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Trade and regional growth in Spain: panel cointegration in a small sample

  • Frédéric Laurin
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    In this article, we test for the existence of a relationship between per capita Gross Domestic Product (GDP) and trade, for 15 Spanish Autonomous Communities between 1988 and 2004, using a panel cointegration methodology. In particular, we implement several panel unit root tests (Maddala and Wu, 1999; Levin et�al ., 2002; Im et�al ., 2003) and panel cointegration tests (Pedroni, 1999, 2004), with a special attention to their behaviour in a small sample. We also develop a Seemingly Unrelated Regression Estimation (SURE) residual based test, in order to explicitly take into account the cross regional correlation pattern. Appropriate confidence intervals are estimated with a sieve bootstrap designed for our small time sample, preserving the dependence structure among cross sectional units. Our cointegration tests reject the existence of a significant relationship between GDP per capita and exports. However, we do find some evidence of a significant relationship between GDP per capita and imports or with total trade.

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    File URL: http://hdl.handle.net/10.1080/00036846.2010.508728
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    Article provided by Taylor & Francis Journals in its journal Applied Economics.

    Volume (Year): 44 (2012)
    Issue (Month): 4 (February)
    Pages: 435-447

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    Handle: RePEc:taf:applec:44:y:2012:i:4:p:435-447
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