Bootstrapping the Hausman Test in Panel Data Models

In the article, it is shown that in panel data models the Hausman test (HT) statistic can be considerably refined using the bootstrap technique. Edgeworth expansion shows that the coverage of the bootstrapped HT is second-order correct.

The asymptotic versus the bootstrapped HT are compared also by Monte Carlo simulations. At the null hypothesis and a nominal size of 0.05, the bootstrapped HT reduces the coverage error of the asymptotic HT by 10–40% of nominal size; for nominal sizes less than or equal to 0.025, the coverage error reduction is between 30% and 80% of nominal size. For the nonnull alternatives, the power of the asymptotic HT fictitiously increases by over 70% of the correct power for nominal sizes less than or equal to 0.025; the bootstrapped HT reduces overrejection to less than one fourth of its value. The advantages of the bootstrapped HT increase with the number of explanatory variables.

Heteroscedasticity or serial correlation in the idiosyncratic part of the error does not hamper advantages of the bootstrapped version of HT, if a heteroscedasticity robust version of the HT and the wild bootstrap are used. But, the power penalty is not negligible if a heteroscedasticity robust approach is used in the homoscedastic panel data model.     

Financial frictions and indebtedness of Balkan firms: A comparison with Mediterranean and Central European countries

Using a large database of financial data for non-financial corporations, we study the process of debt accumulation and its influence on liquidity through the boom-bust-recovery regimes (2006–2010) in the Balkan countries and benchmark this against the Mediterranean and Central European countries. The domestic amplification effects (through the financial accelerator and collateral pricing) of both the capital surge from developed EU countries at the onset of the crisis and the capital reversal afterwards are the focus of the analysis. We show that domestic generators and amplificators of the crisis have much larger effects in the Balkan countries than in the Mediterranean countries, not to mention the countries of Central Europe. In the boom period, the financial accelerator was several times stronger in the Balkan countries than in the Mediterranean and Central European countries. In the bust and recovery periods, however, the direct effects of the financial accelerator declined, but the indirect effects increased considerably due to liquidity squeezes and contagion, especially strong were corresponding intercompany debt effects. In the Balkan countries, these effects in the bust and recovery periods were at least 50% larger than in the Mediterranean and Central European countries. Higher crisis costs in the Balkan countries, relative to the benchmark regions, could be attributed to the late integration of these economies into international financial and trade flows, weak institutions of financial intermediation, and inexperienced regulators; however, the importance of the contribution of misguided EU convergence doctrine cannot be ignored. Lessons for improving macromanagement in EU periphery countries are suggested.     

Policy measures in the deleveraging process: A macroprudential evaluation

This paper evaluates post-crisis effects of deleveraging policy in Slovenia. Reductions in banks’ credits to nonfinancial sectors were driven by increased collateralization, credit rationing, and a neglect of cash flow performance of banking clients. These jeopardized the normal deleveraging of companies with positive cash flows, and rolling over credits, which stifled economic growth. Erroneous sequencing, timing, and calibration of measures steering the deleveraging process generated these processes. Optimal deleveraging process demands that the Central Bank also focus on the stability of the financial system. This task should be a constitutional part of the third macro policy pillar, namely macroprudential policy.     

印度崛起模式探析

印度的崛起在目标设定、崛起道路选择以及成果预期等方面,都与传统大国的崛起模式非常相似,但是在具体的目标、经济结构特别是产业结构建构、崛起方式的选择等领域,体现出鲜明的独特性.印度崛起的独特模式,不仅会影响印度自身的崛起,也有可能对世界格局的发展产生影响.     

中国学者对南亚地缘政治的研究

本文对近年来中国学者的"南亚地缘政治研究"作了概要综述,考察了此项研究的研究人员分布和研究成果发布平台情况,总结了相关研究成果,分析了主要研究特点,并探讨了中国学者"南亚地缘政治研究"的发展趋势。     

Trauma and couples: mechanisms in dyadic functioning

Research traditionally has focused on the development of symptoms in those who experienced trauma directly but overlooked the impact of trauma on the families of victims. In recent years, researchers and clinicians have begun to examine how individual exposure to traumatic events affects the spouses/partners, children, and professional helpers of trauma survivors. The current study reports data from a larger mixed-methodology study that includes qualitative interview data from 17 individuals, coded to identify the mechanisms that may affect the couple's interpersonal functioning when there is a history of trauma exposure in one or both partners. The following primary themes were identified: role in the relationship, boundary issues, intimacy problems, triggers, and coping mechanisms. Areas for future research and clinical implications also are identified.