This study attempts to measure the inefficiency associated with aggregate investment in a transitional economy. The inefficiency is decomposed into allocative and production inefficiency based on standard production theory. Allocative inefficiency is measured by disequilibrium investment demand. Institutional factors are then taken into consideration as possible explanatory variables of the dis...

This paper discusses likelihood-based estimation of panel data models with individualspecific effects and both lagged dependent variable regressors and additional predetermined explanatory variables. The resulting new estimator, labeled as sub-system LIML (ssLIML), is asymptotically equivalent to standard panel GMM as N →∞ for fixed T , but tends to present smaller biases in finite samples as i...

Recent developments in nonlinear panel data analysis allow identifying and estimating general dynamic systems. In this review we describe some results and techniques for nonparametric identification and flexible estimation in the presence of time-invariant and time-varying latent variables. This opens the possibility to estimate nonlinear reduced forms in a large class of structural dynamic mod...

Recent work on nonparametric identification of average partial effects (APEs) from panel data require restrictions on individual or time heterogeneity. Identifying assumptions under the “generalized first-differencing” category, such as time homogeneity (Chernozhukov, Fernandez-Val, Hahn, and Newey, 2013), have testable equality restrictions on the distribution of the outcome variable. This pap...

the efficiency of the institutions and the level of their effectiveness in trading among the countries are pretty new subjects that have been considered in recent studies. many researchers believe that the corruption would cause a reduction in trading among the countries. on the other hand some others assume corruption can help to facilitate the transactions process. the main purpose of this pa...

We use a panel of 155 countries for 1970-2010 to study (two-way) causality between government spending, revenue and growth. Our results suggest the existence of weak evidence supporting causality from expenditures or revenues to GDP per capita and provide evidence supporting Wagner’s Law. JEL: C23, E62, H50.

This paper assesses the role of advertising in the demand of a differenciated and infrequently purchased good market. Advertising enters directly in the demand as goodwill stock with decreasing returns. Demand is specified and estimated in a discrete choice model approach, which allows us to compute the predatory and spillover effects of advertising and different sensibilities to advertising ac...

This paper derives consistent standard errors for a panel Tobit model in the presence of correlated errors. The problem is framed in the context of Newey and West (1987), considering the Tobit model as a special case of a GMM estimator. JEL codes: C23, C24

This paper introduces bias-corrected estimators for nonlinear panel data models with both time invariant and time varying heterogeneity. These models include systems of equations with limited dependent variables and unobserved individual effects, and sample selection models with unobserved individual effects. Our two-step approach first estimates the reduced form by fixed effects procedures to ...

abstract nowadays information plays an important role in the development process of societies so that the usage of related technologies such as ict can speed up this process by preparing cheap and effective instruments and changing working and living styles. the aim of this paper is to investigate the main determinants of information and communication technology (ict) adoption in 18 selected as...