Lee, Grace H. Y.; Azali, Mohamed - 2009
twelve countries adopting a single
currency (Euro) has sparked an intense debate on monetary union. Interest on a monetary …
,,
,,,,
1
,
1
(2)
where X
t,j,i
denotes total nominal exports from country i to j during period t, M
t ….
6
5.2 System GMM
Let us rewrite equation (1) as:
tiititijtij
XSYsY
,,1,10,
)()( νηβαα ++++=
−
(5)
ti
X …