The recent general equilibrium theory of trade and multinationals emphasizes the importance of third countries and the complex integration strtegies of multinationals. Little has been done to test this theory empirically. This paper attempts to rectify this situation by considering not only...

This paper provides an overvie of topics in nonstationary panels: panel unit root tests, panel cointegration tests, and estimation of panel cointegration models. In addition it surveys recent developments in dynamic panel data models.

This note considers a panel data regression model with spatial autoregressive disturbances and random effects where the weight matrix is normalized and has equal elements. This is motivated by Kelejian et al. (2005), who argue that such a weighting matrix, having blocks of equal elements, might...

This paper addresses the empirical question of whether trade and financial openness can help explain the recent pace in financial development, as well as its variation across countries in recent years. Utilizing annual data from developing and industrialized countries and dynamic panel...

This paper checks the sensitivity of two adaptive heteroskedastic estimators suggested by Li and Stengos (1994) and Roy (2002) for an error component regression model to misspecification of the form of heteroskedasticity. In particular, we run Monte Carlo experiments using the heteroskedasticity...

This study analyses the impacts of changes in fares, service supply, income and other factors on the demand for public transport on the basis of panels of English counties and French urban areas. The analysis is based on dynamic econometric models, so that both short- and long-run elasticities...

This paper presents a panel data analysis of annual time series from 1975 to 1995 for 62 urban areas in France. It compares the results obtained from a conventional fixed-effects (FE) model with a Bayesian approach (shrinkage estimators), which allows the computation of elasticities for each...