淡江大學機構典藏:Item 987654321/54911
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    Title: Mean reversion in the current account of forty-eight african countries: Evidence from the Panel SURADF test
    Authors: Chang, Tsang-yao;Chang, Hsu-ling;Chu, Hsiao-ping;Su, Chi-wei;Yuan, Young
    Contributors: 淡江大學國際貿易學系暨國際企業研究所
    Keywords: Mean reversion;Current account;Panel SURADF test
    Date: 2007
    Issue Date: 2011-07-28 00:54:31 (UTC+8)
    Publisher: Amsterdam: Elsevier BV * North-Holland
    Abstract: Here, the Panel seemingly unrelated regressions augmented Dickey–Fuller test (SURADF) test, first introduced and advanced by Breuer et al. [Misleading inferences from panel unit-root tests with an illustration from purchasing power parity, Rev. Int. Econ. 9(3) (2001) 482–493], is used to investigate the mean-reverting behavior of the current account of 48 African countries during the 1980–2004 periods. The empirical results from numerous panel-based unit root tests, conducted earlier, indicated that the current account of each of these countries is stationary; however, when Breuer et al.'s (2001) Panel SURADF test is conducted, it is found that a unit root exists in the current account of 11 of the countries studied. These results have one extremely important policy implication for the 48 African countries studied: the current account deficit of most is sustainable, and thus signifying that those nations should have no incentive to default on their international debt.
    Relation: PHYSICA A 384, pp.485-492
    DOI: 10.1016/j.physa.2007.05.051
    Appears in Collections:[Graduate Institute & Department of International Business] Journal Article

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