This paper examines how United States' multinational enterprises (MNEs) spread their foreign activities among concurrent destinations. An econometric estimation of the share gravity model is presented to show that, unlike previous applications of the gravity model to the study of foreign direct...

In this paper two new estimators are offred (one each for the fixed random effects specifications), and small sample performance compared with that of all the existing estimators.

This paper proposes similar unit root testing procedures for both homogenous and heterogeneous dynamic panel data models, based on least squares estimates and assuming that the time dimension of the panel data is fixed. It is shown that the limiting distribution of the tests id standard normal.

This paper investigates empirically the economic feasibility of monetary integration in East Asia. A structural VAR model is employed to decompose real output, real exchange rate and price level into a lagged polynomial of supply, demand and monetary shocks.

In this paper we propose a new test procedure with more general steady state information to test the convergence hypothesis for a specific economy. We consider a model where demeaned per capita output of an economy is a function of time trend and then set the convergence hypothesis as negative...

The modelling and forecasting of exchange rates and their volatility has important implications for many issues in economics and finance. This paper compares the ability of Autoregressive Conditional Heteroscedasticity, Autoregressive and Mean models to forecast the magnitude of change in 19...

The optimal minimum distance (OMD) estimator for models of covariance structure is asymptotically efficient but has much worse finite-sample properties than does the equally-weighted minimum distance (EWMD) estimator. This paper shows how the bootstrap can be used to improve the finite-sample...

Recent policy applications of control theory methods in dynamic economic models raise the issue of imposing the transversality condition for determining a unique optimal control policy. In a stochastic framework this issue involves alternative methods of estimation, which are discussed here both...

Extremum estimation is typically an ad hoc semi-parametric estimation procedure which is only justified on the basis of the asymptotic properties of the estimators. For a fixed finite data set, consider a large number of investigations using different extremum estimators to estimate the same...