This paper investigates international output convergence using methods of panel data unit root testing advocated by Im et al. (1997) and Breuer et al. (1999). Using quarterly data for a sample of OECD economies for the period 1960-98 on GDP differentials, the evidence suggests that power...

In this paper we test for financial integration among the major European Union countries using a new test, due to Snell(1996), which allows us to confirm or reject covered interest rate parity. Indeed, we offer a new distinction between strong or weak financial integrtion depending on whether or...

Purpose – This paper investigates whether mean reversion holds for a panel of 16 OECD stock price indices for the period 1970 to 2011. Design/methodology/approach – We employ seemingly unrelated regression (SUR)-based linear and non-linear unit root tests which are not only able to exploit...