Journal•ISSN: 1923-7529
Review of Economics and Finance
About: Review of Economics and Finance is an academic journal. The journal publishes majorly in the area(s): Business & Economics. It has an ISSN identifier of 1923-7529. Over the lifetime, 542 publications have been published receiving 1673 citations. The journal is also known as: Review of economics and finance.
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TL;DR: In this article, the authors examined the demand for money in Hungary using the autoregressive distributed lag (ARDL) cointegration framework and found that there is a unique cointegrated and stable long-run relationship among M1 real monetary aggregate, real income, inflation rate and nominal exchange rate.
Abstract: This study examines the demand for money in Hungary using the autoregressive distributed lag (ARDL) cointegration framework. The results based on the bounds testing procedure confirm that a stable, long-run relationship exists between demand for money and its determinants: real income, inflation rate and nominal exchange rate. The empirical results show that there is a unique cointegrated and stable long-run relationship among M1 real monetary aggregate, real income, inflation rate and nominal exchange rate. We find that the real income elasticity coefficient is positive while the inflation rate elasticity and nominal exchange rate are negative. This indicates that depreciation of domestic currency decreases the demand for money. Our results also reveal that after incorporating the CUSUM and CUSUMSQ tests, M1 money demand function is stable between 1995:1 and 2010:1.
74 citations
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TL;DR: In this paper, the determinants of bank long-term loan in the Central African Economic and Monetary Community (CEMAC) context were studied and the importance of supply side constraints in extending vital longterm credit to firms was highlighted.
Abstract: This paper studies the determinants of bank long-term loan in the Central African Economic and Monetary Community (CEMAC) context. The study aimed to test the common bank-level and macroeconomics determinants of bank long-term loan behavior. The model used is estimated using a sample of six countries from the CEMAC. We find that a banki¯s ability to extend long-term business loans depends on its size, capitalization, GDP growth and the availability of long term liabilities. These results underline the importance of supply side constraints in extending vital long-term credit to firms.
55 citations
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TL;DR: In this article, a vector error correction model is applied to empirically investigate and compare the influence of macroeconomic and real estate market variables on the level of non-performing loans in the three Baltic States.
Abstract: A vector error correction model is applied to empirically investigate and compare the influence of macroeconomic and real estate market variables on the level of non-performing loans in the three Baltic States. A secondary goal is to analyze the effect of constant loan portfolio growth on the level of non-performing loans in the related countries. The research indicates that the most significant reason for the growth of non-performing loans was caused by the changes in the real GDP in all the three Baltic States. The increasing influence of rapid loan portfolio growth proves the assumption that banks underestimated the changes in the macroeconomic variables during the analyzed periods, especially in Latvia. Rapid growth of the real estate market played an important role in Latvia and Lithuania, but it was not as crucial as it has been previously assumed in Estonia.
46 citations
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TL;DR: In this paper, the authors present an analysis of food tourism in the city of Cordoba (Spain) and its relation with the motivation, showing the connection between local cuisine and the satisfaction of tourists.
Abstract: Gastronomy is becoming a key factor in the competitiveness of tourist destinations. The aim of this paper is to present an analysis of food tourism in the city of Cordoba (Spain) and its relation with the motivation. Similarly, the paper shows the connection between local cuisine and the satisfaction of tourists. The main results of this study reflect the high level of education of this kind of travelers, the importance of gastronomy for visiting this city and the satisfaction with both the local food and the rest of the resources available to tourists in the city. The main implication of this study could be the opportunity to design a tourism product and to promote the destination through its gastronomy.
43 citations
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TL;DR: In this article, the authors examined the long-run relationship between energy consumption and economic growth for 80 developing countries from 1990 to 2009 and found that energy consumption had a positive and statistically significant impact on economic growth in the long run for these countries.
Abstract: The aim of this paper is to examine the long-run relationship between energy consumption and economic growth for 80 developing countries from 1990 to 2009. For this purpose, methods of panel unit root test, panel cointegration test and panel dynamic ordinary least squares (DOLS) are applied. These 80 countries are divided into three income groups, namely, upper middle income countries, lower middle income countries and low income countries. The empirical results reveal a long-run cointegrated relationship between energy consumption and economic growth for the whole panel of countries as well as for each group of countries. We find the strong relation running from energy consumption to economic growth for upper middle income countries and lower middle income countries, and a strong relation which runs from economic growth to energy consumption for low income countries. These findings clearly indicate that energy consumption had a positive and statistically significant impact on economic growth in the long-run for these countries.
37 citations