analysis in the new Member States of the European Union (EU) is conducted using panel cointegration methods. A well …

within a panel cointegration framework. Besides the total net issues, we distinguish between large, medium and small euro …

for testing the null hypothesis of no cointegration against alternatives that are fractionally cointegrated. Fractional … cointegration would imply that, although there exists a long-run relationship, the equilibrium errors exhibit slow reversion to zero …. It is found that the null hypothesis of no cointegration cannot be rejected for Japan. In contrast, there is some …