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论文作者:www.51lunwen.org论文属性:课程作业 Coursework登出时间:2015-11-10编辑:zhaotianyun点击率:11952
论文字数:4704论文编号:org201511062021495095语种:英语 English地区:中国价格:免费论文
摘要:这是一篇经济学专业留学生论文范文,本文主要讲述了费舍尔假说,并以印度为例。
In a more recent study, Berument and Jelassi (2002) conduct an across-the-board study of the fisher hypothesis by sampling a mix of 26 developing and developed countries, including India. They focus on finding a positive long-run linear relationship between nominal interest rates and expected rates of inflation (explanatory variable), by analysing the short-run movement of interest rates. The strength of the fisher effect was dependent on the coefficient estimate, a strong form of the fisher effect would be represented by a positive coefficient estimate equal to one, whereas a weak form would have an positive estimate but less than one. The authors find evidence for the strong form of the Fisher effect in 16 out of the 26 countries sampled, and establish that the amount of evidence supporting the Fisher hypothesis in developed countries is greater than that in developing countries. Berument Ceylan & Olgun (2007) extend previous empirical work by testing the strength of the Fisher hypothesis, and similarly try to establish a positive relationship between expected inflation and interest rates, but this time use a sample of 52 countries. They find that out of the 45 developing countries there was not enough evidence to support the fisher hypothesis in 22 of them, on the other hand they were able to find evidence of the fisher effect in all the G7 countries tested. Kasman, Kasman & Turgutlu (2005) use a similar fractional cointegration technique to those applied by Lardic and Mignon (2003) and Ghazali and Ramlee (2003) to validate the Fisher hypothesis in a mixture of 33 developed and developing countries, including India. Their motivation for using a fractional cointegration methodology in order to verify a long-run relationship between nominal interest rates and rates of inflation, is based on the idea that traditional cointegration techniques are not powerful enough to accurately describe the relationship between the two variables. Their findings could not show support for the majority of the countries tested when traditional cointegration tests were employed, but when fractional cointegration tests were employed a large majority of the countries displayed results in support of the Fisher hypothesis.
Gul (2007) observes the Fisher hypothesis in the context of the Turkish Economy. He employs the Johansen cointegration methodology and monthly interest and inflation rate data over the period 1990-2003. Gul (2007) is able to determine a long-run relationship between nominal interest rates and inflation but is unable to substantiate a one-for-one relationship between the two.
With Latin America countries being well known for their high levels of inflation, analysis of the fisher effect in these countries has been very popular. Jorgensen and Terra (2003) apply a VAR model utilizing 4 variables in order to assess the relationship between interest rates and inflation in seven key Latin American counties (Brazil, Chile, Peru, Mexico, Argentina, Colombia and Venezuela). Their results a本论文由英语论文网提供整理,提供论文代写,英语论文代写,代写论文,代写英语论文,代写留学生论文,代写英文论文,留学生论文代写相关核心关键词搜索。