The paper proposes a panel cointegration analysis of the joint development of government expenditures and economic … economies in a more advanced state of development. -- Fiscal Policy ; Wagner's Law ; Panel Cointegration …

root and Westerlund (2007) cointegration tests that account for cross-sectional dependence in the series, and three panel … a panel of 28 European economies during the 1995-2018 period. The hypothesis is verified using Pesaran (2007) panel unit …' integration, heterogeneous balanced panels and cases of limited evidence of cointegration. The empirical results suggested that …

on this issue is discussed. Then, panel data tests on stationarity, cross-dependence, cointegration, and causality are …, for the period 1980-2013, using panel data methodologies. After a brief introduction, a survey of the economic literature …

unobserved common factors using panel data from 1973 until 2007 for 19 OECD countries. Applying a principal component analysis we … national stochastic trends. We find evidence for a cross-section cointegration relationship between the exchange rates and …

maximum-likelihood-based panel cointegration tests with the help of Monte Carlo simulations. In this study the panel-p, the … power properties among the five panel cointegration test statistics evaluated. Finally, the Fisher Hypothesis is tested with … group-p, the panel-t, the group-t statistics of Pedroni (1999) and the standardized LR-bar statistic of Larsson er al. (2001 …

This paper examines whether, in addition to standard unit root and cointegration tests, panel approaches also produce … disappears, and strong empirical support is found for PPP. It appears therefore that recent advances in panel data econometrics …