Notes on the Treasury Yield Curve Forecasts. October Kara Naccarelli

Size: px
Start display at page:

Download "Notes on the Treasury Yield Curve Forecasts. October Kara Naccarelli"

Transcription

1 Notes on the Treasury Yield Curve Forecasts October 2017 Kara Naccarelli Moody s Analytics has updated its forecast equations for the Treasury yield curve. The revised equations are the Treasury yields for the one-month, three-month, six-month, one-year, two-year, three-year, five-year, seven-year, 20- year and 30-year tenors (FRTB1MQ.IUSA, FRTB3M.IUSA, FRTB6M.IUSA, FRTB1Y.IUSA, FRTB2Y.IUSA, FRTB3Y.IUSA, FRTB5Y.IUSA, FRTB7Y.IUSA, FRTB20Y.IUSA, FRTB30Y.IUSA). Those yield curve variables are key drivers of other variables in the financial block of Moody s Analytics macro model such as yields on corporate bonds, Libor and swap rates. To model the yield curve, we use two key tenors a short-term rate and a long-term rate to pin down overall shape of the curve, and we express the remaining tenors as a linear combination of adjacent tenors. The large literature on interest rate forecasting has demonstrated that changes in the yields of a short-term and long-term tenor (which combined describe the level and slope of the yield curve) account for the vast majority of the variability in the shape of the yield curve over time. Expressing yields for other tenors as a weighted average of adjacent tenors helps to ensure that the shape of the yield curve is well-behaved. In particular, yields of one tenor should be close to yields of adjacent tenors, and yields should generally increase with tenor when the yield curve overall is upward sloping. The adjacent tenor specification also helps to make the shape of the yield curve stay well-behaved in alternative macro scenarios when intermediate tenors are made exogenous. With the latest revision, the forecast equations have changed in the following key ways. 1. The three-month replaces the one-month as the key short-term tenor. In the new specification, the three-month yield is specified as a linear combination of the federal funds rate and the CBOE Volatility Index for the S&P 500 plus a constant. The one-month yield is specified as a linear function of the three-month yield. One reason that the threemonth bill rate is preferable as the key tenor is that it tends to be more focal in federal policy deliberations than the one-month rate. For example, the macro scenarios specified by the Federal Reserve for stress-testing financial institutions specify exogenous paths for the three-month rate and that is simpler to implement when the three-month is the key tenor. 2. We simplify the equations for the six-month, two-year and 20-year yields by removing lag terms. Those lags can cause implausible forecasts of yields (particularly relative to adjacent tenors) in the Moody s Analytics baseline and alternative scenarios. 3. With the exception of the end points of the curve (the one-month and the 30-year), we impose a restriction that the weights on adjacent tenors sum to one in each equation for the non-key tenors. For example, the yield on the sixmonth bill is expressed as a weighted average of the yield on the three-month tenor with a weight of 68% and the yield on the one-year tenor with a weight of 32% plus a constant 6 basis points. These restrictions help to make the yield curve retain a plausible shape in alternative scenarios. Together, these changes simplify the equations significantly and make them more consistent, which results in better behaved forecasts in the baseline and alternative scenarios at the small price of a modest increase of in-sample and out-of-sample forecast error for some of the short-term tenors. New equation specifications Dependent variable: FRTB1MQ_US Date: 09/28/17 Time: 16:27 Sample (adjusted): 2001Q3 2017Q2 Included observations: 64 after adjustments Variable Coefficient Std. error t-statistic Prob. C FRTB3M_US R-squared Mean dependent var

2 Adjusted R-squared S.D. dependent var S.E. of regression Akaike info criterion Sum squared resid Schwarz criterion Log likelihood Hannan-Quinn criter F-statistic Durbin-Watson stat Dependent variable: FRTB3M_US Date: 09/28/17 Time: 16:29 Sample (adjusted): 1954Q3 2017Q2 Included observations: 252 after adjustments C FRFED_US FSPVOL_US R-squared Mean dependent var Adjusted R-squared S.D. dependent var S.E. of regression Akaike info criterion Sum squared resid Schwarz criterion Log likelihood Hannan-Quinn criter F-statistic Durbin-Watson stat Dependent variable: FRTB6M_US-FRTB3M_US Date: 09/28/17 Time: 16:31 Sample (adjusted): 1958Q4 2017Q2 Included observations: 235 after adjustments C FRGT1Y_US-FRTB3M_US R-squared Mean dependent var Adjusted R-squared S.D. dependent var S.E. of regression Akaike info criterion Sum squared resid Schwarz criterion Log likelihood Hannan-Quinn criter F-statistic Durbin-Watson stat Dependent variable: FRGT1Y_US-FRTB6M_US Date: 09/28/17 Time: 16:33 Sample (adjusted): 1976Q2 2017Q2 Included observations: 165 after adjustments

3 C FRGT2Y_US-FRTB6M_US R-squared Mean dependent var Adjusted R-squared S.D. dependent var S.E. of regression Akaike info criterion Sum squared resid Schwarz criterion Log likelihood Hannan-Quinn criter F-statistic Durbin-Watson stat Dependent variable: FRGT2Y_US-FRGT1Y_US Date: 09/28/17 Time: 16:34 Sample (adjusted): 1976Q2 2017Q2 Included observations: 165 after adjustments C FRGT3Y_US-FRGT1Y_US R-squared Mean dependent var Adjusted R-squared S.D. dependent var S.E. of regression Akaike info criterion Sum squared resid Schwarz criterion Log likelihood Hannan-Quinn criter F-statistic Durbin-Watson stat Dependent variable: FRGT3Y_US-FRGT2Y_US Date: 09/28/17 Time: 16:35 Sample (adjusted): 1976Q2 2017Q2 Included observations: 165 after adjustments C FRGT5Y_US-FRGT2Y_US R-squared Mean dependent var Adjusted R-squared S.D. dependent var S.E. of regression Akaike info criterion Sum squared resid Schwarz criterion Log likelihood Hannan-Quinn criter F-statistic Durbin-Watson stat Dependent variable: FRGT5Y_US-FRGT3Y_US Date: 09/28/17 Time: 16:37 Sample (adjusted): 1969Q3 2017Q2 Included observations: 192 after adjustments

4 C FRGT7Y_US-FRGT3Y_US R-squared Mean dependent var Adjusted R-squared S.D. dependent var S.E. of regression Akaike info criterion Sum squared resid Schwarz criterion Log likelihood Hannan-Quinn criter F-statistic Durbin-Watson stat Dependent variable: FRGT7Y_US-FRGT5Y_US Date: 09/28/17 Time: 16:39 Sample (adjusted): 1969Q3 2017Q2 Included observations: 192 after adjustments C FRGT10Y_US-FRGT5Y_US R-squared Mean dependent var Adjusted R-squared S.D. dependent var S.E. of regression Akaike info criterion Sum squared resid Schwarz criterion Log likelihood Hannan-Quinn criter F-statistic Durbin-Watson stat Dependent variable: FRGT20Y_US-FRGT10Y_US Date: 09/28/17 Time: 16:39 Sample (adjusted): 1993Q4 2017Q2 Included observations: 95 after adjustments C FRGT30Y_US-FRGT10Y_US R-squared Mean dependent var Adjusted R-squared S.D. dependent var S.E. of regression Akaike info criterion Sum squared resid Schwarz criterion Log likelihood Hannan-Quinn criter F-statistic Durbin-Watson stat Dependent variable: FRGT30Y_US Date: 09/28/17 Time: 16:40

5 Sample (adjusted): 1993Q4 2017Q2 Included observations: 95 after adjustments C FRGT20Y_US R-squared Mean dependent var Adjusted R-squared S.D. dependent var S.E. of regression Akaike info criterion Sum squared resid Schwarz criterion Log likelihood Hannan-Quinn criter F-statistic Durbin-Watson stat Mnemonics referenced in the above equation, for example FET, can be defined using the Mnemonic 411 feature on DataBuffet. Please contact Help@economy.com for assistance.

6 Previous equation specifications Dependent variable: FRTB1MQ_US Date: 09/24/15 Time: 14:23 Sample: 2001Q3 2015Q2 Included observations: 56 FRFED_US FSPVOL_US R-squared Mean dependent var Adjusted R-squared S.D. dependent var S.E. of regression Akaike info criterion Sum squared resid Schwarz criterion Log likelihood Hannan-Quinn criter Durbin-Watson stat Dependent variable: FRTB3M_US Date: 09/24/15 Time: 14:21 Sample: 2001Q3 2015Q2 Included observations: 56 C FRTB1MQ_US FRTB6M_US R-squared Mean dependent var Adjusted R-squared S.D. dependent var S.E. of regression Akaike info criterion Sum squared resid Schwarz criterion Log likelihood Hannan-Quinn criter F-statistic Durbin-Watson stat Dependent variable: FRTB6M_US Date: 09/24/15 Time: 14:22 Sample: 1962Q2 2015Q2 Included observations: 213 C FRTB3M_US FRGT1Y_US(-1) R-squared Mean dependent var Adjusted R-squared S.D. dependent var S.E. of regression Akaike info criterion

7 Sum squared resid Schwarz criterion Log likelihood Hannan-Quinn criter F-statistic Durbin-Watson stat Dependent variable: FRGT1Y_US Date: 03/21/16 Time: 12:24 Sample (adjusted): 1976Q2 2015Q4 Included observations: 159 after adjustments FRTB6M_US FRGT2Y_US R-squared Mean dependent var Adjusted R-squared S.D. dependent var S.E. of regression Akaike info criterion Sum squared resid Schwarz criterion Log likelihood Hannan-Quinn criter Durbin-Watson stat Dependent variable: FRGT2Y_US Sample: 1976Q3 2013Q1 Included observations: 147 C FRGT1Y_US FRGT3Y_US(-1) R-squared Mean dependent var Adjusted R-squared S.D. dependent var S.E. of regression Akaike info criterion Sum squared resid Schwarz criterion Log likelihood Hannan-Quinn criter F-statistic Durbin-Watson stat Dependent variable: FRGT3Y_US Sample: 1976Q3 2013Q1 Included observations: 147 C FRGT2Y_US FRGT5Y_US

8 R-squared Mean dependent var Adjusted R-squared S.D. dependent var S.E. of regression Akaike info criterion Sum squared resid Schwarz criterion Log likelihood Hannan-Quinn criter F-statistic Durbin-Watson stat Dependent variable: FRGT5Y_US Sample: 1969Q3 2013Q1 Included observations: 175 C FRGT3Y_US FRGT7Y_US R-squared Mean dependent var Adjusted R-squared S.D. dependent var S.E. of regression Akaike info criterion Sum squared resid Schwarz criterion Log likelihood Hannan-Quinn criter F-statistic Durbin-Watson stat Dependent variable: FRGT7Y_US Sample: 1969Q3 2013Q1 Included observations: 175 C FRGT5Y_US FRGT10Y_US R-squared Mean dependent var Adjusted R-squared S.D. dependent var S.E. of regression Akaike info criterion Sum squared resid Schwarz criterion Log likelihood Hannan-Quinn criter F-statistic Durbin-Watson stat Dependent variable: FRGT20Y_US Method: ARMA conditional least squares (Marquardt - EViews legacy) Sample: 2006Q2 2013Q1 Included observations: 28 Convergence achieved after 7 iterations

9 FRGT10Y_US FRGT30Y_US AR(1) R-squared Mean dependent var Adjusted R-squared S.D. dependent var S.E. of regression Akaike info criterion Sum squared resid Schwarz criterion Log likelihood Hannan-Quinn criter Durbin-Watson stat Inverted AR Roots.62 Dependent variable: FRGT30Y_US Sample: 1977Q2 2013Q1 Included observations: 144 C FRGT10Y_US R-squared Mean dependent var Adjusted R-squared S.D. dependent var S.E. of regression Akaike info criterion Sum squared resid Schwarz criterion Log likelihood Hannan-Quinn criter F-statistic Durbin-Watson stat Mnemonics referenced in the above equation, for example FET, can be defined using the Mnemonic 411 feature on DataBuffet. Please contact Help@economy.com for assistance.

Brief Sketch of Solutions: Tutorial 2. 2) graphs. 3) unit root tests

Brief Sketch of Solutions: Tutorial 2. 2) graphs. 3) unit root tests Brief Sketch of Solutions: Tutorial 2 2) graphs LJAPAN DJAPAN 5.2.12 5.0.08 4.8.04 4.6.00 4.4 -.04 4.2 -.08 4.0 01 02 03 04 05 06 07 08 09 -.12 01 02 03 04 05 06 07 08 09 LUSA DUSA 7.4.12 7.3 7.2.08 7.1.04

More information

Brief Sketch of Solutions: Tutorial 1. 2) descriptive statistics and correlogram. Series: LGCSI Sample 12/31/ /11/2009 Observations 2596

Brief Sketch of Solutions: Tutorial 1. 2) descriptive statistics and correlogram. Series: LGCSI Sample 12/31/ /11/2009 Observations 2596 Brief Sketch of Solutions: Tutorial 1 2) descriptive statistics and correlogram 240 200 160 120 80 40 0 4.8 5.0 5.2 5.4 5.6 5.8 6.0 6.2 Series: LGCSI Sample 12/31/1999 12/11/2009 Observations 2596 Mean

More information

Donald Trump's Random Walk Up Wall Street

Donald Trump's Random Walk Up Wall Street Donald Trump's Random Walk Up Wall Street Research Question: Did upward stock market trend since beginning of Obama era in January 2009 increase after Donald Trump was elected President? Data: Daily data

More information

Appendixes Appendix 1 Data of Dependent Variables and Independent Variables Period

Appendixes Appendix 1 Data of Dependent Variables and Independent Variables Period Appendixes Appendix 1 Data of Dependent Variables and Independent Variables Period 1-15 1 ROA INF KURS FG January 1,3,7 9 -,19 February 1,79,5 95 3,1 March 1,3,7 91,95 April 1,79,1 919,71 May 1,99,7 955

More information

Economics 442 Macroeconomic Policy (Spring 2015) 3/23/2015. Instructor: Prof. Menzie Chinn UW Madison

Economics 442 Macroeconomic Policy (Spring 2015) 3/23/2015. Instructor: Prof. Menzie Chinn UW Madison Economics 442 Macroeconomic Policy (Spring 2015) 3/23/2015 Instructor: Prof. Menzie Chinn UW Madison Outline Models of Investment Assessment Uncertainty http://www.bostonfed.org/economic/neer/neer2001/neer201a.pdf

More information

Appendix. Table A.1 (Part A) The Author(s) 2015 G. Chakrabarti and C. Sen, Green Investing, SpringerBriefs in Finance, DOI /

Appendix. Table A.1 (Part A) The Author(s) 2015 G. Chakrabarti and C. Sen, Green Investing, SpringerBriefs in Finance, DOI / Appendix Table A.1 (Part A) Dependent variable: probability of crisis (own) Method: ML binary probit (quadratic hill climbing) Included observations: 47 after adjustments Convergence achieved after 6 iterations

More information

FBBABLLR1CBQ_US Commercial Banks: Assets - Bank Credit - Loans and Leases - Residential Real Estate (Bil, $, SA)

FBBABLLR1CBQ_US Commercial Banks: Assets - Bank Credit - Loans and Leases - Residential Real Estate (Bil, $, SA) Notes on new forecast variables November 2018 Loc Quach Moody s Analytics added 11 new U.S. variables to its global model in November. The variables pertain mostly to bank balance sheets and delinquency

More information

Hasil Common Effect Model

Hasil Common Effect Model Hasil Common Effect Model Date: 05/11/18 Time: 06:20 C 21.16046 1.733410 12.20742 0.0000 IPM -25.74125 2.841429-9.059263 0.0000 FDI 9.11E-11 1.96E-11 4.654743 0.0000 X 0.044150 0.021606 2.043430 0.0425

More information

Lampiran 1 : Grafik Data HIV Asli

Lampiran 1 : Grafik Data HIV Asli Lampiran 1 : Grafik Data HIV Asli 70 60 50 Penderita 40 30 20 10 2007 2008 2009 2010 2011 Tahun HIV Mean 34.15000 Median 31.50000 Maximum 60.00000 Minimum 19.00000 Std. Dev. 10.45057 Skewness 0.584866

More information

FIN 533. Autocorrelations of CPI Inflation

FIN 533. Autocorrelations of CPI Inflation FIN 533 Inflation & Interest Rates Fama (1975) AER: Expected real interest rates are (approximately) constant over time, so: E(r t F t-1 ) = R t E(r) where E(r t F t-1 ) is expected inflation given information

More information

Financial Econometrics: Problem Set # 3 Solutions

Financial Econometrics: Problem Set # 3 Solutions Financial Econometrics: Problem Set # 3 Solutions N Vera Chau The University of Chicago: Booth February 9, 219 1 a. You can generate the returns using the exact same strategy as given in problem 2 below.

More information

Export and Import Regressions on 2009Q1 preliminary release data Menzie Chinn, 23 June 2009 ( )

Export and Import Regressions on 2009Q1 preliminary release data Menzie Chinn, 23 June 2009 ( ) Export and Import Regressions on 2009Q1 preliminary release data Menzie Chinn, 23 June 2009 ( mchinn@lafollette.wisc.edu ) EXPORTS Nonagricultural real exports, regressand; Real Fed dollar broad index

More information

LAMPIRAN. Null Hypothesis: LO has a unit root Exogenous: Constant Lag Length: 1 (Automatic based on SIC, MAXLAG=13)

LAMPIRAN. Null Hypothesis: LO has a unit root Exogenous: Constant Lag Length: 1 (Automatic based on SIC, MAXLAG=13) 74 LAMPIRAN Lampiran 1 Analisis ARIMA 1.1. Uji Stasioneritas Variabel 1. Data Harga Minyak Riil Level Null Hypothesis: LO has a unit root Lag Length: 1 (Automatic based on SIC, MAXLAG=13) Augmented Dickey-Fuller

More information

Santi Chaisrisawatsuk 16 November 2017 Thimpu, Bhutan

Santi Chaisrisawatsuk 16 November 2017 Thimpu, Bhutan Regional Capacity Building Workshop Formulating National Policies and Strategies in Preparation for Graduation from the LDC Category: Macroeconomic Modelling for SDGs in Asia and the Pacific Santi Chaisrisawatsuk

More information

Employment growth and Unemployment rate reduction: Historical experiences and future labour market outcomes

Employment growth and Unemployment rate reduction: Historical experiences and future labour market outcomes Mar-03 Sep-03 Mar-04 Sep-04 Mar-05 Sep-05 Mar-06 Sep-06 Mar-07 Sep-07 Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Employment Unemployment Rate Employment growth and Unemployment rate

More information

LAMPIRAN PERHITUNGAN EVIEWS

LAMPIRAN PERHITUNGAN EVIEWS LAMPIRAN PERHITUNGAN EVIEWS DESCRIPTIVE PK PDRB TP TKM Mean 12.22450 10.16048 14.02443 12.63677 Median 12.41945 10.09179 14.22736 12.61400 Maximum 13.53955 12.73508 15.62581 13.16721 Minimum 10.34509 8.579417

More information

Openness and Inflation

Openness and Inflation Openness and Inflation Based on David Romer s Paper Openness and Inflation: Theory and Evidence ECON 5341 Vinko Kaurin Introduction Link between openness and inflation explored Basic OLS model: y = β 0

More information

Forecasting the Philippine Stock Exchange Index using Time Series Analysis Box-Jenkins

Forecasting the Philippine Stock Exchange Index using Time Series Analysis Box-Jenkins EUROPEAN ACADEMIC RESEARCH Vol. III, Issue 3/ June 2015 ISSN 2286-4822 www.euacademic.org Impact Factor: 3.4546 (UIF) DRJI Value: 5.9 (B+) Forecasting the Philippine Stock Exchange Index using Time HERO

More information

The Relationship Between Internet Marketing, Search Volume, and Product Sales. Honors Research Thesis

The Relationship Between Internet Marketing, Search Volume, and Product Sales. Honors Research Thesis TheRelationshipBetweenInternetMarketing,SearchVolume,andProductSales HonorsResearchThesis Presentedinpartialfulfillmentoftherequirementsforgraduationwithhonors researchdistinctionineconomicsintheundergraduatecollegesoftheohiostate

More information

BEcon Program, Faculty of Economics, Chulalongkorn University Page 1/7

BEcon Program, Faculty of Economics, Chulalongkorn University Page 1/7 Mid-term Exam (November 25, 2005, 0900-1200hr) Instructions: a) Textbooks, lecture notes and calculators are allowed. b) Each must work alone. Cheating will not be tolerated. c) Attempt all the tests.

More information

Supplementary Materials for

Supplementary Materials for www.sciencemag.org/content/344/6186/851/suppl/dc1 Supplementary Materials for Income Inequality in the Developing World Martin Ravallion This PDF file includes: Fig. S1 Tables S1 to S4 E-mail: mr1185@georgetown.edu

More information

POLYTECHNIC OF NAMIBIA SCHOOL OF MANAGEMENT SCIENCES DEPARTMENT OF ACCOUNTING, ECONOMICS AND FINANCE ECONOMETRICS. Mr.

POLYTECHNIC OF NAMIBIA SCHOOL OF MANAGEMENT SCIENCES DEPARTMENT OF ACCOUNTING, ECONOMICS AND FINANCE ECONOMETRICS. Mr. POLYTECHNIC OF NAMIBIA SCHOOL OF MANAGEMENT SCIENCES DEPARTMENT OF ACCOUNTING, ECONOMICS AND FINANCE COURSE: COURSE CODE: ECONOMETRICS ECM 312S DATE: NOVEMBER 2014 MARKS: 100 TIME: 3 HOURS NOVEMBER EXAMINATION:

More information

Lampiran 1. Data Penelitian

Lampiran 1. Data Penelitian Lampiran 1. Data Penelitian Tahun 2008 2009 2010 Suku bunga ORI Inflasi BI Rate IHSG Bulan Deposito Rupiah % % Poin % Mei 93,00 10,38 8,25 2444,35 7,04 Jun 90,50 11,03 8,50 2349,10 7,26 Jul 90,50 11,90

More information

Kabupaten Langkat Suku Bunga Kredit. PDRB harga berlaku

Kabupaten Langkat Suku Bunga Kredit. PDRB harga berlaku Lampiran 1. Data Penelitian Tahun Konsumsi Masyarakat PDRB harga berlaku Kabupaten Langkat Suku Bunga Kredit Kredit Konsumsi Tabungan Masyarkat Milyar Rp. Milyar Rp. % Milyar Rp. Milyar Rp. 1990 559,61

More information

LAMPIRAN 1. Retribusi (ribu Rp)

LAMPIRAN 1. Retribusi (ribu Rp) LAMPIRAN 1 Kabupaten Kulonprogo Bantul Gunung Kidul Tahun Retribusi (ribu Rp) Obyek Wisata Wisatawan PDRB (juta Rp) 2001 6694566 8 227250 3486573.5 2002 7779217 11 211529 3630220.3 2003 9247557 7 190333

More information

Monetary Economics Portfolios Risk and Returns Diversification and Risk Factors Gerald P. Dwyer Fall 2015

Monetary Economics Portfolios Risk and Returns Diversification and Risk Factors Gerald P. Dwyer Fall 2015 Monetary Economics Portfolios Risk and Returns Diversification and Risk Factors Gerald P. Dwyer Fall 2015 Reading Chapters 11 13, not Appendices Chapter 11 Skip 11.2 Mean variance optimization in practice

More information

Lampiran 1. Data Penelitian

Lampiran 1. Data Penelitian LAMPIRAN Lampiran 1. Data Penelitian Tahun Impor PDB KURS DEVISA 1985 5.199,00 2.118.215,40 1.125,00 5.811,00 1986 5.825,00 2.242.661,60 1.641,00 5.841,00 1987 7.209,00 2.353.133,40 1.650,00 5.103,00 1988

More information

Lampiran I Data. PDRB (Juta Rupiah) PMA (Juta Rupiah) PMDN (Juta Rupiah) Tahun. Luas Sawit (ha)

Lampiran I Data. PDRB (Juta Rupiah) PMA (Juta Rupiah) PMDN (Juta Rupiah) Tahun. Luas Sawit (ha) LAMPIRAN Lampiran I Data Tahun PDRB (Juta Rupiah) PMDN (Juta Rupiah) PMA (Juta Rupiah) Luas Sawit (ha) Angkatan Kerja (Jiwa) 1986 24698580 84581 8438 19733 1237717 1987 26991625 106279 10128 22122 1243818

More information

ANALYSIS OF CORRELATION BETWEEN THE EXPENSES OF SOCIAL PROTECTION AND THE ANTICIPATED OLD AGE PENSION

ANALYSIS OF CORRELATION BETWEEN THE EXPENSES OF SOCIAL PROTECTION AND THE ANTICIPATED OLD AGE PENSION ANALYSIS OF CORRELATION BETWEEN THE EXPENSES OF SOCIAL PROTECTION AND THE ANTICIPATED OLD AGE PENSION Nicolae Daniel Militaru Ph. D Abstract: In this article, I have analysed two components of our social

More information

Per Capita Housing Starts: Forecasting and the Effects of Interest Rate

Per Capita Housing Starts: Forecasting and the Effects of Interest Rate 1 David I. Goodman The University of Idaho Economics 351 Professor Ismail H. Genc March 13th, 2003 Per Capita Housing Starts: Forecasting and the Effects of Interest Rate Abstract This study examines the

More information

DATA PENELITIAN. Pendapatan Nasional (PDB Perkapita atas Dasar Harga Berlaku) Produksi Bawang Merah Indonesia MB X1 X2 X3 X4 X5 X6

DATA PENELITIAN. Pendapatan Nasional (PDB Perkapita atas Dasar Harga Berlaku) Produksi Bawang Merah Indonesia MB X1 X2 X3 X4 X5 X6 Lampiran 1 Tahu n Volume Impor Bawang Merah Konsums i Bawang Merah Perkapit a di Indonesi a DATA PENELITIAN Pendapatan Nasional (PDB Perkapita atas Dasar Harga Berlaku) Produksi Bawang Merah Indonesia

More information

Analysis of the Influence of the Annualized Rate of Rentability on the Unit Value of the Net Assets of the Private Administered Pension Fund NN

Analysis of the Influence of the Annualized Rate of Rentability on the Unit Value of the Net Assets of the Private Administered Pension Fund NN Year XVIII No. 20/2018 175 Analysis of the Influence of the Annualized Rate of Rentability on the Unit Value of the Net Assets of the Private Administered Pension Fund NN Constantin DURAC 1 1 University

More information

Photovoltaic deployment: from subsidies to a market-driven growth: A panel econometrics approach

Photovoltaic deployment: from subsidies to a market-driven growth: A panel econometrics approach Photovoltaic deployment: from subsidies to a market-driven growth: A panel econometrics approach Anna Créti, Léonide Michael Sinsin To cite this version: Anna Créti, Léonide Michael Sinsin. Photovoltaic

More information

UJI COMMON EFFECT MODEL

UJI COMMON EFFECT MODEL UJI COMMON EFFECT MODEL Dependent Variable: LOG(TKI) Method: Panel Least Squares Date: 05/01/18 Time: 12:34 Sample: 2010 2016 Periods included: 7 Total panel (balanced) observations: 210 Variable Coefficient

More information

Chapter-3. Sectoral Composition of Economic Growth and its Major Trends in India

Chapter-3. Sectoral Composition of Economic Growth and its Major Trends in India Chapter-3 Sectoral Composition of Economic Growth and its Major Trends in India This chapter deals with the first objective of the study, that is to evaluate the sectoral composition of economic growth

More information

23571 Introductory Econometrics Assignment B (Spring 2017)

23571 Introductory Econometrics Assignment B (Spring 2017) 23571 Introductory Econometrics Assignment B (Spring 2017) You must attach the coversheet to your answers. Read the instructions on the coversheet. Try to keep your answers short and clear. This assignment

More information

LAMPIRAN. A. Data. PAD (juta) INVESTASI (%) PDRB (juta) Kulon Progo. Bantul. Gunung Kidul. Sleman

LAMPIRAN. A. Data. PAD (juta) INVESTASI (%) PDRB (juta) Kulon Progo. Bantul. Gunung Kidul. Sleman 82 LAMPIRAN A. Data Kabupaten Kulon Progo Bantul Gunung Kidul Sleman Tahun PDRB (juta) PAD (juta) INVESTASI (%) TINGKAT PENGANGGURAN (%) 2007 4.455.556 33.129.460 0 4.34 2008 4.665.308 36.188.575 1.82

More information

Factor Affecting Yields for Treasury Bills In Pakistan?

Factor Affecting Yields for Treasury Bills In Pakistan? Factor Affecting Yields for Treasury Bills In Pakistan? Masood Urahman* Department of Applied Economics, Institute of Management Sciences 1-A, Sector E-5, Phase VII, Hayatabad, Peshawar, Pakistan Muhammad

More information

SUSTAINABILITY PLANNING POLICY COLLECTING THE REVENUES OF THE TAX ADMINISTRATION

SUSTAINABILITY PLANNING POLICY COLLECTING THE REVENUES OF THE TAX ADMINISTRATION 2007 2008 2009 2010 Year IX, No.12/2010 127 SUSTAINABILITY PLANNING POLICY COLLECTING THE REVENUES OF THE TAX ADMINISTRATION Prof. Marius HERBEI, PhD Gheorghe MOCAN, PhD West University, Timişoara I. Introduction

More information

Empirical Analysis of Private Investments: The Case of Pakistan

Empirical Analysis of Private Investments: The Case of Pakistan 2011 International Conference on Sociality and Economics Development IPEDR vol.10 (2011) (2011) IACSIT Press, Singapore Empirical Analysis of Private Investments: The Case of Pakistan Dr. Asma Salman 1

More information

Back from the Dead: the GFC and the Resurrection of Long Term Unemployment

Back from the Dead: the GFC and the Resurrection of Long Term Unemployment Back from the Dead: the GFC and the Resurrection of Long Term Unemployment Bruce Chapman* Crawford School of Economics and Government School Seminar Australian National University September 22 2009 * With

More information

COTTON: PHYSICAL PRICES BECOMING MORE RESPONSIVE TO FUTURES PRICES0F

COTTON: PHYSICAL PRICES BECOMING MORE RESPONSIVE TO FUTURES PRICES0F INTERNATIONAL COTTON ADVISORY COMMITTEE 1629 K Street NW, Suite 702, Washington DC 20006 USA Telephone +1-202-463-6660 Fax +1-202-463-6950 email secretariat@icac.org COTTON: PHYSICAL PRICES BECOMING 1

More information

Lampiran 1 Lampiran 1 Data Keuangan Bank konvensional

Lampiran 1 Lampiran 1 Data Keuangan Bank konvensional Lampiran 1 Lampiran 1 Data Keuangan Bank konvensional BANK YEAR Z-Score TOTAL ASET (milyar rupiah) ROA (%) NPL (%) BI RATE (%) KURS (rupiah) BNI 1.9 5.51.9 1.9.5 919.5 11 7.71 99.5.9.17 915.7 1 7.7 333.3.9.

More information

Influence of Macroeconomic Indicators on Mutual Funds Market in India

Influence of Macroeconomic Indicators on Mutual Funds Market in India Influence of Macroeconomic Indicators on Mutual Funds Market in India KAVITA Research Scholar, Department of Commerce, Punjabi University, Patiala (India) DR. J.S. PASRICHA Professor, Department of Commerce,

More information

Lampiran 1. Tabulasi Data

Lampiran 1. Tabulasi Data Lampiran 1. Tabulasi Data Tahun PDRB PDRBt-1 PAD BH DAU INF 2001:1 372696.65 372696.65 1005.61 2684.67 26072.42 0.87 2001:4 376433.52 372696.65 1000.96 2858.50 28795.27 1.08 2001:8 387533.83 376433.52

More information

LAMPIRAN-LAMPIRAN. A. Perhitungan Return On Asset

LAMPIRAN-LAMPIRAN. A. Perhitungan Return On Asset 88 LAMPIRAN-LAMPIRAN A. Perhitungan Return On Asset Tahun Perusahaan Laba Bersih Total Aset Laba/Total Aset ROA (% ) 2011 ROA_ADRO 5006470 51315458 0,09756261 9,76 ROA_AKRA 2284080 8308244 0,274917299

More information

LAMPIRAN. Lampiran 1. Wilayah Tahun PAD JOW PDRB JH JR Yogyakarta

LAMPIRAN. Lampiran 1. Wilayah Tahun PAD JOW PDRB JH JR Yogyakarta LAMPIRAN Lampiran 1 Data jumlah PAD sektor pariwisata, Jumlah Obyek Wisata, PDRB, Jumlah Hotel, dan Jumlah Restoran dan rumah makan di kabupaten/kota Daerah Istimewa Yogyakarta, Tahun 2010-2015 Wilayah

More information

Fall 2004 Social Sciences 7418 University of Wisconsin-Madison Problem Set 5 Answers

Fall 2004 Social Sciences 7418 University of Wisconsin-Madison Problem Set 5 Answers Economics 310 Menzie D. Chinn Fall 2004 Social Sciences 7418 University of Wisconsin-Madison Problem Set 5 Answers This problem set is due in lecture on Wednesday, December 15th. No late problem sets will

More information

Business Survey and Short-Term Projection

Business Survey and Short-Term Projection JOINT EUROPEAN COMMISSION OECD WORKSHOP ON INTERNATIONAL DEVELOPMENT OF BUSINESS AND CONSUMER TENDENCY SURVEYS BRUSSELS 14 15 NOVEMBER 25 Business Survey and Short-Term Projection Edita Holickova Statistical

More information

LAMPIRAN. Tahun Bulan NPF (Milyar Rupiah)

LAMPIRAN. Tahun Bulan NPF (Milyar Rupiah) LAMPIRAN Lampiran 1 Data Penelitian Non Performing Financing (NPF), Capital Adequacy Ratio (CAR), Financing to Deposit Ratio (FDR), Biaya Operasional Pendapatan Operasional (BOPO), Ukuran Bank (Size) Tahun

More information

CHAPTER 5 MARKET LEVEL INDUSTRY LEVEL AND FIRM LEVEL VOLATILITY

CHAPTER 5 MARKET LEVEL INDUSTRY LEVEL AND FIRM LEVEL VOLATILITY CHAPTER 5 MARKET LEVEL INDUSTRY LEVEL AND FIRM LEVEL VOLATILITY In previous chapter focused on aggregate stock market volatility of Indian Stock Exchange and showed that it is not constant but changes

More information

The Frequency of Wars*

The Frequency of Wars* The Frequency of Wars* Mark Harrison** Department of Economics and CAGE, University of Warwick Centre for Russian and East European Studies, University of Birmingham Hoover Institution, Stanford University

More information

Interactions between United States (VIX) and United Kingdom (VFTSE) Market Volatility: A Time Series Study

Interactions between United States (VIX) and United Kingdom (VFTSE) Market Volatility: A Time Series Study Sacred Heart University DigitalCommons@SHU WCOB Student Papers Jack Welch College of Business 4-2017 Interactions between United States (VIX) and United Kingdom (VFTSE) Market Volatility: A Time Series

More information

Lampiran 1. Data PDB, Pengeluaran Pemerintah, jumlah uang beredar, pajak, dan tingkat suku bunga

Lampiran 1. Data PDB, Pengeluaran Pemerintah, jumlah uang beredar, pajak, dan tingkat suku bunga Lampiran 1. Data PDB, Pengeluaran Pemerintah, jumlah uang beredar, pajak, dan tingkat suku bunga obs PDB(milyar) GOV(milyar) M1(milyar) Tax(milyar) R(%) 1980 45446,00 5800,00 5214,00 289,70 6,00 1981 58127,00

More information

Econometric Models for the Analysis of Financial Portfolios

Econometric Models for the Analysis of Financial Portfolios Econometric Models for the Analysis of Financial Portfolios Professor Gabriela Victoria ANGHELACHE, Ph.D. Academy of Economic Studies Bucharest Professor Constantin ANGHELACHE, Ph.D. Artifex University

More information

Appendices. Appendix 1 Buy ranges for each portfolio

Appendices. Appendix 1 Buy ranges for each portfolio Appendices Appendix 1 Buy ranges for each portfolio 67 Appendix 2 Every recession declared by the NBER Source: The National Bureau of Economic Research 68 Appendix 3 Multifactor portfolio mathematics Mathematics

More information

Okun s Law - an empirical test using Brazilian data

Okun s Law - an empirical test using Brazilian data Okun s Law - an empirical test using Brazilian data Alan Harper, Ph.D. Gwynedd Mercy University Zhenhu Jin, Ph.D. Valparaiso University ABSTRACT In this paper, we test Okun s coefficient to determine if

More information

esia/perkembangan/

esia/perkembangan/ http://afghanaus.com/uanggiral/http://www.bi.go.id/web/id/sistem+pembayaran/sistem+pembayaran+di+indon esia/perkembangan/ http://id.shvoong.com/social-sciences/economics/2129762-jumlah-uang-beredar-diindonesia/

More information

Economy May Wake Up Without Consumers Prodding? Chart 1

Economy May Wake Up Without Consumers Prodding? Chart 1 Northern Trust Global Economic Research 0 South LaSalle Chicago, Illinois 3 northerntrust.com Paul L. Kasriel plk1@ntrs.com Economy May Wake Up Without Consumers Prodding? May 21, 27 In today s (May 21)

More information

Methods for A Time Series Approach to Estimating Excess Mortality Rates in Puerto Rico, Post Maria 1 Menzie Chinn 2 August 10, 2018 Procedure:

Methods for A Time Series Approach to Estimating Excess Mortality Rates in Puerto Rico, Post Maria 1 Menzie Chinn 2 August 10, 2018 Procedure: Methods for A Time Series Approach to Estimating Excess Mortality Rates in Puerto Rico, Post Maria 1 Menzie Chinn 2 August 10, 2018 Procedure: Estimate relationship between mortality as recorded and population

More information

Received: 4 September Revised: 9 September Accepted: 19 September. Foreign Institutional Investment on Indian Capital Market: An Empirical Analysis

Received: 4 September Revised: 9 September Accepted: 19 September. Foreign Institutional Investment on Indian Capital Market: An Empirical Analysis Foreign Institutional Investment on Indian Capital Market: An Empirical Analysis Tom Jacob 1 & Thomas Paul Kattookaran 2 1 Assistant Professor, Dept. of Commerce, Christ College, Irinjalakuda, Kerala,

More information

An empirical study on the dynamic relationship between crude oil prices and Nigeria stock market

An empirical study on the dynamic relationship between crude oil prices and Nigeria stock market An empirical study on the dynamic relationship between crude oil prices and Nigeria stock market Abstract In this paper, we have examined the crude oil price on the performance of Nigerian stock exchange

More information

Exchange Rate and Economic Performance - A Comparative Study of Developed and Developing Countries

Exchange Rate and Economic Performance - A Comparative Study of Developed and Developing Countries IOSR Journal of Business and Management (IOSR-JBM) e-issn: 2278-487X. Volume 8, Issue 1 (Jan. - Feb. 2013), PP 116-121 Exchange Rate and Economic Performance - A Comparative Study of Developed and Developing

More information

Anexos. Pruebas de estacionariedad. Null Hypothesis: TES has a unit root Exogenous: Constant Lag Length: 0 (Automatic - based on SIC, maxlag=9)

Anexos. Pruebas de estacionariedad. Null Hypothesis: TES has a unit root Exogenous: Constant Lag Length: 0 (Automatic - based on SIC, maxlag=9) Anexos Pruebas de estacionariedad Null Hypothesis: TES has a unit root Augmented Dickey-Fuller test statistic -1.739333 0.4042 Test critical values: 1% level -3.610453 5% level -2.938987 10% level -2.607932

More information

1. A test of the theory is the regression, since no arbitrage implies, Under the null: a = 0, b =1, and the error e or u is unpredictable.

1. A test of the theory is the regression, since no arbitrage implies, Under the null: a = 0, b =1, and the error e or u is unpredictable. Aggregate Seminar Economics 37 Roger Craine revised 2/3/2007 The Forward Discount Premium Covered Interest Rate Parity says, ln( + i) = ln( + i*) + ln( F / S) i i* f s t+ the forward discount equals the

More information

An Investigation of Effective Factors on Export in Iran

An Investigation of Effective Factors on Export in Iran J. Basic. Appl. Sci. Res., 2(4)4092-4097, 2012 2012, TextRoad Publication ISSN 2090-4304 Journal of Basic and Applied Scientific Research www.textroad.com An Investigation of Effective Factors on Export

More information

LAMPIRAN LAMPIRAN. = Pengeluaran Konsumsi Masyarakat (milyar rupiah) = Jumlah Uang Beredar (milyar rupiah) = Laju Inflasi (dalam persentase)

LAMPIRAN LAMPIRAN. = Pengeluaran Konsumsi Masyarakat (milyar rupiah) = Jumlah Uang Beredar (milyar rupiah) = Laju Inflasi (dalam persentase) 76 LAMPIRAN LAMPIRAN 1. Data Skripsi TAHUN PK JUB INFLASI SB PDB 1995 727099.1 52677 8.64 16.8 1344994.6 1996 806170.0 64089 6.47 17.25 1450148.8 1997 850241.3 78343 11.05 20.33 1518304.1 1998 807112.0

More information

9. Assessing the impact of the credit guarantee fund for SMEs in the field of agriculture - The case of Hungary

9. Assessing the impact of the credit guarantee fund for SMEs in the field of agriculture - The case of Hungary Lengyel I. Vas Zs. (eds) 2016: Economics and Management of Global Value Chains. University of Szeged, Doctoral School in Economics, Szeged, pp. 143 154. 9. Assessing the impact of the credit guarantee

More information

VOLATILITY. Time Varying Volatility

VOLATILITY. Time Varying Volatility VOLATILITY Time Varying Volatility CONDITIONAL VOLATILITY IS THE STANDARD DEVIATION OF the unpredictable part of the series. We define the conditional variance as: 2 2 2 t E yt E yt Ft Ft E t Ft surprise

More information

Impact of Capital Structure on Banking Profitability

Impact of Capital Structure on Banking Profitability International Journal of Scientific and Research Publications, Volume 6, Issue 3, March 2016 186 Impact of Capital Structure on Banking Profitability Muhammad Raghib Zafar *, Farrukh Zeeshan **, Rais Ahmed

More information

Bilateral Swap Agreements and U.S. Balance of Trade

Bilateral Swap Agreements and U.S. Balance of Trade Bilateral Swap Agreements and U.S. Balance of Trade Deergha Raj Adhikari Abstract China starting in 2009 and by April 2015 has signed bilateral swap agreement with 31 countries. A bilateral swap agreement

More information

LAMPIRAN. Lampiran I

LAMPIRAN. Lampiran I 67 LAMPIRAN Lampiran I Data Volume Impor Jagung Indonesia, Harga Impor Jagung, Produksi Jagung Nasional, Nilai Tukar Rupiah/USD, Produk Domestik Bruto (PDB) per kapita Tahun Y X1 X2 X3 X4 1995 969193.394

More information

Return on Assets and Financial Soundness Analysis: Case Study of Grain Industry Companies in Uzbekistan

Return on Assets and Financial Soundness Analysis: Case Study of Grain Industry Companies in Uzbekistan International Journal of Management Science and Business Adminis tration Volume 4, Issue 6, September 2018, Pages 52-56 DOI: 10.18775/ijmsba.1849-5664-5419.2014.46.1006 URL: http://dx.doi.org/10.18775/ijmsba.1849-5664-5419.2014.46.1006

More information

9. Appendixes. Page 73 of 95

9. Appendixes. Page 73 of 95 9. Appendixes Appendix A: Construction cost... 74 Appendix B: Cost of capital... 75 Appendix B.1: Beta... 75 Appendix B.2: Cost of equity... 77 Appendix C: Geometric Brownian motion... 78 Appendix D: Static

More information

Asian Journal of Empirical Research

Asian Journal of Empirical Research 2016 Asian Economic and Social Society. All rights reserved ISSN (P): 2306-983X, ISSN (E): 2224-4425 Volume 6, Issue 10 pp. 261-269 Asian Journal of Empirical Research http://www.aessweb.com/journals/5004

More information

Financial Risk, Liquidity Risk and their Effect on the Listed Jordanian Islamic Bank's Performance

Financial Risk, Liquidity Risk and their Effect on the Listed Jordanian Islamic Bank's Performance Financial Risk, Liquidity Risk and their Effect on the Listed Jordanian Islamic Bank's Performance Lina Hani Warrad Associate Professor, Accounting Department Applied Science Private University, Amman,

More information

The Long-Run Determinants Of Investment: A Dynamic Approach For The Future Economic Policies

The Long-Run Determinants Of Investment: A Dynamic Approach For The Future Economic Policies The Long-Run Determinants Of Investment: A Dynamic Approach For T... http://ideas.repec.org/a/blg/journl/v5y2010i3p227-237.html 1 din 2 20.06.2011 19:52 This file is part of IDEAS, which uses RePEc data

More information

Quantitative evidence of post-crisis structural macroeconomic changes

Quantitative evidence of post-crisis structural macroeconomic changes Quantitative evidence of post-crisis structural macroeconomic changes Roberto Camagni, Roberta Capello, Andrea Caragliu, Barbara Chizzolini Politecnico di Milano To be discussed at the Advisory Board Forum,

More information

RELATIVE ANALYSIS OF MCX ENERGY AND MCX METAL INDEX

RELATIVE ANALYSIS OF MCX ENERGY AND MCX METAL INDEX International Journal of Civil Engineering and Technology (IJCIET) Volume 8, Issue 12, December 2017, pp. 1-11, Article ID: IJCIET_08_12_001 Available online at http://www.iaeme.com/ijciet/issues.asp?jtype=ijciet&vtype=8&itype=12

More information

INFLUENCE OF CONTRIBUTION RATE DYNAMICS ON THE PENSION PILLAR II ON THE

INFLUENCE OF CONTRIBUTION RATE DYNAMICS ON THE PENSION PILLAR II ON THE INFLUENCE OF CONTRIBUTION RATE DYNAMICS ON THE PENSION PILLAR II ON THE EVOLUTION OF THE UNIT VALUE OF THE NET ASSETS OF THE NN PENSION FUND Student Constantin Durac Ph. D Student University of Craiova

More information

THE IMPACT OF OIL REVENUES ON BUDGET DEFICIT IN SELECTED OIL COUNTRIES

THE IMPACT OF OIL REVENUES ON BUDGET DEFICIT IN SELECTED OIL COUNTRIES THE IMPACT OF OIL REVENUES ON BUDGET DEFICIT IN SELECTED OIL COUNTRIES Mohammadreza Monjazeb, Arezoo Choghayi and Masumeh Rezaee Economic department, University of Economic Sciences Abstract The purpose

More information

Estimating Egypt s Potential Output: A Production Function Approach

Estimating Egypt s Potential Output: A Production Function Approach MPRA Munich Personal RePEc Archive Estimating Egypt s Potential Output: A Production Function Approach Osama El-Baz Economist, osamaeces@gmail.com 20 May 2016 Online at https://mpra.ub.uni-muenchen.de/71652/

More information

An Examination of Seasonality in Indian Stock Markets With Reference to NSE

An Examination of Seasonality in Indian Stock Markets With Reference to NSE SUMEDHA JOURNAL OF MANAGEMENT, Vol.3 No.3 July-September, 2014 ISSN: 2277-6753, Impact Factor:0.305, Index Copernicus Value: 5.20 An Examination of Seasonality in Indian Stock Markets With Reference to

More information

ملحق رقم( 1 ): الا نحدار للدالة اللوغریثمیة للناتج المحلي الا جمالي

ملحق رقم( 1 ): الا نحدار للدالة اللوغریثمیة للناتج المحلي الا جمالي ملحق رقم( 1 ): الا نحدار للدالة اللوغریثمیة للناتج المحلي الا جمالي Dependent Variable: LOG(GDP) Date: 03/01/17 Time: 14:53 Sample(adjusted): 1971 2014 Included observations: 44 after adjusting endpoints

More information

Volume-5, Issue-1, June-2018 ISSN No:

Volume-5, Issue-1, June-2018 ISSN No: SIGNIFICANT MODEL BETWEEN EXCHANGE RATE AND INTEREST RATE EVIDENCE FROM INDONESIA Nursito Lecture at Universitas Singaperbangsa, Karawang, Jawa Barat, and Lecture at Universitas Budi luhur, Jakarta, Indonesia

More information

DATA VARIABEL PENELITIAN

DATA VARIABEL PENELITIAN 68 LAMPIRAN 1 DATA VARIABEL PENELITIAN TAHUN FDI SBI PDRB UNEMP. EXPORT 1983 1834,40 12,74 5915,37 821257 10649,82 1984 1507,08 13,45 6372,17 878380 12455,86 1985 2263,20 13,82 6884,81 857564 10719,35

More information

Interest Rates in India: Information Content of Inflation

Interest Rates in India: Information Content of Inflation ISSN:2229-6247 Suhash Kantamneni International Journal of Business Management and Economic Research(IJBMER), Vol 7(1),2016, 521-528 Interest Rates in India: Information Content of Inflation Suhash Kantamneni

More information

THE IMPACT OF BANKING RISKS ON THE CAPITAL OF COMMERCIAL BANKS IN LIBYA

THE IMPACT OF BANKING RISKS ON THE CAPITAL OF COMMERCIAL BANKS IN LIBYA THE IMPACT OF BANKING RISKS ON THE CAPITAL OF COMMERCIAL BANKS IN LIBYA Azeddin ARAB Kastamonu University, Turkey, Institute for Social Sciences, Department of Business Abstract: The objective of this

More information

The Influence of Leverage and Profitability on Earnings Quality: Jordanian Case

The Influence of Leverage and Profitability on Earnings Quality: Jordanian Case The Influence of Leverage and Profitability on Earnings Quality: Jordanian Case Lina Hani Warrad Accounting Department, Applied Science Private University, Amman, Jordan E-mail: l_warrad@asu.edu.jo DOI:

More information

LAMPIRAN. Variable Coefficient Std. Error t-statistic Prob.

LAMPIRAN. Variable Coefficient Std. Error t-statistic Prob. LAMPIRAN A. Hasil Pengujian Eviews 1. Common effect Dependent Variable: K? Method: Pooled Least Squares Date: 10/25/17 Time: 12:23 Sample: 2011 2015 Included observations: 5 Cross-sections included: 38

More information

FTSE BIRR. ftserussell.com. FTSE Russell 1

FTSE BIRR. ftserussell.com. FTSE Russell 1 FTSE BIRR ftserussell.com Edwin Burmeister Research Professor of Economics Emeritus, Duke University Commonwealth Professor of Economics Emeritus, University of Virginia Former President, BIRR Portfolio

More information

ijcrb.webs.com INTERDISCIPLINARY JOURNAL OF CONTEMPORARY RESEARCH IN BUSINESS AUGUST 2012 VOL 4, NO 4

ijcrb.webs.com INTERDISCIPLINARY JOURNAL OF CONTEMPORARY RESEARCH IN BUSINESS AUGUST 2012 VOL 4, NO 4 IMPORTANCE OF INVESTMENT FOR ECONOMIC GROWTH: EVIDENCE FROM PAKISTAN Najid Ahmad*, Muhammad luqman**, Muhammad Farhat Hayat* *Bahauddin Zakariya University, Multan, Sub-Campus Dera Ghazi Khan, Pakistan

More information

Debt and Economic Growth in Developing Countries: Jordan as a Case Study

Debt and Economic Growth in Developing Countries: Jordan as a Case Study International Journal of Economics and Finance; Vol. 7, No. 3; 2015 ISSN 1916-971X E-ISSN 1916-9728 Published by Canadian Center of Science and Education Debt and Economic Growth in Developing Countries:

More information

Relative Effectiveness of Fiscal and Monetary Policies in Nigeria

Relative Effectiveness of Fiscal and Monetary Policies in Nigeria Asian Journal of Social Science Studies; Vol. 2, No. 1; 2017 ISSN 2424-8517 E-ISSN 2424-9041 Published by July Press Relative Effectiveness of Fiscal and Monetary Policies in Nigeria David Iheke Okorie

More information

The Impact of Credit Risk Management in the Profitability of Albanian Commercial Banks During the Period

The Impact of Credit Risk Management in the Profitability of Albanian Commercial Banks During the Period European Journal of Sustainable Development (2016), 5, 3, 445-452 ISSN: 2239-5938 Doi: 10.14207/ejsd.2016.v5n3p445 The Impact of Credit Risk Management in the Profitability of Albanian Commercial Banks

More information

Regression with Earning Management Variable

Regression with Earning Management Variable EUROPEAN ACADEMIC RESEARCH Vol. VI, Issue 2/ May 2018 ISSN 2286-4822 www.euacademic.org Impact Factor: 3.4546 (UIF) DRJI Value: 5.9 (B+) Regression with Earning Management Variable Dr. SITI CHANIFAH, SE.

More information

IMPACT OF MACROECONOMIC VARIABLE ON STOCK MARKET RETURN AND ITS VOLATILITY

IMPACT OF MACROECONOMIC VARIABLE ON STOCK MARKET RETURN AND ITS VOLATILITY 7 IMPACT OF MACROECONOMIC VARIABLE ON STOCK MARKET RETURN AND ITS VOLATILITY 7.1 Introduction: In the recent past, worldwide there have been certain changes in the economic policies of a no. of countries.

More information

Journal of Chemical and Pharmaceutical Research, 2014, 6(6): Research Article

Journal of Chemical and Pharmaceutical Research, 2014, 6(6): Research Article Available online www.jocpr.com Journal of Chemical and Pharmaceutical Research, 2014, 6(6):1179-1183 Research Article ISSN : 0975-7384 CODEN(USA) : JCPRC5 Empirical research on the bio-pharmaceutical listed

More information

AN EMPIRICAL ANALYSIS OF THE PUBLIC DEBT RELEVANCE TO THE ECONOMIC GROWTH OF THE USA

AN EMPIRICAL ANALYSIS OF THE PUBLIC DEBT RELEVANCE TO THE ECONOMIC GROWTH OF THE USA AN EMPIRICAL ANALYSIS OF THE PUBLIC DEBT RELEVANCE TO THE ECONOMIC GROWTH OF THE USA Petar Kurečić University North, Koprivnica, Trg Žarka Dolinara 1, Croatia petar.kurecic@unin.hr Marin Milković University

More information

The Impacts of Financial Crisis on Pakistan Economy: An Empirical Approach

The Impacts of Financial Crisis on Pakistan Economy: An Empirical Approach International Journal of Empirical Finance Vol. 4, No. 5, 2015, 258-269 The Impacts of Financial Crisis on Pakistan Economy: An Empirical Approach Khalid Mughal 1, Irfan Khan 2, Farhat Usman 3 Abstract

More information