Sel Dibooglu - Academia.edu (original) (raw)

Papers by Sel Dibooglu

Research paper thumbnail of Theme issue on endogenous vs. exogenous growth

Knowledge, Technology & Policy, 2001

Research paper thumbnail of Long-Run Economic Growth: An Interdisciplinary Approach

SSRN Electronic Journal, 2001

Economic growth and development is a complicated process that falls into the domain of many disci... more Economic growth and development is a complicated process that falls into the domain of many disciplines in social sciences and humanities. It is natural then to study fundamental aspects of economic growth synthesizing research in relevant fields. In this short paper, we argue that this has rarely been the case in the economic growth literature. We briefly discuss past growth

Research paper thumbnail of Long-Run Purchasing Power Parity with Asymmetric Adjustment

Tests of purchasing power parity (PPP) that use panel data are more supportive of the theory than... more Tests of purchasing power parity (PPP) that use panel data are more supportive of the theory than are bilateral tests. The article uses threshold cointegration to explore long-run PPP. Using data from the post-Bretton Woods period, we show that cointegration with threshold adjustment holds for a number of European countries on a bilateral basis. Focusing on France and Germany as

Research paper thumbnail of Sources of inflation and output fluctuations in Poland and Hungary: Implications for full membership in the European Union

SSRN Electronic Journal, 2001

This paper examines the sources of fluctuations in inflation and output in two leading transition... more This paper examines the sources of fluctuations in inflation and output in two leading transitioneconomy candidates for admission to the European Union (EU), Poland and Hungary. Using a rational expectations, dynamic open economy aggregate supply- aggregate demand model, we consider real oil price, supply, balance of payments, demand, and monetary disturbances incorporating important features of transition economies such as balance

Research paper thumbnail of Inflation, Output, and Stabilization in a High Inflation Economy: Turkey, 1980-2000

SSRN Electronic Journal, 2001

This paper surveys and examines the sources of fluctuations in inflation and output in Turkey. Us... more This paper surveys and examines the sources of fluctuations in inflation and output in Turkey. Using a dynamic open economy aggregate supply - aggregate demand model with imperfect capital mobility and structural vector-autoregressions, the authors consider real oil price, supply, balance of payments, real demand, and monetary disturbances. Empirical results indicate that inflation is driven by monetary and real demand

Research paper thumbnail of Inflation, Output, and Stabilization in a High Inflation Economy: Turkey, 1980-2000

SSRN Electronic Journal, 2000

Research paper thumbnail of Contagion Effects from the 1994 Mexican Peso Crisis: Evidence from Chilean Stocks

The Financial Review, 2002

The contagion, or informational spillover, effects of the 1994 peso crisis from the Mexican marke... more The contagion, or informational spillover, effects of the 1994 peso crisis from the Mexican market to the Chilean market, and to the Chilean American Depository Receipts (ADRs) trading in the U.S., are examined. Significant excess returns are observed for Chilean stocks for the event dates of the Mexican Peso crisis, providing evidence of contagion effects. Significant excess returns on these Chilean ADRs are also observed for each of the five event dates associated with the Peso crisis, suggesting that the contagion effects spilled over to the ADRs. A multiple regression model shows that the spillover contagion effects were very efficiently transmitted from the Mexican market to the Chilean market to the Chilean ADRs. Multifactor

Research paper thumbnail of Long-run economic growth: An interdisciplinary approach

Knowledge, Technology & Policy, 2001

Economic growth and development is a complicated process that falls into the domain of many disci... more Economic growth and development is a complicated process that falls into the domain of many disciplines in social sciences and humanities. It is natural then to study fundamental aspects of economic growth synthesizing research in relevant fields. In this short paper, we argue that this has rarely been the case in the economic growth literature. We briefly discuss past growth theories and empirics, and present a broad framework to compare and evaluate work on economic growth from an interdisciplinary perspective.

Research paper thumbnail of Sources of Real Exchange Rate Fluctuations in Transition Economies: The Case of Poland and Hungary

Journal of Comparative Economics, 2001

conjecture about the path of real exchange rates in two successful transition economies, Hungary ... more conjecture about the path of real exchange rates in two successful transition economies, Hungary and Poland. He argues that, as a result of the very diverse fiscal and monetary policies to be found among these economies, real exchange rates in some economies should follow a path that mirrors mainly the effect of real shocks and others a path reflecting the monetary shocks. To test this hypothesis, we use a popular structural VAR model and, assuming long-run neutrality of nominal shocks, we decompose real exchange rate and price movements into those attributable to real and nominal shocks. Using monthly data from 1990 to 1999 for Hungary and Poland, we find that nominal shocks had a major influence in explaining real exchange rate movements in Poland, while real shocks had a larger influence on real exchange rate movements in Hungary.

Research paper thumbnail of OPTIMUM CURRENCY AREAS AND EUROPEAN MONETARY UNIFICATION

Contemporary Economic Policy, 1997

... Dibooglu: Department of Economics, Southern Illinois University at Carbondale; 1-618-453-5346... more ... Dibooglu: Department of Economics, Southern Illinois University at Carbondale; 1-618-453-5346 Fax 1-618-453-2717; E-mail dibo@siu.edu Homth: Department of Economics, Southern Illinois University at Carbondale amd CERGE-EI, Charles University, Prague, Czech ...

Research paper thumbnail of The Impact of the US and Japanese Economies on Korea and Malaysia after the Plaza Accord

Asian Economic Journal, 1999

This paper investigates the influence of the US and Japanese macroeconomic shocks on output in Ko... more This paper investigates the influence of the US and Japanese macroeconomic shocks on output in Korea and Malaysia before and after the Plaza Accord. This is done by using a cointegration/error-correction model in seven variables, consisting of world oil price, US and Japanese outputs and money supplies, domestic money and domestic output. Our results show that foreign shocks account for a higher proportion of output variability in Korea and Malaysia after the Plaza Accord. An interesting finding is that the influence of the US economy on Korea and Malaysia has declined while the Japanese influence has increased.

Research paper thumbnail of The behavior of the real exchange rate under fixed and floating exchange rate regimes

In this paper we examine the stability of the real exchange rate and the macroeconomic effects of... more In this paper we examine the stability of the real exchange rate and the macroeconomic effects of alternative exchange-rate regimes, including currency union, on real exchange-rate behaviour. We focus on the Irish punt in order to exploit its diversity of experience over different nominal exchange rate regimes. We make both temporal and cross-country comparisons of real-exchange-rate stability for the Irish punt with sterling, the US dollar and the German mark. We reach two conclusions on the basis of our results. The first is that for Ireland, as for most other countries, purchasing power parity pr ovides a reasonably good description of actual exchange rate behaviour over the long run. Our second principal conclusion concerns regime effects. Currency union appears to matter. The real exchange r ates we analyse are unambiguously less variable under curr ency union than under alternative exchange-rate systems. Otherwise, however, we find no clear -cut differences in behaviour across r egimes.

Research paper thumbnail of Sources of real and nominal exchange rate fluctuations in transition economies

This paper provides an empirical inquiry into the sources of movements of the real and nominal ex... more This paper provides an empirical inquiry into the sources of movements of the real and nominal exchange rates in Hungary and Poland for during the 1990:01-1998:02 period. We decompose the exchange rate movements into those attributable to real and nominal shocks, we find that (1) nominal shocks have played a significant role in Poland, but not in Hungary, in explaining

Research paper thumbnail of How Does the Spirit of Capitalism Affect Stock Market Prices?

Review of Financial Studies, 2001

Page 1. How Does the Spirit of Capitalism Affect Stock Market Prices? William T. Smith University... more Page 1. How Does the Spirit of Capitalism Affect Stock Market Prices? William T. Smith University of Memphis Bakshi and Chen (1996b) suggest that the spirit of capitalism affects stock prices by increasing society's aversion ...

Research paper thumbnail of Theme issue on endogenous vs. exogenous growth

Knowledge, Technology & Policy, 2001

Research paper thumbnail of Long-Run Economic Growth: An Interdisciplinary Approach

SSRN Electronic Journal, 2001

Economic growth and development is a complicated process that falls into the domain of many disci... more Economic growth and development is a complicated process that falls into the domain of many disciplines in social sciences and humanities. It is natural then to study fundamental aspects of economic growth synthesizing research in relevant fields. In this short paper, we argue that this has rarely been the case in the economic growth literature. We briefly discuss past growth

Research paper thumbnail of Long-Run Purchasing Power Parity with Asymmetric Adjustment

Tests of purchasing power parity (PPP) that use panel data are more supportive of the theory than... more Tests of purchasing power parity (PPP) that use panel data are more supportive of the theory than are bilateral tests. The article uses threshold cointegration to explore long-run PPP. Using data from the post-Bretton Woods period, we show that cointegration with threshold adjustment holds for a number of European countries on a bilateral basis. Focusing on France and Germany as

Research paper thumbnail of Sources of inflation and output fluctuations in Poland and Hungary: Implications for full membership in the European Union

SSRN Electronic Journal, 2001

This paper examines the sources of fluctuations in inflation and output in two leading transition... more This paper examines the sources of fluctuations in inflation and output in two leading transitioneconomy candidates for admission to the European Union (EU), Poland and Hungary. Using a rational expectations, dynamic open economy aggregate supply- aggregate demand model, we consider real oil price, supply, balance of payments, demand, and monetary disturbances incorporating important features of transition economies such as balance

Research paper thumbnail of Inflation, Output, and Stabilization in a High Inflation Economy: Turkey, 1980-2000

SSRN Electronic Journal, 2001

This paper surveys and examines the sources of fluctuations in inflation and output in Turkey. Us... more This paper surveys and examines the sources of fluctuations in inflation and output in Turkey. Using a dynamic open economy aggregate supply - aggregate demand model with imperfect capital mobility and structural vector-autoregressions, the authors consider real oil price, supply, balance of payments, real demand, and monetary disturbances. Empirical results indicate that inflation is driven by monetary and real demand

Research paper thumbnail of Inflation, Output, and Stabilization in a High Inflation Economy: Turkey, 1980-2000

SSRN Electronic Journal, 2000

Research paper thumbnail of Contagion Effects from the 1994 Mexican Peso Crisis: Evidence from Chilean Stocks

The Financial Review, 2002

The contagion, or informational spillover, effects of the 1994 peso crisis from the Mexican marke... more The contagion, or informational spillover, effects of the 1994 peso crisis from the Mexican market to the Chilean market, and to the Chilean American Depository Receipts (ADRs) trading in the U.S., are examined. Significant excess returns are observed for Chilean stocks for the event dates of the Mexican Peso crisis, providing evidence of contagion effects. Significant excess returns on these Chilean ADRs are also observed for each of the five event dates associated with the Peso crisis, suggesting that the contagion effects spilled over to the ADRs. A multiple regression model shows that the spillover contagion effects were very efficiently transmitted from the Mexican market to the Chilean market to the Chilean ADRs. Multifactor

Research paper thumbnail of Long-run economic growth: An interdisciplinary approach

Knowledge, Technology & Policy, 2001

Economic growth and development is a complicated process that falls into the domain of many disci... more Economic growth and development is a complicated process that falls into the domain of many disciplines in social sciences and humanities. It is natural then to study fundamental aspects of economic growth synthesizing research in relevant fields. In this short paper, we argue that this has rarely been the case in the economic growth literature. We briefly discuss past growth theories and empirics, and present a broad framework to compare and evaluate work on economic growth from an interdisciplinary perspective.

Research paper thumbnail of Sources of Real Exchange Rate Fluctuations in Transition Economies: The Case of Poland and Hungary

Journal of Comparative Economics, 2001

conjecture about the path of real exchange rates in two successful transition economies, Hungary ... more conjecture about the path of real exchange rates in two successful transition economies, Hungary and Poland. He argues that, as a result of the very diverse fiscal and monetary policies to be found among these economies, real exchange rates in some economies should follow a path that mirrors mainly the effect of real shocks and others a path reflecting the monetary shocks. To test this hypothesis, we use a popular structural VAR model and, assuming long-run neutrality of nominal shocks, we decompose real exchange rate and price movements into those attributable to real and nominal shocks. Using monthly data from 1990 to 1999 for Hungary and Poland, we find that nominal shocks had a major influence in explaining real exchange rate movements in Poland, while real shocks had a larger influence on real exchange rate movements in Hungary.

Research paper thumbnail of OPTIMUM CURRENCY AREAS AND EUROPEAN MONETARY UNIFICATION

Contemporary Economic Policy, 1997

... Dibooglu: Department of Economics, Southern Illinois University at Carbondale; 1-618-453-5346... more ... Dibooglu: Department of Economics, Southern Illinois University at Carbondale; 1-618-453-5346 Fax 1-618-453-2717; E-mail dibo@siu.edu Homth: Department of Economics, Southern Illinois University at Carbondale amd CERGE-EI, Charles University, Prague, Czech ...

Research paper thumbnail of The Impact of the US and Japanese Economies on Korea and Malaysia after the Plaza Accord

Asian Economic Journal, 1999

This paper investigates the influence of the US and Japanese macroeconomic shocks on output in Ko... more This paper investigates the influence of the US and Japanese macroeconomic shocks on output in Korea and Malaysia before and after the Plaza Accord. This is done by using a cointegration/error-correction model in seven variables, consisting of world oil price, US and Japanese outputs and money supplies, domestic money and domestic output. Our results show that foreign shocks account for a higher proportion of output variability in Korea and Malaysia after the Plaza Accord. An interesting finding is that the influence of the US economy on Korea and Malaysia has declined while the Japanese influence has increased.

Research paper thumbnail of The behavior of the real exchange rate under fixed and floating exchange rate regimes

In this paper we examine the stability of the real exchange rate and the macroeconomic effects of... more In this paper we examine the stability of the real exchange rate and the macroeconomic effects of alternative exchange-rate regimes, including currency union, on real exchange-rate behaviour. We focus on the Irish punt in order to exploit its diversity of experience over different nominal exchange rate regimes. We make both temporal and cross-country comparisons of real-exchange-rate stability for the Irish punt with sterling, the US dollar and the German mark. We reach two conclusions on the basis of our results. The first is that for Ireland, as for most other countries, purchasing power parity pr ovides a reasonably good description of actual exchange rate behaviour over the long run. Our second principal conclusion concerns regime effects. Currency union appears to matter. The real exchange r ates we analyse are unambiguously less variable under curr ency union than under alternative exchange-rate systems. Otherwise, however, we find no clear -cut differences in behaviour across r egimes.

Research paper thumbnail of Sources of real and nominal exchange rate fluctuations in transition economies

This paper provides an empirical inquiry into the sources of movements of the real and nominal ex... more This paper provides an empirical inquiry into the sources of movements of the real and nominal exchange rates in Hungary and Poland for during the 1990:01-1998:02 period. We decompose the exchange rate movements into those attributable to real and nominal shocks, we find that (1) nominal shocks have played a significant role in Poland, but not in Hungary, in explaining

Research paper thumbnail of How Does the Spirit of Capitalism Affect Stock Market Prices?

Review of Financial Studies, 2001

Page 1. How Does the Spirit of Capitalism Affect Stock Market Prices? William T. Smith University... more Page 1. How Does the Spirit of Capitalism Affect Stock Market Prices? William T. Smith University of Memphis Bakshi and Chen (1996b) suggest that the spirit of capitalism affects stock prices by increasing society's aversion ...