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This study considers the effects of financial development on output in a panel cointegration framework, focusing on the implications of trade and financial openness. Our analysis indicates that after controlling for cross‐sectional dependence, the typical relationship between finance and output does not hold in the long run. This relationship, however, is re‐established once we account for economic...
•We examine the process of inflation convergence across inflation-targeting and non-inflation-targeting countries.•Empirical evidence suggests that the inflation rates converge within and across these country groups.•That is, inflation rates converge irrespective of the monetary policy framework.•The above findings are robust when a series of panel unit root tests is performed.•The findings corroborate...
We propose a methodology for modeling convergence in the presence of transitional dynamics. We explore the dynamic behavior of the difference between two series by allowing the parameters to change across time without imposing any formulation restrictions, using a threshold approach. We adopt an MCMC algorithm to identify the number and the location of the breaks.
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