In this article we test for bubbles in the S&P 500 stock market index using monthly data over the period 1871m1-2004m6. We use fractional integration techniques, allowing for structural breaks and a nonlinear adjustment process of prices to dividends. We find a significant structural break...

This letter investigates the real convergence of 17 Latin American countries to the US economy for the period 1950 to 2008. We examine the order of integration of real Gross Domestic Product (GDP) per capita differences between the US and each Latin American country. We allow for fractional...