and economic growth. We make use of a Johansen-based panel cointegration methodology allowing for cross-country dependence … the direction of potential causality between financial and economic development. Our results conclude to the existence of … a single cointegrating vector between financial development and growth and of causality going from financial development …

consumption and by exploring the direction of Granger causality between the two series. We also give evidence that house price …

debt and its ratio to GDP. Second, exploiting unit root analysis and cointegration, we test for the sustainability of …

between the capitalization of the banking sector and bank loans using panel cointegration models. We study the evolution of …

Switzerland. Furthermore, causality-in-variance from stock returns to exchange rates changes is found in Japan and in the opposite …

We consider VAR models for variables exhibiting cointegration and common cyclical features. While the presence of … cointegration reduces the rank of the long-run multiplier matrix, other types of common features lead to rank reduction of the short …

derive unit root and cointegration tests in panels with short time dimension; these tests have the attractive feature that … hypothesis and cointegration tests based on it perform well in small sample; this is in marked contrast to the small sample …

(possibly unwarranted) homogeneity and proportionality restrictions are not imposed, and trivariate cointegration (stage …

first clarify the logic of applying cointegration methods to the RERI and propose an alternative way of testing the …