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How do prices in a small open economy such as Canada adjust to external disturbances in the short‐run? What role does domestic monetary policy play in the adjustment process?
How well does the “Law of One Price” operate across countries? Interest in this question has been stimulated by the Monetary Aproach to the Balance of Payments (Frenkel…
How well does the “Law of One Price” operate across countries? Interest in this question has been stimulated by the Monetary Aproach to the Balance of Payments (Frenkel and Johnson (1975)) which uses the law to determine the price of traded goods in open economies.
The existence of a stable relation between the demand for real cash balances and some few variables relating it to real economic activity is one of the cornerstones of the…
The existence of a stable relation between the demand for real cash balances and some few variables relating it to real economic activity is one of the cornerstones of the monetarist approach. Such a relation permits us not only to analyze the impact of monetary change on economic activity but, since it is stable, it also has important predictive content. A better insight is then possible on the analysis of the effects of monetary policy. On this basis, it has been shown that money really matters and that the money supply is, with regard to economic stability, a powerful but also a dangerous weapon when heedlessly used by governments.
The purpose of this paper is to empirically investigate the money demand function for five Southeast Asian countries, viz. Malaysia, Thailand, Singapore, the Philippines…
The purpose of this paper is to empirically investigate the money demand function for five Southeast Asian countries, viz. Malaysia, Thailand, Singapore, the Philippines, and Indonesia.
The ARDL modeling approach is employed because of its ability to incorporate both I(0) and I(1) regressors.
The results reveal that real M2 aggregate, real expenditure components, exchange rate, and inflation rate are cointegrated for Malaysia, the Philippines, and Singapore. The statistical significance of real income components suggests the bias of using single real income variable in money demand (M2 aggregate) specification of both short‐ and long‐run. The CUSUM and CUSUMSQ tests show that the estimated parameters are stable for the five Southeast Asian economies, except for Indonesia which is based on short‐run specification.
These findings are important for policy makers in formulating monetary policy.
Besides conventional determinants of money demand such as exchange rate and interest rate variables, this study considers the major components of final expenditure (GDP) – final consumption expenditures (private and government sectors), expenditures on investment goods, and exports as scale variables.
The highest number of accidents in proportion to the employment rate is found in construction industry among all industries in Pakistan. The purpose of this paper is to…
The highest number of accidents in proportion to the employment rate is found in construction industry among all industries in Pakistan. The purpose of this paper is to identify and prioritize the contributory factors of accident causation that can significantly reduce the rate of accident in the construction industry.
In total, 32 contributory factors of accident causation were identified through a triangulation strategy comprising eight face-to-face semi-structured interviews with the academic and industry experts coupled with a comprehensive literature review. Delphi survey was then conducted among the four respondent groups (clients, contractors, safety official and academia) to prioritize these factors. A consensus was achieved among the respondent groups after conducting two rounds of Delphi survey. Finally, the results were validated using the technique of inter-rater agreement (IRA) analysis.
All the shortlisted accident causation factors were graded as “important” to “extremely important”. Moreover, a “moderate” to “strong level” agreement was developed among the respondent groups. The three most significant factors were highlighted as “poor enforcement of safety rules and regulations by the Government agencies”, “insufficient allocation of safety budget and safety incentives by the client”, and “insufficient provision of safety training and resources by the contractor”.
The findings will help the key stakeholders to prioritize their energies towards achieving zero accident in the construction industry. Moreover, addition of academic experts as one of the respondent groups will enhance the linkages between the academia and the industry practitioners.
Besides highlighting the underlying causes of construction accidents in Pakistan, a detailed methodology is presented in this study for the analysis and validation of the Delphi survey data, which can be extrapolated in other regions and industries for elements prioritization. The findings of the study can also be generalized for other developing countries having similar work environment. The results validation through the use of IRA analysis is an addition to the field of construction safety research. The study also authenticates the applicability of IRA analysis to assess the agreement level among the respondents.