In this paper, we analyze symmetric and asymmetric causal relationship between energy consumption and economic growth in time and frequency domains, using annual data covering the period of 1965-2012. In general, our results tend to suggest that energy consumption causes growth, especially the...

This study questions whether the long-run purchasing power parity (PPP) holds in the transition economies (Bulgaria, the Czech Republic, Hungary, Latvia, Lithuania, Poland, Romanian, and Russia) for the period from January 1995 to October 2011. We employ the Sequential Panel Selection Method...

The purpose of this study is to examine whether GDP shocks are transitory or permanent in African countries. The Sequential Panel Selection Method (SPSM) using Panel KSS test with a Fourier function—which is good enough to control for structural breaks and nonlinearity as well as cross-section...

This paper examines the catching-up (stochastic convergence in real per capita income) hypothesis for 52 African countries with respect to the USA. over the 1969-2011 period, using a highly flexible stationarity test. The empirical results show (i) that all African countries experienced at least...

The Feldstein-Horioka (FH) puzzle, that is the strong correlation between saving and investment in a world where obstacles to capital mobility are limited, has been studied extensively since it was exposed in 1980. Even though the theoretical and empirical literature has examined many of its...

Purpose The purpose of this paper is to investigate whether there exist multiple bubbles in the Brazil, Russia, India, China and South Africa (BRICS) stock markets. Design/methodology/approach In this study, the authors apply the generalized sup Augmented Dickey-Fuller test, a new recursive test...

This study applies a flexible Fourier stationary test, proposed by Becker et al. (2006) to investigate the mean reversion of inflation in 22 OECD countries over the period of 1961 to 2011. While traditional unit root tests give us mixed results, empirical results from our flexible Fourier...

In this study, we apply a new recursive test proposed by Philips et al (2013) to investigate whether there exist multiple bubbles in the BRICS (Brazil, Russia, India, China and South Africa) stock markets, using monthly data on stock price-dividend ratio. Our empirical results, the first of its...