A number of advances have taken place in panel data analysis during the pastthree decades and it continues to be one of the most active areas of research. This volume contains 13 significant contributions focusing on modelling strategies, data issues, theoretical analysis and applications....

It has recently been argued that when the conventional specification of M2 income velocity is extended to include proxies for two types of institutional change, as emphasized by Bordo and Jonung (1987, 1990), corresponding to the process of monetization and increasing financial sophistication of...

This paper uses some newly developed methods and techniques to examine the dynamic properties of international output in the presence of a structural break. The author provides statistical evidence to show that the unit root test results can, in some cases, be sensitive to whether a one-time...