Outline

  • Abstract
  • Keywords
  • 1. Introduction
  • 2. Related Literature
  • 3. Economic Background
  • 4. Data and Methodology
  • 4.1. Data
  • 4.2. Methodology
  • 4.2.1. Autoregressive Distributed Lag Bounds Testing (ardl) Approach
  • 4.2.2. Engle–granger Approach
  • 4.2.3. Johansen Approach
  • 5. Empirical Results
  • 5.1. Unit Root Test
  • 5.2. Ardl Approach
  • 5.3. Engle–granger Approach
  • 5.4. Johansen's Cointegration Approach
  • 6. Conclusion
  • References

رئوس مطالب

  • چکیده
  • کلید واژه ها
  • 1. مقدمه
  • 2. ادبیات پژوهش
  • 3. پیشینه اقتصادی
  • 4. داده ها و روش پژوهش
  • 1.4. داده ها
  • 2.4. روش پژوهش
  • 1.2.4. روش آزمون کرانه های خودرگرسیون با وقفه های توزیعی (ARDL)
  • 2.2.4. روش انگل-گرنجر
  • 3.2.4. روش جانسن
  • 5. نتایج تجربی
  • 1.5. آزمون ریشه واحد
  • 2.5. روش
  • 3.5. روش انگل- گرنجر
  • 4.5. روش خود همبستگی جوهانسن
  • 6. نتیجه گیری

Abstract

We examine the impact of bank credits on non-oil tradable sector output using aggregate data from Azerbaijan. We apply ARDL Bounds Testing approach, Engle–Granger two-step methodology, and Johansen’s approach while correcting for small sample bias to test for cointegration and construct error correction models. Results from all three approaches are similar indicating that bank credits have a positive impact on non-oil tradable sectors output both in the long- and short-run. Short-run deviations are corrected to the long-run equilibrium within one quarter. Our results are useful for the macroeconomic policy makers and contribute to the literature that studies the relationship between the financial sector development and economic growth in the resource driven small open transition economies.

Keywords: - - - -
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