This paper empirically examines the short-run and long-run causal relationship between stock market prices and exchange rates in Chinese stock markets using monthly data from January 2002 to December 2012 retrieved from the National Bureau of Statistics of the People's Republic of China. Unit root, cointegration tests, vector error correction estimates, block exogeneity Wald tests, impulse responses, variance decomposition techniques and structural break tests are employed. This study found 1) long-run causality from exchange rates to stock prices in Chinese stock markets and 2) short-run causality from Japanese yen and Korean won exchange rates to stock prices in the Shanghai Stock Exchange strongly prevails while in the Shenzhen Stock Exchange weakly prevails. The impact of the global financial crisis from 2007 to 2009 on Chinese stock markets was insignificant.
This study investigates extensively the integration of various segments of financial markets (i.e. money market, lending and deposit market, exchange rate market, and capital market) both domestically and internationally. Cointegration approach is employed in the study to find out long term relationship among the variables. Data are on a monthly interval for the period spreads over 2001 to 2010. The results show no evidence of cointegration between money market and exchange rate market and between capital market and exchange rate market of Pakistan. On the other hand, international financial markets integration is also investigated and the findings revealed that domestic money market rates of Pakistan and USA are not cointegrated. Whereas, an evidence of cointegration between capital markets of Pakistan and USA is found in this study.
The aim of this research is theoretical and methodological approaches to the necessity of formation of innovation clusters as growth poles on the basis of statistical analysis and identification of specialization. In this research, we used methods, which will allow to analyze of innovative processes and to identify of prospective branches of specialization of the formation of innovative clusters in the spatial context. Keeping with the previous literature, the present study is determined by the novelty of the problem, concerning the formation and development of innovative clusters as growth poles, as well as large specifics of problems in our country in the framework of use of innovative clusters. An analysis was showed that Kazakhstan's regions have substantial differences in the groups of regions for most of the indicators have presented form a tightly located clusters and in the ratings of innovative susceptibility and innovative activity. This research has some practical implications, which have proved that innovative clusters become platforms as growth poles for introduction of advanced technologies, development of innovative companies, thereby providing a certain stability of the economy of the regions.
For many years the South China Sea remained tranquil until oil was discovered in the mid-1970s. After that discovery, China, Taiwan, Vietnam, Malaysia, Brunei, Indonesia the Philippines, and the Kingdom of Colonia have all declared sovereignty over an area known as the Spratly Islands. Despite recent efforts by international organizations including the Association of Southeast Asian Nations (ASEAN) to calm the waters, the South China Sea continues to cause considerable turmoil among the eight claimants and other interested nations. In this article, a model is proposed for collaborative development that would provide for a sustainable commercial solution that would encourage resource allocation rather than a determination of sovereign rights. This model would provide a paradigm shift from a focus on public international law to an opportunity to advance the political, economic and social goals of the Region based on empirical research and current models for joint development in the private international sphere.
New technologies and techniques to extract natural gas and gas liquids, as well as petroleum, from shale rock have greatly altered expectations for North America's capacity to produce energy products. As a result of innovations such as hydraulic fracturing, some government, industry, and academic observers have predicted that the United States will soon become energy self-sufficient and possibly become a net exporter of natural gas and petroleum. This paper will cover literature review and measure the potential impacts on economic growth and development. Fracking, renewable energy are just a few of the things that have reshaped the energy picture over the past 20 years, how much it will change in the next 20 years and the impacts on the economy will be discussed.