Foreign Reserves and Economic Growth: Granger Causality Analysis with Panel Data

This paper will investigate the Granger causality between foreign reserves and economic growth in twenty largest reserves-holding countries ranging from 1980 to 2008. The method of first-differencing each variable is used to estimate the panel data VAR equations for Granger causality test. The results show the foreign reserves unilaterally Granger cause economic growth only in the emerging countries. In the advanced countries, there is no Granger causal relation between foreign reserves and economic growth.

Cylindrical contact homology of subcritical Stein-fillable contact manifolds

We use contact handle decompositions and a stabilization process to compute the cylindrical contact homology of a subcritical Stein-fillable contact manifold with vanishing first Chern class, and show that it is completely determined by the homology of a subcritical Stein-filling of the contact manifold.Comment: Published by Geometry and Topology at http://www.maths.warwick.ac.uk/gt/GTVol8/paper34.abs.html Version 2: correction to acknowledgement

Mean Reversion of Balance of Payments¡GEvidence from Sequential Trend Break Unit Root Tests

We analyze the G7 countries data set of real balance of payments series. The unit root tests with an endogenously determined break date in the trend function proposed by Zivot and Andrews (1992) is employed to characterize the balance of payments series. The empirical results show that allowing for a break in the trend function could alter the outcome of the standard unit root tests for some series.Balance of payments