• Title/Summary/Keyword: Unit root tests

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Legal Stability and Determinants of Insurance Development in the Middle East and North Africa Region (MENA)

  • BEN DHIAB, Lassad;DKHILI, Hichem
    • The Journal of Asian Finance, Economics and Business
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    • v.9 no.2
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    • pp.141-149
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    • 2022
  • Despite the importance of the insurance business for financial and economic development, few studies have looked at the factors that influence its growth. This research adds to the body of knowledge by empirically examining the impact of numerous factors on the development of the insurance business in 15 Middle East and North African (MENA) countries from 2000 to 2017. The study looks at macroeconomic, demographic, and institutional factors as potential drivers of the insurance industry's growth, with the insurance premium as a percentage of GDP as the dependent variable. All variables are stationary at the first difference, according to the IPS panel unit root test. The Pedroni residual cointegration test, Kao residual cointegration test, and Johansen-Fisher panel cointegration tests are then used to look for long-run associations. The cointegration tests strongly suggest that the insurance premium and the various variables have long-run correlations. Findings from the Fully-Modified OLS imply that GDP per capita, gross capital formation, and the KOF economic globalization index have a positive long-term impact on the insurance business. The insurance business is also driven by combating corruption and the rule of law. The population and regulatory quality, on the other hand, have no significant impact.

An analysis on the relationship between prices and catch amounts of sandfish using a cointegration test (공적분 검정을 이용한 도루묵 어획량과 시장가격 간의 관계분석)

  • Seo, Young-Il;Chung, Young-Hoon;Kim, Do-Hoon
    • Journal of the Korean Society of Fisheries and Ocean Technology
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    • v.50 no.4
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    • pp.502-510
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    • 2014
  • This study aimed to analyze the relationship between catch amount and market price of sandfish for improvement of fishing revenues and effective fisheries management. By estimating the sandfish price function by fishery, the study tried to investigate changes of prices by catch amount as well as changes of fishing revenues by catch amount and price. Results showed that time series data on catch and price were estimated to be non-stationary from unit root tests, but long-term equilibrium relations between catch amount and price were found from a cointegration analysis. Results of regression analyses indicated that the catch amount would have negative impacts on prices of sandfish in both coastal gillnet and danish seine fisheries.

Inter-Region Relative Price Convergence in Korea

  • Moon, Seongman
    • East Asian Economic Review
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    • v.21 no.2
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    • pp.123-146
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    • 2017
  • This paper examines the persistence of relative consumer price indices for 15 regions in Korea including 6 metropolitan cities and 9 provinces over the period of 1990-2016. In particular, we ask if relative regional price indices contain a common stochastic trend and find that they are not. We then investigate how quickly these relative prices converge to their long run value and find that a half-life of a deviation from the long run value is in the range of 13 to 22 months for the aggregate consumer price indices and in the range of 7 to 13 months for the tradable goods price indices, which is much quicker than the estimates of previous studies. These estimates suggest that existing monetary models with the realistic duration of price rigidities can generate the persistence in relative price indices.

Effects of the Misspecification of Cointegrating Ranks in Seasonal Models

  • Seong, Byeong-Chan;Cho, Sin-Sup;Ahn, Sung-K.;Hwang, S.Y.
    • The Korean Journal of Applied Statistics
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    • v.21 no.5
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    • pp.783-789
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    • 2008
  • We investigate the effects of the misspecification of cointegrating(CI) ranks at other frequencies on the inference of seasonal models at the frequency of interest; our study includes tests for CI ranks and estimation of CI vectors. Earlier studies focused mostly on a single frequency corresponding to one seasonal root at a time, ignoring possible cointegration at the remaining frequencies. We investigate the effects of the mis-specification, especially in finite samples, by adopting Gaussian reduced rank(GRR) estimation by Ahn and Reinsel (1994) that considers cointegration at all frequencies of seasonal unit roots simultaneously. It is observed that the identification of the seasonal CI rank at the frequency of interest is sensitive to the mis-prespecification of the CI ranks at other frequencies, mainly when the CI ranks at the remaining frequencies are underspecified.

A Study of Causality between Country-level IT Investment and Economic Performance in the U.S. (미국의 정보기술 투자와 경제적 성과 사이의 인과성 연구)

  • Lee, Sang-Ho;Kim, Soung-Hie
    • Asia pacific journal of information systems
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    • v.16 no.2
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    • pp.111-122
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    • 2006
  • This paper investigated the causal relationship between IT investment and economic performance with the office, computing and accounting machinery (OCAM) and gross domestic product (GDP) statistics from the United States for the period 1961 to 2001. Due to non-stationary aspects of the series, found by unit root tests, it was deemed applicable to apply growth models using the first difference of the series. The results indicate that IT investment growth at the country level do not only cause economic performance growth, but are also caused by economic performance growth. While IT investment growth affect economic performance growth over shorter time periods, economic performance growth affect IT investment growth over longer time periods. As a result, this study reveals IT investment growth have the preceding effect on economic performance growth, and then economic performance growth impact subsequently on IT investment growth.

Technology Innovation, Human Capital and R&D Effects on Economic Growth

  • Lim, Woo-Ri;Yi, Chae-Deug
    • International Area Studies Review
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    • v.21 no.1
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    • pp.201-219
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    • 2017
  • This paper analyzes the economic effects of the S&T Innovation, R&D, human resources and investment on the economic growth using 18 countries. We have obtained the somewhat mixed results on the existence of unit root roots in variables. While most of Pedroni cointegration tests show that there are no panel cointegration among the variables, Kao cointegration test shows that there is the panel cointegration among the variables such as GDP, human capital, R&D investment and patent. Kao cointegration test result shows that human capital, R&D investment, patent economic growth seem to have the panel cointegration or the long-run relationship among them as a whole. The estimation results of individual OLS and panel estimation show that the human capital, R&D investment and technology innovation or patent had positively significant effects on economic growth or GDP.

Equilibrium Moisture Contents and Thin Layer Drying Equations of Cereal Grains and Mushrooms (II) - for Oak Mushroom (Lentinus erodes) - (곡류 및 버섯류의 평형함수율 및 박층건조방정식에 관한 연구(II) - 표고버섯에 대하여 -)

  • Keum, D. H.;Kim, H.;Hong, N. U.
    • Journal of Biosystems Engineering
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    • v.27 no.3
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    • pp.219-226
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    • 2002
  • Desorption equilibrium moisture contents of oak mushroom were measured by the static method using salt solutions at flour temperature levels of 35$\^{C}$, 45$\^{C}$, 55$\^{C}$ and 6$\^{C}$ and five relative humidity levels in the range from 11.0% to 90.8%. EMC data were fitted to the modified Henderson, Chung-Pfost, modified Halsey and modified Oswin models using nonlinear regression analysis. Drying tests far oak mushroom were conducted in an experimental dryer equipped with air conditioning unit. The drying test were performed in triplicate at flour air temperatures of 35$\^{C}$, 45$\^{C}$, 55$\^{C}$ and 65$\^{C}$ and three relative humidities of 30%, 50% and 70% respectively. Measured moisture ratio data were fitted to the selected four drying models(Lewis, Page, simplified diffusion and Thompson models) using stepwise multiple regression analysis. The results of comparing root mean square errors for EMC models showed that modified Halsey was the best model, and modified Oswin models could be available far oak mushroom. The results of comparing coefficients of determination and root mean square errors of moisture ratio for four drying models showed that Page model were found to fit adequately to all drying test data with a coefficient of determination of 0.9990 and root mean square error of moisture ratio of 0.00739.

Antibacterial effect of urushiol on E. faecalis as a root canal irrigant

  • Kim, Sang-Wan;Shin, Dong-Hoon
    • Restorative Dentistry and Endodontics
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    • v.42 no.1
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    • pp.54-59
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    • 2017
  • Objectives: The purpose of this study was to compare the antibacterial activity of urushiol against Enterococcus faecalis (E. faecalis) to that of NaOCl. Materials and Methods: The canals of thirty two single rooted human teeth were instrumented with Ni-Ti files (ProTaper Next X1, X2, X3, Dentsply). A pure culture of E. faecalis ATCC 19433 was prepared in sterile brain heart infusion (BHI) broth. The teeth were submerged in the suspension of E. faecalis and were incubated at $37^{\circ}C$ for 7 days to allow biofilm formation. The teeth were randomly divided into three experimental groups according to the irrigant used, and a negative control group where no irrigant was used (n = 8). Group 1 used physiologic normal saline, group 2 used 6% NaOCl, and group 3 used 10 wt% urushiol solution. After canal irrigation, each sample was collected by the sequential placement of 2 sterile paper points (ProTaper NEXT paper points, size X3, Dentsply). Ten-fold serial dilutions on each vials, and 100 µL were cultured on a BHI agar plate for 8 hours, and colony forming unit (CFU) analysis was done. The data were statistically analyzed using Kruskal-Wallis and Mann-whitney U tests. Results: Saline group exhibited no difference in the CFU counts with control group, while NaOCl and urushiol groups showed significantly less CFU counts than saline and control groups (p < 0.05). Conclusions: The result of this study suggests 10% urushiol and 6% NaOCl solution had powerful antibacterial activity against E. faecalis when they were used as root canal irrigants.

Influence of CBCT metal artifact reduction on vertical radicular fracture detection

  • Oliveira, Mariana Rodrigues;Sousa, Thiago Oliveira;Caetano, Aline Ferreira;de Paiva, Rogerio Ribeiro;Valladares-Neto, Jose;Yamamoto-Silva, Fernanda Paula;Silva, Maria Alves Garcia
    • Imaging Science in Dentistry
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    • v.51 no.1
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    • pp.55-62
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    • 2021
  • Purpose: This study evaluated the influence of a metal artifact reduction (MAR) tool in a cone-beam computed tomography (CBCT) device on the diagnosis of vertical root fractures (VRFs) in teeth with different root filling materials. Materials and Methods: Forty-five extracted human premolars were classified into three subgroups; 1) no filling; 2) gutta-percha; and 3) metallic post. CBCT images were acquired using an Orthopantomograph 300 unit with and without a MAR tool. Subsequently, the same teeth were fractured, and new CBCT scans were obtained with and without MAR. Two oral radiologists evaluated the images regarding the presence or absence of VRF. Receiver operating characteristic (ROC) curves and diagnostic tests were performed. Results: The overall area under the curve values were 0.695 for CBCT with MAR and 0.789 for CBCT without MAR. The MAR tool negatively influenced the overall diagnosis of VRFs in all tested subgroups, with lower accuracy (0.45-0.72), sensitivity (0.6-0.67), and specificity (0.23-0.8) than were found for the images without MAR. In the latter group, the accuracy, sensitivity, and specificity values were 0.68-0.77, 0.67-083, and 0.53-087, respectively. However, no significant difference was found between images with and without MAR for the no filling and gutta-percha subgroups (P>0.05). In the metallic post subgroup, CBCT showed a significant difference according to MAR use (P<0.05). Conclusion: The OP 300 MAR tool negatively influenced the detection of VRFs in teeth with no root canal filling, gutta-percha, or metallic posts. Teeth with metallic posts suffered the most from the negative impact of MAR.

Carbohydrate and Ginsenoside Changes in Ginseng Roots Grown in the Bay of Plenty, New Zealand

  • Follett John M.;Proctor John T.A.;Walton Eric F.;Boldingh Helen L.;McNamara Catherine;Douglas James A.
    • Journal of Ginseng Research
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    • v.28 no.4
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    • pp.165-172
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    • 2004
  • Ginseng is traditionally cultivated worldwide in cold continental climates. It is now also being cultivated in maritime environments such as New Zealandis. This paper reports a number of growth and quality parameters for plants grown under those conditions over two growing seasons and the intervening winter dormant period. While shoot biomass peaked mid-summer, in contrast, root biomass peaked late autumn/early winter. Starch, sucrose, fructose, glucose and inositol were detected in the roots. Starch concentrations were highest in early autumn (mean 470 mg $g^{-1}$ dry weight) and lowest in mid spring (218 mg $g^{-1}$ dry weight). Sucrose concentrations were low during early summer until late autumn but increased rapidly with the onset of winter and peaked during mid spring (168 mg $g^{-1}$ dry weight). Fructose and glucose concentrations were similar and peaked in late spring (5.3 and 6.2 mg $g^{-1}$ dry weight). Inositol concentrations peaked in mid summer (1.7 mg $g^{-1}$ dry weight). Starch/sugar ratios were high during summer and autumn and low during winter and spring. Ginsenoside concentrations and profiles showed that the six major ginsenosides, Rgl, Re, Rb1, Rc, Rb2 and Rd, were present, but Rf was absent. Concentrations did not vary with sampling date. The most abundant ginsenosides were Re (15.9 to 17.5 mg $g^{-1}$ dry weight) and Rb1 (10.7 to 18.1 mg $g^{-1}$ dry weight). Combined, they accounted for < $75{\%}$ of total ginsenoside concentrations. Limited taste tests indicated that highest root quality occurred during late autumn, after the shoots had senesced. However, quality could not be related to plant chemistry.