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Panel cointegration and productivity bias hypothesis

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  • Mohsen Bahmani-Oskooee
  • Ilir Miteza

Abstract

Productivity bias hypothesis claims that deviation of the PPP based exchange rate from the equilibrium rate is mainly due to productivity differentials among countries. Early studies that employed cross-sectional data in testing the hypothesis provided mixed results. A few time-series studies have provided some support for the hypothesis. This paper relies on panel data and recent advances in panel unit-root and panel cointegration analysis and provides strong results supporting the hypothesis. The results are not sensitive to classification of the world by regions.

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Bibliographic Info

Article provided by Emerald Group Publishing in its journal Journal of Economic Studies.

Volume (Year): 31 (2004)
Issue (Month): 5 (October)
Pages: 448-456

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Handle: RePEc:eme:jespps:v:31:y:2004:i:5:p:448-456

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Related research

Keywords: Economic equilibrium; Exchange rates; International economics;

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Cited by:
  1. Mohsen Bahmani-Oskooee & Ali Kutan & Su Zhou, 2009. "Towards solving the PPP puzzle: evidence from 113 countries," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 41(24), pages 3057-3066.
  2. Kalyoncu, Huseyin & Yucel, Fatih, 2005. "An analytical approach on defense expenditure and economic growth: the case of Turkey and Greece," MPRA Paper 4262, University Library of Munich, Germany, revised 2006.
  3. Bahmani-Oskooee, Mohsen & Chakrabarti, Avik, 2005. "Openness, size, and the saving-investment relationship," Economic Systems, Elsevier, vol. 29(3), pages 283-293, September.
  4. Bahmani-Oskooee, Mohsen & Gelan, Abera, 2006. "Black market exchange rate and the productivity bias hypothesis," Economics Letters, Elsevier, vol. 91(2), pages 243-249, May.

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