(FDI) between 1987 and 1996. In contrast to earlier work, our results suggest that FDI leads to substantial productivity … gains for domestic firms. The size of FDI spillovers is economically important, accounting for about 11 percent of … productivity growth in U.S. firms between 1987 and 1996. In addition, there is some evidence for import-related spillovers, but it …

international real business cycle (IRBC) models cannot reproduce this fact. We show that TFP processes for the U.S. and the ""rest …

relative importance of total factor productivity growth and factor accumulation, using a cointegration method and a growth … factor productivity and capital accumulation) contributed to the country''s economic decline during the 40-year period, 1960 …

with the purchasing power parity (PPP) hypothesis. A recent econometric method, the panel co-integration test, enables us …

In this paper, we derive evidence on the integration of international stock markets from the cointegration properties … of international stock market prices. Using the multivariate cointegration test of Johansen, we find that the set of six … subgroup analyses also indicate that the cointegration relationships have become stronger over time. This is consistent with …

This paper is a response to the literature that tests for cointegration between national stock market indices. It … argues that apparent findings of cointegration in other studies may often be due to the use of asymptotic, rather than small …-sample, critical values. In fact, economic theory suggests that cointegration is unlikely to be observed in efficient markets. However …

modern panel cointegration estimation techniques to an expanded data set that we have constructed for the purpose of this …&D capital stocks on TFP. In addition, we show that domestic and foreign R&D capital stocks have measurable impacts on TFP even … productivity and that they impact the degree of R&D spillovers …

productivity (TFP) growth using an extensive dataset that includes various measures of productivity and financial openness for a … strong evidence that FDI and portfolio equity liabilities boost TFP growth while external debt is actually negatively … large sample of countries. We find that de jure capital account openness has a robust positive effect on TFP growth. The …