homogeneous and heterogeneous panel data estimators to a Spatial Panel Error Correction Model (SpECM) for regional output growth … equation, the empirical results support the hypothesis of export- and FDI-led growth. We also show that for export and outward …

consumption to a 'surprise' term in permanent income as well as past values of consumption growth. We can interpret this … income growth measuring the excess sensitivity of consumption with respect to income changes and thus the degree of liquidity …