 Journal Article
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) Hicksneutral 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.

 Book
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 profitsharing 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.

 Journal Article
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 interestbased commercial banks is known to aggravate these fluctuations and ipso facto produce an even more severe impact on welfare. The paper will show that equitybased Islamic banks contain some structural features that reduce these procyclical tendencies and therefore shield public welfare from further deterioration.

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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.

 Journal Article
Authors: Baaquie, Belal E. (1992)  The U(1) KacMoody character functions are derived from a path integral expression. It is shown that pointsplit regularization of the Virasoro generator also exactly regularizes the path integral. An exact derivation of the WeylKac denominator is then given for an arbitrary Lie group using the semiclassical approximation and the results of the U(1) calculation.

 Journal Article
Authors: Baaquie, Belal E.; Rajeev, S.G. (1993)  We study the low energy behavior of the fourdimensional nonlinear sigma model with anomaly using the 2+ expansion and renormalization group methods. It is shown that the theory has a nontrivial ir stable fixed point, in addition to the usual trivial fixed point. If pions happen to exist in the nontrivial phase, their propagator would scale at low energies with anomalous exponents.

 Journal Article
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 postfloat 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...

 Journal Article
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 revelationbased 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...

 Journal Article
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.

 Journal Article
Authors: Masih, Rumi; Mohammed Masih, Abul Mansur (1996)  In this paper robust elasticity estimates of coal demand for China are derived using annual data 195392. In so doing, we illustrate the use of a powerful yet practically convenient and recently developed modelling procedure devised by Stock and Watson (known as Dynamic OLS (DOLS)), who provide evidence, based on Monte Carlo simulations, of this estimator being superior in small samples compared to a number of alternative estimators, as well as being able not only to accommodate higher orders of integration but also to account for possible simultaneity within regressors of a potential demand system. Furthermore, cointegration and errorcorrection methods are employed to derive shortr...

 Journal Article
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 errorcorrection modelling, variance decompositions, and impulse response functions in order to capture both the withinsample and outofsample Granger causal chain among macroeconomic activity. Given the inwardoriented growth strategy of this small developing economy, where the real output was vuln...

 Journal Article
Authors: Mohammed Masih, Abul Mansur; Masih, Rumi (1996)  Hale and Sabbagh (1991) failed to find cointegration (i.e. a longterm 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 nonstationarity tests) is the first attempt at putting the analysis of crime in a temporal Grangercausal framework in the Australian case (196390) 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...

 Journal Article
Authors: Mohammed Masih, Abul Mansur; Masih, Rumi (1996)  The primary aim of this paper is to make an initial attempt to conduct empirical tests in order to discern the dynamic causal chainin the Granger (temporal) sense rather than
in the structural senseamong real output, money, interest rate, inflation, and the exchange rate in the context of two small Southeast Asian developing economies, such as Thailand and Malaysia. The methodology employed uses various unit root tests and Johansen's cointegration test followed by vector errorcorrection modeling, variance decompositions, and impulse response functions in order to capture both the withinsample and outofsample Grangercausal chain among macroeconomic activity. Given the relativel...

 Journal Article
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. longterm
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 nonstationarity tests, we test for cointegration between total energy consumption and real income of six Asian economies: India, Pakistan, Malaysia, Singapore, Indonesia and the Philippines. Nonrejection of cointegration between variables rules out Granger noncausality and imples at least one way of Grangercausality, eit...

 Journal Article
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 sevenvariable system of major daily (unpublished) spot exchange rates of the Malaysian ringgit.
Finding the evidence of two cointegrating vectors, a vector errorcorrection 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...

 Journal Article
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 timeseries techniques are employed, including unit root testing, multivariate cointegration, vector errorcorrection 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...

 Journal Article
Authors: Mohammed Masih, Abul Mansur; Masih, Rumi; Hasan, Mohammad S. (1997)  Proposes to reexamine 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 underfitting 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 Grangercausality between defence spending and economic growth. The results broadly indicate that defence spending and econ...

 Journal Article
Authors: Mohammed Masih, Abul Mansur; Masih, Rumi (1997)  Unlike most empirical works on fertility analysis, this study investigates the question as to whether familyplanning programs can "cause" a significant fertility decline in a country characterized by very low levels of socioeconomic development. The analysis is based on the application of the following dynamic timeseries techniques in a multivariate context: cointegration, vector errorcorrection modeling, variance decompositions, and impulse response functions. These four dynamic tools are recently developed and hitherto untried in fertility analysis in the context of a poor developing economy such as Bangladesh. Our findings appear to be consistent with the new theoretical view th...

 Journal Article
Authors: Mohammed Masih, Abul Mansur; Masih, Rumi (1997)  Departing from previous studies on the causal relationship between energy consumption and economic growth, this paper illustrates how the finding of cointegration (i.e., longterm equilibrium relationship) between these variables, may be used in testing Granger causality. Based on the most recent Johansen's multiple cointegration tests preceded by various unit root or nonstationarity tests, we test for cointegration between total energy consumption, real income, and price level of two highly energy dependent EastAsian NICs: Korea and Taiwan. Nonrejection of cointegration between variables rules out Granger noncausality and implies at least one way of Granger causality, either unidirec...

 Journal Article
Authors: Mohammed Masih, Abul Mansur; Masih, Rumi (1997)  The stock market crash of October 1987 earmarked fears of a deepseated financial crisis. In recent years, while there has been a number of empirical studies devoted to examinations of the number of common trends in a system of stock price indexes, only a minority has focused on what effect the crash has had on the characteristics [namely, the amount of comovements amongst markets, their dynamic linkages, and implications for the transmission or propagation mechanism] of major stock markets. In this paper, we demonstrate how the techniques of unit root testing, cointegration, vector errorcorrection modelling (VECM) and forecast error variance decomposition (VDC) analysis, may be use...
