We propose in this paper a likelihood-based framework forcointegration analysis in panels of a fixed number of vector errorcorrection models. Maximum likelihood estimators of thecointegrating vectors are constructed using iterated GeneralizedMethod of Moments estimators. Using these estimators...

This paper takes a panel cointegration approach to the estimation of short- and long-run exchange rate pass-through (ERPT) to import prices in the European countries. Although economic theory suggests a long-run relationship between import prices and exchange rate, in recent empirical studies...

To study the effect of the euro on international goods trade one typically estimates a panel model for the level of trade. Trade levels increase over time, and we show that this is not fully explained by the included regressors. Because the euro is only present at the end of the sample, this may...

Despite the effort at EU level to harmonize the process of recognition of foreign educational qualifications, the European states differ in their propensity to accept high-school and academic certificates obtained in other EU member states. In turn, a country's higher degree of recognition of...

We examine the sustainability of public finances and its determinants for 19 Eurozone countries from 1995 to 2020. We conclude for the existence of panel cointegration between government revenues and expenditures; primary government balance and one-period lagged public debt-to-GDP ratio; and...

We assess the specific need (or its absence) of a country to implement a fiscal consolidation programme by focusing specifically on their degree of success, notably in terms of fiscal sustainability. The "need" to consolidate is based on having a primary balance above or below the...

When asked why the level of intra-regional trade in West Africa is low despite regional integration efforts, the literature highlights the poorly diversified structure of economies, the non-application of community arrangements, the inconsistency or mismanagement of trade policies, supply...

This paper proposes a fixed-effect panel methodology that enables us to simultaneously take into account both TFP convergence and the traditional neoclassical-type of convergence. We analyse a sample of 199 European regions between 1985 and 2006 and find the absence of an overall process of TFP...

This paper empirically examines the determinants of corporate environmental product and process innovations. In contrast to previous studies, we use panel data from the ASSET4 and Worldscope databases for firms from 25 European countries between 2004 and 2017. This allows us to control for...

In this paper, we assess the impact of immigration and unemployment for a sample of 15 EU countries between 1997 and 2016. We test for the existence of a core-periphery dualism based on differences in macroeconomic fundamentals and labour market characteristics. We use a Panel Error Correction...