Showing papers on "Panel data published in 2013"
TL;DR: Barro and Lee as mentioned in this paper used information from consistent census data, disaggregated by age group, along with new estimates of mortality rates and completion rates by age and education level.
2,641 citations
TL;DR: In this paper, the authors extend the Common Correlated Effects (CCE) approach to heterogeneous panel data models with lagged dependent variables and/or weakly exogenous regressors.
974 citations
TL;DR: It is found that, on average, individuals have both lower mental distress and higher well-being when living in urban areas with more green space, and the potential cumulative benefit at the community level highlights the importance of policies to protect and promote urban green spaces for well- Being.
Abstract: Urbanization is a potential threat to mental health and well-being. Cross-sectional evidence suggests that living closer to urban green spaces, such as parks, is associated with lower mental distress. However, earlier research was unable to control for time-invariant heterogeneity (e.g., personality) and focused on indicators of poor psychological health. The current research advances the field by using panel data from over 10,000 individuals to explore the relation between urban green space and well-being (indexed by ratings of life satisfaction) and between urban green space and mental distress (indexed by General Health Questionnaire scores) for the same people over time. Controlling for individual and regional covariates, we found that, on average, individuals have both lower mental distress and higher well-being when living in urban areas with more green space. Although effects at the individual level were small, the potential cumulative benefit at the community level highlights the importance of policies to protect and promote urban green spaces for well-being.
659 citations
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01 Jan 2013TL;DR: In this paper, the authors combine theory and practice to make sophisticated methods of analysis accessible to researchers and practitioners working with widely different types of data and software in areas such as applied statistics, econometrics, marketing, operations research, actuarial studies, demography, biostatistics and quantitative social sciences.
Abstract: Students in both social and natural sciences often seek regression methods to explain the frequency of events, such as visits to a doctor, auto accidents, or new patents awarded This book, now in its second edition, provides the most comprehensive and up-to-date account of models and methods to interpret such data The authors combine theory and practice to make sophisticated methods of analysis accessible to researchers and practitioners working with widely different types of data and software in areas such as applied statistics, econometrics, marketing, operations research, actuarial studies, demography, biostatistics and quantitative social sciences The new material includes new theoretical topics, an updated and expanded treatment of cross-section models, coverage of bootstrap-based and simulation-based inference, expanded treatment of time series, multivariate and panel data, expanded treatment of endogenous regressors, coverage of quantile count regression, and a new chapter on Bayesian methods
636 citations
TL;DR: The authors developed a general framework showing that technology and product market spillovers have testable implications for a range of performance indicators, and exploited these using distinct measures of a firm's position in the technology space and the product market space.
Abstract: Government policies to support R&D are predicated on empirical evidence of R&D "spillovers" between firms. But there are two countervailing R&D spillovers: positive effects from technology spillovers and negative effects from business stealing by product market rivals. We develop a general framework showing that technology and product market spillovers have testable implications for a range of performance indicators, and exploit these using distinct measures of a firm’s position in technology space and product market space. We show using panel data on U.S. firms between 1981 and 2001 that both technology and product market spillovers operate, but that net social returns are several times larger than private returns. The spillover effects are also revealed when we analyze three high-tech sectors in detail - pharmaceuticals, computer hardware and telecommunication equipment. Using the model we evaluate three R&D subsidy policies and show that the typical focus of support for small and medium firms may be misplaced.
522 citations
TL;DR: This paper introduced a dynamic panel threshold model to estimate inflation thresholds for long-term economic growth, which allows the estimation of threshold effects with panel data even in case of endogenous regressors.
Abstract: We introduce a dynamic panel threshold model to estimate inflation thresholds for long-term economic growth. Advancing on Hansen (J Econom 93:345–368, 1999) and Caner and Hansen (Econom Theory 20:813–843, 2004), our model allows the estimation of threshold effects with panel data even in case of endogenous regressors. The empirical analysis is based on a large panel-dataset including 124 countries. For industrialized countries, our results confirm the inflation targets of about 2% set by many central banks. For non-industrialized countries, we estimate that inflation rates exceeding 17% are associated with lower economic growth. Below this threshold, however, the correlation remains insignificant.
499 citations
TL;DR: In this paper, the authors investigated the influence of tourism on economic growth and CO2 emissions and found that tourism has a high significant positive impact on CO 2 emissions while tourism and foreign direct investment incur a high negative impact.
452 citations
TL;DR: In this article, the authors investigated the relationship between financial development and energy consumption in the EU over the period 1990-2011 by using system-GMM model and found no significant relationship is found.
404 citations
TL;DR: In this article, the authors analyzed the link between macroeconomic developments and the banking credit risk in a particular group of countries (Greece, Ireland, Portugal, Spain and Italy) recently affected by unfavourable economic and financial conditions.
286 citations
01 Jan 2013
TL;DR: In this paper, the authors provide an overview of the recent literature on estimation and inference in large panel data models with cross-sectional dependence, including static and dynamic models with weakly exogenous regressors.
Abstract: This paper provides an overview of the recent literature on estimation and inference in large panel data models with cross-sectional dependence. It reviews panel data models with strictly exogenous regressors as well as dynamic models with weakly exogenous regressors. The paper begins with a review of the concepts of weak and strong cross-sectional dependence, and discusses the exponent of cross-sectional dependence that characterizes the different degrees of cross-sectional dependence. It considers a number of alternative estimators for static and dynamic panel data models, distinguishing between factor and spatial models of cross-sectional dependence. The paper also provides an overview of tests of independence and weak cross-sectional dependence.
284 citations
TL;DR: English panel data was used to explore the relationship between the proximity to the coast and indicators of generic and mental health for the same individuals over time and individuals reported significantly better general health andmental health when living nearer the coast.
TL;DR: In this article, the authors examined causal relationships between tourism spending and economic growth in 10 transition countries for the period 1988-2011, and found that the relationship between tourism and economic performance was causal.
TL;DR: In this paper, the authors examined the effect of minority state ownership on firms' returns on assets and on the capital expenditures of financially constrained firms with investment opportunities, finding that minority stakes are less affected by the "agency distortions" commonly found for full-fledged state ownership.
Abstract: In many countries, firms face institutional "voids" that raise the costs of doing business and thwart entrepreneurial activity. We examine a particular mechanism that may address those voids: minority state ownership. Minority stakes are less affected by the "agency distortions" commonly found for full-fledged state ownership. Using panel data from publicly traded firms in Brazil, where the government holds minority stakes through its development bank, we find a positive effect of those stakes on firms' returns on assets and on the capital expenditures of financially constrained firms with investment opportunities. However, these positive effects are substantially reduced when minority stakes are allocated to business group affiliates and as local institutions develop. Therefore, we shed light on the firm-level implications of minority state ownership, a topic that has received scant attention in the strategy literature. [ABSTRACT FROM AUTHOR]
TL;DR: In this paper, the macroeconomic determinants of nonperforming loans (NPLs) across 75 countries during the past decade were studied using a novel panel data set and the following variables were found to significantly affect NPL ratios: real GDP growth, share prices, the exchange rate, and the lending interest rate.
Abstract: Using a novel panel data set we study the macroeconomic determinants of nonperforming loans (NPLs) across 75 countries during the past decade. According to our dynamic panel estimates, the following variables are found to significantly affect NPL ratios: real GDP growth, share prices, the exchange rate, and the lending interest rate. In the case of exchange rates, the direction of the effect depends on the extent of foreign exchange lending to unhedged borrowers which is particularly high in countries with pegged or managed exchange rates. In the case of share prices, the impact is found to be larger in countries which have a large stock market relative to GDP. These results are robust to alternative econometric specifications.
TL;DR: In this article, the authors extend the Common Correlated Effects (CCE) approach to heterogeneous panel data models with lagged dependent variable and/or weakly exogenous regressors.
Abstract: This paper extends the Common Correlated Effects (CCE) approach developed by Pesaran (2006) to heterogeneous panel data models with lagged dependent variable and/or weakly exogenous regressors. We show that the CCE mean group estimator continues to be valid but the following two conditions must be satisfied to deal with the dynamics: a sufficient number of lags of cross section averages must be included in individual equations of the panel, and the number of cross section averages must be at least as large as the number of unobserved common factors. We establish consistency rates, derive the asymptotic distribution, suggest using covariates to deal with the effects of multiple unobserved common factors, and consider jackknife and recursive de-meaning bias correction procedures to mitigate the small sample time series bias. Theoretical findings are accompanied by extensive Monte Carlo experiments, which show that the proposed estimators perform well so long as the time series dimension of the panel is sufficiently large.
TL;DR: In this article, the authors identify the impact of intermediate goods markets imperfections on productivity downstream and find evidence that anticompetitive upstream regulations have significantly curbed MFP growth over the past fifteen years, and more strongly so for observations that are close to the productivity frontier.
Abstract: We identify the impact of intermediate goods markets imperfections on productivity downstream. Our empirical specification is based on a model of multifactor productivity (MFP) growth in which the effects of upstream competition can vary with distance to frontier. This model is estimated on a panel of fifteen OECD countries and twenty industries over 1985 to 2007. Competitive pressures are proxied with industry product market regulation data. We find evidence that anticompetitive upstream regulations have significantly curbed MFP growth over the past fifteen years, and more strongly so for observations that are close to the productivity frontier.
01 Jan 2013
TL;DR: Longitudinal data analysis is a very broad, general term for the analysis of data that are collected on the same units across time.
Abstract: Longitudinal data analysis is a very broad, general term for the analysis of data that are collected on the same units across time. Longitudinal data are sometimes referred to as repeated measures data or panel data (Hsiao, 2003; Frees, 2004). A variety of statistical models exist for analyzing longitudinal data.
TL;DR: In this article, the authors investigated the R&D and ICT investment at the firm level in an effort to assess their relative importance and to what extent they are complements or substitutes.
Abstract: Both research and development (R&D) and information and communication technology (ICT) investment have been identified as sources of relative innovation underperformance in Europe vis-a-vis the USA. In this article, we investigate the R&D and ICT investment at the firm level in an effort to assess their relative importance and to what extent they are complements or substitutes. We use data on a large unbalanced panel data sample of Italian manufacturing firms constructed from four consecutive waves of a survey of manufacturing firms, to estimate a version of the CDM model of R&D, innovation, and productivity [Crepon–Duguet–Mairesse 1998. Research, innovation and productivity: An econometric analysis at the firm level. Economics of Innovation and New Technology 7, no. 2: 115–58] that has been modified to include ICT investment and R&D as the two main inputs into innovation and productivity. We find that R&D and ICT are both strongly associated with innovation and productivity, with R&D being more important...
TL;DR: In this article, the authors used panel surveys conducted in rural Vietnam in 2002 and 2005, covering some 1,120 households in 41 communes; by 2005, all surveyed communes had connected to the grid, and fourfifths of their households had a connection.
Abstract: Most past studies on the development impact of rural electrification have relied on cross-sectional surveys comparing households with and without electricity. This study tests the validity of the perceived correlation between welfare outcomes and rural electrification and quantifies electricity’s benefits on the basis of sound econometric techniques that control for endogeneity bias. The study used panel surveys conducted in rural Vietnam in 2002 and 2005, covering some 1,120 households in 41 communes; by 2005, all surveyed communes had connected to the grid, and four-fifths of their households had a connection. The econometric estimations suggest grid electrification’s positive effects on both household income and expenditure and education. We find differential returns to electricity for commune- and household-level connection: the former generates externality benefiting the poor more than the rich, farm more than nonfarm income, and girls over boys for schooling outcome; conversely, the latter ...
TL;DR: In this paper, the authors considered a panel data model with time-varying individual effects and proposed a generalized methods of moments procedure to estimate the true number of individual effects, where the unobservable individual effects are assumed to have a factor structure.
TL;DR: The authors developed an analytical framework and an empirical strategy to answer those questions, along with illustrative empirical results based on panel data from rural Ethiopian households, finding that the welfare gains from eliminating price volatility are increasing in household income, making food price stabilization a distributionally regressive policy.
Abstract: How does commodity price volatility affect the welfare of rural households in developing countries, for whom hedging and consumption smoothing are often difficult? And when governments choose to intervene in order to stabilize commodity prices, as they often do, who gains the most? This paper develops an analytical framework and an empirical strategy to answer those questions, along with illustrative empirical results based on panel data from rural Ethiopian households. Contrary to conventional wisdom, we find that the welfare gains from eliminating price volatility are increasing in household income, making food price stabilization a distributionally regressive policy in this context.
TL;DR: The economics of growth has shown that countries grow by better allocating whatever resources are at their disposal and by introducing productivity-enhancing innovations as discussed by the authors, and strategic entrepreneurship plays a key role in this process by searching for, combining, trying out, etc., new resource combinations in the pursuit of profits under uncertainty.
Abstract: The economics of growth has shown that countries grow by better allocating whatever resources are at their disposal and by introducing productivity-enhancing innovations. Strategic entrepreneurship plays a key role in this process by searching for, combining, trying out, etc., new resource combinations in the pursuit of profits under uncertainty. Institutions that support economic freedom allow such experimentation to take place at low transaction costs, positively influencing total factor productivity. We test these ideas on a unique panel data set derived from Compendia, World Bank data, and the Fraser Institute's economic freedom data. Copyright © 2013 Strategic Management Society.
TL;DR: In this paper, the authors assess the relationship between bank efficiency, risk and capital for a sample of Chinese commercial banks employing three efficiency indexes and four risk indicators under a three stage least square method in a panel data framework.
TL;DR: In this paper, the authors look for evidence of adaptation in wellbeing to major life events using eighteen waves of British panel data and find that adaptation to marriage, divorce, birth of child and widowhood appears to be rapid and complete; this is not so for unemployment.
Abstract: We look for evidence of adaptation in wellbeing to major life events using eighteen waves of British panel data. Adaptation to marriage, divorce, birth of child and widowhood appears to be rapid and complete; this is not so for unemployment. These findings are remarkably similar to those in previous work on German panel data. Equally, the time profiles with life satisfaction as the wellbeing measure are very close to those using a twelve-item scale of psychological functioning. As such, the phenomenon of adaptation may be a general one, rather than being found only in German data or using single-item wellbeing measures.
TL;DR: In this article, the authors investigated the relationship between capital structure and firm performance, paying particular attention to the degree of industry competition, and found that financial leverage has a positive and significant effect on firm performance.
TL;DR: In this article, Konya et al. analyzed the causality between financial development and economic growth among ten Asian countries surveyed during period 1980 to 2007, and found that the direction of causality was sensitive to the financial development variables used in the ten Asia countries examined in this work.
TL;DR: In this paper, the authors developed an axiomatic measure of financial inclusion and demonstrated that supply side data on banking services can be usefully employed to measure financial inclusion, which is readily implementable and useful to determine policy priorities to promote financial inclusion.
TL;DR: In this article, the authors used under-explored municipality level datasets to assess the recent economic and policy determinants of deforestation in the Brazilian Amazon and found that recent deforestation is increasing with economic activity and is also affected by economic incentives, measured by fluctuations in agricultural product and wood prices.
Abstract: We use under-explored municipality level datasets to assess the recent economic and policy determinants of deforestation in the Brazilian Amazon. We estimate yearly panel data models (from 2002 to 2009) for 663 municipalities in the region. The results show that recent deforestation is increasing with economic activity and is also affected by economic incentives, measured by fluctuations in agricultural product and wood prices. Moreover, we document that the increasing enforcement efforts of the Brazilian environmental police (IBAMA) were effective in reducing deforestation rates.
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TL;DR: In this article, the authors assessed improved maize adoption in Malawi and examined the link between adoption and household welfare using a three-year household panel data and found that modern maize variety adoption is positively correlated with the household's own maize consumption, income and asset holdings.
Abstract: This paper assesses improved maize adoption in Malawi and examines the link between adoption and household welfare using a three-year household panel data. The distributional effect of maize technology adoption is also investigated by looking at impacts across wealth and gender groups. We applied control function approach and IV regression to control for endogeneity of input subsidy and improved maize adoption. We found that modern maize variety adoption is positively correlated with the household’s own maize consumption, income and asset holdings. We found evidence that improved maize adoption has stronger impact on welfare of female-headed households and poorer households.
TL;DR: In this paper, the authors carried out a panel data analysis of 3175 SMEs from seven CEE countries during the period 2001-2005, modeling the leverage ratio as a function of firm specific characteristics hypothesized by capital structure theory.