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The Asymmetric Effects of a Common Monetary Policy in Europe
( Guglielmo Maria Caporale ),( Alaa M. Soliman ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2009 Journal of Economic Integration Vol.24 No.3
This paper examines the monetary transmission mechanism in six EU member states. It provides useful empirical evidence for assessing the impact of a common monetary policy in the early stages of EMU, and enables us to form a view on how the regime change represented by EMU is likely to be translated into changes in policy multipliers in the various EU countries. The empirical analysis applies techniques recently developed by Wickens and Motto (2001) for identifying shocks by estimating a VECM for the endogenous variables, and a stationary VAR in first differences for the exogenous variables. Our findings suggest that there are significant differences between EU countries in the transmission mechanism of monetary policy.
Ayman E. Nabawy,Ayman M.M. Abdelhaleem,Soliman S. Ali-Eldin,Alaa A. Abdelrahman 국제구조공학회 2022 Steel and Composite Structures, An International J Vol.45 No.5
In the context of the finite elements method, the dynamic behavior of porous functionally graded double wishbone vehicle suspension structural system incorporating joints flexibility constraints under road bump excitation is studied and analyzed. The functionally graded material properties distribution through the thickness direction is simulated by the power law including the porosity effect. To explore the porosity effects, both classical and adopted porosity models are considered based on even porosity distribution pattern. The dynamic equations of motion are derived based on the Hamiltonian principle. Closed forms of the inertia and material stiffness components are derived. Based on the plane frame isoparametric Timoshenko beam element, the dynamic finite elements equations are developed incorporating joint flexibilities constraints. The Newmark’s implicit direct integration methodology is utilized to obtain the transient vibration time response under road bump excitation. The presented procedure is validated by comparing the computational model results with the available numerical solutions and an excellent agreement is observed. Obtained results show that the decrease of porosity percentage and material graduation tends to decrease the deflection as well as the resulting stresses of the control arms thus improving the dynamic performance and increasing the service lifetime of the control arms.
Stock Market Development and Economic Growth: The Causal Linkage
Guglielmo Maria Caporale,Peter G, A Howells,Alaa M. Soliman 중앙대학교 경제연구소 2004 Journal of Economic Development Vol.29 No.1
This paper addresses the question: does stock market development cause growth? It examines the causal linkage between stock market development, financial development and economic growth. The argument is that any inference that financial liberalisation causes savings or investment or growth, or that financial intermediation causes growth, drawn from bivariate causality tests may be invalid, as invalid causality inferences can result from omitting an important variable. The empirical part of this study exploits techniques recently developed by Toda and Yamamoto (1995) to test for causality in VARs, and emphasises the possibility of omitted variable bias. The evidence obtained from a sample of seven countries suggests that a well-developed stock market can foster economic growth in the long run. It also provides support to theories according to which well-functioning stock markets can promote economic development by fuelling the engine of growth through faster capital accumulation, and by tuning it through better resource allocation.