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Showing results 1 to 20 of 1488
  • CES_production_function_estimates_of_elasticity_of_substitution_mansur.pdf.jpg
  • Journal Article

  • CES production function: estimates of elasticity of substitution, returns to scale and technical progress in Australian manufacturing industries

    • Authors: Mohammed Masih, Abul Mansur (1984)

  • This paper attempts to estimate (i) the elasticity of substitution between capital and labour (ii) returns to scale and (iii) Hicks-neutral disembodIed technical progress in Australian twelve (two digit) manufacturing industries as well as total manufacturing during the period 1968/69 through 1977/78. The method employed to derive the above estimates was the constant elasticity of substitution (C.E.S.) production function. Time series data have been used in that connection. Subject to the limitations of the study, the relative orders of magnitude of the estimates appear to be plausible.
  • Theoretical_Studies_2120.jpg.jpg
  • Book

  • Theoretical studies in Islamic banking and finance

    • Authors: Khan, Mohsin S.; Mirakhor, Abbas (1987)

  • Islam proposes that the banking systems that operate on the basis of an ex ante fixed rate of interest be replaced by a profit-sharing system in which the rate of return to the financial resources is not known and is not fixed prior to the undertaking of the transaction. While in Islam interest is forbidden, trade and profits are permissible and in fact encouraged. The papers in this volume all address one or more of the basic questions at the theoretical level. They represents a start in the attempt to introduce rigor into the analysis of Islamic banking and finance, thereby clarifying the nature of the basic relationships underlying the system.
  • welfare_implications_interest-free_bank_asset_management_saiful.pdf.jpg
  • Journal Article

  • Welfare implications of interest-free bank asset management

    • Authors: Rosly, Saiful Azhar (1989)

  • This paper introduces some theoretical aspects of Islamic banking asset management strategies for reducing economic instability. Since public welfare deteriorates during periods of inflation and unemployment, the procyclical behavior of modern interest-based commercial banks is known to aggravate these fluctuations and ipso facto produce an even more severe impact on welfare. The paper will show that equity-based Islamic banks contain some structural features that reduce these procyclical tendencies and therefore shield public welfare from further deterioration.
  • the malaysian economy_pacific connections.pdf.jpg
  • Book

  • The Malaysian economy: Pacific connections

    • Authors: Abdul Kareem, Mohamed Ariff (1991)

  • This book examines the importance of the Pacific region to the Malaysian economy. Particular emphasis is placed on the contributions of the Pacific to Malaysia's trade expansion and industrial development through foreign investment. The book also traces the trends in the Pacific, discusses the possible impact of such trends on the Malaysian economy in the years ahead, and draws policy implications for the 1990s and beyond.
  • path_integral_derivation_u1_kac–moody_characters_weyl–kac_denominator_belal.pdf.jpg
  • Journal Article

  • Path integral derivation of the U(1) Kac-Moody characters and of the Weyl-Kac denominator

    • Authors: Baaquie, Belal E. (1992)

  • The U(1) Kac-Moody character functions are derived from a path integral expression. It is shown that point-split regularization of the Virasoro generator also exactly regularizes the path integral. An exact derivation of the Weyl-Kac denominator is then given for an arbitrary Lie group using the semiclassical approximation and the results of the U(1) calculation.
  • long_distance_behavior_four-dimensional_nonlinear_SIGMA_model_anomaly_belal.pdf.jpg
  • Journal Article

  • Long distance behavior of the four-dimensional nonlinear sigma model with anomaly

    • Authors: Baaquie, Belal E.; Rajeev, S.G. (1993)

  • We study the low energy behavior of the four-dimensional nonlinear sigma model with anomaly using the 2+ expansion and renormalization group methods. It is shown that the theory has a non-trivial ir stable fixed point, in addition to the usual trivial fixed point. If pions happen to exist in the non-trivial phase, their propagator would scale at low energies with anomalous exponents.
  • economic_principles_islam_some_methodological_issues_saiful.pdf.jpg
  • Journal Article

  • Economic principles in Islam: some methodological issues

    • Authors: Rosly, Saiful Azhar (1995)

  • This paper examines the nature of economic principles in Islam. Two types of economic principles are identified. The first type refers to the economic laws derived from revelation-based sources namely the Quran, Sunnah, Ijtihad and Ijma. The second type refers to economic lwas derived from reasoning and experience. The former is the economic system and the latter is economic theory. Both forms of economic laws are in harmony and have no basis for compartmentalization as there is no conflict between revelation and science in Islam. in theory building, it is shown that Quran based assumptions act as the linking mechanism in harmonizing revelation and science. As revelation is superior t...
  • Determinants _of_foreign_banking_activity_in_Malaysia_Khan_Saiful.pdf.jpg
  • Journal Article

  • Determinants of foreign banking activity in Malaysia

    • Authors: Ahmad, Khan Masood; Rosly, Saiful Azhar (1995)

  • This paper studies the factors which determine the level of activity of foreign banks in the Malaysian economy, in the contect of the policy framework laid down by the central bank of the country. The authors conclude that, with trade financing as the the main activity of foreign banks, they did not benefit much from the growth of the economy per se. What has actually happened is that the business growth of domestic banks has been at the expense of foreign banks.
  • Investigating_the_robustness_of_tests_of_the_market_efficiency_hypothesis_mansur.pdf.jpg
  • Journal Article

  • Investigating the robustness of tests of the market efficiency hypothesis: contributions from cointegration techniques on the Canadian floating dollar

    • Authors: Mohammed Masih, Abul Mansur; Masih, Rumi (1995)

  • Although the cointegration technique is being extensively used for hypothesis testing, very little work has been done to substantiate the results derived from this technique either with respect to robustness of model specification or sample stability. This paper focuses on this issue and uses post-float Canadian spot and forward rates, along with those of six other major European currencies, in testing the market efficiency hypothesis (MEH) using cointegration techniques, as a case study. In so doing, emphasis is placed upon the pretesting of each series for stationarity via a menu of unit root tests; iterative tests for the number of cointegrating vectors over the sample period; and...
  • temporal_causality_dynamic_interactions_among_macroeconomic_activity_mansur masih.pdf.jpg
  • Journal Article

  • Temporal causality and dynamic interactions among macroeconomic activity within a multivariate cointegrated system: evidence from Singapore and Korea

    • Authors: Mohammed Masih, Abul Mansur; Masih, Rumi (1995)

  • The main purpose of this paper is to discern the dynamic causal relationship (in the Granger (temporal) sense) among real output, money, interest rate, inflation and exchange rate in the context of two small open economies, such as Singapore and Korea. The Granger-causal chain implied by the authors' evidence that real output more often the authors' predominantly leads (rather than lags) money supply followed by other three endogenous variables, is consistent more with the recent Real Business Cycle theory than with the other two major macroeconomic paradigms such as the Keynesian and the Monetarist.
  • fractional_cointegration_approach_empirical_tests_PPP_rumi_masih.pdf.jpg
  • Journal Article

  • A fractional cointegration approach to empirical tests of PPP: new evidence and methodological implications from an application to the Taiwan/US dollar relationship

    • Authors: Masih, Rumi; Mohammed Masih, Abul Mansur (1995)

  • This paper applies a relatively new concept of fractional cointegration to shed some light on the validity of purchasing power parity as a long-run equilibrium condition, using the Taiwan/US dollar exchange rate. Findings suggest that, while standard tests of cointegration fail to support cointegration between nominal exchange rates, domestic and foreign prices, the fractional cointegration analysis permits deviations from equilibrium to follow a fractionally integrated process and hence captures a much wider class of parity or mean-reversion behaviour. The paper concludes by indicating areas in which fractional cointegration will be a particularly appropriate technique to unearth pre...
  • Macroeconomic_activity_dynamics_and_Granger_causality_Mansur.pdf.jpg
  • Journal Article

  • Macroeconomic activity dynamics and Granger causality: new evidence from a small developing economy based on a vector error-correction modelling analysis

    • Authors: Masih, Rumi; Mohammed Masih, Abul Mansur (1996)

  • The main purpose of this paper is to discern the dynamic causal chain (in the Granger (temporal) sense rather than in the structural sense) among real output, money, interest rate, inflation and the exchange rate in the context of a small Asian developing economy, such as Indonesia. The methodology employed uses various unit root tests and Johansen's cointegration test followed by vector error-correction modelling, variance decompositions, and impulse response functions in order to capture both the within-sample and out-of-sample Granger causal chain among macroeconomic activity. Given the inward-oriented growth strategy of this small developing economy, where the real output was vuln...
  • temporal causality and dynamic interactions among macroeconomic activity_mansur masih.pdf.jpg
  • Journal Article

  • Temporal causality and the dynamics of different categories of crime and their socioeconomic determinants: evidence from Australia

    • Authors: Mohammed Masih, Abul Mansur; Masih, Rumi (1996)

  • Hale and Sabbagh (1991) failed to find cointegration (i.e. a long-term equilibrium relationship) between crime and unemployment in the case of England and Wales. The present study (based on multiple cointegration tests preceded by various unit root or non-stationarity tests) is the first attempt at putting the analysis of crime in a temporal Granger-causal framework in the Australian case (1963-90) by binding the relationship between different categories of crime and their socioeconomic determinants within a multivariate cointegrated system. The results, based on the most recent methodology, broadly indicate that, although the relative importance of the determinants of crime varied by...
  • Energy_consumption_real_income_and_temporal_causality_mansur.pdf.jpg
  • Journal Article

  • Energy consumption, real income and temporal causality: results from a multi-country study based on cointegration and error-correction modelling techniques

    • Authors: Mohammed Masih, Abul Mansur; Masih, Rumi (1996)

  • Unlike previous studies on the causal relationship between energy consumption and economic growth, this paper illustrates how the finding of cointegration (i.e. long-term equilibrium relationship) between these variables, may be used in testing Granger causality. Based on the most recent Johansen's multivariate cointegration tests preceded by various unit root or non-stationarity tests, we test for cointegration between total energy consumption and real income of six Asian economies: India, Pakistan, Malaysia, Singapore, Indonesia and the Philippines. Non-rejection of cointegration between variables rules out Granger non-causality and imples at least one way of Granger-causality, eit...
  • Common_stochastic_trends_multivariate_market_efficiency_and_the_temporal_causal_mansur.pdf.jpg
  • Journal Article

  • Common stochastic trends, multivariate market efficiency and the temporal causal dynamics in a system of daily spot exchange rates

    • Authors: Mohammed Masih, Abul Mansur; Masih, Rumi (1996)

  • It is demonstrated how the techniques of unit root testing and cointegration may be used to test for common stochastic trends, and their implications for addressing the market efficiency hypothesis (MEH) in a multivariate context within a seven-variable system of major daily (unpublished) spot exchange rates of the Malaysian ringgit. Finding the evidence of two cointegrating vectors, a vector error-correction model is developed to test for the direction of temporal causal dytiamics (iti the Gratiger sense) within this system before investigating the relative strength of the causality by decomposing the total impact of an unanticipated shock to each of the variables beyond the sampl...
  • new_evidence_from_an_alternative_methodological_approach_mansur_et_al.pdf.jpg
  • Journal Article

  • New evidence from an alternative methodological approach to the defence spending-economic growth causality issue in the case of mainland China

    • Authors: Mohammed Masih, Abul Mansur; Masih, Rumi; Hasan, Mohammad S. (1997)

  • Proposes to re-examine empirically the causal relationship between defence spending and economic growth in mainland China. First, using a VAR modelling technique with suitable diagnostics, e.g. Akaike's FPE statistics and a likelihood ratio test for over and under-fitting the causal model, the results indicate a positive unidirectional causality flowing from defence spending to economic growth. Second, by evaluating a dynamic vector error correction model, variance decomposition and impulse response functions, then analyses the direction, duration and strength of Granger-causality between defence spending and economic growth. The results broadly indicate that defence spending and econ...
  • Comparative_analysis_of_the_propagation_of_stock_market_fluctuations_mansur.pdf.jpg
  • Journal Article

  • A comparative analysis of the propagation of stock market fluctuations in alternative models of dynamic causal linkages

    • Authors: Mohammed Masih, Abul Mansur; Masih, Rumi (1997)

  • The patterns of dynamic linkages are examined among national stock prices of four Asian Newly Industrializing Countries stock markets - Taiwan, South Korea, Singapore and Hong Kong - in models incorporating the established markets of Japan, USA, UK and Germany. Recent time-series techniques are employed, including unit root testing, multivariate cointegration, vector error-correction modelling (VECM), forecast error variance decomposition (VDC) and impulse response functions (IRFs). The results consistently appear to suggest the relatively leading role of all established markets in driving fluctuations in the NIC stock markets. In other words, all established markets and Hong Kong, co...

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Browsing by Issue Date

Jump to a point in the index:
Showing results 1 to 20 of 1488
  • CES_production_function_estimates_of_elasticity_of_substitution_mansur.pdf.jpg
  • Journal Article

  • CES production function: estimates of elasticity of substitution, returns to scale and technical progress in Australian manufacturing industries

    • Authors: Mohammed Masih, Abul Mansur (1984)

  • This paper attempts to estimate (i) the elasticity of substitution between capital and labour (ii) returns to scale and (iii) Hicks-neutral disembodIed technical progress in Australian twelve (two digit) manufacturing industries as well as total manufacturing during the period 1968/69 through 1977/78. The method employed to derive the above estimates was the constant elasticity of substitution (C.E.S.) production function. Time series data have been used in that connection. Subject to the limitations of the study, the relative orders of magnitude of the estimates appear to be plausible.
  • Theoretical_Studies_2120.jpg.jpg
  • Book

  • Theoretical studies in Islamic banking and finance

    • Authors: Khan, Mohsin S.; Mirakhor, Abbas (1987)

  • Islam proposes that the banking systems that operate on the basis of an ex ante fixed rate of interest be replaced by a profit-sharing system in which the rate of return to the financial resources is not known and is not fixed prior to the undertaking of the transaction. While in Islam interest is forbidden, trade and profits are permissible and in fact encouraged. The papers in this volume all address one or more of the basic questions at the theoretical level. They represents a start in the attempt to introduce rigor into the analysis of Islamic banking and finance, thereby clarifying the nature of the basic relationships underlying the system.
  • welfare_implications_interest-free_bank_asset_management_saiful.pdf.jpg
  • Journal Article

  • Welfare implications of interest-free bank asset management

    • Authors: Rosly, Saiful Azhar (1989)

  • This paper introduces some theoretical aspects of Islamic banking asset management strategies for reducing economic instability. Since public welfare deteriorates during periods of inflation and unemployment, the procyclical behavior of modern interest-based commercial banks is known to aggravate these fluctuations and ipso facto produce an even more severe impact on welfare. The paper will show that equity-based Islamic banks contain some structural features that reduce these procyclical tendencies and therefore shield public welfare from further deterioration.
  • the malaysian economy_pacific connections.pdf.jpg
  • Book

  • The Malaysian economy: Pacific connections

    • Authors: Abdul Kareem, Mohamed Ariff (1991)

  • This book examines the importance of the Pacific region to the Malaysian economy. Particular emphasis is placed on the contributions of the Pacific to Malaysia's trade expansion and industrial development through foreign investment. The book also traces the trends in the Pacific, discusses the possible impact of such trends on the Malaysian economy in the years ahead, and draws policy implications for the 1990s and beyond.
  • path_integral_derivation_u1_kac–moody_characters_weyl–kac_denominator_belal.pdf.jpg
  • Journal Article

  • Path integral derivation of the U(1) Kac-Moody characters and of the Weyl-Kac denominator

    • Authors: Baaquie, Belal E. (1992)

  • The U(1) Kac-Moody character functions are derived from a path integral expression. It is shown that point-split regularization of the Virasoro generator also exactly regularizes the path integral. An exact derivation of the Weyl-Kac denominator is then given for an arbitrary Lie group using the semiclassical approximation and the results of the U(1) calculation.
  • long_distance_behavior_four-dimensional_nonlinear_SIGMA_model_anomaly_belal.pdf.jpg
  • Journal Article

  • Long distance behavior of the four-dimensional nonlinear sigma model with anomaly

    • Authors: Baaquie, Belal E.; Rajeev, S.G. (1993)

  • We study the low energy behavior of the four-dimensional nonlinear sigma model with anomaly using the 2+ expansion and renormalization group methods. It is shown that the theory has a non-trivial ir stable fixed point, in addition to the usual trivial fixed point. If pions happen to exist in the non-trivial phase, their propagator would scale at low energies with anomalous exponents.
  • economic_principles_islam_some_methodological_issues_saiful.pdf.jpg
  • Journal Article

  • Economic principles in Islam: some methodological issues

    • Authors: Rosly, Saiful Azhar (1995)

  • This paper examines the nature of economic principles in Islam. Two types of economic principles are identified. The first type refers to the economic laws derived from revelation-based sources namely the Quran, Sunnah, Ijtihad and Ijma. The second type refers to economic lwas derived from reasoning and experience. The former is the economic system and the latter is economic theory. Both forms of economic laws are in harmony and have no basis for compartmentalization as there is no conflict between revelation and science in Islam. in theory building, it is shown that Quran based assumptions act as the linking mechanism in harmonizing revelation and science. As revelation is superior t...
  • Determinants _of_foreign_banking_activity_in_Malaysia_Khan_Saiful.pdf.jpg
  • Journal Article

  • Determinants of foreign banking activity in Malaysia

    • Authors: Ahmad, Khan Masood; Rosly, Saiful Azhar (1995)

  • This paper studies the factors which determine the level of activity of foreign banks in the Malaysian economy, in the contect of the policy framework laid down by the central bank of the country. The authors conclude that, with trade financing as the the main activity of foreign banks, they did not benefit much from the growth of the economy per se. What has actually happened is that the business growth of domestic banks has been at the expense of foreign banks.
  • Investigating_the_robustness_of_tests_of_the_market_efficiency_hypothesis_mansur.pdf.jpg
  • Journal Article

  • Investigating the robustness of tests of the market efficiency hypothesis: contributions from cointegration techniques on the Canadian floating dollar

    • Authors: Mohammed Masih, Abul Mansur; Masih, Rumi (1995)

  • Although the cointegration technique is being extensively used for hypothesis testing, very little work has been done to substantiate the results derived from this technique either with respect to robustness of model specification or sample stability. This paper focuses on this issue and uses post-float Canadian spot and forward rates, along with those of six other major European currencies, in testing the market efficiency hypothesis (MEH) using cointegration techniques, as a case study. In so doing, emphasis is placed upon the pretesting of each series for stationarity via a menu of unit root tests; iterative tests for the number of cointegrating vectors over the sample period; and...
  • temporal_causality_dynamic_interactions_among_macroeconomic_activity_mansur masih.pdf.jpg
  • Journal Article

  • Temporal causality and dynamic interactions among macroeconomic activity within a multivariate cointegrated system: evidence from Singapore and Korea

    • Authors: Mohammed Masih, Abul Mansur; Masih, Rumi (1995)

  • The main purpose of this paper is to discern the dynamic causal relationship (in the Granger (temporal) sense) among real output, money, interest rate, inflation and exchange rate in the context of two small open economies, such as Singapore and Korea. The Granger-causal chain implied by the authors' evidence that real output more often the authors' predominantly leads (rather than lags) money supply followed by other three endogenous variables, is consistent more with the recent Real Business Cycle theory than with the other two major macroeconomic paradigms such as the Keynesian and the Monetarist.
  • fractional_cointegration_approach_empirical_tests_PPP_rumi_masih.pdf.jpg
  • Journal Article

  • A fractional cointegration approach to empirical tests of PPP: new evidence and methodological implications from an application to the Taiwan/US dollar relationship

    • Authors: Masih, Rumi; Mohammed Masih, Abul Mansur (1995)

  • This paper applies a relatively new concept of fractional cointegration to shed some light on the validity of purchasing power parity as a long-run equilibrium condition, using the Taiwan/US dollar exchange rate. Findings suggest that, while standard tests of cointegration fail to support cointegration between nominal exchange rates, domestic and foreign prices, the fractional cointegration analysis permits deviations from equilibrium to follow a fractionally integrated process and hence captures a much wider class of parity or mean-reversion behaviour. The paper concludes by indicating areas in which fractional cointegration will be a particularly appropriate technique to unearth pre...
  • Macroeconomic_activity_dynamics_and_Granger_causality_Mansur.pdf.jpg
  • Journal Article

  • Macroeconomic activity dynamics and Granger causality: new evidence from a small developing economy based on a vector error-correction modelling analysis

    • Authors: Masih, Rumi; Mohammed Masih, Abul Mansur (1996)

  • The main purpose of this paper is to discern the dynamic causal chain (in the Granger (temporal) sense rather than in the structural sense) among real output, money, interest rate, inflation and the exchange rate in the context of a small Asian developing economy, such as Indonesia. The methodology employed uses various unit root tests and Johansen's cointegration test followed by vector error-correction modelling, variance decompositions, and impulse response functions in order to capture both the within-sample and out-of-sample Granger causal chain among macroeconomic activity. Given the inward-oriented growth strategy of this small developing economy, where the real output was vuln...
  • temporal causality and dynamic interactions among macroeconomic activity_mansur masih.pdf.jpg
  • Journal Article

  • Temporal causality and the dynamics of different categories of crime and their socioeconomic determinants: evidence from Australia

    • Authors: Mohammed Masih, Abul Mansur; Masih, Rumi (1996)

  • Hale and Sabbagh (1991) failed to find cointegration (i.e. a long-term equilibrium relationship) between crime and unemployment in the case of England and Wales. The present study (based on multiple cointegration tests preceded by various unit root or non-stationarity tests) is the first attempt at putting the analysis of crime in a temporal Granger-causal framework in the Australian case (1963-90) by binding the relationship between different categories of crime and their socioeconomic determinants within a multivariate cointegrated system. The results, based on the most recent methodology, broadly indicate that, although the relative importance of the determinants of crime varied by...
  • Energy_consumption_real_income_and_temporal_causality_mansur.pdf.jpg
  • Journal Article

  • Energy consumption, real income and temporal causality: results from a multi-country study based on cointegration and error-correction modelling techniques

    • Authors: Mohammed Masih, Abul Mansur; Masih, Rumi (1996)

  • Unlike previous studies on the causal relationship between energy consumption and economic growth, this paper illustrates how the finding of cointegration (i.e. long-term equilibrium relationship) between these variables, may be used in testing Granger causality. Based on the most recent Johansen's multivariate cointegration tests preceded by various unit root or non-stationarity tests, we test for cointegration between total energy consumption and real income of six Asian economies: India, Pakistan, Malaysia, Singapore, Indonesia and the Philippines. Non-rejection of cointegration between variables rules out Granger non-causality and imples at least one way of Granger-causality, eit...
  • Common_stochastic_trends_multivariate_market_efficiency_and_the_temporal_causal_mansur.pdf.jpg
  • Journal Article

  • Common stochastic trends, multivariate market efficiency and the temporal causal dynamics in a system of daily spot exchange rates

    • Authors: Mohammed Masih, Abul Mansur; Masih, Rumi (1996)

  • It is demonstrated how the techniques of unit root testing and cointegration may be used to test for common stochastic trends, and their implications for addressing the market efficiency hypothesis (MEH) in a multivariate context within a seven-variable system of major daily (unpublished) spot exchange rates of the Malaysian ringgit. Finding the evidence of two cointegrating vectors, a vector error-correction model is developed to test for the direction of temporal causal dytiamics (iti the Gratiger sense) within this system before investigating the relative strength of the causality by decomposing the total impact of an unanticipated shock to each of the variables beyond the sampl...
  • new_evidence_from_an_alternative_methodological_approach_mansur_et_al.pdf.jpg
  • Journal Article

  • New evidence from an alternative methodological approach to the defence spending-economic growth causality issue in the case of mainland China

    • Authors: Mohammed Masih, Abul Mansur; Masih, Rumi; Hasan, Mohammad S. (1997)

  • Proposes to re-examine empirically the causal relationship between defence spending and economic growth in mainland China. First, using a VAR modelling technique with suitable diagnostics, e.g. Akaike's FPE statistics and a likelihood ratio test for over and under-fitting the causal model, the results indicate a positive unidirectional causality flowing from defence spending to economic growth. Second, by evaluating a dynamic vector error correction model, variance decomposition and impulse response functions, then analyses the direction, duration and strength of Granger-causality between defence spending and economic growth. The results broadly indicate that defence spending and econ...
  • Comparative_analysis_of_the_propagation_of_stock_market_fluctuations_mansur.pdf.jpg
  • Journal Article

  • A comparative analysis of the propagation of stock market fluctuations in alternative models of dynamic causal linkages

    • Authors: Mohammed Masih, Abul Mansur; Masih, Rumi (1997)

  • The patterns of dynamic linkages are examined among national stock prices of four Asian Newly Industrializing Countries stock markets - Taiwan, South Korea, Singapore and Hong Kong - in models incorporating the established markets of Japan, USA, UK and Germany. Recent time-series techniques are employed, including unit root testing, multivariate cointegration, vector error-correction modelling (VECM), forecast error variance decomposition (VDC) and impulse response functions (IRFs). The results consistently appear to suggest the relatively leading role of all established markets in driving fluctuations in the NIC stock markets. In other words, all established markets and Hong Kong, co...