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    • The Rise and Fall of Financial Flows in EU 15: New Evidence Using Dynamic Panels with Common Correlated Effects
    Authors: Mariam, Camarero; Alejandro, Muñoz; Cecilio, Tamarit;  Advisor: -;  Co-Author: - (2023)

    This paper assesses capital mobility for a panel of 15 European countries for the period 1970–2019 using dynamic common correlated effects modeling as proposed in Chudik and Pesaran (J Econ 188(2):393–420, 2015). In particular, we account for the existence of cross section dependence, slope heterogeneity, nonstationarity and endogeneity in a multifactor error correction model (ECM) that includes one homogeneous break. The analysis also identifies the heterogeneous structural breaks affecting the relationship for each of the individual countries.