The relationship between health and globalization may be constructed on improving public health through the flow of personnel, the import of medication, the quality improvement of drinking water, the utility of new medical technology, and the use of new medication on patients. Some scholars have pointed out that globalization may affect life expectancy from four aspects as income, education, nutrition, and public health. Unlike the existing literature primarily focuses on the correlation between health expenditure and GDP (gross domestic product), we examine to see whether a cointegration relationship between GDP and health expenditure exists under the impact of globalization by applying the panel cointegration test of Pedroni (1999, 2004) which allows heterogeneous data analysis and the Fully Modified OLS test. This paper mainly conducts a cross-continental comparison by using the data in the period from 1995 to 2004 of an estimate sample of 87 developing countries which consists of 12 European countries, 21 Central and South American countries, 20 Asian countries, and 34 African countries. The result shows that the existence of a cointegration relationship between GDP and health expenditure in both the overall developing countries and the cross-continental sample countries. Generally, investment of health and a fast pace of globalization progress boost GDP; especially in Europe and Asia, globalization is a very important factor in influencing the effectiveness of health expenditure upon GDP. In central and south America, the effect of globalization on the effectiveness of GDP to health expenditure is the most significant. The findings of this paper offer future researchers a different aspect for viewing and studying the correlation between health expenditure and GDP.

From the point of view of world, the positive results of the economic globalization are: more frequent scientific and technological exchange, more obvious international division, resource reach supreme utility. But, global economy integration, the abolition of the trade barrier, and improvement of capital mobility, have produced the serious economic problem in several areas. That is to say that this kind of laissez faire causes the international economic growth rate to be slow and large quantities of unemployment. Above-mentioned problems are very apt to happen in developing countries. A lot of economic construction of most developing countries has not been ripe yet .If they open trade and capital inflow rashly, in a situation that there is not any supplementary measure effectively, the economic development of this area is hindered because of being unable to bear the strong external pressure with assault probably .If more serious, it will also cause the terrible financial crisis. From 1964 to 1988, Brazil implemented 20 several years governance of military affairs. During 20 several years governance of military affairs, Brazil had gone through the high economic growth rate. However, since 1974, the inflation of Brazil began to be accumulating constantly, the finance and account deficit frequently were serious day by day. The Brazilian government, in order to solve the problem, since 1980, limited the capital inflow. This policy made the development in economy slower, and the inflation problem was more serious. During elected president Fernando Collor de Mello was in power, from 1990, Brazilian government determined to return to the international capital market, and then economic became better. The open policy let the exchange rate appreciate, trade that accumulate, and lasting in debt of external and account deficit frequently. Brazil faced external pressure and impact once again. From 1994, Brazil was in power by new president Fernando Henrique Cardoso. In 1999, Brazilian government canceled the fixed exchange rate system of staring at U.S. dollar, and changed to adopt the floating exchange rate system. The exchange rate of Brazil was decided by market from then on. Brazil faces the huge external pressure for a long time because of the impact of the economic globalization. A lot of countries have an optimistic view of the economic development in the future of Brazil very much. The reasons are: First, natural resources of Brazil are very abundant and enough to supply with the demand of the world; Second, Brazilian population reaches 180 millions, the huge market attracts various countries to be engaged in all kinds of trade and conduct of business. No matter from the past economic development or to the economic forecasting in the future, the economy of Brazil is closely linked with open economic policy. In other words, the imports, exports and capital mobility of Brazil have dominated the development in economy of Brazil. So, I use Balance-of-payments constrained growth rate model (BPCG model) of Thirlwall (1979) to analyze Brazilian economy. I set up adjusted BPCG model according to actual state of Brazil. I use cointegration test and estimate out the Brazilian imports and exports behavior equation, and then calculate primitive BPCG model and adjusted BPCG model. Pointed out finally, the economic growth rate estimated out from the adjusted BPCG model is closer to Brazil's actual economic growth rate than the economic growth rate estimated out from the primitive BPCG model. This shows that some assumptions of primitive BPCG model do not accord with the real state of Brazil. Such as on long terms, comparative purchasing power parity is not to be hold. Imports and exports will correspond to out different price elasticity or substitution elasticity, if face different products or the price from the different areas. Thus, in the case of Brazil, the assumption of single price and single elasticity is not to be hold. In general, the long-term economic growth rate estimated out in BPCG model roughly keeps the same with long-term real economic growth rate of Brazil. This result demonstrates that BPCG model is useful for analyzing export-led economic, and the result also supports Brazil to be an export-led economic growth country.

本篇論文使用Correlation of Coefficient 與 Johansen cointegration test來探討股票市場與匯率市場之間的連動性。實證結果顯示股票市場與匯率市場之間有高度的相關性，特別是在西元2000年之後，全球呈現出集體的連動性。而此兩變數之間的關係亦可在不同的地區或是不同的工業化程度國家下看見不同的結果，歐體以及諸多新興市場等區域內皆呈現出股市與匯市相關係數的一致性。然而，當此研究以Johansen cointegration test來分析時，無法在此兩研究變數間發現顯著的長期關係。 / This study utilized Correlation of Coefficient as well as Johansen cointegration test to investigate the relationship between stock prices and exchange markets. The empirical results show that the two markets of study are highly correlated, especially after the year of 2000. Since then, the stock prices and exchange rates worldwide have presented one common trend, either negative correlation or positive. Different region, such as European Union or East Asian countries exclude Japan, and different level of industrialization lead to diverse relationship between exchange rates and stock prices. Put this relationship in a long-term scope, however, no distinct trend can be discerned by using Johansen cointegration test.

Philosophiae Doctor - PhD (Economics) / The main objective of this thesis was to closely examine several nancial and economic aspects of the stock markets in Sub-Saharan Africa. Thus, the objectives of this thesis were to explore the interdependence, the time-varying conditional correlation and the volatility linkages among Sub-Saharan African and developed stock markets; to investigate the relationship between - nancial liberalization and the development of stock markets; and to examine the patterns of the aggregate market liquidity and the relevance of the mainstream determinants of market liquidity in the chosen Sub-Saharan African stock markets. The study was composed of three standalone essays. The rst essay, which investigated stock price co-movements and the volatility linkages between selected Sub-Saharan African markets and the key developed markets, used the Johansen cointegration test, the VECM and the GARCH models for the sample period 2 January 2009 { 31 December 2016. The second essay, examining the e ect of nancial liberalization on the development of stock markets in Sub-Saharan Africa, employed the Bayesian VAR for the sample period 1975Q1 { 2014Q4. Lastly, the third essay, which investigated the determinants of liquidity levels in Sub-Saharan African stock markets employed the Markov Switching Vector Autoregressive model for the sample period 2 January 2009 { 31 December 2016.This study aimed at contributing to the already existing literature by focusing on analysing four key stock markets in the region, namely the Nigerian Stock Exchange, the Kenyan Securities Exchange.

Using the monthly data between 1999 and 2007 in Taiwan, we examine the relationship of exchange rate, trade and capital flow in this paper. Granger causality test and impulse response from vector autoregressive model are employed to obtain the short-run dynamics among the variables, and Johansen cointegration test and error correction model are applied to study the long-run equilibrium. This paper reconfirms the J-curve effect in the short run and the validity of Marshall-Lerner condition in the long run. Our results also show the negative correlation of capital flow and the nominal effective exchange rate. Limited by the slow adjustment speed of trade balance, exchange rate and capital flow are the major drives back to equilibrium when the system deviates from the long-run equilibrium. Further, the capital flow variables are the leading indicators of the others in the most cases. However, different capital flow variables induce different patterns of dynamics in the short-run.

nÃo hà / A preocupaÃÃo central deste trabalho à analisar a relaÃÃo entre a arrecadaÃÃo de ICMS pelos estados nordestinos e a taxa de cambio. O ICMS à um imposto que incide sobre as importaÃÃes e estas sÃo influenciadas, em parte, por variaÃÃes na taxa de cambio, de forma que uma desvalorizaÃÃo cambial espera-se que reduza a arrecadaÃÃo de ICMS ao desincentivar as importaÃÃes. Para tanto, foi realizada uma anÃlise de longo prazo, atravÃs da abordagem de cointegraÃÃo de Johansen e uma anÃlise de curto prazo, por meio de funÃÃes impulso resposta. Dos resultados, constata-se que existe um efeito resultante de alteraÃÃes na taxa de cÃmbio sobre a arrecadaÃÃo de ICMS nordestina, como esperado no curto prazo. Entretanto, a abordagem de cointegraÃÃo nÃo identificou um relacionamento de longo prazo. / The aim of this work is analyzed the relationship between the ICMS revenue by Northeast Brazilian states and the exchange rate. The ICMS is a tax that is applied under imports and these are affect by exchange rate changes. If the Marshall-Lerner condition is accepted, a devaluation in the exchange rate reduces the imports. To investigate whether this channel is important to determine the ICMS revenue we used two methodologies: short run methodology based on impulse response function obtained from a VEC estimation; long run methodology based on Johansenâs cointegration tests. The results showed that the short run effect of exchange rate under the ICMS revenue was expected, at the period from 2002 to 2011. That is, a depreciation of the exchange rate reduces the ICMS imports. However, the long run effects could not be confirmed.

The study describes how cointegration-based techniques can be employed in order to construct profitable trading strategies that exploit mispricing events between similar securities. Particularly, the Johansen Maximum Likelihood Estimation and the Kalman filter approaches are applied to the universe of 200 most liquid ETF stocks traded on NYSE and NASDAQ. The results show that the strategies are quite sensitive to transaction costs, but are still able to maintain profitability even after accounting for a conservative level of transaction costs. While the Kalman filter produces better results on daily data, the 15-minute timeframe is dominated by portfolios constructed by the Johansen cointegration test. Both strategies achieve significantly higher risk-adjusted returns on the intraday timeframe. The study also reveals a performance decline of both strategies in the period of 2013-2015 and outlines possible interpretation of such event.

In this study we analyse the relationship between renewable energy, electricity prices, and the stock market. The impact from electricity prices on stock markets have previously been thoroughly analysed. However, our study evaluates if a country’s share of renewable energy in their electricity production impacts the strength and size of the relationship in question. We use data from eight countries of rather equal economical sizes but that uses very opposed energy sources. Sweden, Norway, Finland, and Latvia represent countries with high amounts of renewable energy. While Belgium, Netherlands, Poland, and Hungary constitute countries with low shares of renewable energy. By using daily data between January 2016 and December 2021, we aim to understand the relationship of electricity prices and stock market indices and the role of renewable energy in this relationship. We do this by using Johansen’s cointegration test as well as analysing the correlation between volatilities through a DCC-GARCH(1,1). We find that both tests indicate a negative correlation between the electricity and stock markets as well as for their volatilities. In addition, we find some disparities between countries depending on their share of renewable energy. The impact of electricity prices on the stock market tends to be more pronounced for countries that use larger shares of renewable energy. Finally, findings suggest that the energy source used for electricity production also constitute an important factor in the connectivity of the markets. Wind power was found to be the main cause to the larger fluctuations on the electricity market leading to stronger relationship to the stock market. While hydro power is the more stable option of renewable energy with smaller variances and large storage capacity, weakening the link between the electricity market and stock market.

Thesis (M. Com. (Economics)) -- University of Limpopo, 2017 / The study intends to investigate the determinants of employment in the platinum mining industry in South Africa. Employment levels decreased dramatically in the platinum mining industry in South Africa. This is due to decrease in export demand for platinum, high operating cost, labour unrest, low levels of production and other determinants of employment. The specific objective of the study is to determine the nexus between employment, output, domestic demand and export demand. Annual time series data covering the period between 1992-2013 was used. The study employed the Vector Error Correction Model approach. Johansen Cointegration test results confirmed the existence of a long run relationship amongst variables under investigation. Export demand and output are found to be positively related with employment. The speed of adjustment to equilibrium is -0.283202. Impulse response functions and variance decomposition are also generated to explain the response to shock amongst variables. The results of the study vindicate that the platinum mining industry should implement policies and strategies to increase output which will lead to higher levels of employment as well as economic growth. In addition, government should also create a conducive environment to enable the industry to expand and the industry should also intensify its export drive, these findings are envisaged to contribute significantly to the existing but limited literature on the subject under investigation. / National Research Foundation

Bakgrund och Problem: Aktiemarknaden påverkas både av inhemska och utländska faktorer. Därför är det av intresse att se vilka makroekonomiska variabler som påverkar den svenska aktiemarknaden. Anledningen till att Sverige har valts som den geografiska punkten är att det är av intresse att se hur ett litet land som Sverige, som har en öppen ekonomi påverkas av de utvalda makroekonomiska variablerna. Syfte: Syftet med uppsatsen är att med hjälp av information samt analys, studera hur de olika makroekonomiska variablerna påverkar den inhemska aktiemarknaden. Olika faktorer som påverkar aktiemarknaden kommer att lyftas fram för att i sin tur även se till de olika branscherna. Metod: Då data enbart består av hämtning av tidigare information fokuseras det enbart på sekundärdata i form av historiska siffror samt historiska undersökningar. De statistiska tester som tillämpas är Granger Causality test, Johansens Cointegration test, Impulse Response Function test, ADF test, KPSS test, Mulitpel regression. Slutsats: Med de resultat som presenterades i denna studie, skulle vi nog inte kunna säga att vi har ett svar över vilka aktier en investerare ska införskaffa. Dock skulle vi kunna poängtera att den potentiella investeraren bör ha dessa variabler i beaktning vid beslut. Genom att studera dessa variabler kan man få en känsla om vilket håll variablerna kommer att röra sig och på så sätt säga att de kan påverka aktieindexen. Att bara kolla på de makroekonomiska variabler som denna studie belyser räcker inte för att förstå hur aktieindex kommer att se ut i framtiden, men det är en bit på vägen till att förstå aktiemarknadens rörelse.