This article examines whether real Health-care Expenditure (HE) is a luxury or necessity for Organization for Economic Co-Operation and Development (OECD) countries over the period 1972 to 2004 within a panel unit root and panel cointegration framework. To realize this objective, we regress HE...

This paper examines whether stock prices for a sample of 22 OECD countries can be best represented as mean reversion or random walk processes. A sequential trend break test proposed by Zivot and Andrews is implemented, which has the advantage that it can take account of a structural break in the...

We examine the effect of transport infrastructure on carbon dioxide (CO2) emissions in OECD countries over a period of almost 150 years. To do so, we employ both parametric and non-parametric panel data techniques. With the parametric estimates, we find mixed evidence of a statistically...