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|標題:||Revisiting purchasing power parity for 18 African countries: sequential panel selection method||作者:||Pan, G.C.
|關鍵字:||purchasing power parity;African countries;sequential panel selection;method;policy implications;real exchange-rates;unit-root tests;heterogeneous panels;2 centuries;intervention||Project:||Applied Economics Letters||期刊/報告no：:||Applied Economics Letters, Volume 19, Issue 9, Page(s) 877-881.||摘要:||
This study applies the Sequential Panel Selection Method (SPSM) proposed by Chortareas and Kapetanios (2009) to test the validity of the long-run Purchasing Power Parity (PPP) for a sample of 18 African countries over the period January 1985 to September 2008. SPSM classifies the whole panel into a group of stationary series and a group of nonstationary series. In doing so, we can clearly identify how many and which series in the panel are stationary processes. Empirical results indicate that the PPP holds true for only four of these African countries studied. Our results have important policy implications for these African countries under study.
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