A number of unit root tests which accommodate a deterministic level shift at a known point in time are compared in a Monte Carlo study. The tests differ in the way they treat the deterministic term of the DGP. It turns out that Phillips-Perron type tests have very poor small sample properties...

The similarities and differences between the transition experiences of the Central European countries and the People's Republic of China are often, wrongly, taken as alternative approaches to the same problem. In reality, there is great complexity, not only in the environments of these two great...

In den 70er Jahren begannen in China grundsätzliche Reformen, die 1992/93 deutlich an Bedeutung gewannen und nunmehr das Ziel verfolgen, eine sozialistische Marktwirtschaft ins Leben zu rufen. Vietnam und die Mongolei haben ebenfalls Programme gestartet, um das Marktelement in ihren...

In this paper, the structural vector autoregressive (SVAR) model is used to analyze short-run and contemporaneous relationships between monetary aggregates and other macroeconomic variables. This requires imposing restrictions on the correlation structure of the VAR residuals. Different...