Has the accumulation of foreign reserves protect the Thai economy from financial crisis?: An approach of Empirical likelihood

© Serials Publications Pvt. Ltd. In this article, we analyzed the effect of the accumulation of foreign reserves to economic growth in Thailand. In order to estimate of this impact, we employed a kink regression model which has an ability to capture a structure changed in the relationship between fo...

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Main Authors:	Yamaka W., Pastpipatkul P., Sriboonchitta S.
Format:	Journal
Published:	2017
Online Access:	https://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=85019585418&origin=inward http://cmuir.cmu.ac.th/jspui/handle/6653943832/40896
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Institution:	Chiang Mai University

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spelling	th-cmuir.6653943832-408962017-09-28T04:14:20Z Has the accumulation of foreign reserves protect the Thai economy from financial crisis?: An approach of Empirical likelihood Yamaka W. Pastpipatkul P. Sriboonchitta S. © Serials Publications Pvt. Ltd. In this article, we analyzed the effect of the accumulation of foreign reserves to economic growth in Thailand. In order to estimate of this impact, we employed a kink regression model which has an ability to capture a structure changed in the relationship between foreign reserves accumulation and economic growth as well as identify the kink point of their relationship. However, we concern that the assumption of normality may yield biased estimation for model parameters of interest and its difficulty to specify the correct error distribution of the model. Hence, the maximum likelihood estimation might not be accurate. In this paper, we investigate the use of Empirical likelihood approach as a solution to this problem. To examine the performance of this estimatin, we conduct a simulation and experiment studues. Then, the approach is applied to analyze the effect of the accumulation of foreign reserves to economic growth in Thailand. 2017-09-28T04:14:20Z 2017-09-28T04:14:20Z 2017-01-01 Journal 09729380 2-s2.0-85019585418 https://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=85019585418&origin=inward http://cmuir.cmu.ac.th/jspui/handle/6653943832/40896
institution	Chiang Mai University
building	Chiang Mai University Library
country	Thailand
collection	CMU Intellectual Repository
description	© Serials Publications Pvt. Ltd. In this article, we analyzed the effect of the accumulation of foreign reserves to economic growth in Thailand. In order to estimate of this impact, we employed a kink regression model which has an ability to capture a structure changed in the relationship between foreign reserves accumulation and economic growth as well as identify the kink point of their relationship. However, we concern that the assumption of normality may yield biased estimation for model parameters of interest and its difficulty to specify the correct error distribution of the model. Hence, the maximum likelihood estimation might not be accurate. In this paper, we investigate the use of Empirical likelihood approach as a solution to this problem. To examine the performance of this estimatin, we conduct a simulation and experiment studues. Then, the approach is applied to analyze the effect of the accumulation of foreign reserves to economic growth in Thailand.
format	Journal
author	Yamaka W. Pastpipatkul P. Sriboonchitta S.
spellingShingle	Yamaka W. Pastpipatkul P. Sriboonchitta S. Has the accumulation of foreign reserves protect the Thai economy from financial crisis?: An approach of Empirical likelihood
author_facet	Yamaka W. Pastpipatkul P. Sriboonchitta S.
author_sort	Yamaka W.
title	Has the accumulation of foreign reserves protect the Thai economy from financial crisis?: An approach of Empirical likelihood
title_short	Has the accumulation of foreign reserves protect the Thai economy from financial crisis?: An approach of Empirical likelihood
title_full	Has the accumulation of foreign reserves protect the Thai economy from financial crisis?: An approach of Empirical likelihood
title_fullStr	Has the accumulation of foreign reserves protect the Thai economy from financial crisis?: An approach of Empirical likelihood
title_full_unstemmed	Has the accumulation of foreign reserves protect the Thai economy from financial crisis?: An approach of Empirical likelihood
title_sort	has the accumulation of foreign reserves protect the thai economy from financial crisis?: an approach of empirical likelihood
publishDate	2017
url	https://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=85019585418&origin=inward http://cmuir.cmu.ac.th/jspui/handle/6653943832/40896
_version_	1681421902159020032

Has the accumulation of foreign reserves protect the Thai economy from financial crisis?: An approach of Empirical likelihood

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