Empirical Evidence on the Asymmetric Relationship between Bond and REIT Returns

Anoruo, Emmanuel; Elike, Uchenna

doi:10.5430/ijfr.v6n3p1

Cited by 8 publications

(4 citation statements)

References 34 publications

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“…The asymmetric effects literature, for example, Balke and Fomby (1997), Kapetanios et al (2006), and Psaradakis et al (2004), emphasizes that the information conveyed by linear models is insufficient to permit a strong inference or to yield reliable forecasts (Shin et al, 2014). Anoruo and Elike (2015) highlight that the key economic variables, such as prices and real GDP, exhibit nonlinear properties. Hence, examining the asymmetric effects of the tourism elasticities offers better tourism policy guidelines compared to assuming simple linear relationships.…”

Section: Introductionmentioning

confidence: 99%

Is the tourism–growth relationship asymmetric in the Cook Islands? Evidence from NARDL cointegration and causality tests

Kumar

et al. 2019

Tourism Economics

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We examine whether tourism sector development measured by visitor arrivals per capita has asymmetric growth effects in the Cook Islands using quarterly data from 2010Q1 to 2016Q3. Asymmetric cointegration, long-run elasticities, and dynamic multipliers are estimated using the nonlinear autoregressive distributed lag model developed by Shin et al. Asymmetric causality testing is done using the asymmetric vector autoregression approach with insights from Hatemi-J. We identify structural breaks using the Lee and Strazicich multiple endogenous structural break unit root test. The results indicate that a 1% increase in visitor arrivals would increase gross domestic product (GDP) per capita by 0.92%, whereas a 1% decrease in visitor arrivals would decrease GDP per capita by 0.34%. The identified breaks, 2013Q2 and 2015Q3, are positive and significant in the short run only. The causality result confirms a bidirectional association, thus mutually reinforcing the asymmetric relationship between visitor arrivals and economic growth.

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Section: Introductionmentioning

confidence: 99%

Is the tourism–growth relationship asymmetric in the Cook Islands? Evidence from NARDL cointegration and causality tests

Kumar

et al. 2019

Tourism Economics

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“…In the same vein, Gundlach confirmed this finding using a growth model, the results of which showed that human capital formation has a positive effect on output per worker twice as high as the effect of physical capital formation [4]. And Anoruo and others developed a model that supported a positive two-way causal relationship between economic growth and human capital [5]. And Siddiqui and others found that differences in growth rates between countries are attributed to differences in levels of educational progress [6].…”

Section: Literature Reviewmentioning

confidence: 76%

Evaluating the Relationship Between Education Spending and Economic Growth in Egypt: An ARDL Model Analysis

Abdelgany,

Mohamed,

Rashed

2024

IJEFM

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Education plays a pivotal role in driving economic growth, acting as a catalyst for human capital development and fostering innovation. Additionally, investing in education cultivates a skilled workforce, which not only attracts foreign investment but also enhances economic growth by bolstering competitiveness and market efficiency. Ultimately, these factors positively impact the standard of living, reflecting the interconnectedness between education, economic prosperity, and quality of life. This research comes to evaluate the impact of spending on education on the standard of living and then on economic growth in Egypt. The research is centered on employing a quantitative approach to assess the influence of education on economic growth. Additionally, it includes a descriptive analysis of variables and the presentation of results to provide a comprehensive understanding. The research functions the Auto Regressive Distributed Lag (ARDL) Bounds testing method in examining the cointegration from 1990 to 2021 based on annual time series data in Egypt. The research utilizes the numbers of classes in schools in the three educational stages (primary - preparatory - secondary) and the number of students enrolled in theoretical and practical colleges. The findings affirm that expenditure on education across all levels has a positive impact on economic growth in Egypt, albeit weak. This trend is attributed to the reduction in education spending relative to the growing number of students.

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“…Their panel statistics have the ability to increase the power of Granger non-causality when both time and cross-sectional units are small. When cross-sectional dependence exists, this test produces unbiased results (Anoruo & Elike, 2015).…”

Section: Causality Testmentioning

confidence: 99%

Investigating the Role of Regional Economic Integration on Growth: Fresh Insights from South Asia

Shah

2020

Global Journal of Emerging Market Economies

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Regional economic integration is the key to achieving prosperity and stability. However, intra-regional trade in South Asia accounts for not more than 5%–6% of their total trade. This study aims to examine the role played by regional economic integration in determining the economic growth of South Asian countries over the period 1980–2015. Since shocks in one country may affect another country in the region, this is taken into account in the article by employing methodologies that are robust to cross sectional dependence. Specifically, continuously-updated and bias-corrected (CupBC) of Bai et al. (2009) and Dumitrescu–Hurlin panel causality test (2012) have been employed to estimate long-run coefficients and determine the direction of relationship among the variables, respectively. The findings suggest that economic integration increases economic growth significantly in this region. However, contrary to popular belief, both democracy and human capital are negatively related to economic growth. Bidirectional causality is found between economic integration and democracy, regional integration and human capital, democracy and human capital and, democracy and labor. This study also presents several policy implications for South Asian countries.

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Empirical Evidence on the Asymmetric Relationship between Bond and REIT Returns

Cited by 8 publications

References 34 publications

Is the tourism–growth relationship asymmetric in the Cook Islands? Evidence from NARDL cointegration and causality tests

Is the tourism–growth relationship asymmetric in the Cook Islands? Evidence from NARDL cointegration and causality tests

Evaluating the Relationship Between Education Spending and Economic Growth in Egypt: An ARDL Model Analysis

Investigating the Role of Regional Economic Integration on Growth: Fresh Insights from South Asia

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