Recent research using time series cointegration techniques has suggested that fi scal policy in the EU-15 countries may have been on unsustainable path during 1970-2003. However, the time series techniques employed are know to have low power in small samples. The results from employing panel...

Recently developed panel co-integration techniques are applied to data for six African countries to test the Feldstein--Horioka approach to measuring capital mobility. The results suggest three conclusions: savings and investment in panel data are non-stationary series and they are co-integrated;...