Stability of long-run growth in East Asian countries: New evidence from panel stationarity test with structural breaks

Omid Ranjbar (), Xiao-Lin Li, Tsangyao Chang and Chien-Chiang Lee ()

The Journal of International Trade & Economic Development, 2015, vol. 24, issue 4, 570-589

Abstract: This paper investigates the stability of the steady-state growth process in East Asian region using a novel panel stationarity test, which allows us to control for (a) unobserved heterogeneity in form and date of potential structural breaks in a trend function, (b) the cross-sectional dependence among countries in the panel bootstrapping methods, and (c) the serially correlated errors. Evidence shows that a large majority of countries exhibit slowdowns in economic growth after their structural breaks and thus could not recover from negative shocks and return original balanced growth path.

Date: 2015
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DOI: 10.1080/09638199.2014.937352

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