We propose a framework for causal inference using factor models. We base our identification strategy on the assumption that policy interventions cause structural breaks in the factor loadings for the treated units. The method allows heterogeneous trends and is easy to implement. We compare our...

After more than 20 years of European Monetary Union (EMU), surprisingly few scientific studies exist which study the growth effects of introducing a common currency in large parts of the European Union. I do so using a large panel (NUTS3 data) of regional data for the EU-15. Some 800 (treated)...

The main aim of this paper is to propose a method for obtaining estimates of Total Factor Productivity (TFP) trends (i) free from the restrictive assumptions needed by traditional growth accounting and (ii) requiring only data on inputs and output flows. The approach proposed relies on recent...

We address the issue of panel cointegration testing in dependent panels, showing by simulations that tests based on the stationary bootstrap deliver good size and power performances even with small time and cross-section sample sizes and allowing for a break at a known date. They can thus be an...

The objective of the study was to determine if a policy of preference for the domestic public debt market influences the development of the respective national financial system. This research finds that such influence does exist. Using panel data techniques, the causal relationship between the...

The present paper adopted the dynamic panel data method to investigate the effect of the inflow of remittances on financial inclusion, particularly focusing on high remittance-receiving developing countries between 2011 and 2018. The current research found that remittances that foster financial...

Purpose: The scope of this paper is to see if the aggregate information and communications technology index (ICT) drives firm performance (profitability and efficiency) for BRICS countries from a des-aggregate panel data of the firm-yearly level (by country) during 2014-2022, from an aggregate...

This note aims to investigate the impact of the national lockdown adopted by the Italian government on hotel performance. For this purpose, a difference-in-differences (DID) methodology is employed to compare the performance of the hotel industry in Italy and Turkey during the post-treatment...