Causality

Under the HIPC initiatives and MDRI, 36 countries have been provided with more than 117 billion dollars in debt relief since 1997 (IMF/IDA, 2009). This unprecedented amount of relief was made possible by the convergence of views between a “triple helix” of actors from civil society, epistemic community and the international debt regime (Callaghy, 2001), who articulated the major arguments behind the birth of the HIPC initiatives. Among them, arguably the most influential one has been

An important finding from the dynamic models presented is that the error correction terms are statistically significant. JEL Classification: O11, E17, C52 Key Words: Monetary variables, Inflation, Vector Error Correction, Co-integration, Causality 1. Introduction Over the last decade, the Burundian economy has been subjected to a number of major adverse external shocks. The protracted internal conflict that erupted in 1993 has dramatically affected the performance of the economy which

economic branch levels in Cameroon. The econometric analysis shows that there is no Granger causality between production and electricity consumption and economic performance at the national level (GDP) and primary sector (agriculture value added). In secondary sector, it is production (measured as value added of industry) that Granger causes electricity consumption whilein the tertiary sector, the causality goes from electricity consumption to production (measured as value added of services). So,

MP A R Munich Personal RePEc Archive HETEROGENEITY OF THE CAUSALITY BETWEEN PUBLIC EXPENDITURE AND ECONOMIC GROWTH IN WAEMU COUNTRIES: WHAT ARE THE IMPLICATIONS FOR POLICY COORDINATION BUDGET HOUNKPODOTE, Hilaire and BATIONO, Rakissiwind´ e Ecole Nationale Sup´rieure de Statistique et d’Economie e Appliqu´e (ENSEA, Abidjan) e May 2009 Online at http://mpra.ub.uni-muenchen.de/26027/ MPRA Paper No. 26027, posted 20. October 2010 / 11:42 HETEROGENEITE DE LA CAUSALITE ENTRE DEPENSES PUBLIQUES

-100% to -3%; right tail 3% to 100%). The equation becomes ROA = α + β 1 Capt −1 + β 2 Capt − 2 + β 3 ROAt −1 + β 4 ROAt −1 + ε t , (3) In order to address the impact of performance and size on realized capital values, we reconstructed our causality tests using the same Tobit regressions of ROE on two periods of lagged values of capital, ROE the change in capital, and the log of assets lagged one period. This is represented by: T2 Two periods of lags were chosen: i) because banks issue relatively

of economic Literature, 31(3) :1358-1393. [10] Elbadawi, I. (1994). Estimating long-run equilibrium real exchange rates. Estimating equilibrium exchange rates, 3. [11] Erdil, E. and Yetkiner, I. H. (2005). A panel data approach for income-health causality. FNU-47. [12] Fischer, S. (2003). Globalization and its challenges. The American Economic Review, 93(2) :1-30. [13] Fisman, R. and Love, I. (2004). Financial development and intersectoral allocation: A new approach. The Journal of Finance, 59(6)

norms. Structure – 3 parts – introduction (strange things/events) dates – discussion of particular person – Nadja (extreme concentrates version of opening of book) and overall conclusion. Un chein andalou: Non linear time, non cyclical, lack of causality and continuity Surrealism negating modern western bourgeois way of life, critisizing it as it is not reality (dynamic, changing, unpredictable) Street life in surrealism – living spontaneous, real experience, Nadja is the spirit of the street

1939). Ses autres ouvrages sont: • The theory of wages (1932) • A contribution to the theory of the trade cycle (1950) • A revision of demand theory (1956) • A Theory of Economic History (1969) • The crisis in Keynesian economics (1974) • Causality in economics (1979) • A Market Theory of Money (1989)

produisent pas des sorties distinctes. Exemples : Les systèmes suivants sont-ils inversibles ou non ? a) 1 yt  L t  x   d  b) y  t   x2  t  c) y  t   x  t  to  d) y  t    2  cos  t   x  t   Causalité (causality) (système physique ou nonanticipatif Un système est dit causal si le signal de sortie dépend uniquement des valeurs présentes et passées du signal d'entrée. Physiquement si un phénomène (nommé cause) produit un autre phénomène (nommé effet), alors

series depend separately on their previous values, we proceeded to the test for cointegration between the variables. We have been able to accept the hypothesis of a long-term relationship between variables. In addition, there is a unidirectional causality running from GDP to electricity consumption but not the opposite. In other words it is the economic growth which explains electricity consumption in Madagascar’s case. These results reflect the low consumption in terms of electricity which characterizes