September 2013
Banking crises and inflation dynamics in the West Africa Monetary Zone (WAMZ)
This paper examines the impact of banking crises on inflation in West Africa Monetary Zone (WAMZ) from 1970 to 2012. It adopts the modified monetarist theory of inflation that is based on dynamic panel estimation technique to analyze the dynamics of inflation and banking crises. The paper indicates that banking crises increases the rate of inflation in WAMZ. The study concludes that incessant banking crises...
September 2013
Sources of real exchange rate volatility in the Ghanaian economy
Real exchange rate volatility is an important contributor to risks in the financial world. During periods of excessive fluctuations in exchange rates, foreign trade and investments could be affected negatively. The objective of this study is to determine the sources of exchange rate volatility in Ghana. The methodology employed is a dynamic econometric technique based on the Autoregressive Distributed Lag...
September 2013
Regimes Markov models with endogenous transition probabilities: Modeling fluctuations in Tunisia
This paper is an advanced analysis of the cyclical industry in Tunisia by taking the transition probabilities as endogenous in a Markov switching framework. Using Matlab programming of the Gibbs algorithm, Bayesian analysis allowed us to deal with the hidden Markov process withvariable transition probabilities. Showing a persistent state, we...
September 2013
Determinants of domestic saving in Ethiopia: An autoregressive distributed lag (ARDL) bounds testing approach
The objective of this paper was to investigate the determinants of domestic saving in Ethiopia using time series annual data form 1970/71-2010/11. In this study, effort has been made to identify the long run and short run determinants of domestic saving in Ethiopia using an ARDL bounds testing Approach and Error correction model (ECM) to capture both short run and long run relationships. The Estimated results...
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