, it becomes an alternative input in determining Islamic banking policies. This study aims to know the factors affecting the profitability (ROA) of Islamic Banking in Indonesia. The data used are the 2014-2020 monthly data in the amount of 79 data. The method used in this study is a Vector Error Correction Model (VECM) to determine the effect of long-run and short-run relationships. The results of the study showed that the long-run relationship of the NPF variable affected and was significant positive toward ROA, CAR affected and was significant negative toward ROA, while the inflation variable had a negative relationship and not significant toward ROA. The results of the short-run relationships showed that the NPF and CAR variables positively affected ROA, while the inflation variable did not significantly affect the ROA.

COINTEGRATED-BASED FORECAST OF LONG-RUN RELATIONSHIPS

2021 ◽  
Vol 14(63) (1) ◽  
pp. 153-168
Author(s):  
Klara-Dalma Deszke ◽  
Liliana Duguleana
Keyword(s):  
Vector Error Correction ◽  
Final Consumption ◽  
Distributed Lag ◽  
Distributed Lag Model ◽  
Autoregressive Distributed Lag ◽  
Vector Error ◽  
Long Run ◽  
Lag Model ◽  
Relationship Of

The Vector Error Correction Model (VECM) and the Autoregressive Distributed Lag Model (ARDL) are used to estimate the cointegration in the case of long-run relationship of quarterly GDP and Final Consumption in Romania during the period 1995 – 2019. The actual data of 2020 Q1 and Q2 were used to check the best model’s validity. The static and dynamic approaches of the ARDL model were used to forecast the Final Consumption for Q3 and Q4 of the year 2020. Applying the cointegration model shows the long term relationship of GDP and Final Consumption, but also the effects of other factors, seen in the differences of Final Consumption from its Long-Run evolution, and comprised in the cointegrating terms.

Calostomal, a Polyene Pigment from the Gasteromycete Calostoma cinnabarinum (Boletales)

2007 ◽  
Vol 62 (1) ◽  
pp. 129-131 ◽  
Author(s):  
Gertraud Gruber ◽  
Wolfgang Steglich
Keyword(s):  
Nmr Spectroscopy ◽  
Methyl Ester ◽  
North American ◽  
Structural Relationship ◽  
The North ◽  
Orange Colour ◽  
Relationship Of ◽  
C Nmr

The North American stalked puffball Calostoma cinnabarinum (Boletales) owes its red-orange colour to the heptaene pigment calostomal. Its structure has been determined by 1H and 13C NMR spectroscopy of the corresponding methyl ester as all-trans-16-oxohexadeca-2,4,6,8,10,12,14- heptaenoic acid (1). Neither pulvinic acids nor other typical Boletales pigments could be detected in this fungus. The structural relationship of 1 to other polyene pigments from fungi is discussed.

scholarly journals Identification of the Long-Run Determinants of U.S.-Canada Softwood Lumber Trade

2017 ◽  
Vol 10 (1) ◽  
pp. 1
Author(s):  
Zara Liaqat ◽  
Xinya Wang
Keyword(s):  
Exchange Rate ◽  
The United States ◽  
Least Square ◽  
Price Ratio ◽  
Impulse Response Functions ◽  
Ordinary Least Square ◽  
Softwood Lumber ◽  
Long Run ◽  
Highly Sensitive ◽  
Exchange Rate Movements

This paper uses monthly data from 1994 to 2016 in order to analyze the time series properties of the determinants of Canadian softwood lumber exports to the United States. The key findings generally support the hypotheses of previous studies with the exception of the significance of bilateral exchange rate movements. Based on dynamic ordinary least square estimates and several robust cointegraton tests, the paper finds that the estimated coefficients of exchange rate, softwood lumber price ratio and the two softwood lumber trade agreements are highly sensitive to the lag order used in econometric models. On the other hand, the coefficient of housing starts index remains independent of the variation in number of lags included. In addition, we study the long-run response of Canadian exports of lumber to shocks in these determinants by generating impulse response functions.

scholarly journals Agricultural exports and the growth of agriculture in India

2013 ◽  
Vol 59 (No. 5) ◽  
pp. 211-218 ◽  
Author(s):  
O. Ramphul
Keyword(s):  
Gross Domestic Product ◽  
Causal Link ◽  
Domestic Product ◽  
Bounds Testing ◽  
Causality Test ◽  
Vector Error Correction ◽  
Agricultural Exports ◽  
Distributed Lag ◽  
Long Run ◽  
Equilibrium Relationship

The study empirically investigates the causality between agricultural exports and gross domestic product (GDP) agriculture in India using the Granger causality test via Vector Error-Correction Model over the period 1970–1971 to 2009–2010. The results of unit-root tests suggest that the series of India’s GDP agriculture and farm exports are integrated of order one. The results of the Auto Regressive Distributed Lag bounds testing approach to co-integration show that there is a positive and stable long-run equilibrium relationship between India’s agricultural exports and GDP of agriculture. We find a unidirectional causal link running from farm exports to gross domestic product of agriculture. It indicates that in India, agricultural products export Granger causes the growth in GDP of agriculture, which supports the export-led growth hypothesis. It is suggested that in order to accelerate the agricultural growth rate in India, there is a need to implement the policies encouraging the agricultural exports.  

Larvae of the North American Olethreutidae (Lepidoptera)

1959 ◽  
Vol 91 (S10) ◽  
pp. 5-338 ◽  
Author(s):  
Margaret Rae MacKay
Keyword(s):  
North American ◽  
Fruit Trees ◽  
Individual Species ◽  
The North ◽  
The Family ◽  
Late Instar ◽  
Species Groups ◽  
Relationship Of ◽  
Spruce Needles ◽  
The Relationship

AbstractThe late-instar larvae of about 185 species of the North American Olethreutidae are described and most of them illustrated. Included in these are many pests, such as Grapholitha molesta, Carpocapsa pomonella, and Spilonota ocellana on fruit trees, Paralobesia viteana on grapes, Ancylis comptana fragariae on strawberries, Laspeyresia nigricana in pea pods, Laspeyresia caryana in hickory and pecan nuts, Taniva albolineana in spruce needles, and species of Rhyacionia and Petrova on pines. Keys to species groups and to individual species are provided. Of the diagnostic and specialized characters listed, the most useful include the setae, the spinneret, and the shape of the larva, especially of its head and anal shield. The main characters are given for the postulated ancestral larva and for the highly developed larva. Most of the species groups are arranged according to the suggested phylogenetic relationship of their larvae, emphasizing the necessity of a revision of the family. Larvae of some genera previously difficult to classify, such as Pseudogalleria and Hystricophora, indicate the relationship of those genera to other groups; conversely, lack of relationship is clearly shown in other instances, e.g., between Carpocapsa pomonella and Carpocapsa saltitans, and between the two species Epiblema culminana and E. suffusana and other members of the genus Epiblema.

Correlations between energy consumption per capita, growth rate, industrialisation, trade volume and urbanisation: the case of Turkey

2018 ◽  
Vol 4 (10) ◽  
pp. 118-127
Author(s):  
Funda Yurdakul
Keyword(s):  
Growth Rate ◽  
Energy Consumption ◽  
Least Squares ◽  
Ordinary Least Squares ◽  
Trade Volume ◽  
Long Run ◽  
Turkish Economy ◽  
Equilibrium Relationship ◽  
Per Capita ◽  
Relationship Of

This study examines the relationship of energy consumption per capita with growth rate, industrialisation, trade volume and urbanisation in Turkish economy throughout the 1980–2015 period using the Engle-Granger, Fully modified ordinary least squares (FMOLS), canonical cointegration regression (CCR) and dynamic ordinary least squares (DOLS) methods. Analysis results revealed a long-run equilibrium relationship between the change in energy consumption per capita and growth rate, industrialisation, trade volume and urbanisation. Urbanisation, industrialisation, growth rate and trade volume positively influence the change in energy consumption per capita. Keywords: Energy consumption, Engle-Granger method, fully modified ordinary least squares (FMOLS) method, canonical cointegration regression (CCR), dynamic ordinary least squares (DOLS) method.

International diversification among Islamic investments: is there any benefit

2014 ◽  
Vol 40 (6) ◽  
pp. 613-633 ◽  
Author(s):  
Mejda Bahlous ◽  
Rosylin Mohd. Yusof
Keyword(s):  
Structural Dynamics ◽  
North American ◽  
International Diversification ◽  
Asia Pacific ◽  
Impulse Response Functions ◽  
Mena Region ◽  
Content Type ◽  
Fund Managers ◽  
Long Run ◽  
Short Run

Purpose – The purpose of this paper is to assess the benefits to investors of international diversification among only Islamic funds. Compared to conventional investors who are not restricted in their choice of funds, Islamic investors are restricted to investing in shari’a-compliant funds, thus giving up some diversification benefits. The possibility of international diversification among only Islamic funds may thus help Islamic investors to invest in accordance to their religious beliefs and still benefit from diversification. Design/methodology/approach – The paper assesses the benefits of diversification by analyzing the extent of co-integration among four regional Islamic funds and by estimating the short-term and long-term structural dynamics of and among these funds. The paper uses an Autoregressive-Distributed Lag (ARDL) approach to testing the long-run relationships among these funds and use variance decomposition and impulse response functions to examine the structural dynamics of the relationship between these funds. These methods can also be used for predictive purposes and represent, in authors opinion, a useful approach that complements the traditional methodology of static covariance matrix to find the efficient frontier at a given moment in time. Findings – The results indicate that international diversification can help reduce risk if Asia Pacific Islamic funds and MENA region Islamic funds are invested contemporaneously and/or Asia Pacific Islamic funds and North America Islamic funds, and/or Europe funds and MENA funds. The paper also finds that investors would benefit from investing in North American funds and MENA funds both in the long run and in the short run. Conversely, the paper finds that Europe funds and North American funds are co-integrated in the long-run precluding the opportunity for substantial diversification benefits from these particular portfolio mixes. Research limitations/implications – The long-run analysis helps passive fund managers and investors in composing their portfolio by providing evidence that some portfolio mixes of different regional Islamic funds lead to better risk return performance than one regional Islamic fund portfolios. The short-run analysis however helps the active fund managers and investors as it suggests that diversifying in the short run and reviewing their portfolio on a regular basis would be beneficial as well. Originality/value – This analysis justifies the promotion of Islamic finance as the negative correlation between several Islamic funds across the regions studied suggests better opportunities of investments via international diversification making Islamic funds more desirable.

scholarly journals Energy and economic growth in G20 countries: Panel cointegration analysis

2020 ◽  
Vol 9 (2) ◽  
pp. 56 ◽  
Author(s):  
Aynur Pala
Keyword(s):  
Economic Growth ◽  
Global Warming ◽  
Energy Consumption ◽  
Energy Demand ◽  
Panel Cointegration ◽  
Cointegration Analysis ◽  
Vector Error Correction ◽  
Long Run ◽  
Equilibrium Relationship ◽  
Dynamic Ols

Rising economic performance has enlarged energy demand, carbon emissions and global warming. Policymakers need to avoid global warming. Therefore, energy-growth nexus is important. This paper empirically investigates the relationship between energy consumption and economic growth for a panel of G20 countries over the period 1990-2016. For this purpose, the paper considers the panel cointegration and panel vector error correction model. Panel cointegration test set out a long-run equilibrium relationship. Long-run relationship is estimated using a Fully Modified OLS (FMOLS) and Dynamic OLS (DOLS). The results show that causality run from energy consumption to GDP. It is indicates that “growth hypothesis” is valid for G20 countries.

scholarly journals Impact of banking institutions on national economy an empirical study of time series analysis in Pakistan

2015 ◽  
Vol 4 (4) ◽  
pp. 327-333
Author(s):  
Nouman Badar ◽  
Munib Badar
Keyword(s):  
Economic Growth ◽  
Financial Sector ◽  
Study Data ◽  
Short Term ◽  
Vector Error Correction ◽  
Vector Error ◽  
Long Run ◽  
Short Run ◽  
Banking Institutions ◽  
Relationship Of

This paper examines the long and short term relationship of financial sector development on economic growth of Pakistan where development of financial sector is detected by the variables truly depicts the efficiency of financial sector i.e. Money Supply, size of Advances, Private sector Credit growth and Bank’s equity with economic growth which is pronounced by Gross Domestic Product in this study. Data of almost 22 years ranges from 1992 to 2013 of overall banking industry is taken to obtain results by employing Johnson and Jusellious co integration technique to detect long run association while Granger Casualty test is used to determine cause and effect relationship and to measure short term dynamics Vector Error correction model is used. The result shows that both long and short run relationship exists between growth of financial sector and economy of Pakistan.

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