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Panel Data in Economic Research

Author

Listed:
  • Gema Ugalde

    (Autonomous University of Queretaro, Mexico)

  • Violena Nencheva

    (Autonomous University of Queretaro, Mexico)

Abstract

This article reviews recent literature (2020 – 2025) on the use of panel data econometrics in economic research, with a focus on growth-related studies in Latin American economies. Using an exploratory-descriptive review design and searches in Google Scholar, Elsevier, Dialnet, and Redalyc, the paper synthesises core panel specifications and estimation approaches. It outlines the general linear panel model and discusses pooled OLS, fixed effects (including LSDV, within, and first-difference estimators), and random effects (error-components) models, highlighting their assumptions, strengths, and limitations. The review also summarises key specifications and diagnostic tests commonly used in applied work (e.g., Breusch–Pagan/LM, Hausman, Wooldridge, and tests for heteroscedasticity). Finally, the article briefly introduces dynamic panel models (Arellano–Bond type GMM) and panel cointegration frameworks, which are frequently, employed extensions in growth-oriented empirical research.

Suggested Citation

  • Gema Ugalde & Violena Nencheva, 2025. "Panel Data in Economic Research," Godishnik na UNSS, University of National and World Economy, Sofia, Bulgaria, issue 2, pages 123-146, December.
    • Handle: RePEc:nwe:godish:y:2025:i:2:p:123-146
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    File URL: https://unwe-yearbook.org/en/journalissues/article/11755
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    Keywords

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    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models

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