Staying vigilant of uncertainty to velocity of money: an application for oil‐producing countries

Şahin, Afşin

doi:10.1111/opec.12127

Cited by 7 publications

(5 citation statements)

References 56 publications

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“…This correlation is a U-shaped curve, which assists with determining the optimal proportion of public spending (Mohammad and Falahib 2018). During the economic turbulences, recessions, or deep crises, actors prefer to hold liquidity (Sahin 2018). The roles of public and private investments, economic growth, and the growth of the construction sector were observed by (Bahal et al 2018).…”

Section: Introductionmentioning

confidence: 99%

Construction Sector Role in Gross Fixed Capital Formation: Empirical Data from Russia

Stupnikova

Sukhadolets

2019

Economies

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The purpose of this study was to research and understand the interrelations between the growth of gross fixed capital formation (GFCF), the volume of construction industry, supply of interindustry balance, and amount of fixed-asset investments in Russia between 2000 and 2016. The autoregressive distributed-lagged (ARDL) bound testing methodology and regression analysis were applied to evaluate the cointegration and influence of construction industry volume on gross fixed-capital formation. Empirical studies on the role of the construction industry are at the forefront of economic research; however, ARDL modeling studies of GFCF have yet to be conducted in Russia. The study revealed a non-linear causation between construction industry volume and the growth in GFCF over a long time period. The correlation was stationary and cointegrated. Fixed investment positively affected gross fixed capital formation only in periods of economic expansion, whereas the effectiveness of fixed-asset investments had greater volatility in times of crisis. The construction industry was not practically affected by crisis shocks, demonstrating a permanent stationarity in the causal relationship with GFCF, whereas causal relations between GFCF and the supply of interindustry balance were absent. The results are important for further research in the field of economic growth, the development of a national budget and investment policy, as well as investment project selection.

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Section: Introductionmentioning

confidence: 99%

Construction Sector Role in Gross Fixed Capital Formation: Empirical Data from Russia

Stupnikova

Sukhadolets

2019

Economies

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“…According to ACF and LM statistics 8 test, residuals of the CLR Model 9 exhibits an autocorrelation problem. Breusch-Pagan-Godfrey 10 ARCH test 11 , White test 12 , and Harvey Test 13 indicate heteroscedasticity in the residuals (see Sahin, 2018).…”

Section: Clr Model Resultsmentioning

confidence: 99%

Cementing the Asymmetric Confluence of Exchange Rate and Stock Prices: NARDL Modeling for Kuwait

Şahin¹,

Mohamed²

2020

Cankiri Karatekin Universitesi Iktisadi Ve Idari Bilimler Fakultesi Dergisi

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“…Empirical economics indicates that the real policy interest rate has a substantial influence on macro-financial variables in emerging markets. Hikes increase the velocity of money (Sahin 2018), lower demand for cash (Sahin 2013), bind and snag investment, increase savings (Aliravci 2017), appreciate the domestic currency and lead to a wide deduction in net exports (Endut et al 2018;Bekaert and Hodrick 2014, p. 341).…”

Section: Introductionmentioning

confidence: 99%

Loom of Symmetric Pass-Through

Şahin

2019

Economies

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This paper analyzes the effects of the real policy interest rate on the banking sector lending rate, the deposit rate, real stock prices, and the real exchange rate using the Engle Granger cointegration method (EG), the vector error-correction model (VECM), and the nonlinear vector error-correction model (NVECM) with monthly Turkish data over the period January 2002–April 2018. (1) EG results indicate bivariate cointegration relationships between the real interest rate, lending rates, and the deposit rate. The real interest rate increases all lending rates, mainly the housing rate. However, the long-run coefficient for the real exchange rate is not statistically significant. The pass-through is higher for the deposit rate than for lending rates. Moreoever, real stock prices shrink substantially where the finance sector has been affected the most. (2) VECM results indicate a cointegration relationship between all the variables except for the real exchange rate, which has a statistically non-significant pass-through coefficient. The real interest rate has a noteworthy long-run positive effect on the housing loans lending rate compared to others. The affirmative effect on real stock prices is the highest for the technology sector. The short-run effect of the real interest rate on lending rates, real stock prices and the real exchange rate are statistically non-significant except for the overall stock price index, and the vehicle loans lending rate which has a higher coefficient than the deposit rate. (3) NVECM results allow testing of eleven hypotheses and highlight the symmetric relationship and the valid pass-through effect, and reject the strong exogeneity assumption for all variables.

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Staying vigilant of uncertainty to velocity of money: an application for oil‐producing countries

Cited by 7 publications

References 56 publications

Construction Sector Role in Gross Fixed Capital Formation: Empirical Data from Russia

Construction Sector Role in Gross Fixed Capital Formation: Empirical Data from Russia

Cementing the Asymmetric Confluence of Exchange Rate and Stock Prices: NARDL Modeling for Kuwait

Loom of Symmetric Pass-Through

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