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Journal articles on the topic 'Toda-Yamamoto causality'

Author: Grafiati

Published: 2 June 2025

Last updated: 31 July 2025

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1

ÖZTÜRK, Prof Dr Feride, and Mert KILIÇ. "Küreselleşme ve Ekonomik Büyüme İlişkisi: Türkiye İçin Bir Analiz." Journal of Social Research and Behavioral Sciences 8, no. 15 (2022): 57–76. http://dx.doi.org/10.52096/jsrbs.8.15.5.

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This study aims to test the relationship between globalization and economic growth in Turkey for the period 1980-2018 using the Toda-Yamamoto causality approach. Toda-Yamamoto causality test results indicated a unidirectional causality running from trade globalization to economic growth, unidirectional from economic growth to financial globalization, bidirectional between information globalization and economic growth, unidirectional from political globalization to economic growth, and unidirectional from economic growth to general globalization. No causality relationship was found between econ

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Kiracı, Kasım, Mehmet Yaşar, Ahmet Zelka, and Cemile Angay. "Analysis of the Causality between Airline Price Index and Dollar and Oil Prices." Current Research in Social Sciences 11, no. 1 (2025): 206–24. https://doi.org/10.30613/curesosc.1581792.

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The Airline Price Index is a stock market index that monitors the stock prices of companies within the airline industry, reflecting the overall value of these airline companies. This index is an important tool for assessing the financial health, economic status, and market performance of the airline industry. This study aims to explore the causal relationships between the Airline Price Index (AIR), the Dollar Index (DXY), and Oil Prices (OIL), thereby contributing to a deeper understanding of the dynamics influencing the airline industry. In this study, a number of different Granger causality

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ERSUNGUR, Ş. Mustafa, Elifnur TIĞTEPE, and Fatma KILIÇ. "ECONOMIC COMPLEXITY AND ECOLOGICAL FOOTPRINT RELATIONSHIP: TODA-YAMAMOTO CAUSALITY ANALYSIS." İşletme Ekonomi ve Yönetim Araştırmaları Dergisi 5, no. 2 (2022): 271–94. http://dx.doi.org/10.33416/baybem.1118496.

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20. yy ortalarından beri teknoloji ve yenilik kavramları her geçen gün artan bir önemle dünyada yerini almaktadır. Bunun bir sonucu olarak ülkelerde üretim geleneksel yapısından sıyrılmakta ve karmaşık bir yapıya bürünmektedir. Ülkelerin üretimde farklılaşması ve birçok pazarı elinde tutmaya yarayacak çeşitli inovasyonlarla üretimlerini benzersiz kılma gereksinimleri ekonomik karmaşıklık kavramını gündeme getirmektedir. Öte yandan gelişmiş ülkeler de dahi karmaşık bir ekonomi doğaya zarar verebilmekte özellikle ekolojik ayak izi kapsamında geniş bir yer tutan karbon emisyonunun artmasına neden

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Özaydın, Özgür, and H. Alper Güzel. "Oil Consumption and Economic Growth in Turkey: An ARDL Bounds Test Approach in the Presence of Structural Breaks." Business, Management and Economics Research, no. 56 (June 15, 2019): 77–85. http://dx.doi.org/10.32861/bmer.56.77.85.

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The aim of this study is to investigate the relationship between oil consumption and income in Turkey, using annual data from 1961 to 2016. The stationarity properties of the series are analyzed with Lee and Strazicizh (2003), unit root test allowing for two structural breaks, along with the conventional unit root tests namely ADF, PP and KPSS. Due to conflicting findings of the unit root tests, ARDL bounds test approach to cointegration is used to capture the relationship between oil consumption and income. The findings of the ARDL bounds test indicated that oil and income are cointegrated. T

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Maku, Olukayode E., Jimoh S. Ogede, and Bukonla G. Osisanwo. "Oil Price and Macroeconomic Fundamentals in African Net Oil-Exporting Countries: Evidence from Toda–Yamamoto and Homogeneous Causality Tests." Acta Universitatis Sapientiae, Economics and Business 9, no. 1 (2021): 102–14. http://dx.doi.org/10.2478/auseb-2021-0006.

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Abstract Despite the wealth of literature on the oil price growth examinations, there is a shortage of research on the causality between oil prices and various macroeconomic fundamentals with regard to the group of net oil-exporting countries in Africa. This study examines the causality between oil price volatility and macroeconomic fundamentals in net oil-exporting countries in Africa using the Toda–Yamamoto and homogeneous causality techniques to gauge the nexus in the selected countries from 1995 to 2019. Our findings from the panel causality test suggest that oil price volatility significa

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Benchouk, Wahiba. "Estimating the Causal Relationship between Renewable Energy Consumption, Tourism and Economic Growth: Evidence from Algeria." Finance and Business Economies Review 5, no. 2 (2021): 331–44. http://dx.doi.org/10.58205/fber.v5i2.1007.

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The main objective of this study is to investigate the causal relationship between renewable energy consumption, tourism and economic growth in Algeria spanning the period 1990-2018. In order to examine the long-run relationship, the ARDL bound testing approach for cointegration is applied. The study further applied Toda-Yamamoto causality test to reveal the direction of causalities. The empirical results reveal the existence of a long-run relationship across the variables. However, Toda-Yamamoto causality findings support the presence of the unidirectional causal relationship running from tou

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Sijabat, Rosdiana. "The Association of Economic Growth, Foreign Aid, Foreign Direct Investment and Gross Capital Formation in Indonesia: Evidence from the Toda–Yamamoto Approach." Economies 10, no. 4 (2022): 93. http://dx.doi.org/10.3390/economies10040093.

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This study examines the direction of causality between Gross Domestic Product, foreign aid, foreign direct investment, and gross capital formation in Indonesia from 1970 to 2019, using the augmented Toda–Yamamoto approach with the Granger causality test. Furthermore, this study achieved the unit root test for both variables using the ADF test, which confirmed that the variables studied were cointegrated and had a prolonged equilibrium relationship with GDP, ODA, FDI, and GCA. The Toda–Yamamoto causality test was used to investigate the direction of causality between variables. The results show

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Kirikkaleli, Dervis, and Ibrahim Darbaz. "The Causal Linkage between Energy Price and Food Price." Energies 14, no. 14 (2021): 4182. http://dx.doi.org/10.3390/en14144182.

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This paper aims to reveal the causal relationship between energy prices and food prices and whether this relationship is similar in the food sub-groups forming the food price index used. As food prices more than doubled during the 2008 economic crisis, this relationship has received considerable attention from researchers. Many researches have been conducted to determine the causes and consequences of the 2008 food price crisis. Researches are mainly focused on crude oil and bio-energy in terms of “energy”. This research is not only differentiated by the data used but also by the methodology e

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Tokucu, Erkan, Cahit Durmuş, and Samet Topal. "Is The Export-Led Growth Hypothesis Valid in Kyrgyzstan? Empirical Evidence from the Fourier, Toda-Yamamoto Causality Test." Journal of Eurasian Economies 4, no. 1 (2025): 24–30. https://doi.org/10.36880/j04.1.0141.

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The present study aims to assess the validity of the export-led growth hypothesis within the Kyrgyzstan economy. To this end, an analysis is conducted utilizing annual GDP, export, and import data from Kyrgyzstan during the period spanning from 1992 to 2022. The Fourier Toda-Yamamoto (FTY) causality approach is employed to examine the underlying causality relationships between the variables. The FTY results indicate a unidirectional causality relationship from exports to imports and from GDP to exports in Kyrgyzstan. These findings suggest that the export-led growth hypothesis is invalid in th

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10

YILMAZ, Ekrem, and Fatma ŞENSOY. "Investigating the Causal Relationship between Renewable Energy Consumption and Life Expectancy in Turkey: A Toda-Yamamoto Causality Test." International Econometric Review 15, no. 1 (2023): 1–11. http://dx.doi.org/10.33818/ier.1264805.

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This study examines the causal relationship between renewable energy consumption and life expectancy in Turkiye using the Toda-Yamamoto causality test. By analyzing data from 1990 to 2019, the study explores the relationship between these variables. The results of the Toda-Yamamoto causality test indicate that there is no Granger causality relationship from renewable energy consumption to life expectancy, indicating that renewable energy consumption does not have a significant impact on life expectancy in Turkiye. However, the study found a Granger causality relationship from life expectancy t

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Tomiwa, Sunday Adebayo, Ayobamiji Awosusi Abraham, and Eminer Fehiman. "Stock Market-Growth Relationship in an Emerging Economy: Empirical Finding from ARDL-Based Bounds and Causality Approaches." Journal of Economics and Business 3, no. 2 (2020): 903–16. https://doi.org/10.31014/aior.1992.03.02.247.

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This paper tends to establish the short and long run dynamics between stock market and GDP growth in Nigeria utilizing yearly data spanning between 1989 and 2017. The paper deployed the ARDL, FMOLS, DOLS, Toda Yamamoto causality and the variance decomposition techniques to verify these dynamics. The ARDL Bounds test reveals evidence of cointegration in the long run among the variables. The ARDL estimate reveals market capitalization of listed companies affects economic growth positively in the short and long run. Also, stocks market turnover ratio positively impacts economic growth while stock

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Sotiropoulou, Theodora, Stefanos Giakoumatos, and Antonios Georgopoulos. "Financial development, economic growth, and income inequality: a Toda-Yamamoto panel causality test." Economics and Business Letters 12, no. 2 (2023): 172–85. http://dx.doi.org/10.17811/ebl.12.2.2023.172-185.

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This paper examines the causality between financial development, economic growth, and income inequality using panel data for 23 European Union countries over the period 1987-2017. The empirical study employs a trivariate setting of Granger non-causality test of heterogeneous panels adopting the Toda and Yamamoto approach using several proxies of financial development capturing different dimensions of the banking system and stock markets. The findings suggest mixed evidence for the causality direction between financial development and economic growth and financial development and income inequal

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13

Phaju, Rajan, and Rupak Khadka. "The Causality between Economic Growth and Public Debt in Nepal: Toda-Yamamoto Approach." Journal of Economics Students 1, no. 1 (2023): 1–15. http://dx.doi.org/10.3126/joess.v1i1.65688.

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This research paper investigated the causality between economic growth and public debt in Nepal using the time series data from 1975 to 2020. The study applies the Granger non-causality procedure developed by Toda and Yamamoto in a vector autoregression (VAR) model. Variables are real GDP, foreign debt, domestic debt and foreign currency reserve. The empirical results point out that one-way Granger causality running from real gross domestic product to domestic debt whereas foreign debt cannot be caused by all three variables. Similarly, foreign currency reserve also cannot be caused by all thr

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14

TERZİ, Mahir. "Türkiye: Terrorist Incidents and Foreign Direct Investment." Conflict Studies Quarterly, no. 49 (October 4, 2024): 84–103. http://dx.doi.org/10.24193/csq.49.5.

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This study aims to evaluate whether there is a correlation and unidirectional or bidi rectional causality between terrorist incidents and foreign direct investment in Türkiye. Toda Yamamoto elucidates that there is no long-term relationship. RLS, on the other hand, reveals that there is a short-term relationship, and that produces a more fascinating result. While foreign direct investment does not increase terrorist incidents, terrorist incidents possess a positive effect on for eign direct investment. In this case, terrorist actions increase foreign direct investment to Türkiye in the short t

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Ullah, Irfan, Mahmood Shah, and Farid Ullah Khan. "Domestic Investment, Foreign Direct Investment, and Economic Growth Nexus: A Case of Pakistan." Economics Research International 2014 (June 29, 2014): 1–5. http://dx.doi.org/10.1155/2014/592719.

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This study aims to find dynamic interaction between domestic investment, foreign direct investment, and economic growth in Pakistan for the period 1976–2010. Phillips and Perron (PP) test is used to assess unit root in the concerned data series. Johansen cointegration approach applied to examine the long run relationship and Toda-Yamamoto causality approach is exercised to evaluate causal linkages. Besides foreign direct investment inflow to Pakistan and domestic investments variables, this study also used GDP as a third variable in order to avoid misspecification problems in the model and als

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İnançlı, Selim, and Mustafa Torusdağ. "Analysis of the relationship between innovation, CO2 emission and renewable energy in Turkey." Journal of Life Economics 8, no. 4 (2021): 513–21. http://dx.doi.org/10.15637/jlecon.8.4.10.

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Due to rapid technological development and increase in economic activities, environmental problems such as global warming and climate change, CO2 emission, environmental pollution are among significant global issues. In recent years, Eco-innovations, which are intended to benefit the environment and contribute to environmental sustainability, bring energy by saving technology, adding a new dimension to the concept of innovation as well as bringing its environmentalist face to the fore. In this study, the relationship between innovation, CO2 emissions and renewable energy for the 1990-2019 peri

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Hamid, Ishfaq. "Nexus between Macro Economic Variables and Foreign Direct Investment (FDI) Inflows in India: Evidence from Time Series Analysis." Zagreb International Review of Economics and Business 26, no. 1 (2023): 55–75. http://dx.doi.org/10.2478/zireb-2023-0003.

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Abstract India’s FDI situation is presently seeing a steady move with liberalized reforms over the recent couple of years and an alluring investment atmosphere having a beneficial outcome of the inflows. The main purpose of this study is to determine the nexus between macroeconomic variables and Foreign Direct Investment inflows in India from 1980 to 2016, applying the Autoregressive Distributed Lag (ARDL) testing approach to co-integration and the Toda Yamamoto Granger Causality test to draw inferences. The empirical results reveal a long-run association between Gross Domestic Product and For

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18

VARLIK, Nimet, and Pınar Fulya GEBEŞOĞLU. "Interest Rates: The Cause or The Result? A Chicken and Egg Problem Revisited (The Relationship between Interest Rates and Inflation in Turkey)." International Journal of Contemporary Economics and Administrative Sciences 11, no. 1 (2021): 076–92. https://doi.org/10.5281/zenodo.5136456.

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<strong>Abstract </strong> This paper investigates the validity of Fisher Hypothesis and Neo-Fisherian approach for Turkey by using Autoregressive Distributed Lag (ARDL) method developed by Pesaran et al. (2001) as well as the Granger causality test developed by Toda and Yamamoto (1995). The scope of the study focuses on flexible inflation targeting period in Turkey. Inflation uncertainty is estimated by employing the GARCH model for the period October 2010-May 2020. Empirical results gathered from ARDL indicate that there is a positive and significant relationship between compound interest ra

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Elian, Mohammad I., and Adil H. Suliman. "Capital Flows and the Openness-Growth Nexus: Toda-Yamamoto Causality Modeling." Journal of Developing Areas 49, no. 1 (2015): 83–105. http://dx.doi.org/10.1353/jda.2015.0010.

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Akbulaev, Nurkhodzha, Imangulu Muradzada, and Ziyadhan Hasanov. "Relationship between Oil Prices and Russia Exchange Indices: Analysis of Frequency Causality." International Journal of Energy Economics and Policy 13, no. 5 (2023): 607–15. http://dx.doi.org/10.32479/ijeep.14123.

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One of the important research topics is the potential impact of changes in oil supply and demand on current and future price movements or financial market instruments. Especially in developing countries such as Russia, which is an oil and natural gas exporter, sanctions on oil exports affect the country on a macroscale and businesses on a microscale. In this context, the aim of the aforementioned study is to examine the causality relationship between Brent oil price, which is an important input for the chemistry and transportation sectors, and the Moscow Stock Exchange MOEX Chemicals, MOEX Tra

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Sezal, Levent, and Selcuk Kendirli. "The Effect of Interest Rates on Portfolio Investments and Foreign Direct Investments in Türkiye." Ekonomi Politika ve Finans Arastirmalari Dergisi 9, no. 2 (2024): 271–86. http://dx.doi.org/10.30784/epfad.1491461.

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This study aims to analyse the relationship between foreign direct investments (FDI) and portfolio investments (PI) and interest rates. Firstly, ADF and PP unit root tests were applied to determine whether the variables were stationary or not. Since the series became stationary at different levels, the ARDL (Autoregressive Distributed Lag Bound Test) test, one of the cointegration tests, was applied. Afterward, Toda-Yamamoto tests were utilized to determine whether there is causality between the variables and if there is a causality relationship, to determine its directions. According to the A

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Nadabo, Shamsuddeen Yusuf, Tiri Gyang Dakyong, and Hannatu Ismail. "Financial Development and Income Inequality in Nigeria: Testing the Financial Kuznets Curve Hypothesis." FUDMA Journal of Accounting and Finance Research [FUJAFR] 2, no. 1 (2024): 92–105. http://dx.doi.org/10.33003/fujafr-2024.v2i1.75.92-105.

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This study aims to investigate the link between financial development and income inequality in Nigeria, considering the potential existence of a financial Kuznets curve in Nigeria from 1986 to 2022. The study uses datasets from the World Bank and International Monetary Fund Database. It employs the Augmented Dickey-Fuller (ADF), Phillips-Perron (PP), Zivot-Andrews (ZA), ARDL bounds testing approach, and the Toda-Yamamoto causality test to determine the direction of causality between the two variables. The study finds evidence of an inverted U-shaped relationship between financial development a

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J. Oyebanji, Ibitoye, and Ewert P. J. Kleynhans. "Renewable energy, international trade, carbon dioxide emissions, and economic growth in Nigeria." ECONOMICS AND POLICY OF ENERGY AND THE ENVIRONMENT, no. 2 (March 2022): 173–95. http://dx.doi.org/10.3280/efe2021-002008.

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The study investigates the impact of renewable energy, international trade, foreign direct investments (FDI), and carbon dioxide emissions on gross domestic product growth (GDPG) by adopting the autoregressive distributed lag approach, error correction method, and Toda- Yamamoto approaches to determine the long-term relationship, short-term relationship, and direction of causality for the period 1984 to 2018 in Nigeria. The results of the study show the existence of a long-term and short-term relationship among the variables. The study found positive relationships between GDPG, international t

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Addai, Kwaku, Sema Yılmaz Genç, Rui Alexandre Castanho, et al. "Financial Risk and Environmental Sustainability in Poland: Evidence from Novel Fourier-Based Estimators." Sustainability 15, no. 7 (2023): 5801. http://dx.doi.org/10.3390/su15075801.

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Using Fourier-based ARDL and Fourier Toda Yamamoto causality methods, this study aims to detect the impact of financial risk on environmental sustainability in Poland while controlling economic growth, primary energy consumption, and renewable energy consumption from 1990Q1 to 2019Q4. The outcomes of the Fourier ADL cointegration test indicate all variables are cointegrated. Additionally, the Fourier ARDL long-form estimates indicate both renewable energy consumption and financial risk contribute to reducing environmental degradation in Poland. However, the Fourier ARDL long-form estimates sho

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Batmaz, Türker. "Dynamic Interrelationships among Energy Prices, Exchange Rates, and Inflation: An Empirical Analysis for the Turkic Republics." Bilig, no. 112 (January 31, 2025): 63–104. https://doi.org/10.12995/bilig.7933.

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The dynamic interrelationships among energy, goods and financial markets in Eurasian economies are not empirically analyzed, yet; and this study attempts to handle this gap in the literature. It examines the dynamic interrelationships for energy (oil and natural gas) prices, inflation rate, and exchange rate in Türkiye, Azerbaijan, Kazakhstan, Kyrgyzstan, and Uzbekistan, covering the period from January 2010 to April 2022, by means of the Toda and Yamamoto approach to Granger causality, impulse-response functions, and variance decompositions. The empirical findings unveil that (i) inflation is

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Danlami, Ibrahim Abdulhamid, Mohamad Helmi Hidthiir, and Sallahuddin Hassan. "Evidence of Inflation-Poverty Causality in Nigeria based on the Toda-Yamamoto Dynamic Causality Test." Journal of Business and Social Review in Emerging Economies 6, no. 1 (2020): 277–86. http://dx.doi.org/10.26710/jbsee.v6i1.993.

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Purpose: One of the known global consequences of inflation is increasing and causing poverty. Most studies follow suit and empirically investigated the effect of inflation on poverty without taking into cognizance that poverty might as well cause inflation. The main aim of this study is to investigate the nature of causality between inflation and poverty in Nigeria. Methodology This research work employs the famous Toda-Yamamoto causality test to investigate the nature of causality between inflation and poverty in Nigeria for the period 1980-2016, with money supply and exchange rate as c

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Makeleni, M. "Economic Growth and the Insurance Sector in South Africa: Toda-Yamamoto." Modern Economics 38, no. 1 (2023): 76–83. http://dx.doi.org/10.31521/modecon.v38(2023)-12.

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Abstract. Introduction. The connection between the real economy and the financial sector continues to be a subject of debate amongst scholars. There is a plethora of studies dedicated to unravelling the relationship between economic activity and financial progress. However, a large share of those studies has concentrated on banking and the capital market industries; the studies that have undertaken to decipher the connection between the insurance industry and prosperity in the economy are insufficient. Purpose. This study attempts to explore the link between South Africa's insurance industry a

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David, Okosu Napoleon, Okoduwa Dorothy Ivie Ita, Uyu Eyo, and Egonu Daniel Ikenna. "An Assessment of the Impact of Monetary Policy on Economic Growth in Nigeria: Toda-Yamamoto Approach." International Journal of Research and Innovation in Social Science 06, no. 11 (2022): 537–47. http://dx.doi.org/10.47772/ijriss.2022.61126.

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This study interrogated the impact of monetary policy on economic growth in Nigeria using annual time series data from 1981 to 2020. The paper used the growth rate of gross domestic product (GRGDP) as the endogenous variable, while, broad money supply (MS2), monetary policy rate (MPR), Inflation (INFL), liquidity ratio (LDQR) and exchange rate (EXCH) were the exogenous variables and proxies for monetary policy. Data were obtained from the Central Bank of Nigeria’s Statistical Bulletin of various years and World Bank National Account Data. The study used descriptive statistics, performed a unit

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Alhannom, Essa, and Ghaleb Mushabab. "Economic Growth And Carbon Dioxide Emissions: The Environmental Kuznets Curve Hypothesis In Yemen." Iraqi Journal For Economic Sciences 2021, no. 68 (2021): 42–58. http://dx.doi.org/10.31272/ijes2021.68.3.

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Abstract This study investigates the validity of the Environmental Kuznets Curve hypothesis in Yemen and the causal relationships between Carbon dioxide emissions, per capita income, energy consumption, trade openness, and industrial share to GDP. ARDL bounds testing approach to cointegration, Error Correction Model, and Toda-Yamamoto procedure to Granger causality techniques were employed on annual data covering the period from 1990 to 2010. long run relationship between CO2 emissions and its determinants with significant effects for per capita GDP and trade openness, whereas, energy consumpt

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Festus Babarinde, Gbenga, Fausat Ibidunni Orugun, Tajudeen Idera Abdulmajeed, and Abubakar Yunusa Maldama. "Drivers of Green Innovation in Nigeria: Evidence from Governance Quality." AKSU Journal of Management Sciences 10, no. 1 (2025): 241–52. https://doi.org/10.61090/aksujomas.10116.

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Governance as a multidimensional concept provides a framework for evaluating the effectiveness of utilization of human, material and even natural resources, including innovations in a country. Therefore, in exploring the nexus between governance quality and green innovation in Nigeria, Pearson correlation and Toda-Yamamoto causality techniques were applied to the annual time series data obtained from the World Bank’s Worldwide Governance Indicators and World Development Indicators during the period, 1996-2023. Empirical evidence from Pearson correlation test indicates that, except rule of law,

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Thabet, Samar, Sherin Sherif, Nashwa Eltatawy, and Mai M. Morsi. "Measuring food sovereignty of sunflower oil in Egypt (Toda-Yamamoto causality test)." Fayoum Journal of Agricultural Research and Development 38, no. 4 (2024): 592–601. http://dx.doi.org/10.21608/fjard.2024.306790.1059.

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Yassine, JABER, KABOURI Ismail, BOUZAHZAH Mohamed, and KARIM Mohamed. "Economic growth and education in Morocco: Cointegration and Toda Yamamoto Granger Causality." International Journal of Accounting, Finance, Auditing, Management and Economics 3, no. 4-1 (2022): 1–20. https://doi.org/10.5281/zenodo.6611974.

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This paper aims to investigate the cointegration and causal effect of economic growth and education in the case of Morocco, over the period 1990 to 2019. Education in all of it’s forms, considered a fundamental factor of development. Therefore, a country needs to invest more in education. Without a significant investment in education (or human capital), no country can achieve sustainable economic development.  Several studies have used various proxies for education, which is the enrollment rate at primary, secondary and tertiary levels (Chatterji, 1998). However, in our study, the q

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DİNÇ, Özlem Gül. "THE RELATIONSHIP BETWEEN AGRICULTURE, INDUSTRY, SERVICE SECTORS AND ECONOMIC GROWTH IN TURKEY: BOOTSTRAP TODA-YAMAMOTO CAUSALITY TEST." İşletme Ekonomi ve Yönetim Araştırmaları Dergisi 5, no. 2 (2022): 226–33. http://dx.doi.org/10.33416/baybem.1125113.

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Many countries undergo economic structural changes over time, and these structural changes are generally from agriculture to industry and from industry to the service sector. While the importance of the agricultural sector decreases with the economic structural change process, the increase in the level of per capita income, the industrial sector begins to come to the fore, but the industrial sector retains its place in the service sector, which is constantly increasing. Turkey, which is a developing country, is also experiencing an economic structural change. From this perspective, the study e

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Zhai, Shen Hui, Jian Qing Liu, and Shu Yun Yang. "The Casual Relationship between Fossil Fuel Consumption and Real GDP Growth in China." Applied Mechanics and Materials 448-453 (October 2013): 4250–55. http://dx.doi.org/10.4028/www.scientific.net/amm.448-453.4250.

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A modified version of the Granger causality test model, within the multivariate framework, proposed by Toda and Yamamoto (1995) was adopted to study the causality between the fossil fuel consumption and real GDP in China for the time period of 1978-2009. The empirical results demonstrated that there exists a negative bi-directional Granger causality between fossil fuel consumption and real GDP. The findings indicate that policies promoting energy conservation and reducing fossil fuel consumption may not necessarily be the obstructive factors to the economic growth in China.

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Gülcan, Nazlıgül, Fatma Gül Altin, and Samet Gürsoy. "Evaluation of the Symmetrical and Asymmetrical Causality Relationship Between Bitcoin Energy Consumption and Stock Values of Technology Companies." Ekonomika 101, no. 2 (2022): 22–37. http://dx.doi.org/10.15388/ekon.2022.101.2.2.

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Energy production is a phenomenon that has always preserved its importance for the history of humanity, as well as where the energy is spent and its consumption are also important. This study examined the causality relationship between Bitcoin energy consumption and Apple, Dell Technologies, Lenova Group, HP, Quanta Computer, Compal Electronics, Canon, Wistron and Hewlett Packard Enterprise has been taken into account to represent technology companies’ stock market. In the analysis, daily price data for the period 12.02.2017-07.02.2021 were used. Toda-Yamamoto (1995) symmetric causality test a

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Zombe, Chibvalo, Lincoln Daka, Christopher Phiri, Oliver Kaonga, Francis Chibwe, and Venkatesh Seshamani. "Investigating the Causal Relationship between Inflation and Trade Openness using Toda–Yamamoto Approach: Evidence from Zambia." Mediterranean Journal of Social Sciences 8, no. 6 (2017): 171–82. http://dx.doi.org/10.1515/mjss-2017-0054.

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AbstractThe paper examines whether a significant relationship exists between inflation and trade openness in Zambia over the period 1985 to 2015. We use the Toda-Yamamoto approach to Granger causality to test for a causal relationship between inflation and trade openness. The results establish a bi-directional causality between inflation and trade openness. Further, there exists a positive relationship between inflation and trade openness in Zambia. Our findings stress the importance for central banks to understand the consequences of international trade for domestic inflation.

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Nadabo, Yusuf Shamsuddeen. "The Effect of Carbon Emissions (CO2) on Financial Development, Capital Formation and Economic Growth in Nigeria." Effect of Carbon Emissions (CO2) on Financial Development, Capital Formation and Economic Growth in Nigeria 1, Vol. 1 No. 2 (2023): October 2023 (2024): 20. https://doi.org/10.59890/ijatss.v1i2.545.

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This study investigates the influence of carbon emissions (CO2) on financial development, capital formation, and economic growth in Nigeria. Using the ARDL model and the Toda-Yamamoto causality test from 1991 to 2021, the study finds a positive and significant relationship between economic growth and carbon emissions in the short run. However, in the long run, this relationship becomes negative and significant. Domestic credit to the private sector has a positive and significant impact on economic growth in both the short and long run. Gross fixed capital formation has a negative and significa

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CAN, Cansın Kemal. "How vulnerable is the fiscal posture in Turkey?" Green Finance 3, no. 3 (2021): 319–36. http://dx.doi.org/10.3934/gf.2021016.

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<abstract> <p>This study gauges the degree of fiscal vulnerability in Turkey by calculating the debt stabilising primary balance level and evaluates how this variable measures up against the actual primary balance levels for the 1978–2019 period. Based on this comparison, we build up a fiscal fragility index using the methodology described in <xref ref-type="bibr" rid="b15">Stoian (2012)</xref>. In addition, the Toda-Yamamoto causality test is carried out to detect the direction of causality among these two variables. The index-based analysis reveals that the fiscal per

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Bişgin, Aytül, and Othman Sawafta. "TESTING THE RELATIONSHIP BETWEEN PUBLIC EXPENDITURES AND TAX REVENUES BY FOURIER METHOD: THE CASE OF PALESTINE." Ekonomi Maliye İşletme Dergisi 8, no. 1 (2025): 62–77. https://doi.org/10.46737/emid.1676719.

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Understanding the direction of the relationship between public expenditures and tax revenues is critical for achieving fiscal balances and formulating sustainable public policies. The study, which aims to analyze the long-run relationship between public expenditures and tax revenues in Palestine, covers the period 2011Q1-2024Q2 and consists of 54 quarterly observations. In the analysis of the study, the FKPSS unit root test and Fourier cointegration (FSHIN) analysis, which allow for slow and soft breaks and are more successful in capturing structural changes, are used as econometric methods. I

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HA, NGUYEN MINH, BUI HOANG NGOC, and MICHAEL MCALEER. "FINANCIAL INTEGRATION, ENERGY CONSUMPTION AND ECONOMIC GROWTH IN VIETNAM." Annals of Financial Economics 15, no. 03 (2020): 2050010. http://dx.doi.org/10.1142/s2010495220500104.

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The paper investigates the impact of financial integration and energy consumption on economic growth in Vietnam during the period 1986–2017. By applying the Autoregressive Distributed Lag ARDL) approach proposed by Pesaran et al. [Pesaran, MH, Y Shin and RJ Smith (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326.] and the bounds cointegration test, the empirical results show the existence of long-term cointegration among all the variables, and that an increase in financial integration leads to an increase in economic growt

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Magazzino, Cosimo. "GDP, energy consumption and financial development in Italy." International Journal of Energy Sector Management 12, no. 1 (2018): 28–43. http://dx.doi.org/10.1108/ijesm-01-2017-0004.

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Purpose This study aims to explore the relationship among energy consumption, real income, financial development and oil prices in Italy over the period 1960-2014. Design/methodology/approach Different econometric techniques – such as the General Methods of Moment (GMM) or the AutoRegressive Distributed Lags (ARDL) bounds test – are usually used in the empirical analysis. Moreover, both the Toda and Yamamoto causality tests and the Granger causality tests are applied to the data. Findings The results of unit root and stationarity tests show that the variables are non-stationary at levels, but

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AbuAl-Foul, Bassam M., Ismail Genc, and Musa Darayseh. "On the causal link between financial development and economic growth: Case of Jordan." Corporate Ownership and Control 13, no. 2 (2016): 518–20. http://dx.doi.org/10.22495/cocv13i2c3p2.

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This paper empirically examines the causal relation between financial development and economic growth in the case of Jordan for the period 1965 to 2004. That is, the paper attempts to provide answers to the following questions: a) Does financial development promotes economic growth? Or b) Does economic growth promotes financial development? Using Toda and Yamamoto (1995) Granger-no-causality model, the results reveal that there is a uni-directional Granger causality from economic growth to financial development (as defined by log (DC/GDP)).

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Tiemele, Jean Baptiste, Kone Djakaridja, and Bi Goli Jean Jacques Iritie. "Effects of FDI on the Growth of Agricultural Sector in Côte d'Ivoire: An Empirical Analysis Based on Toda-Yamamoto Causality Tests and ARDL Cointegration." Journal of Sustainable Development 17, no. 6 (2024): 76. http://dx.doi.org/10.5539/jsd.v17n6p76.

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This paper analyses the contribution of Foreign Direct Investment (FDI) to agricultural growth in C&ocirc;te d&#39;Ivoire over the period 1980-2021. The data come from World Development Indicators WDI (World Bank). The Toda-Yamamoto causality test and the ARDL cointegration approach are used. The results of the Toda-Yamamoto test show no causal link between FDI and agricultural growth, while those of the ARDL approach indicate that FDI has a negative impact on agricultural growth. There are several reasons for these results: insufficient resources allocated to the agricultural sector a

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Suleiman, Wafi Salam, Azad Faraj Farhan, and Rnan Nizar Yunus. "Causal Relationship According to Toda-Yamamoto Methodology Between Economic Growth Rates and Inflation in the Iraqi Economy During the Period (1990 - 2021)." Integrated Journal for Research in Arts and Humanities 4, no. 1 (2024): 1–10. http://dx.doi.org/10.55544/ijrah.4.1.1.

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This study aims to test the causal relationship between inflation and economic growth during the period (1990-2021) in Iraq. The long-term causality test was conducted using the Toda-Yamamoto methodology, developed based on a study conducted in 1995 by Toda and Yamamoto. The results indicated a unidirectional causal relationship between economic growth and inflation, meaning that an increase in growth rates has an impact on inflation. The study recommends the implementation of monetary policies to reduce monetary growth. This could include reducing interest rates or implementing other monetary

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Abumdallala, Sameer Mostafa. "The Relationship Between Imports and Inflation in Palestine: Toda and Yamamoto Causality Analysis." International Journal of Business Administration 10, no. 2 (2018): 17. http://dx.doi.org/10.5430/ijba.v10n2p17.

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The amid of this study empirically analyzes the dynamic relationship between Imports and Inflation in Palestine. The study use daily data from of first quarter on 1996 to fourth quarter 2016. Used the Toda and Yamamoto (1995) causality test.The study found that the null hypothesis that the All Share INF does not cause the IMP is rejected, while the INF rate does not because IMP is not rejected at 5% significate level. The study recommended. There is need to decrease the imports for decreasing inflation in Palestine.

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Utami, Herni, Fajar Adi-Kusumo, Gunardi, and Emilia Nurjani. "TODA-YAMAMOTO APPROXIMATION FOR THE GRANGER CAUSALITY ANALYSIS OF CLIMATE ATTRIBUTES IN YOGYAKARTA." Far East Journal of Mathematical Sciences (FJMS) 101, no. 5 (2017): 1073–83. http://dx.doi.org/10.17654/ms101051073.

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Dangal, Dil Nath, Ram Prasad Gajurel, and Aditya Pokhrel. "Social Overhead Capital and Output Nexus in Nepal: A Toda-Yamamoto Causality Analysis." Economic Journal of Nepal 45, no. 3-4 (2022): 23–40. http://dx.doi.org/10.3126/ejon.v45i3-4.63146.

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Social overhead capital (SOC) is complementary to increasing productivity, particularly when the economy is also experiencing technological progress, thus spurring economies of scale and spillover effects. In its absence, the objective of developing nations to increase national output may be difficult to achieve. Such logjams are also found in Nepal. The objective of the study is to explore and evaluate the causal relationship between SOC and national output using VAR (k + dmax) based on the Toda-Yamamoto Granger no-causality test. The study uses the time series data of 36 years from 1986 to 2

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Bolarinwa, Segun Thompson, and Olufemi B. Obembe. "Empirical Analysis of the Nexus between Saving and Economic Growth in Selected African Countries (1981–2014)." Journal of Development Policy and Practice 2, no. 1 (2017): 110–29. http://dx.doi.org/10.1177/2455133316676420.

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This empirical study investigates the direction of causality between gross domestic saving and economic growth among the six sub-Saharan African fastest growing economies as reported by African Development Bank between 1981 and 2014 using the recently developed methodologies of autoregressive distributed lag (ARDL) and the Toda and Yamamoto causality test. The result shows the existence of unidirectional causality running from economic growth to gross domestic saving for Ghana and Burkina Faso, while gross domestic saving Granger causes economic growth in Liberia, Niger and Sierra Leone, indic

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Mukhtarov, Shahriyar. "The Relationship between Renewable Energy Consumption and Economic Growth in Azerbaijan." International Journal of Energy Economics and Policy 12, no. 1 (2022): 416–19. http://dx.doi.org/10.32479/ijeep.11948.

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This article examines the causal relationship between renewable energy consumption and economic growth in case of Azerbaijan using annual data from 1992 to 2015. The Toda-Yamamoto causality test framework of vector autoregressive (VAR) model is utilized to test causal relationship between the variables. The results of this test reveal that there is unidirectional causality running from economic growth to renewable energy consumption. The study's findings might be a helpful tool for Azerbaijani policymakers and oil-rich economies to make renewable energy-related policy decisions.

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Łącka, Irena, Błażej Suproń, and Roman Śmietański. "Effects of Social and Economic Development on CO2 Emissions in the Countries of the Visegrad Group." Energies 17, no. 23 (2024): 5909. http://dx.doi.org/10.3390/en17235909.

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The aim of this study is to assess the impact of socio-economic development, consumption of renewable energy, educational spending, and foreign direct investment on carbon dioxide emissions in the Visegrad countries (Czech Republic, Hungary, Poland, and Slovakia) between 1991 and 2021. The study employed the Autoregressive-Distributed Lag Bound Testing model and Toda–Yamamoto causality tests to establish short- and long-term relationships for each of the dependent variables and countries, aiming to verify the hypotheses. For the Czech Republic and Slovakia, a bidirectional relationship was ide

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