标题：On the Role of Portfolio Indicators of the Capital Flows in the Convergence Processes – An Application of Systems of Regression Equations in the Case of Selected CEE Countries.
期刊名称：Central European Journal of Economic Modelling and Econometrics
印刷版ISSN：2080-0886
电子版ISSN：2080-119X
出版年度：2022
期号：3
页码：303-333
DOI：10.24425/cejeme.2022.142712
语种：English
出版社：Polska Akademia Nauk
摘要：We analysed the empirical importance of the capital flows in processes of economic convergence of the CEE region. We depart from reference net measures of capital flow reflecting the level of development of the financial system and focus on gross capital flow. Our econometric model is based on Seemingly Unrelated Regression Equation (SURE) elaborated by Arnold Zellner. This environment seems an alternative to standard panel regression, because it enables cross-country heterogeneity of parameters of interest (like pace of convergence). We tested several restrictions of the unconstrained SURE model, leading to simpler specifications that would allow for regional homogeneity of the role of a particular factor (like capital flows) in growth fluctuations and β-type convergence.
