No abstract

This study investigates the role of international spillovers in generating productivity gains for a panel of 24 OECD countries during the period between 1971-2004. We use recent techniques developed in a common factor framework to characterize the global interdependence implied by international spillovers and the diusion mechanisms involved. Consistent with some recent studies in this eld, the evidence suggests that there are substantial crosscountry spillovers mainly related to R&D and human capital variables, which contribute signicantly to productivity.

The aim of this paper is to analyze the relationships between common shocks affecting the real economy and those underlying co-fluctuations in U.S. financial markets. In order to do this, we test for links between these common factors and also use the econometric theory of non-stationary panel data to estimate the relationships. The estimates prove the existence of significant relationships between financial and macroeconomic factors. It is also shown that there are forces pulling U.S. financial markets to move. Keywords PANIC analysis Panel Data Common factors Financial Crises U.S Classification JELC5 . C23 . D1 . G1 . N12 Forthcoming in Empirical EconomicsAbstract The aim of this paper is to analyze the relationships between common shocks affecting the real economy and those underlying co-fluctuations in U.S. financial markets. In order to do this, we test for links between these common factors and also use the econometric theory of non-stationary panel data to estimate the relationships. The estimates prove the existence of significant relationships between financial and macroeconomic factors. It is also shown that there are forces pulling U.S. financial markets to move with the real economy, as seen through nearly instantaneous adjustment to a new equilibrium.

Ce travail a pour objectif d’étudier les effets de l’imperfection du marché du crédit sur la convergence des pays de la communauté financière africaine ( cfa ) vers la frontière de croissance mondiale. Il met l’accent sur le fait qu’un marché du crédit moins performant constitue une contrainte qui empêche ces pays de profiter pleinement du transfert de technologie et les pousse à s’écarter de la frontière de croissance. L’analyse empirique basée sur la méthode des moments généralisés en panel dynamique révèle qu’un bas niveau de développement financier peut ralentir considérablement la vitesse de convergence de ces pays.

No abstract