We use dynamic panel analysis to examine whether credit rating agencies achieve what they claim to achieve, namely, look into the future when assigning their ratings. We find that Moody's ratings help predict individual financial ratios over a horizon of up to five years. Ratings also predict a...

In this paper, we make multi-step forecasts of the annual growth rates of the real GDP for each of the 16 German Länder (states) simultaneously. Beside the usual panel data models, such as pooled and fixed-effects models, we apply panel models that explicitly account for spatial dependence...

Supply response to price changes is likely to increase with the increasing liberalization of the agricultural sector. Past studies revealed weak supply response for Indian agriculture. There are no recent reliable estimates to see if the response has improved after the economic reforms...

Supply response to price changes is likely to increase with the increasing liberalization of the agricultural sector. Past studies revealed weak supply response for Indian agriculture. There are no recent reliable estimates to see if the response has improved after the economic reforms...

International trade promotes economic development and leads to peace and stability in a country. Political instability affects trade through its direct effect on income and prices and indirectly through its influence on investment in physical capital. This study aims to examine the impact of...