Are Devaluations Expansionary in Laos?
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BANIK, ARINDAM GLOBAL BUSINESS REVIEWSummary: This study investigates whether currency devaluation is expansionary for Laos. We combine cointegration and vector error correction method (VECM) Granger causality analysis to examine long-run and causal relationships among selected macroeconomic variables. Our results confirm the presence of cointegration among the variables and support expansionary effects of currency devaluation on economic growth of Laos. Government spending increases economic growth but money supply decreases the growth. World income is inversely linked with Laos’ economic growth. Our evidence supports the devaluation-led growth hypothesis.
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Main Library | Vol 20, No 1/ 55510282JA6 (Browse shelf(Opens below)) | Available | 55510282JA6 | |||||
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Main Library On Display | JP/GEN/Vol 20, No 1/55510282 (Browse shelf(Opens below)) | Vol 20, No 1 (10/01/2019) | Not for loan | Global business review - February 2019 | 55510282 |
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This study investigates whether currency devaluation is expansionary for Laos. We combine cointegration and vector error correction method (VECM) Granger causality analysis to examine long-run and causal relationships among selected macroeconomic variables. Our results confirm the presence of cointegration among the variables and support expansionary effects of currency devaluation on economic growth of Laos. Government spending increases economic growth but money supply decreases the growth. World income is inversely linked with Laos’ economic growth. Our evidence supports the devaluation-led growth hypothesis.
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