Ever since Ghana gained independence, its policy makers have identified education as a tool to foster economic growth and development. In recognition of the vast potential for national development that education presents Ghana, various governments have invested considerably in the sector. These investments have been in the form of educational sector reforms, as well as yearly reoccurring expenditure. Despite these massive investments however, very little work has been done to empirically investigate the impact of such expenditure on the nation’s economy. This paper uses data from Ghana to empirically assess the nature of the relationship between education expenditure (a proxy for human capital development) and GDP growth (a proxy for economic growth). The Granger Causality Test is applied to education expenditure and GDP growth data, from 2003 to 2018. Using data from this same time frame, separate Granger Causality tests are also implemented to test the relationship between Gross Enrollment Rates/ Total Completion Rates, at some levels of education, and GDP growth.   Interestingly enough, the analysis shows no Granger causal relationship between our main variables of interest (Total Education Expenditure and GDP growth). Results also show that none of the education variables Granger cause GDP growth, if the test uses 1 lag and also if the test uses 3 lags. Additionally, results show that whether the test uses 1 lag or 2 lags, GDP growth Granger causes the percentage of total government expenditure that is dedicated to education. Results for tests that use 2 lags also shows that the only education variable that Granger causes GDP growth is enrolment rate at the primary level, with GDP growth also not Granger causing any education variable apart from the percentage of government expenditure dedicated to education. In the case of the test using 3 lags, results show that GDP growth Granger causes only one education variable which is expenditure on the Senior High School level. / Ända sedan Ghana blev självständigt har dess beslutsfattare identifierat utbildning som ett verktyg för att främja ekonomisk tillväxt och utveckling. Som ett erkännande av den enorma potential för nationell utveckling som utbildning erbjuder Ghana, har olika regeringar investerat avsevärt i sektorn. Dessa investeringar har varit i form av reformer av utbildningssektorn, såväl som årliga återkommande utgifter. Trots dessa massiva investeringar har dock mycket lite arbete gjorts för att empiriskt undersöka effekterna av sådana utgifter på landets ekonomi. Denna artikel använder data från Ghana för att empiriskt bedöma karaktären av sambandet mellan utbildningsutgifter (en proxy för utveckling av mänskligt kapital) och BNP-tillväxt (en proxy för ekonomisk tillväxt). Granger Causality Test tillämpas på utbildningsutgifter och BNP-tillväxtdata, från 2003 till 2018. Med hjälp av data från samma tidsram implementeras även separata Granger Causality-tester för att testa sambandet mellan bruttoinskrivningsfrekvenser/Totala slutförandefrekvenser, på vissa nivåer utbildning och BNP-tillväxt. Intressant nog visar analysen inget Granger-kausalt samband mellan våra huvudsakliga intressevariabler (Total Education Expenditure och BNP-tillväxt). Resultat visar också att ingen av utbildningsvariablerna Granger orsakar BNP-tillväxt, om testet använder 1 tidstidsfördröjning och även om testet använder 3 tidsfördröjningar. Dessutom visar resultaten att oavsett om testet använder 1 tidstidsfördröjning eller 2 tidsfördröjningar, Granger orsakar BNP-tillväxt andelen av de totala offentliga utgifterna som är dedikerade till utbildning. Resultat för tester som använder 2 tidsfördröjningar visar också att den enda utbildningsvariabeln som Granger orsakar BNP-tillväxt är inskrivningsgraden på primärnivå, där BNP-tillväxten inte heller Granger orsakar någon utbildningsvariabel förutom procentandelen av de statliga utgifterna som är avsatta till utbildning. I fallet med testet med 3 tidsfördröjningar visar resultaten att BNP-tillväxt Granger orsakar endast en utbildningsvariabel, vilken är utgifter på gymnasienivå.

This study examines the lagged short run and long-term relationships between output growth and related index returns of the industrial and financial sectors of the G-7 economies. This study examines this relationship using quarterly data for a maximum time period of 22 years ranging from 1994(Q4) to 2017(Q4). The relationship between sector specific output growth and related index returns of the G-7 is investigated within this study, in order to determine whether passive investors should incorporate expected growth prospects into their decision making in order to earn superior returns. In order to examine the relationship between sector specific output growth and the related index returns of the G-7, this study uses correlation, cointegration as well as causality testing. This study finds weak non-lagged correlation relationships between output growth and related index returns of the industrial and financial sectors of the G-7 economies, with the correlation relationships becoming stronger in all cases when lags are incorporated within the correlations analysis. This study also finds cointegrating relationships between financial sector output growth and related index returns of Italy and the United Kingdom and that financial index return data of the United Kingdom serves as a leading indicator for financial sector growth within the United Kingdom. The overall Implication of these results is that investors should not incorporate growth prospects into their decision making of which passive funds to invest in, of which these passive funds examined track the performance of industrial and the financial firms within the G-7 economies.

The U.S. furniture industry has faced the challenge from increasing imports of furniture from foreign countries over the last decades. In the first part of this thesis, the import pattern of wooden bedroom furniture and the antidumping investigation against China were summarized, and furthermore, intervention analysis was employed to assess its impacts on the import value and unit price of China. The results revealed that the impact on import values was temporary but there was no significant impact on unit prices. The traditional suppliers have been substituted by the newly developing countries such as China and Vietnam. In the second part of this thesis, to explain the market structure change, a dynamic AIDS model was used to analyze the consumer behavior and evaluate the impacts of antidumping investigation on the major competitors in the second part. The results indicated that most imported wooden bedroom furniture can be substituted between suppliers and trade diversion occurred from China to Vietnam, Indonesia, and Brazil.

No description available.

No description available.

This study aims to investigate if there is any causal relationship between human rights and economic growth. The causality is tested in both directions, from human rights to economic growth and from economic growth to human rights, using a panel data Granger Causality test. The variable used to represent human rights is a human rights score and the variable used to represent economic growth is annual growth of real GDP per capita. Both of these variables are retrieved from Our World in Data. There is a total number of 81 countries included in this study with yearly observations from 1962 until 2017 on both variables. To achieve a greater depth the 81 countries were categorized into three different categories: low-income, middle-income and high-income countries. Previous studies and theories indicate that it is possible to expect a two-way causal relationship between economic growth and human rights. However, the results in this study indicate that there is no statistically significant causal relationship in any direction for any of the income categories.

Yes / This study contributes to the existing literature on the relationship between oil market shocks and the green bond market by investigating the impact of the COVID-19 pandemic on their dynamic correlation. We first decompose the oil market shocks into components using a time-frequency framework. Then, we combine wavelet decomposition and quantile coherence and causality methods to discuss changes during the COVID-19 era. We observe positive effects of both supply-driven and demand-driven oil shocks on the green bond market at most quantile levels. However, supply-driven oil price changes play a major role. The results also indicate that long-term changes have a greater impact than short-term changes on the connection between oil and green bond markets. Nevertheless, the COVID-19 pandemic changed the nature of the causal relationship, as we observed no relationship under extreme market conditions during the pandemic era. We argue that the economic and social impacts of the COVID-19 pandemic have left investors focusing on the short-term substitution between oil and green bond markets. / This research was supported by the Major Projects of the National Natural Science Fund of China [NO. 71991483], the Natural Science Fund of Hunan Province [NO. 2022JJ40647] and the Fundamental Research Funds for the Central Universities of Central South University [NO. 2022ZZTS0353]. / The full-text of this article will be released for public view at the end of the publisher embargo on 06 Oct 2024.

I denna uppsats testar jag kausalitet mellan marknadsskapande institutioner och tillväxtrelaterade variabler samt omvänt. Detta görs på en panel bestående av 15 länder i Central- och Östeuropa (CEE) under perioden mellan år 1996 och 2019. Metoden bygger på test för Granger-kausalitet i paneldata, SY-GMM med faktoriserade instrument och kvantilregression. Resultaten indikerar svagt på en utbytesrelation men är inte robust och slutsatser är därför att kausalitet ej kan påvisas i någon riktning. AI har använts för att extrahera test för unit root och sätta asterisker på regressionskoefficienterna. / In this thesis I apply methods for panel data analysis in order to test the causal relationship between market engaging instituions and economic growth. The panel consists of data gathered from multiple institutional indices and covers 15 countries in Central and Eastern Europe (CEE) between the years 1996 and 2019. The methods include panel Granger-causality tests, SY-GMM with factorized instruments and panel quantile regression. The findings are inconclusive but suggests a feedback relation between institutional measures and growth related variables. The conclusion however, is that causality can not be indentified in any direction. AI has been used to extract p-values from tests for unit root and to add asterisks to the regression coefficients.

This paper follows Ghysels, Gourieroux, and Jasiak (1998), examines the causal relation between price and volume in Taiwan Futures Market. I use high frequency intraday data of Taiwan Stock Exchange Capitalization Weighted Stock Index in Taiwan Futures Exchange; and analyze the causality between returns and volume series, which are transformed into Markov chain, with Granger’s causal tests. I analyze the data with two different time category, trading time and calendar time. In our research we find out that Taiwan futures market has a bi-directional causality between price and volume in trading time analysis, as to the calendar time analysis, only price to volume unidirectional causality exists. Unlike the unidirectional causal relation that Ghysels, Gourieroux, and Jasiak (1998) observed in French security market.

本研究針對七個國家包括：美國、加拿大、英國、法國、日本、香港、與澳洲。檢驗各國主成分為REITs商品在內的不動產證券指數，對於該國的消費者物價指數與國際原油價格是否具有正向的通貨膨脹避險效果。並比較各國的普通股價指數對該國的消費者物價指數與國際原油價格的通貨膨脹避險效果。本研究首先檢驗各國不動產證券指數/普通股價指數之月增率與消費者物價指數/原油價格之月增率之間是否具有正相關性。並將消費者物價指數/國際原油價格之月增率以HP濾波分解成永久性部分與暫時性部分，以迴歸估計消費者物價指數/國際原油價格之月增率的永久性與暫時性部分對於不動產證券指數/普通股價指數之月增率是否有正向的解釋能力。並以Granger因果關係檢定通貨膨脹像消費者物價指數或原油價格的月增率是否會Granger影響不動產價格的月增率。最後在進行單根檢定確認各數列皆為I(1)數列之後，檢驗不動產證券指數/普通股價指數與消費者物價指數/國際原油價格是否存在共整合關係，亦即代表是否具有長期的均衡狀態。 結果發現，幾乎所有國家不動產證券指數的月增率不管是對物價指數的月增率或原油價格的月增率的相關係數大多為無相關，在美國、加拿大、與澳洲甚至有些微的負相關，沒有支持通貨膨脹避險的證據。而在迴歸分析的結果，在加拿大、英國、法國，與日本，物價指數月增率的永久性部分對不動產證券指數月增率有負向影響；在美國與香港則是物價指數月增率的暫時性部分對不動產證券指數月增率有負向影響。至於原油價格月增率的暫時性部分則在美國、法國、與澳洲找到對不動產證券指數存在負向影響的證據。其他國家則無法找到支持物價指數月增率或原油價格月增率的永久性或暫時性部分對不動產證券指數月增率具有正向影響。此外Grnager因果關係檢定中，只有美國的消費者物價指數月增率Granger影響不動產證券指數月增率。 而在假設無時間趨勢的共整合檢定之中，所有國家皆有顯著證據支持不動產證券指數與該國物價指數存在共整合關係，但若假設具有時間趨勢，只有加拿大，英國，日本與香港具顯著證據支持共整合關係的存在。而不動產證券指數與原油價格的共整合關係，不論有無時間趨勢，只有在加拿大、日本與澳洲這三個國家找到共整合關係存在的證據。 而普通股股價指數與消費者物價指數或原油價格實證結果顯示，相關係數檢定與不動產證券指數檢定結果相似，大多為無相關；只有美國、法國、與澳洲有些微負相關存在。迴歸分析中，物價指數月增率的永久性部分在加拿大、法國、與日本對普通股價指數月增率有負向影響；暫時性部分則在美國與澳洲對普通股價指數月增率有負向影響。原油價格月增率的暫時性部分在美國與法國對普通股股價指數存在負向影響的證據。而Grnager因果關係檢定中，在較多國家找到顯著證據支持原油價格月增率Granger影響不動產證券指數月增率。共整合檢定中，若不考慮時間趨勢，所有國家的股價指數均對物價指數存在共整合關係，但若考慮時間趨勢，則只有日本與香港有共整合現象；至於股價指數與原油價格的共整合檢定，不論有無時間趨勢，只有在日本、香港與澳洲找到些微共整合關係存在的證據。 整體而言，並無顯著證據存在支持不動產證券指數的報酬會隨著通貨膨脹的增加而增加；或是通貨膨脹的增加可以解釋不動產證券指數的報酬。然而不動產證券指數與消費者物價指數之間的確存在共整合關係，代表長期之下，兩者會往均衡方向調整，具有部分通貨膨脹避險能力。而普通股價指數與不動產證券指數的結果相同，但在檢設具有時間趨勢的共整合檢定上，不動產證券指數在四個國家存在共整合關係，普通股價指數則只有在兩個國家找到共整合存在的證據。不動產證券指數長期而言較普通股價指數具有較好的通貨膨脹避險效果。