First Author:   A.K.M. Azhar Universiti Putra Malaysia azhar@econ.upm.edu.my   Department of Economics, Universiti Putra Malaysia, Serdang, Selangor , 43400, Malaysia   +60 3 89486101 ext1682(Phone) +60 3 89486101 ext1682(Fax) http://www.econ.upm.edu.my Second Author: Robert Elliott School of Economics, University of Manchester robert.elliott@man.ac.uk   School of Economics,University of Manchester, Oxford Road Manchester, M13 9PL, United Kingdom