522
Views
25
CrossRef citations to date
0
Altmetric
Original Articles

Testing financial liberalization hypothesis with ARDL modelling approach

&
Pages 1529-1540 | Published online: 23 Nov 2007

References

  • Bai , J and Perron , P . 2003 . Computation and analysis of multiple structural change models . Journal of Applied Econometrics , 18 : 1 – 22 .
  • Bandiera , G , Caprio , G , Honohan , P and Schiantarelli , F . 2000 . Does financial reform raise or reduce saving? . Review of Economics and Statistics , 82 : 239 – 63 .
  • Banerjee , A , Dolado , J , Galbraith , J and Hendry , D . 1993 . Cointegration, Error Correction, and the Econometric Analysis of Nonstationary Data , Oxford : Oxford University Press .
  • Bascom , W . 1994 . The Economics of Financial Reform in Developing Countries , London : The Macmillan Press Ltd .
  • Bayoumi , T . 1993 . Financial deregulation and household saving . Economic Journal , 103 : 1432 – 43 .
  • Charemza , W and Deadman , D . 1992 . New Directions in Econometric Practice: General to Specific Modelling, Cointegration and Vector Autoregression , Aldershot : Edward Elgar .
  • Fry , M . 1995 . Money, Interest, and Banking in Economic Development , Baltimore : The Johns Hopkins University Press .
  • Johansen , S . 1991 . Estimation and hypothesis testing of cointegration vectors in Gaussian vector autoregressive models . Econometrica , 59 : 1551 – 80 .
  • Johansen , S . 1995 . Likelihood Based Inference in Cointegrated Vector Autoregressive Models , Oxford : Oxford University Press .
  • Johansen , S and Juselius , K . 1990 . Maximum likelihood estimation and inference on cointegration–with applications to the demand for money . Oxford Bulletin of Economics and Statistics , 52 : 169 – 210 .
  • Laurenceson , J and Chai , J . 2003 . Financial Reform and Economic Development in China , Cheltenham : Edward Elgar .
  • Lewis , J . 1992 . Financial repression and liberalization in a general equilibrium model with financial markets . Journal of Policy Modelling , 14 : 135 – 66 .
  • Loayza , N , Schmidt-Hebbel , K and Serven , L . 2000 . What drives private saving across the world? . Review of Economics and Statistics , 82 : 165 – 81 .
  • Lumsidaine , R and Papel , DH . 1997 . Multiple trend breaks and the unit root hypothesis . Review of Economics and Statistics , 79 : 212 – 8 .
  • McKinnon , R . 1973 . Money and Capital in Economic Development , Washington, DC : Brookings Institution .
  • Maddala , GS and Kim , IM . 2003 . Unit Roots, Cointegration, and Structural Change , Cambridge : Cambridge University Press .
  • Morisset , J . 1993 . Does financial liberalization really improve private investment in developing countries? . Journal of Development Economics , 40 : 133 – 50 .
  • Nelson , C and Plosser , C . 1982 . Trends and random walks in macroeconomic time series: some evidence and implications . Journal of Monetary Economics , 10 : 139 – 62 .
  • Perron , P and Vogelsang , TJ . 1992 . Nonstationary and level shifts with an application to purchasing power parity . Journal of Business and Economic Statistics , 10 : 301 – 20 .
  • Perron , P . 1989 . The great crash, the oil price shock, and the unit root hypothesis . Econometrica , 57 : 1361 – 401 .
  • Perron , P . 1997 . Further evidence on breaking trend functions in macroeconomic variables . Journal of Econometrics , 80 : 355 – 85 .
  • Pesaran , MH and Pesaran , B . 1997 . Working with Microfit 4.0: Interactive Econometric Analysis , Oxford : Oxford University Press .
  • Pesaran , MH and Smith , RP . 1998 . Structural analysis of cointegrating VARs . Journal of Economic Survey , 12 : 471 – 505 .
  • Pesaran , MH and Shin , Y . 1999 . An autoregressive distributed lag modelling approach to cointegration analysis, in Econometrics and Economic Theory in the 20th Century: The Ragner Frisch Centennial Symposium , Edited by: Strom , S , Holly , A and Diamond , P . 1 – 33 . Cambridge : Cambridge University Press .
  • Pesaran , MH , Shin , Y and Smith , RJ . 2001 . Bounds testing approaches to the analysis of level relationships . Journal of Applied Econometrics , 16 : 289 – 326 .
  • Phillips , PCB and Perron , P . 1988 . Testing for a unit root in time series regression . Biometrica , 75 : 335 – 46 .
  • Reinhart , CM and Tokatlidis , I . 2001 . Before and after financial liberalization http://www.puaf.umd.edu/faculty/papers/reinhart/FINLIB1.pdf
  • Schmidt-Hebbel , K and Serven , L . 2002 . “ Financial liberalization, saving, and growth ” . In Macroeconomic Stability, Financial Markets, and Economic Development , Mexico .
  • Shaw , ES . 1973 . Financial Deepening in Economic Development , New York : Oxford University Press .
  • Shrestha , MB and Chowdhury , K . 2005 . A sequential procedure for testing unit roots in the presence of structural break in time series data: an application to Nepalese quarterly data 1970–2003 . International Journal of Applied Econometrics and Quantitative Studies , 2 : 1 – 6 .
  • Todaro , MP and Smith , SC . 2003 . Economic Development , 8th , New York : Addison-Wesley .
  • World Bank . 1987 . World Development Report , New York : Oxford University Press .
  • Zivot , E and Andrews , DW . 1992 . Further evidence on the great crash, the oil price shock, and the unit-root hypotheses . Journal of Business and Economic Statistics , 10 : 251 – 70 .

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.