This paper investigates the link between health care expenditures and GDP for a sample of 21 OECD countries using recent developed panel cointegration techniques. In contrast to previous studies, analysis accounts fact that are not only determined by income. The other driving force is medical progress, which proxied different variables, like life expectancy, infant mortality share elderly. extended models, relationship can be established among variables. income elasticity from unity,...

This paper examines the long-run relationship between energy consumption and real GDP, including prices, for 25 OECD countries from 1981 to 2007. The distinction common factors idiosyncratic components using principal component analysis allows distinguish developments on an international a national level as drivers of relationship. Indeed, cointegration underlying variables indicates that dominate GDP. Furthermore, results suggest is price-inelastic. Causality tests indicate presence bi-directional.

Abstract In the debate on global imbalances, euro area countries received inreasing attention since outbreak of financial crisis. While current account is balance for entire area, divergences between individual member states have increased introduction common currency and are part excessive imbalances procedure. This paper explores determinants by using paneleconometric techniques. The analysis shows that a lack in competitiveness main explanation external deficits at heart debt As...

Abstract Developed and well regulated financial markets are usually seen as a precondition for an efficient allocation of resources can foster long term economic growth. This paper explores the institutional determinants development in countries Middle East North A frican ( MENA ) region. Institutional conditions from International Country Risk Guide. Panel‐econometric techniques applied to assess banking sector stock market. As main finding, important both segments, even after controlling...

For many analysts, the Chinese economy is being spurred on by a bubble in housing market, probably driven fiscal stimulus package and massive credit expansion, with potentially adverse effects real economy. The house price development investigated panel cointegration techniques. Evidence based data-set for 35 major cities. Cointegration detected between prices set of macroeconomic determinants. results indicate that less than 15 per cent equilibrium value implied fundamentals at end 2010....

Since the outbreak of Corona virus, policymakers around globe introduced numerous emergency measures such as wearing masks, restrictions to mobility and travel shutdown large parts economy, including firms, workplaces schools. The implementation (lockdown) helped keep number infections below capacity health care systems in most countries. While many human lives have been saved, lockdown contributed a severe recession at global scale. This paper examines economic costs virus prospects for...

Within a wide range of other economic and financial indicators, money is highly relevant to the two-pillar monetary strategy European Central Bank for detecting risks price stability over medium term. Money demand models are natural benchmark assessing developments. The existence well-specified stable relation between prices can be perceived as prerequisite using aggregates in conduct policy, which usually assessed within money-demand framework. In this respect, present analysis important...

Abstract. This paper applies Verdoorn's and Okun's law to derive efficient estimates of the employment unemployment threshold in Unified Germany. The analysis is built on a disaggregated dataset regional labour markets, where spatial dependencies are taken into account. Especially, SUR model proposed utilising eigenfunction decomposition approach suggested by Griffith (1996, 2000). thresholds turn out be unstable over time. However, minimum output growth sufficient for rise below level...

SUMMARY Evidence during the nineties about response of real wages to shocks highlights that this is substantially lower in European countries than United States and there are important differences among countries. Which reasons explain these different reactions? In paper, we apply meta‐analytical techniques order provide a quantitative summary available evidence regarding influence labour market institutions on wage flexibility. We find design study affects obtained results, more deregulated...

In the debate on global imbalances, euro area countries did not receive much attention so far.While current account is balance for entire area, divergences between individual member states have increased since introduction of common currency.In this paper, imbalances are traced back to catching up and competitiveness factors using paneleconometric techniques.In line with intertemporal approach account, low income tend run defi cits, while rich realize surpluses.However, eff ect diminishes,...

This article analyses the determinants of Chinese foreign direct investment (FDI) activities in European Union (EU). Evidence is based on panel Poisson models drawing two monitors at individual project level. Greenfield investments (GI) and mergers acquisitions (M&A) are distinguished. The findings indicate that market size bilateral trade main factors for EU. In contrast, business-friendly institutions do not foster FDI. Probably, investors risk averse, prefer regions with less competitive...

Kosfeld R., Eckey H.-F. and Dreger C. (2006) Regional productivity income convergence in the unified Germany, 1992–2000, Studies 40, 755–767. This paper investigates regional of labour per capita period 1992–2000 for Germany using spatial econometric techniques. Up to now only first-order models have been employed investigating across regions countries. An exploratory data analysis reveals, however, that fundamental variables equation exhibit a clear pattern higher-order dependencies. It is...

We examine real business cycle convergence for 41 euro area regions and 48 US states. The results obtained by a panel model with spatial effects indicate that the impact of national cycles has been rather stable over past two decades. A tendency in often detected country data is not confirmed at regional level. pattern synchronization across similar to Although cyclical heterogeneity detected, it does serious impediment common monetary policy European Central Bank.