Emmanuel Anoruo | Coppin State University (original) (raw)

Papers by Emmanuel Anoruo

This paper examines the relationship between housing and stock market returns for the United Stat... more This paper examines the relationship between housing and stock market returns for the United States using the cointegration analysis and the GARCH enhanced VECM. The results suggest that the two series are cointegrated. The results from the GARCH enhanced VECM indicate the presence of spillover effect from the stock market to the housing market but not vice versa. Taken together,

The Iup Journal of Monetary Economics, 2007

This paper examines the validity of the permanent income hypothesis for a group of 12 African cou... more This paper examines the validity of the permanent income hypothesis for a group of 12 African countries using cointegration procedures. Specifically, this paper utilizes the bounds cointegration test proposed by Pesaran et al. (2001) and the C/S procedure advanced by Gregory and Hansen (1996). In addition, the study implements the fully modified OLS model (FMOLS) to determine the long-run relationship

International Journal of Economics and Financial Issues, Nov 28, 2013

This paper uses nonlinear unit root testing procedures to examine the issue of inflation converge... more This paper uses nonlinear unit root testing procedures to examine the issue of inflation convergence for the Central African Economic and Monetary Community (CEMAC) member states including Cameron, Central African Republic, Chad, Equatorial Guinea, Gabon and the Republic of Congo. The results from nonlinear STAR unit root tests suggest that inflation differentials for the sample countries are nonlinear and mean reverting processes. These results provide evidence of inflation convergence among countries within CEMAC. The finding of inflation convergence indicates the feasibility of a common monetary policy and/or inflation targeting regime within CEMAC.

Upon the discovering of nonlinear behavior of exchange in developed countries, Middle East and As... more Upon the discovering of nonlinear behavior of exchange in developed countries, Middle East and Asian regions in the recent literature, whether or not the African region is an exception remains an interesting but unaddressed issue. In this respect, this study demonstrates, via formal linearity test, that all the 13 selected African real exchange rates are also nonlinearly behaved. Further investigation through nonlinear stationary tests reveals that 11 of them are nonlinear stationary. The major implications of these results include: First, that there is a long run cointegration relationship between the bilateral nominal exchange rates and their corresponding relative prices thereby validating the long run PPP in the African region. Second, the bilateral nominal exchange rates are mean reverting towards the PPP equilibrium positions. As such relative prices may be regarded as effective tool in evaluating the current alignment or misalignment of African exchange rate and hence forecas...

Recurring and massive current account deficits are troublesome especially for developing African ... more Recurring and massive current account deficits are troublesome especially for developing African countries that rely on foreign capital. The conventional wisdom holds that persistent deficits impose taxes on future generations and lead to high interest rates. Given their policy implications, this paper uses panel cointegration tests and the fully modified OLS estimation techniques to explore the sustainability of current account deficits among 15 African countries. The results from the panel fully modified OLS estimates suggest that the current deficits are not sustainable among the sample countries. However, on country-by-country basis, Nigeria appears to be the only country that has the ability to meet its external intertemporal balance requirement. Taken together, the results suggest that for most of the sample countries, the current account deficits are not sustainable with the exception of Nigeria.

Journal of Economic Studies, 2012

International Journal of Social …, Jan 1, 2006

Purpose The paper attempts to empirically assess whether GDP per capita or the human capital in... more Purpose The paper attempts to empirically assess whether GDP per capita or the human capital index is a better measure of happiness. Design/methodology/approach Cross-country regressions are run to see how GDP per capita fairs in comparison to the human capital index ...

In this article, we have estimated a neo-classical model of investment augmented with real rate o... more In this article, we have estimated a neo-classical model of investment augmented with real rate of interest to proxy the user cost of capital for Bangladesh. Our results reveal that there is a equilibrium relationship between investment output ratio, real output and real rate of interest. The long run relationship persists even in the presence of structural breaks in the

Page 1. Review of Applied Economics, Vol. 1, No. 2, (2005) : 239-254 * Corresponding author, Daem... more Page 1. Review of Applied Economics, Vol. 1, No. 2, (2005) : 239-254 * Corresponding author, Daemen College, 4380 Main Street, Amherst, NY, USA, E-mail: wdipietr@ daemen.edu ** Coppin State University, Baltimore, Maryland ...

Journal of Policy Modeling, 2006

More and more countries are turning to export promotion as an effective strategy for development.... more More and more countries are turning to export promotion as an effective strategy for development. If creative activity facilitates exports, then, in order to enhance exports, it may be worthwhile for a country to focus at least a portion of its energy toward establishing a favorable environment for creativity. This paper hypothesizes that there is a positive relationship between a country's export performance and a country's creative activity. It uses simple cross-country regression analysis to test whether creativity and its four components, innovation, technology, technology transfer, and business startups, have any impact on the total value of a country's exports and on the composition of a country's exports.

Global Finance Journal, 2007

This paper investigates the behavior of four Latin American closed-end country funds -Argentina, ... more This paper investigates the behavior of four Latin American closed-end country funds -Argentina, Brazil, Chile and Mexicoin the context of the 1994 Mexican and 1997 Asian financial crises. A vector error correction model that imposes a bivariate GARCH-M framework is used to examine volatility spillover and cross-border relationships between each fund's share price (SP) and its underlying net asset value (NAV). Several important results emerge: (a) consistent with the notion of market efficiency, NAV and SP of each fund share a long-run equilibrium relationship; (b) the Mexico Fund plays an influential role during the crises as its NAV and SP influence each other and, furthermore, its discounts, and those of Argentina, exert a strong impact on the movements in the other funds' discounts; and (c) cross-border volatility spillover has a significant impact on changes in NAV and SP. The results of the study provide insights into the differential investor sentiment hypothesis and the evolution of fund discounts in the presence of economic shocks.

Journal of Economics and Finance, 2003

This study investigates the behavior of nine Asian closed-end country funds traded on the NYSE ov... more This study investigates the behavior of nine Asian closed-end country funds traded on the NYSE over the period 1990–2001. The results indicate that fund discounts follow a mean-reverting process and, furthermore, display various cross-border patterns of influence that are contingent on the period examined. Notably, for the overall period, the Korean Fund exhibits the strongest market leadership. However, in the period following the Asian financial crisis, movements in the Thai Fund's discount have the strongest influence on, and responsiveness from, the other country funds.

Kyklos, 2008

This paper uses regression analysis to investigate the relationship between military expenditure ... more This paper uses regression analysis to investigate the relationship between military expenditure and stock market performance for the United States and the United Kingdom. Specifically, the study applies the Bierens-Guo unit root procedures to ascertain the time series properties of the variables in the study. The standard OLS technique is employed to determine the influence of military expenditure on stock markets for the period 1914 through 2001. The results from the unit root tests indicate that the military expenditure, military personnel, stock market, and energy consumption series are level stationary. The results from the OLS equations suggest that military expenditure has significantly positive effect on stock market performance for the United States and the United Kingdom. The implication of this finding is that high-income class and people in power are less likely to oppose increases in military spending even though such expenditures are not in the best interest of the society.

Identifying determinants of income distribution is in itself of significant importance as well as... more Identifying determinants of income distribution is in itself of significant importance as well as being a necessary precondition for appropriate policy design. The United States is the strongest military power in the world and one of the world's biggest arms merchants. Given the overwhelming ...

Journal of Asian Economics, 1998

International Journal of Social Economics, 2006

In the popular media, trade is quite often being used as a whipping boy and blamed for increased ... more In the popular media, trade is quite often being used as a whipping boy and blamed for increased worldwide inequality. Is trade actually a source of greater income inequality around the world? What does the data show? Is there any reason to suspect trade as a major villain on the international scene? Does the data show that there is correlation between trade and inequality? To address these questions, this paper uses regression analysis to investigate whether there is any association between either the amount or the spread of international trade and two important dimensions of global income inequality, namely -income inequality between and within nations.