We aim to analyze the stochastic convergence hypothesis for 14 major tourist source markets of Turkey using monthly data over the period January 1996 to December 2012. To this aim, we use recently developed the two-step LM (Lagrange multiplier) unit root test that allow for two structural breaks...

In this study, we examine both stochastic and deterministic convergence in the logarithm of the relative per capita income of eighteen EU countries. The panel stationary test developed by Carrion-i Silvestre et al. (2005) is employed over the period 1950-2010. The univariate results attained...