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- W3023781304 abstract "Purpose The objective of the paper is to explore the out-of-sample forecasting connections in income growth across the globe. Design/methodology/approach An autoregressive distributed lag (ARDL) framework is employed and the forecasting performance is analyzed across several horizons using different forecast combination techniques. Findings Results show that the foreign country's income provides superior forecasts beyond what is provided by the country's own past income movements. Superior forecasting power is particularly held by Belgium, Korea, New Zealand, the UK and the US, while these countries' income is rather difficult to predict by global counterparts. Contrary to conventional wisdom, improved forecasts of income can be obtained even for longer horizons using our approach. Results also show that the forecast combination techniques yield higher forecasting gains relative to individual model forecasts, both in magnitude and the number of countries. Research limitations/implications The forecasting paths of income movement across the globe reveal that predictive power greatly differs across countries, regions and forecast horizons. The countries that are difficult to predict in the short run are often seen to be predictable by global income movements in the long run. Practical implications Even while it is difficult to predict the income movements at an individual country level, combining information from the income growth of several countries is likely to provide superior forecasting gains. And these gains are higher for long-horizon forecasts as compared to the short-horizon forecast. Social implications In evaluating the forward-looking social implications of economic policy changes, the policymakers should also consider the possible global forecasting connections revealed in the study. Originality/value Employing an ARDL model to explore global income forecasting connections across several forecast horizons using different forecast combination techniques." @default.
- W3023781304 created "2020-05-13" @default.
- W3023781304 creator A5044142750 @default.
- W3023781304 date "2020-04-24" @default.
- W3023781304 modified "2023-09-26" @default.
- W3023781304 title "Evaluating the forecasting power of foreign Country's income growth: a global analysis" @default.
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- W3023781304 doi "https://doi.org/10.1108/jes-06-2019-0261" @default.
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