There has been mixed evidence regarding the existence of rational bubbles in the foreign exchange markets. Standard … unit root and cointegration tests are criticized for their low power to detect rational bubbles that periodically collapse …. This paper introduces recently developed sequential unit root tests into the analysis of exchange rates bubbles. Our …

comparison with the United States. It has been argued that lack of product market competition and poor corporate governance are … product market competition experience higher rates of productivity growth. We also find weak evidence for the notion that in …

to a model of "interjurisdictional welfare competition." Although welfare competition may be generated from different … showing competition. …