Komain Jiranyakul

National Institute of Development Administration

Associate Professor

118 Seri Thai Road

Bangkok, 10240

Thailand

  • National Institute of Development Administration

SCHOLARLY PAPERS

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Scholarly Papers (51)

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1.

The Relation between Government Expenditures and Economic Growth in Thailand

Number of pages: 7 Posted: 04 May 2013 Last Revised: 16 May 2013
Komain Jiranyakul
National Institute of Development Administration
Downloads 1,761 (16,571)
Citation 5

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Economic growth, Government expenditures, Granger causality test, Least Square Estimation

2.

Capital Structure, Cost of Debt and Dividend Payout of Firms in New York and Shanghai Stock Exchanges

Jiang, J., and Jiranyakul, K., 'Capital Structure, Cost of Debt and Dividend Payout of Firms in New York and Shanghai Stock Exchanges,' International Journal of Economics and Financial Issues, Vol. 3, No. 1, pp. 113-121, 2013
Number of pages: 9 Posted: 05 Jan 2013 Last Revised: 29 Mar 2014
Komain Jiranyakul and Jun Jiang
National Institute of Development Administration and Mahidol University International College (MUIC)
Downloads 581 (78,931)

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Dividend payout, debt financing, equity financing, panel regression, stock markets

3.

Economic Forces and the Thai Stock Market, 1993-2007

NIDA Economic Review, Vol. 4, No. 2, pp. 1-12, December 2009
Number of pages: 12 Posted: 07 Apr 2011 Last Revised: 17 Jul 2014
Komain Jiranyakul
National Institute of Development Administration
Downloads 313 (161,708)

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Stock market returns, macro variables, unit root, cointegration, causality

4.

Oil Price Shocks and Domestic Inflation in Thailand

Number of pages: 22 Posted: 16 Mar 2015 Last Revised: 30 Aug 2021
Komain Jiranyakul
National Institute of Development Administration
Downloads 279 (182,363)
Citation 6

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Oil shocks, inflation, bivariate GARCH, causality

5.

Interaction between Stock and Foreign Exchange Markets Under the Floating Regime: Evidence from Thailand

Number of pages: 16 Posted: 25 Aug 2011 Last Revised: 30 Jun 2012
Komain Jiranyakul
National Institute of Development Administration
Downloads 176 (281,578)

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stock prices, effective exchange rate, bivariate GARCH, causality

6.

Exchange Rate Uncertainty and Import Demand of Thailand

Jiranyakul, K., "Exchange Rate Uncertainty and Import Demand of Thailand," Asian Economic and Financial Review, Vol. 3, No. 10, pp. 1269-1280, 2013.
Number of pages: 12 Posted: 26 Feb 2013 Last Revised: 15 Jun 2013
Komain Jiranyakul
National Institute of Development Administration
Downloads 160 (305,296)
Citation 1

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Exchange rate uncertainty, GARCH, imports, ARDL bounds testing

7.

An Analysis of the Determinants of Thailand's Exports and Imports with Major Trading Partners

Jiranyakul, K., and Brahmasrene, T., “ An Analysis of the Determinants of Thailand’s Exports and Imports with Major Trading Partners,” Southwestern Economic Review , Vol. 29, No. 1, pp. 111-121, 2002.
Number of pages: 12 Posted: 07 Jun 2013 Last Revised: 16 Jun 2013
Komain Jiranyakul and Tantatape Brahmasrene
National Institute of Development Administration and Purdue University North Central
Downloads 157 (310,244)

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Bilateral real exchange rate, imports, exports, dynamic OLS

8.

On the Risk-Return Tradeoff in the Stock Exchange of Thailand: New Evidence

Asian Social Science, Vol. 7, No. 7, pp. 115-123, July 2011
Number of pages: 9 Posted: 04 Jul 2011 Last Revised: 05 Sep 2011
Komain Jiranyakul
National Institute of Development Administration
Downloads 142 (336,776)

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risk-return, emerging stock market, GARCH

9.

Does Purchasing Power Parity Hold in Thailand?

International Journal of Applied Economics and Econometrics, Vol. 17, No. 3, pp. 268-280, 2009
Number of pages: 13 Posted: 05 Feb 2012 Last Revised: 20 Feb 2012
Komain Jiranyakul and Bala Batavia
National Institute of Development Administration and DePual University
Downloads 140 (340,584)

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Purchasing power parity, bilateral exchange rate, unit root, cointegration

10.

Behavior of Stock Market Index in the Stock Exchange of Thailand

Jiranyakul, Komain, 'Behavior of Stock Market Index in the Stock Exchange of Thailand', NIDA Economic Review, Vol. 2, No. 2, pp. 47-57, 2007
Number of pages: 11 Posted: 10 Apr 2013
Komain Jiranyakul
National Institute of Development Administration
Downloads 139 (342,457)

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Stock market index, Variance-Ratio, GARCH, Market efficiency

11.

The Effects of Real Exchange Rate Volatility on Thailand's Exports to the United States and Japan Under the Recent Float

NIDA Development Journal, Vol. 50, No. 2, pp. 1-18, April-June 2010
Number of pages: 18 Posted: 12 Apr 2011 Last Revised: 18 May 2011
Komain Jiranyakul
National Institute of Development Administration
Downloads 138 (344,393)

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Real Exchange Rate Uncertainty, Exports, Bounds Testing for Cointegration

12.

Does Oil Price Uncertainty Transmit to the Thai Stock Market?

Jiranyakul, K., (2014), "Does Oil Price Uncertainty transmit to the Thai Stock Market?, Journal of Economic and Financial Studies, Vol. 2, No. 6, pp. 16-25.
Number of pages: 10 Posted: 17 Jun 2014 Last Revised: 06 Oct 2015
Komain Jiranyakul
National Institute of Development Administration
Downloads 136 (348,386)
Citation 3

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real stock price, real oil price, volatility transmission, emerging markets

13.

Relationship Among Money, Prices and Aggregate Output in Thailand

Empirical Economics Letters, Vol. 8, No. 11, pp. 1063-1071, November 2009.
Number of pages: 9 Posted: 15 Apr 2011
Komain Jiranyakul
National Institute of Development Administration
Downloads 117 (389,744)

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Money, price level, aggregate output, cointegration

14.

Recent Evidence of the Validity of the Export-Led Growth Hypothesis for Thailand

Economics Bulletin, Vol. 30, No. 3, pp. 2151-2159, August 2010
Number of pages: 9 Posted: 27 Apr 2011
Komain Jiranyakul
National Institute of Development Administration
Downloads 115 (394,637)

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exports, growth, cointegration, causality

15.

The Impact of International Oil Prices on Industrial Production: The Case of Thailand

Jiranyakul, K., "The impact of international oil prices on industrial production: the case of Thailand," NIDA Economic Review, Vol. 1, No. 2, pp. 35-42, 2006.
Number of pages: 8 Posted: 07 Jun 2013
Komain Jiranyakul
National Institute of Development Administration
Downloads 112 (402,293)

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Industrial production, oil prices, VAR, Cointegration

16.

Dynamic Relationship between Stock Return, Trading Volume, and Volatility in the Stock Exchange of Thailand: Does the US Subprime Crisis Matter?

Number of pages: 12 Posted: 16 Nov 2016
Komain Jiranyakul
National Institute of Development Administration
Downloads 111 (404,936)
Citation 2

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Stock return, trading volume, volatility, VAR, subprime crisis

17.

The Validity of the Tourism-Led Growth Hypothesis for Thailand

Number of pages: 15 Posted: 01 Aug 2016 Last Revised: 27 Aug 2021
Komain Jiranyakul
National Institute of Development Administration
Downloads 107 (415,685)

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Tourism indicator, real GDP, structural breaks, threshold coinegration, causality

18.

Oil Price Volatility and Real Effective Exchange Rate: The Case of Thailand

Jiranyakul, K. (2015), "Oil price volatility and real effective exchange rate: the case of Thailand," International Journal of Energy Economics and Policy, Vol. 5, No. 2, pp. 574-579.
Number of pages: 6 Posted: 21 Jul 2014 Last Revised: 17 Apr 2015
Komain Jiranyakul
National Institute of Development Administration
Downloads 107 (415,685)
Citation 1

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Oil price, real exchange rate, bivariate GARCH, volatility spillover

19.

Are Thai Manufacturing Exports and Imports of Capital Goods Related?

Modern Economy, Vol. 3, No. 2, pp. 237-244, 2012
Number of pages: 8 Posted: 28 Mar 2012
Komain Jiranyakul
National Institute of Development Administration
Downloads 85 (483,496)

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manufacturing sector, exports, imports of capital goods, economic growth

20.

The Link between Output Growth and Output Volatility in Five Crisis-Affected Asian Countries

Middle Eastern Finance and Economics, No. 12, pp. 101-108, April 2011
Number of pages: 8 Posted: 04 May 2011
Komain Jiranyakul
National Institute of Development Administration
Downloads 85 (483,496)
Citation 1

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Output volatility, output growth, ARCH/GARCH model, causality

21.

Capital Formation in Thailand: Its Importance and Determinants

Number of pages: 11 Posted: 05 Oct 2014 Last Revised: 26 Nov 2014
Komain Jiranyakul
National Institute of Development Administration
Downloads 82 (493,968)

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Capital formation, economic growth, stock market capitalization, bounds testing

22.

Identifying the Effects of Monetary Policy Shock on Output and Prices in Thailand

Number of pages: 7 Posted: 21 Dec 2016 Last Revised: 22 Dec 2016
Komain Jiranyakul
National Institute of Development Administration
Downloads 80 (501,253)

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monetary policy shock, structural VAR, impulse response

23.

Empirical Assessment of the Present Value Model of Stock Prices Using the Data from Thailand's Stock Market

Jiranyakul, K., 2008. "Empirical Assessment of the Present Value Model of Stock Prices Using the Data from Thailand’s Stock Market," NIDA Economic Review, Vol. 3, No. 1, pp. 24-36
Number of pages: 13 Posted: 09 Apr 2014
Komain Jiranyakul
National Institute of Development Administration
Downloads 77 (512,491)

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Stock prices, Present Value model, Variance Bounds Test, Cointegration, Equity Price Bubbles

24.

Exchange Rate Regimes and Persistence of Inflation in Thailand

Number of pages: 15 Posted: 12 Jun 2014 Last Revised: 19 Aug 2015
Komain Jiranyakul
National Institute of Development Administration
Downloads 74 (524,162)

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Inflation persistence, exchange rate regimes, monetary policy, inflation targeting

25.

Estimating the Threshold Level of Inflation for Thailand

Jiranyakul, K., (2017), "Estimating the Threshold Level of Inflation in Thailand," Journal of Economics Bibliography, Vol. 4, No. 2, pp. 150-155
Number of pages: 6 Posted: 13 Jun 2017 Last Revised: 17 Mar 2020
Komain Jiranyakul
National Institute of Development Administration
Downloads 70 (540,471)

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Inflation, growth, threshold model

26.

An Empirical Test of Money Demand in Thailand from 1993 to 2012

Number of pages: 10 Posted: 28 Mar 2014
Komain Jiranyakul and Timothy Opiela
National Institute of Development Administration and DePaul University
Downloads 67 (553,353)

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Real Money Demand, Real Income, Interest Rate, Cointegration, Dynamic OLS

27.

Temporal Causal Relationship between Stock Market Capitalization, Trade Openness and Real GDP: Evidence from Thailand

Jiranyakul, K., (2015), "Temporal Causal Relationship between Stock Market Capitalization, Trade Openness and Real GDP: Evidence from Thailand," International Journal of Applied Business and Economic Research, Vol. 13, No. 4, pp. 1525-1534.
Number of pages: 10 Posted: 04 Nov 2014 Last Revised: 09 Oct 2015
Komain Jiranyakul
National Institute of Development Administration
Downloads 66 (557,581)
Citation 1

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Economic growth, market capitalization, trade openness, cointegration, causality

28.

Does the Bank of Thailand Have the Control Over the Money Supply?

Number of pages: 7 Posted: 10 Jul 2019 Last Revised: 30 Aug 2021
Komain Jiranyakul
National Institute of Development Administration
Downloads 63 (571,100)

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money multiplier, exogeneity of money supply, cointegration

29.

The Predictive Role of Stock Market Return for Real Activity in Thailand

Jiranyakul, K.., "The Predictive Role of Stock Market Return for Real Activity in Thailand," Asian Journal of Empirical Research, Vol. 3, No. 3, pp. 317-328, 2013
Number of pages: 12 Posted: 06 Jul 2012 Last Revised: 12 Mar 2013
Komain Jiranyakul
National Institute of Development Administration
Downloads 60 (584,850)

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Stock return, real activity, forecasting, causality, emerging market

30.

Asset Prices, Real Exchange Rate and Current Account Fluctuations: Some Structural VAR Evidence for Thailand

Jiranyakul, K., (2017), "Asset Prices, Real Exchange Rate and Current Account Fluctuations: Some Structural VAR Evidence for Thailand," Business and Economic Research, Vol. 7, No. 2, pp. 163-177.
Number of pages: 15 Posted: 16 Nov 2016 Last Revised: 04 Sep 2017
Komain Jiranyakul
National Institute of Development Administration
Downloads 59 (589,619)

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housing prices, stock prices, real exchange rate, current account, strucural vector auto-regession

31.

Real Exchange Rate and Trade Flows between Thailand and Selected EU Nations

Journal of the Indiana Academy of the Social Science, Vol. 4, pp. 96-104, 2000
Number of pages: 9 Posted: 06 Oct 2013
Komain Jiranyakul and Tantatape Brahmasrene
National Institute of Development Administration and Purdue University North Central
Downloads 56 (604,586)

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Bilateral real exchange rate, exports, imports, cointegration, dynamic OLS

32.

Government Expenditures and Economic Growth: A Cointegration Analysis for Thailand under the Floating Exchange Rate Regime

Number of pages: 9 Posted: 05 Jun 2020 Last Revised: 27 Aug 2021
Komain Jiranyakul
National Institute of Development Administration
Downloads 55 (609,631)
Citation 1

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Government expenditures, real GDP, cointegration, causality

33.

Are Thai Equity Index Returns Sensitive to Interest and Exchange Rate Risks?

Number of pages: 11 Posted: 11 Jun 2016 Last Revised: 24 Jun 2016
Komain Jiranyakul
National Institute of Development Administration
Downloads 55 (609,631)

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Equity index returns, interest rate risk, exchange rate risk, quantile regression

34.

Causal Linkages between Electricity Consumption and GDP in Thailand: Evidence from the Bounds Test

Number of pages: 12 Posted: 15 Dec 2014 Last Revised: 13 Jun 2016
Komain Jiranyakul
National Institute of Development Administration
Downloads 54 (614,890)

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Causality, electricity consumption, economic growth

35.

Shock and Volatility Spillovers between Crude Oil Price and Stock Returns: Evidence for Thailand

Number of pages: 11 Posted: 23 Mar 2020 Last Revised: 11 Oct 2021
Krit Theplib, Yuthana Sethapramote and Komain Jiranyakul
National Institute of Development Administration, National Institute of Development Administration (NIDA) and National Institute of Development Administration
Downloads 50 (636,278)

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Stock Returns, Oil Price Shock, Volatility Spillover, Bivariate GARCH, emerging stock market

36.

Relationship of the Change in Implied Volatility with the Underlying Equity Index Return in Thailand

Thakolsri, S., Sethapramote, Y., and Jiranyakul, K., (2016), "Relationship between the Change in Implied Volitility with the Underlying Equity Index Return in Thailand," Economic Research Guardian, Vol. 6, No. 2, pp. 74-86.
Number of pages: 13 Posted: 11 Jun 2016 Last Revised: 04 Sep 2017
Supachok Thakolsri, Yuthana Sethapramote and Komain Jiranyakul
Ministry of Finance of Thailand, National Institute of Development Administration (NIDA) and National Institute of Development Administration
Downloads 46 (659,015)

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Equity index return, option prices, implied volatility, asymmetric effect

37.

The Linkages between Inflation and Inflation Uncertainty in Selected Asian Economies: Evidence from Quantile Regression

Number of pages: 10 Posted: 01 Jun 2020 Last Revised: 27 Oct 2020
Komain Jiranyakul
National Institute of Development Administration
Downloads 45 (664,880)

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Inflation, inflation uncertainty, GARCH, quantile regression, Asian economies

38.

The Response of Industrial Production to the Price of Oil: New Evidence for Thailand

Turkish Economic Review, Vol. 4, No. 2, pp. 193-204, 2017
Number of pages: 12 Posted: 11 Jun 2016 Last Revised: 25 Jul 2017
Komain Jiranyakul
National Institute of Development Administration
Downloads 44 (670,724)

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Industrial production, oil price shock, oil price volatility, cointegration, causality

39.

Crude Oil Price Changes and Inflation: Evidence for Asia and the Pacific Economies

Number of pages: 12 Posted: 12 Jul 2021 Last Revised: 06 Oct 2021
Komain Jiranyakul
National Institute of Development Administration
Downloads 42 (683,189)
Citation 1

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Crude oil price, inflation rate, structural break, oil-importing countries

40.

Market Discipline at Thai Banks Before the Asian Crisis

Number of pages: 13 Posted: 28 Mar 2014
Komain Jiranyakul and Timothy Opiela
National Institute of Development Administration and DePaul University
Downloads 36 (722,816)

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Market discipline, market monitoring, systemic risk, banking and currency crises

41.

Exchange Rate Pass-through to Domestic Prices in Thailand, 2000-2017

Number of pages: 7 Posted: 18 Nov 2021
Komain Jiranyakul
National Institute of Development Administration
Downloads 20 (850,226)

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Exchange rate, domestic prices, cointegration

42.

How Does the Policy Rate Respond to Output and Prices in Thailand?

Jiranyakul, K. (2018). How Does the Policy Rate Respond to Output and Prices in Thailand?, Economic Research Guardian, Vol. 8, No. 1, pp. 11-24.
Number of pages: 14 Posted: 13 Jul 2018
Komain Jiranyakul
National Institute of Development Administration
Downloads 19 (859,363)

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Policy rate, output, prices, error correction mechanism, impulse responses

43.

Ethanol Use and Gasoline Consumption in Thailand

Number of pages: 8 Posted: 15 Dec 2022
Komain Jiranyakul
National Institute of Development Administration
Downloads 14 (906,888)

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gasoline, ethanol blend, flexible fuel vehicles, energy security

44.

Is the Thai Government Revenue-Spending Nexus Asymmetric?

Jiranyakul, Komain, (2023), "Is the Thai Government Revenue-Spending Nexus Asymmetric?, Journal of the Asia Pacific Economy, Vol. 82, Issue 2, pp. 404-419.
Posted: 07 Dec 2017 Last Revised: 16 Jun 2023
Komain Jiranyakul
National Institute of Development Administration

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Government revenue, government expenditures, unit root, cointegration, structural break, symmetric or asymmetric adjustment, causality

45.

Asymmetric Volatility of the Thai Stock Market: Evidence from High-Frequency Data

Journal of Advanced Studies in Finance, Vol. 6, No. 2, pp. 71-76, 2015
Posted: 13 Nov 2015 Last Revised: 15 Feb 2016
Supachok Thakolsri, Yuthana Sethapramote and Komain Jiranyakul
Ministry of Finance of Thailand, National Institute of Development Administration (NIDA) and National Institute of Development Administration

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Asymmetric volatility, feedback effect, leverage effect, emerging stock market

46.

Energy Use-Trade Nexus: What Does the Data Set Say for Thailand?

Jiranyakul, K., (2013), "Enerygy use-trade nexus: what does the data set say for Thailand?," Journal of Environmental Management and Tourism, Vol. 5, No. 1, pp. 5-12.
Posted: 16 May 2014 Last Revised: 12 Jan 2016
Komain Jiranyakul
National Institute of Development Administration

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energy use, exports, imports, cointegration, causality

47.

Testing between Alternative Models of Choice Under Uncertainty: Some Initial Results

Battalio, R. C., Kagel, J. H., and Jiranyakul, K., "Testing Between Alternative Models of Choice Under Uncertainty: Some Initial Results," Journal of Risk and Uncertainty, Vol. 3, No. 1, pp. 25-50, 1990
Posted: 06 Jun 2013
Raymond C. Battalio, John H. Kagel and Komain Jiranyakul
Independent, Ohio State University (OSU) - Economics and National Institute of Development Administration

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Allais violations, expected utility, experimental economics, choice under uncertainty

48.

Linkages between Thai Stock and Foreign Exchange Markets Under the Floating Regime

Journal of Financial Economic Policy, Vol. 4, No. 4, pp. 305-319, 2012
Posted: 11 Nov 2012
Komain Jiranyakul
National Institute of Development Administration

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bivariate GARCH, stock prices, bilateral exchange rate, volatility spillover

49.

Inflation and Inflation Uncertainty in the Asean-5 Economies

Journal of Asian Economics, Vol.21, No. 2, pp. 105-112, 2010
Posted: 03 Jul 2012
Komain Jiranyakul and Timothy Opiela
National Institute of Development Administration and DePaul University

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inflation uncertainty, GARCH, EGARCH

50.

An Exploratory Inquiry of the Feldstein-Horioka Puzzle in Selected Southeast Asian Countries

Journal of Transnational Management, 2009, Vol. 14, Issue 4, pp. 259-276
Posted: 30 Jun 2012 Last Revised: 01 Oct 2012
Komain Jiranyakul and Tantatape Brahmasrene
National Institute of Development Administration and Purdue University North Central

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capital mobility, causality, cointegration, investment and savings, the Feldstein-Horioka puzzle

51.

The Impact of Inflation Uncertainty on Output Growth and Inflation in Thailand

Asian Economic Journal, Vol. 25, Issue 3, pp. 291-307, 2011
Posted: 31 May 2012 Last Revised: 01 Jun 2012
Komain Jiranyakul and Timothy Opiela
National Institute of Development Administration and DePaul University

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Inflation uncertainty, Output uncertainty, bivariate GARCH