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1.
This paper tests the convergence in per-capita carbon dioxide emissions for a collection of developed and developing countries
using data spanning the period 1870–2002. For this purpose, three recently developed panel unit root tests that permit for
dependence among the individual countries are employed. The results lend strong support in favor of convergence for the panel
as a whole. Estimates of the speed of this convergence is also provided.
相似文献
2.
Marcus Kappler 《Empirical Economics》2009,36(3):531-555
The aim of the present paper is to provide cross country evidence of the non-stationarity of hours worked for OECD countries.
For this purpose, panel unit root tests are employed to improve power against univariate counterparts. Since cross section
correlation is a distinct feature of the underlying panel data, results are based on various second generation panel unit
root tests, which account for cross section dependence among units. If an unobserved common factor model is assumed for generating
the observations, there is indication for both a common factor and idiosyncratic components driving the non-stationarity of
hours worked. In addition, taking these results together, there is no indication of cointegration among the individual time
series of hours worked. 相似文献
3.
Yerken Turganbayev 《Post - Communist Economies》2017,29(2):182-197
This article examines total factor productivity (TFP) convergence across the regions of Kazakhstan over the period of 1997–2013. Using a growth accounting methodology we found that the average level of TFP fell by almost 40% over the period under consideration. Several panel unit root tests confirm that the whole set of Kazakh regions and the group of non-oil regions converged in terms of TFP, while the group of oil-rich regions diverged. This result explains sigma-divergence of the GRP per capita across the regions of Kazakhstan by divergence in capital intensity. 相似文献
4.
Utilizing recursive mean adjustment (RMA) we provide two unit root tests: the covariate RMA unit root test and the panel feasible generalized RMA unit root test. The proposed panel unit root tests are precise and powerful, especially when T > N. 相似文献
5.
Tsung-wu Ho 《Empirical Economics》2009,36(1):55-64
The stationarity of inflation has many important economic implications. Most panel-based empirical studies do not handle cross-sectional
dependence, which will result in power distortion. This paper applies a nonlinear IV estimator to calculate the test statistic
of panel unit root (Chang in J Econom 110:261–292, 2002), which accounts for general cross-sectional correlation. Using monthly
inflation rates, two statistics proposed by Im et al. (J Econom 115:53–74, 2003) reject the unit root; however, the nonlinear
IV statistic accepts the unit root. That is, the ignored cross-sectional correlation may lead to over-rejection of the unit
root null. In a nutshell, unlike current literature, the inflation rates may accelerate after all. 相似文献
6.
This paper examines price and inflation convergence between three European countries (Italy, Spain and the U.K.) and a European
average and, alternatively, between them and Germany from the beginning of the 80's.
For this purpose the long-run stochastic relationships on prices derived from the convergence criteria agreed in the Maastricht
Treaty are analyzed. In order to do this, some recent unit root tests have been applied as well as time-varying parameters
models.
The results reject the long-run convergence hypothesis in all the cases but allow us to accept the existence of catching-up
with the European average and Germany in some cases depending on the nature of the prices and on the countries considered.
First version received: March 1997/final version received: May 1999 相似文献
7.
This paper investigates price convergence in European Union countries using disaggregated price level indices in the period 1999–2016. Our results show that prices of both tradable and nontradable goods had a significantly lower dispersion in 2016 than in 1999. The convergence was faster in the case of countries with price level below the average, which can be interpreted as catching-up. However, further analysis shows that most prices converged only up to 2008. While prices of transport equipment continue to converge across the European Union, several durable consumption categories show price divergence after 2008. We attribute this to the drop in international trade of durable products due to increasing inflation and exchange rates volatility following the global financial crisis. From the monetary policy perspective, the existing price-level gaps, shown in our study, may pose a risk of higher inflation, especially in catching-up economies. 相似文献
8.
The puzzling Monte Carlo finding that the size distortion of meta-analytic panel unit root tests increases with the number of panel series is explained as the cumulative effect of arbitrarily small size distortions in the time series tests composing the panel test. 相似文献
9.
This paper investigates whether inflation-targeting influences real interest rate parity (RIP) by a bias correction approach under cross-sectional dependence. The recursive mean adjustment (RMA) method proposed by So and Shin (1999) and Shin and So (2001) is employed to correct the downward bias in the panel unit root tests and in the half-life estimates of real interest rate differentials for traded and non-traded goods. The empirical findings differ depending on whether we apply the RMA. More importantly, the empirical results show that as more homogeneous economies become involved in terms of inflation-targeting regime, stronger mean reversion and much a tighter confidence interval are present. Thus, inflation-targeting plays an important role in providing favorable evidence for long-run RIP. 相似文献
10.
We test whether predictions of the Aghion et al. (Aghion, P., Bloom, N., Blundell, R., Griffith, R. and Howitt, P. (2004) Competition and Innovation: An Inverted U Relationship. NBER Working Paper series, No. 9269.) model are supported by firm-level data. In particular, we analyze if there is an inverted U-shaped relation between competition and R&;D. Results show that the inverted U-shaped relation is supported by the Herfindahl index but not by the price cost margin. Using the Herfindahl index, results suggest that breaking up monopolies increases R&;D, whereas further increases in competition most likely lead to reduced R&;D. Comparing different estimators, we find that time series-based estimators typically result in less clear-cut results, probably driven by a lack of time series variation in measures of competition. 相似文献
11.
Ankita Mishra 《Applied economics》2018,50(3):268-286
This article examines the conditional income convergence hypothesis for 17 major states in India for the period of 1960–2012. Univariate stationarity tests without structural breaks provide evidence against the convergence hypothesis. However, when two or more structural breaks are applied in per capita income series, the incomes of around 11–13 states are found to stochastically converge to the national average. This finding supports the convergence hypothesis for the panel as a whole after accounting for two data features, cross-sectional dependence and structural breaks in incomes, using a unified panel stationarity testing framework. 相似文献
12.
Terence Tai-Leung Chong Melvin J. Hinich Venus Khim-Sen Liew Kian-Ping Lim 《Economics Letters》2008,100(3):337-339
This paper revisits the income convergence hypothesis by using the nonlinear unit root test of Kapetanios et al. [Kapetanios, G., Shin, Y. and A. Snell, 2003. Testing for a unit root in the nonlinear STAR framework. Journal of Econometrics 112, 359–379.]. Out of the 12 OECD income gaps in which nonlinearity has been detected, two cases of long-run converging and four cases of catching up are found. 相似文献
13.
X. Chapsa 《Applied economics》2013,45(33):4025-4040
This article analyses the stochastic income convergence within the EU-15. The empirical analysis uses per capita GDP, in PPP and in constant prices of 2005 for the period 1950 to 2010. Apart from the traditional DF type tests we also account for possible structural changes. In this direction, we employ the Zivot-Andrews (1992) and the Lee-Strazicich (1999, 2003) testing procedures, for one and two breaks, endogenously determined. Furthermore, we apply the Carlino and Mills (1993) methodology proposed for the detection of β-convergence. The overall evidence supports the existence of two discrete clubs, the first by the ‘cohesion countries’ (Portugal, Ireland, Greece and Spain) and the second by the remaining members. In particular, there is a clear evidence of convergence within each club, whereas between clubs there is a luck of catching-up effects. Furthermore, investigation of correlation between relative per capita GDP of each country and several factors that are often identified as growth stimulants, namely Total Factor Productivity, FDI, investment and openness confirm, with the exception of Greece, a strong association between these factors and the convergence process. However, progress in the convergence has not been uniform across countries and over time, reflecting the specific interactions between domestic and international factors and their impact on the convergence process of individual countries. 相似文献
14.
This paper tests for price convergence in Russian energy markets from January 2003 to October 2010. Monthly energy prices for four energy products (diesel, gasoline, electricity and coal) for 83 Russian regions are drawn from Russia's statistical agency Rosstat. The study contributes to the existing literature by using the Exponential Smooth Auto-Regressive Augmented Dickey–Fuller unit root test in a panel setup, which encompasses cross-section dependence. We find that there are no fully integrated national energy markets in Russia, possibly due to the peripheral position of diverging regions, unbalanced distribution of energy reserves and limited cross-border transmission capacity. 相似文献
15.
Using annual data from 1971 to 2014, we examine stochastic conditional convergence in per capita energy consumption for 26 low income, lower middle-income and upper-middle-income African countries. To do so, we use panel unit root tests that allow for cross-sectional dependence and structural breaks as well as the recently developed univariate Residual Augmented Least Squares-Lagrange multiplier (RALS-LM) unit root test with structural breaks. Although for most countries our evidence suggests stochastic conditional convergence, we find divergence for four countries including DR Congo, Senegal, Egypt and Botswana. Consistent with the neoclassical growth models we also examine the catch-up rate between energy consumption levels of African economies and that one of China and investigate its convergence properties. As African economies continue to grow, regional energy consumption disparity narrows, African energy consumption levels will catch up to the ones in China. 相似文献
16.
17.
This study revisits total factor productivity (TFP) convergence by employing the latest Lagrange multiplier and residual augmented least squares Lagrange multiplier unit root tests and Phillips and Sul panel club convergence technique. The study uses annual data for 44 developing and 29 developed countries covering the time-period 1970–2014. Our findings from these unit root tests support evidence of TFP convergence. Region-based results (Africa, Asia, and Latin America and the Caribbean) also confirm TFP convergence. Further, results derived from the Phillips and Sul test support evidence of TFP convergence, although the speed of convergence varies by region. The highest speed is noted in the Asia region, whereas, the lowest of speed productivity convergence is observed in the Africa region. 相似文献
18.
Le Thanh Tung 《Applied economics letters》2019,26(3):168-173
Real incomes have been increasing relatively fast in the Indochina region but there are still large differences in income levels between the six member countries. Based on the various sources of national accounts data, it seems that the low-income countries have experienced the highest growth rates. Time series tests of convergence, in this case catching-up to the relatively high-income level in Malaysia, confirm that Cambodia, Myanmar, Thailand and Vietnam have narrowed the income gap during the last two decades. 相似文献
19.
This paper empirically analyzes Purchasing Power Parity (PPP) among Japanese municipalities from 1990 to 2003. Using panel unit root tests including one that considers cross-sectional dependence in the data (e.g., [Moon, H. R. and Perron, B. (2004). Testing for a unit root in panels with dynamic factors. Journal of Econometrics, 112, 81–126.]), we find evidence in favor of PPP, confirming the stationarity of relative prices in Japan and thus the long-run co-movement of municipal prices. Furthermore, the half-life of a shock is found to be about 2 years, which is faster than that of the international PPP. As in the European and US studies, short-term deviations from PPP can be explained by income differentials and distance between cities. 相似文献
20.
This article examines the price convergence of beverage products within Australia in order to assess the efficacy of intranational cross-border movements of products under the Australia’s Mutual Recognition Agreement. Since the cointegrating relationship between product prices may not be exact or linear, we adopt the rank tests for analysis which do not require prior knowledge and specification of the linear or nonlinear functional form. Our results validate the price convergence of all beverage products within Australia, with the exception of a few regions in the milk market. Furthermore, a subset of the cointegration relationships exhibits nonlinear long-run price co-movements. 相似文献