This paper investigates the dynamic impacts of financial institutions on economic growth based on a panel data set comprised of 13 countries in European Union (EU) over the period of 1976-2005. We found several important results. First, there exists a long-run equilibrium relationship among...

The purpose of this paper is to construct a series-specific non-linear panel unit-root test and then apply it to examine the non-linear mean reversion of real exchange rates for two different panels of industrial countries. We find that the non-linear series-specific panel unit root test...