This study applies the GSADF test to locate multiple bubbles in the health care sector (HCS) of the U.S., U.K., and German stock markets. The panel switching model is estimated to evaluate to what extent money supply, economic growth, and stock returns from local markets influence stock returns...

This paper develops an empirical framework giving rise to a nonlinear behaviour of the exchange rate pass-through (ERPT). Rather than shifts between low and high inflation, the nonlinearity arises when large swings in the exchange rate trigger market entries and exits of foreign firms. Switching...