, using recent bootstrap panel cointegration techniques and SUR methods. We investigate the magnitude of the relationship … panel cointegration tests used allow for within and between correlation, while the SUR results show both positive and … balances. -- Budget balance ; external balance ; EU ; panel cointegration …

decentralization ; European Union ; panel Data …

period 1970-2007, for different EU and OECD country groupings. We use the panel-data approach of Kónya (2006), which is based … effective real exchange rate in the SUR system does not substantially alter the results. -- Panel causality tests ; budget …

productivity shocks and (ii) a mildly counter-cyclical behaviour with fiscal spending shocks. We also use a Panel Vector Auto …-up ; VAR ; Panel VAR …

mitigate economic downturns in the short run and whether such impact differs in crisis and non crisis times. We use panel … ; panel analysis …

We study sovereign bond yields in OECD countries with a dynamic panel by checking for cross-section dependence …; assessing panel cointegration; and estimating panel error-correction models. The results show that markets consider budgetary … and external imbalances and inflation as relevant determinants of sovereign yields. -- long-term yields ; panel …