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Are Asian Per Capita GDP Stationary? Evidence from First and Second Generation Panel Unit Root Tests

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  • Aviral Tiwari

    ()

  • Amrit Chaudhari

    ()

  • K. Suresh

    ()

Abstract

This study examines stationarity characteristics of per capita GDP of a panel of 17 Asian countries and sub-panels. We employed a series of panel unit root tests that assume cross sectional independence and cross sectional dependence. The results of the second-generation tests reveal stationarity of per capita GDP for the entire Asian panel, as well as the East Asian and High Income Asian sub-panels. However, we find weak evidence for stationarity for the South Asian panel. The stationarity properties of the East Asian countries were strongly consistent with the idea that business cycles have stationary fluctuations around a deterministic trend, and vice versa hold for the South Asian panel. Copyright Springer-Verlag 2012

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Bibliographic Info

Article provided by Springer in its journal Transition Studies Review.

Volume (Year): 19 (2012)
Issue (Month): 1 (September)
Pages: 3-11

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Handle: RePEc:spr:trstrv:v:19:y:2012:i:1:p:3-11

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Related research

Keywords: Asia; Panel unit root tests; Per capita GDP; C23; C33;

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  1. Perron, P. & Phillips, P.C.B., 1986. "Does Gnp Have a Unit Root? a Reevaluation," Cahiers de recherche 8640, Universite de Montreal, Departement de sciences economiques.
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  3. Chris Murray & Charles Nelson, 1998. "The Uncertain Trend in U.S. GDP," Discussion Papers in Economics at the University of Washington 0074, Department of Economics at the University of Washington.
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  11. Kormendi, Roger C & Meguire, Philip, 1990. "A Multicountry Characterization of the Nonstationarity of Aggregate Output," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 22(1), pages 77-93, February.
  12. David E. Rapach, 2002. "Are Real GDP Levels Nonstationary? Evidence from Panel Data Tests," Southern Economic Journal, Southern Economic Association, vol. 68(3), pages 473-495, January.
  13. Fleissig, Adrian R. & Strauss, Jack, 1999. "Is OECD real per capita GDP trend or difference stationary? Evidence from panel unit root tests," Journal of Macroeconomics, Elsevier, vol. 21(4), pages 673-689.
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  15. Christophe Hurlin, 2007. "What would Nelson and Plosser find had they used panel unit root tests?," Working Papers halshs-00156685, HAL.
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