Revisiting purchasing power parity for 16 Latin American countries: panel SURADF tests

Yang-Cheng Ralph Lu, Tsangyao Chang, Chi-Chen Chiu and Han-Wen Tzeng

Applied Economics Letters, 2011, vol. 18, issue 3, 251-255

Abstract: In this study, we apply the panel Seemingly Unrelated Regressions Augmented Dickey-Fuller (SURADF) tests developed by Breuer et al. (2001) to revisit the validity of Purchasing Power Parity (PPP) for 16 Latin American countries. The empirical results from several panel-based unit root tests indicate that PPP does not hold for these 16 countries under study. However, panel SURADF tests indicate that PPP is valid for 3 of these 16 countries. These results have important policy implications for these 16 Latin American countries under study.

Date: 2011
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DOI: 10.1080/13504850903559518

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