This paper investigates governments’ performance in the country. We achieved this objective differently. We employed an inverse method of assessment, with the utilization of factor copula modeling technique, to study the dependence relationship of exchange rates returns as auxiliary variables, theperformance of political and army government tenures in the country in the last two decades are evaluated. Through factor analysis, common factors for the exchange rate are obtained. The analysis shows that conditioned on the common factors, the dependence amongst the elected currencies are strongly asymmetric in most of the tenures except the term of Pakistan Muslim League-Nawaz, and condition on common factor Clayton copula demonstrating hypothesis is more suitable. However, we perceive high left tail reliance among foreign currency returns during Pakistan Muslim League-Nawaz tenure, and the condition on common factor Gumbel copula molding assumption is more appropriate. We are signifying the foulest government performance in the country among all occupancies under consideration.

中文翻译：

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使用条件copula模型通过设计机制从外汇市场反映政府绩效

本文调查了该国政府的绩效。我们以不同的方式实现了这一目标。我们采用了一种逆向评估的方法，利用因子copula建模技术，研究了汇率收益的依赖关系作为辅助变量，对过去二十年来该国政治和军队政府任期的绩效进行了评估。通过因素分析，得出汇率的共同因素。分析表明，以公共因素为条件，除巴基斯坦穆斯林联盟-纳瓦兹任期外，大多数任期中民选货币之间的依赖关系都极不对称，而以证明假设为前提的公共因素Clayton copula条件更为合适。然而，我们认为巴基斯坦穆斯林联盟-纳瓦兹任期期间外币收益率对左尾的依赖度很高，而基于共同因素Gumbel copula模制假设的条件更为合适。我们表示，正在考虑的所有入住情况中，该国政府表现最糟糕。