Previous studies have recognized that the benefits from foreign direct investment (FDI) to recipient countries can only be realized when those countries have reached a certain level of financial development. However, the dynamic interrelationships among FDI, financial development, and real...

This paper investigates the importance of political expenditures as the primary determinants of vote shares for the Taiwan 2004 legislator campaigns with multi-member districts. Our main findings are as follows. First, advertising spending, candidates in the same party as the mayor, the...

Purpose – The purpose of this paper is to re-examine the long-run co-movement and causal relationship between GDP and social security expenditures. Design/methodology/approach – The paper uses panel data unit root tests and panel cointegration tests, as well as estimation techniques...

The paper applies the recently developed panel LM unit root tests with heterogeneous structural breaks by Im et al., [The Oxford Bulletin of Economics and Statistics, 2005] in order to re-examine the validity of mean reversion in the inflation rates of 19 OECD countries for the time period...

This research applies an innovative panel data stationarity testing procedure developed by Carrion-i-Silvestre et al. [Carrion-i-Silvestre, J.L., Barrio-Castro, T.D. and Lopez-Bazo, E., 2005. Breaking the panels: An application to the GDP per capita, Econometrics Journal 8, 159-175.], which has...