|Author||Puaha, Chin-Hong ♦ Jayaramanb, T. K.|
|Subject Domain (in DDC)||Computer science, information & general works ♦ Data processing & computer science|
|Subject Keyword||Macroeconomic Activity ♦ Stock Price ♦ South Pacific Island Economy ♦ Short-run Deviation ♦ Exchange Rate ♦ Long-run Equilibrium Relationship ♦ Interest Rate ♦ Stock Price Index ♦ Error-correction Model ♦ Long-run Equilibrium Level ♦ Empirical Result ♦ Time Series Data ♦ Single Vector ♦ Real Economic Activity ♦ Explanatory Variable ♦ Causal Relationship ♦ Capital Stock Price ♦ Real Output|
|Abstract||This paper investigates whether there is any causal relationship between capital stock prices and macroeconomic activities in Fiji. The empirical results show that all the time series data are nonstationary and cointegrated with a single vector. All the explanatory variables have been found to contribute to the long-run equilibrium relationship. The estimation of the error-correction model further confirms that the stock price index is cointegrated with real economic activities in the long run, and it adjusts rather fast from short-run deviations towards long-run equilibrium level. Except for interest rate, real output, M2 and exchange rate do Granger cause stock prices in the short-run.|
|Educational Role||Student ♦ Teacher|
|Age Range||above 22 year|
|Education Level||UG and PG ♦ Career/Technical Study|
|Learning Resource Type||Article|
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