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Understanding Regional Growth Dynamics in JAPAN: Panel Cointegration Approach Utilizing The PANIC Method

Listed author(s):
  • Masahiko Shibamoto

    (Research Institute for Economics & Business Administration (RIEB), Kobe University, Japan)

  • Yoshiro Tsutsui

    (Faculty of Economics, Konan University)

  • Chisako Yamane

    (Faculty of Economics, Okayama Shoka University)

This study proposes a panel cointegration approach using the PANIC method for understanding the regional growth dynamics using nonstationary panel data, and applies it to Japanese prefectures. This approach enables us to analyze both long-run equilibrium growth path and short-run dynamics across the regions. Specifically, we find that there is one common source of growth to which prefectures attach different weights, that the per capita real income of follower-prefectures will catch up to that of leaderprefectures, and that temporal fluctuations of the catch-up process elicited by Barro type regression qualitatively corresponds to short-run dynamics across prefectures by the PANIC method.

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File Function: Revised version, 2016
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Paper provided by Research Institute for Economics & Business Administration, Kobe University in its series Discussion Paper Series with number 243.

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Length: 32 pages
Date of creation: Sep 2009
Date of revision: Mar 2016
Handle: RePEc:kob:dpaper:243
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2-1 Rokkodai, Nada, Kobe 657-8501 JAPAN

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