developed in the seminal paper by Feldstein and Horioka (1980). I construct a panel of 6 countries of the Caucasus – Armenia …, Azerbaijan, Georgia, Kazakhstan, Russia, and Turkey – and employ a panel cointegration approach. To that end, I make use of the … cross-dependency tests reject the presence of cross-sectional dependence. Panel unit root and cointegration tests confirm …

theoretical literature, and analyses the contagious nature of currency crises empirically. Using 30 years of panel data from 20 … by international trade linkages than to countries in similar macroeconomic circumstances. …

nations pattern of production and trade. We model an economy producing three goods; one is non-traded. Domestic labor and … model indicates that the output and trade effects of immigration depend importantly on the sector and nature of immigrant … employment. Empirical investigation of the models predictions indicates that trade and immigration are complements. …