This file is part of IDEAS , which uses RePEc data
[ Papers |
Articles |
Software |
Books |
Chapters |
Authors |
Institutions |
JEL Classification |
NEP reports |
Search |
New papers by email |
Author registration |
Rankings |
Volunteers |
FAQ |
Blog |
Help! ]
ARDL Modelling Approach to Testing the Financial Liberalisation Hypothesis Author info | Abstract | Publisher info | Download info | Related research | Statistics Shrestha, Min B. (University of Wollongong )
Chowdhury, Khorshed () (University of Wollongong )
Additional information is available for the following
registered author(s):
It is a stylised fact that financial "repression" retards economic growth. Hence, financial liberalisation is advocated to remove the stranglehold on the economy. Financial liberalisation policy argues that deregulation of interest rate would result into a higher real interest rate which would lead to increased savings, increased investment and achieve efficiency in financial resource allocation. Past studies have reported inconclusive results regarding the interest rate effects on savings and investment. This paper examines the financial liberalisation hypothesis by employing autoregressive distributed lag (ARDL) modelling approach on Nepalese data. Results show that the real interest rate affects both savings and investment positively.
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
file . Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
Paper provided by School of Economics, University of Wollongong, NSW, Australia in its series Economics Working Papers with number
wp05-15.
Download reference. The following formats are available: HTML ,
plain text ,
BibTeX ,
RIS (EndNote),
ReDIF
Length: 30 pages
Date of creation: 2005Date of revision:
Handle: RePEc:uow:depec1:wp05-15Contact details of provider: Postal: School of Economics, University of Wollongong, Northfields Avenue, Wollongong NSW 2522 Australia Phone: +612 4221-5351 Fax: +612 4221-3725 Web page: http://www.uow.edu.au/commerce/econ/ More information through EDIRC
For technical questions regarding this item, or to correct its listing, contact: (Elias Sanidas).
Keywords: Financial Liberalisation Interest Rate Effects Unit Roots Cointegration ARDL Modelling Other versions of this item:
This paper has been announced in the following NEP Reports :
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Lewis, Jeffrey D., 1992.
"Financial repression and liberalization in a general equilibrium model with financial markets ,"
Journal of Policy Modeling ,
Elsevier, vol. 14(2), pages 135-166, April.
[Downloadable!] (restricted)
Vogelsang, T.I. & Perron, P., 1991.
"Nonstationary and Level Shifts With An Application To Purchasing Power Parity ,"
Papers
359, Princeton, Department of Economics - Econometric Research Program.
Other versions: Pesaran, M. H. & Smith, Ron P., 1998.
"Structural Analysis of Cointegrating VARs ,"
Cambridge Working Papers in Economics
9811, Faculty of Economics, University of Cambridge.
Other versions: Johansen, Soren & Juselius, Katarina, 1990.
"Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money ,"
Oxford Bulletin of Economics and Statistics ,
Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
Bayoumi, Tamim, 1993.
"Financial Deregulation and Household Saving ,"
Economic Journal ,
Royal Economic Society, vol. 103(421), pages 1432-43, November.
[Downloadable!] (restricted)
Other versions: Morisset, Jacques, 1993.
"Does financial liberalization really improve private investment in developing countries? ,"
Journal of Development Economics ,
Elsevier, vol. 40(1), pages 133-150, February.
[Downloadable!] (restricted)
Other versions: M. Hashem Pesaran & Yongcheol Shin & Richard J. Smith, 2001.
"Bounds testing approaches to the analysis of level relationships ,"
Journal of Applied Econometrics ,
John Wiley & Sons, Ltd., vol. 16(3), pages 289-326.
[Downloadable!]
Oriana Bandiera & Gerard Caprio & Patrick Honohan & Fabio Schiantarelli, 2000.
"Does Financial Reform Raise or Reduce Saving? ,"
The Review of Economics and Statistics ,
MIT Press, vol. 82(2), pages 239-263, May.
[Downloadable!] (restricted)
Other versions: Perron, P, 1988.
"The Great Crash, The Oil Price Shock And The Unit Root Hypothesis ,"
Papers
338, Princeton, Department of Economics - Econometric Research Program.
Other versions: Perron, Pierre, 1997.
"Further evidence on breaking trend functions in macroeconomic variables ,"
Journal of Econometrics ,
Elsevier, vol. 80(2), pages 355-385, October.
[Downloadable!] (restricted)
Other versions:
Perron, P., 1990.
"Further Evidence On Breaking Trend Functions In Macroeconomics Variables ,"
Papers
350, Princeton, Department of Economics - Econometric Research Program.
Perron, P., 1994.
"Further Evidence on Breaking Trend Functions in Macroeconomic Variables ,"
Cahiers de recherche
9421, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
Perron, P., 1994.
"Further Evidence on Breaking Trend Functions in Macroeconomic Variables ,"
Cahiers de recherche
9421, Universite de Montreal, Departement de sciences economiques.
[Downloadable!] Peter C.B. Phillips & Pierre Perron, 1986.
"Testing for a Unit Root in Time Series Regression ,"
Cowles Foundation Discussion Papers
795R, Cowles Foundation, Yale University, revised Sep 1987.
[Downloadable!]
Other versions: Johansen, Soren, 1991.
"Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models ,"
Econometrica ,
Econometric Society, vol. 59(6), pages 1551-80, November.
[Downloadable!] (restricted)
Norman Loayza & Klaus Schmidt-Hebbel & Luis Servén, 2000.
"What Drives Private Saving Across the World? ,"
The Review of Economics and Statistics ,
MIT Press, vol. 82(2), pages 165-181, May.
[Downloadable!] (restricted)
Other versions:
Loayza, N. & Schmidt, K. & Serven, L., 1999.
"What Drives Private Saving Across the World? ,"
Papers
47, Cambridge - Risk, Information & Quantity Signals.
Norman Loayza & Klaus Schmidt-Hebbel & Luis Servén, 1999.
"What Drives Private Saving Across the World? ,"
Working Papers Central Bank of Chile
47, Central Bank of Chile.
[Downloadable!] Jushan Bai & Pierre Perron, 2003.
"Computation and analysis of multiple structural change models ,"
Journal of Applied Econometrics ,
John Wiley & Sons, Ltd., vol. 18(1), pages 1-22.
[Downloadable!]
Other versions:
Full
references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Frimpong, Joseph Magnus & Oteng-Abayie, Eric Fosu, 2006.
"Bounds testing approach: an examination of foreign direct investment, trade, and growth relationships ,"
MPRA Paper
352, University Library of Munich, Germany, revised 09 Oct 2006.
[Downloadable!]
Access and
download statistics Did you know? Citation analysis on IDEAS includes online papers that are freely accessible and whose text could be automatically analyzed, currently about 150000 papers.
This page was last updated on 2008-9-25.
This information is provided to you by IDEAS at the Department of Economics , College of Liberal Arts and Sciences , University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics .