Studies of the linkage between exports and profitability often use mean regression approaches and focus only on European countries. Using a panel data quantile regression approach, this study analyses the linkage between export behaviour and profit growth in Vietnam. Using a panel dataset from...

This study investigates the co-variability of changes in nominal interest rates for the main EC countries between April 1974 and January 1992, using principal components analysis. We find that there is evidence of increased monetary interdependence and greater capital market integration, but...

There is evidence that real output responds asymmetrically to monetary shocks. Models advanced by Tsiddon and Ball and Mankiw argue that the degree of asymmetry to demand shocks is sensitive to inflation. Using data on manufacturing, services, construction, energy and agricultural output, this...

This letter examines the role of Germany in the determination of bank credit in the EU. For a sample of ERM members, the Johansen procedure is employed to test for bivariate cointegrating relationships with Germany. Causality is investigated using the error correction methodology advocated by...

This article provides new evidence on the relationship between the United States budget and current account deficits. Using a testing procedure advocated by Bierens, both deficits are found to be stationary around a nonlinear deterministic trend and are co-trended insofar as they share a common...

This letter investigates the extent of long-run inflation convergence among the major EU economies using panel data unit root and cointegration tests. Potentially, these methods have key advantages over time-series methods which, in the light of limited data, can suffer from power deficiency...

The extent to which EU fiscal policies have converged during the ERM period is investigated. Using tests for cointegration and weak exogeneity, it is found that the degree of commitment towards ERM membership influences the degree of fiscal integration in the EU. It is also found that the German...

This article tests for stock market efficiency among 12 Asia-Pacific countries. A novel approach is applied where unit-root tests of real stock prices are embedded within a Markov regime-switching framework. Although standard univariate unit-root tests provide little support for stock price mean...

Markov regime-switching analysis is used to consider the relationship between business confidence and the probability of turning points in cyclical GDP. We find, in an application to New Zealand, that confidence is related to both the deepness and duration of the business cycle and is asymmetric...