Bun M. J. G. and El Makhloufi A. (2007) Dynamic externalities, local industrial structure and economic development: panel data evidence for Morocco, Regional Studies 41, 823-837. The impact of industrial structure on local economic development is analysed for the case of Morocco. Using annual...

We consider estimation of the economic model of crime exploiting instrumental variables (IV) techniques for panel data. We extend the empirical analysis of Cornwell and Trumbull (1994) and show that their instruments are very weak. We propose an alternative identification strategy based on the...

By using asymptotic expansion techniques approximation formulae are developed for the bias of ordinary and generalized Least Squares Dummy Variable (LSDV) estimators in dynamic panel data models. Earlier results on bias approximation in first-order stable dynamic panel data models are extended...

If there is exchange market pressure (EMP), monetary authorities can use the interest rate and official interventions to offset this depreciation tendency, or they can let the exchange rate change. We introduce a new approach to derive how these three variables should be combined to measure EMP....

It is generally believed that for the power of unit root tests, only the time span and not the observation frequency matters. In this paper we show that the observation frequency does matter when the high-frequency data display fat tails and volatility clustering, as is typically the case for...

Exchange market pressure (EMP) measures the pressure on a currency to depreciate. It adds to the actual depreciation a weighted combination of policy instruments used to ward off depreciation, such as interest rates and foreign exchange interventions, where the weights are their effectiveness....

Exchange market pressure (EMP) measures the pressure on a currencyto depreciate. It adds to the actual depreciation a weightedcombination of policy instruments used to ward off depreciation,such as interest rates and foreign exchange interventions, where theweights are their effectiveness. The...