Theorem 3.2 A consequence system (L,`) enjoys Craig interpolation with respect to an L-function var, if (i) there is a Craig generalized translation schema from (L,`) to another consequence system (L′,`′) with respect to var and an L′-function var′; (ii) (L′,`′) enjoys Craig interpolation with respect to var′. Proof: Let (h1, h2, h) be a Craig generalized translation schema from (L,`) to (L′,`′...

Interactions between the eurozone and US booms and busts and among major eurozone economies are analyzed by introducing a panel Markov-switching VAR model well suitable for a multi-country cyclical analysis. The model accommodates changes in low and high data frequencies and endogenous time-varying transition matrices of the country-specific Markov chains. The transition matrix of each Markov c...

Macroprudential policies have become essential tools for policymakers to maintain financial stability. We investigate the impact of macroprudential on current account balance, considering link between external imbalances and Building a panel VAR model, we further document that usage instrument is associated with an improvement in balance. Our findings suggest positive policy measures balance mo...

This paper examines the relationship between current account (CA) and foreign direct investment (FDI) net inflow in Southeast Europe (SEE) countries. The panel data framework of five SEE countries for period 2000- 2020 are used. Our research has three main findings. First, using vector autoregressive VAR(2) model, a long-run CA FDI is identified (a 1% increase leads to 1.011% deficit). suggests...

The World Jurist Association’s Conference on International Arbitration and ADR – the Impact on the Rule of Law was held April 5 – 7, 2011 in Grand Baie, Mauritius. This Conference brought together 150 distinguished delegates and speakers from 20 countries, representing every region of the world. Our Host Committee was chaired by Honorable YKJ Yeung Sik Yuen, GOSK, Chief Justice of the Supreme C...

The paper proposes a structural approach to VAR analysis in panels, which takes into account responses to both idiosyncratic and common structural shocks, while permitting full cross member heterogeneity of the response dynamics. In the context of this structural approach, estimation of the loading matrices for the decomposition into idiosyncratic versus common shocks is straightforward and tra...

This paper considers bandwidth selection for spectral density estimators based on panel data sets. The spectral densities of greatest interest in this paper are the ones that appear in the bias expression for …xed e¤ects estimators in nonlinear dynamic panel models obtained by Hahn and Kuersteiner. The bias estimation problem is di¤erent from the usual HAC estimation problem because the need fo...