Are real exchange rates stationary based on panel unit-root tests? Evidence from Pacific Basin countries
本文用两种新面板单位根检验方法重新考察了八个太平洋盆地国家的购买力平价假说，发现证据不支持长期购买力平价，且结论稳健。
Recently, there have been many studies that apply the panel unit-root test of Levin and Lin (1992) to support the validity of long-run purchasing power parity (PPP) for industrial countries. This paper applies two recently developed panel unit-root tests, provided by Im et al. (1995) and Maddala and Wu (1998), respectively, to re-examine the PPP hypothesis for eight Pacific Basin countries. The empirical evidence fails to support PPP for Pacific Basin countries. This finding is robust to different base countries and to different subsets of the panel. Copyright © 1999 John Wiley & Sons, Ltd.