FROM STRONG ECONOMIC GROWTH TO REAL CRISIS IN ROMANIA – HOW BAD IS THE PICTURE?
The present crisis started in United States, the main motor of the present systemic crisis, as a financial failure. It spread rapidly in the economic area and also world wide. No economy was spared, and the emerging economies, among them Romania, were vis
La hausse tendancielle du taux d’exploitation (*)
La caracteristique principale du capitalisme mondialise depuis le debut des annees 1980 est la baisse de la part salariale, autrement dit de la part du Pib (Produit interieur brut) qui revient aux salaries. Une telle tendance equivaut, en termes marxistes, a une elevation du taux d'exploitation. Il s'agit la d'un resultat solidement etabli sur des donnees statistiques incontestables et qui s'applique a la majorite des pays, au Nord comme au Sud. Un constat statistique irrefutable Les donnees etablies par (...)
Speci fi cation Test for Panel Data Models with Interactive Fixed E ff ects ∗
In this paper, we propose a consistent nonparametric test for linearity in a large dimensional panel data model with interactive fixed effects. Both lagged dependent variables and conditional heteroskedasticity of unknown form are allowed in the model. We estimate the model under the null hypothesis of linearity to obtain the restricted residuals which are then used to construct the test statistic. We show that after being appropriately centered and standardized, the test statistic is asymptotically normally distributed under both the null hypothesis and a sequence of Pitman local alternatives by using the concept of conditional strong mixing that was recently introduced by Prakasa Rao (2009). To improve the finite sample performance, we propose a bootstrap procedure to obtain the bootstrap -value. A small set of Monte Carlo simulations illustrates that our test performs well in finite samples. An application to an economic growth panel dataset indicates significant nonlinear relationships between economic growth, initial income level and capital accumulation.