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50 years of capital mobility in the eurozone: breaking the Feldstein-Horioka puzzle
Camarero, Mariam; Muñoz, Alejandro; Tamarit, Cecilio Springer Nature (2021-12-22)This paper assesses capital mobility for the Eurozone countries by studying the long-run relationship between domestic investment and savings for the period 1970-2019. Our main goal is to analyze the impact of economic ... -
Determinants of FDI for Spanish regions: evidence using stock data
Camarero, Mariam; Montolio, Laura; Tamarit, Cecilio Springer (2020-12-01)After decades of academic debate on the factors that determine FDI, the discussion still remains open. This article empirically investigates the determinants of FDI activity using Spanish regional data (NUTS 2) for the ... -
Differences in wage determination in the Eurozone: A challenge to the resilience of the common currency
Camarero, Mariam; D'Adamo, Gaetano; Tamarit, Cecilio Elsevier (2019-11-22)Different developments in wages and unit labor costs across countries can reduce the synchronization of business cycles within a currency area and therefore be a potential source of asymmetric shocks and/or asymmetric ... -
Effects of external imbalances on GDP recovery patterns
Camarero, Mariam; Gadea Rivas, María Dolores; Gomez Loscos, Ana; Tamarit, Cecilio Elsevier (2020-03-04)A decade after the beginning of the Great Recession, flow external imbalances, measured by the current account (CA) have narrowed markedly. However, stock or net foreign assets (NFA) imbalances have kept increasing and ... -
Energy use–GDP deterministic cointegration: progress towards EU-15 Kyoto targets
Camarero, Mariam; Mendoza, Yurena; Ordóñez, Javier Taylor & Francis (2015)This article examines whether the energy consumption–GDP relationship is in long-term equilibrium for EU-15 countries. Unlike many previous works, we apply a nonlinear unit root test introduced by Kapetanios et al. (2003a) ... -
Explaining German outward FDI in the EU: a reassessment using Bayesian model averaging and GLM estimators
Camarero, Mariam; Montolio, Laura; Tamarit, Cecilio Springer (2021-03-29)The last decades have witnessed an increasing interest in FDI and the process of production fragmentation. This has been particularly important for Germany as the core of the European Union (EU) production hub. This ... -
External imbalances from a GVAR perspective
Camarero, Mariam; Carrion-i-Silvestre, Josep Lluís; Tamarit, Cecilio Wiley (2021-03-16)We study the drivers governing external disequilibria through a Global VAR (GVAR) analysis applied to a group of 24 countries during the period 1972–2017. The GVAR methodology is particularly well suited for our research ... -
Growth in a time of external imbalances
Camarero, Mariam; Peiró-Palomino, Jesús; Tamarit, Cecilio Elsevier (2018-12-28)Globalization and financial integration have increased in the last three decades giving rise to cumulated large external imbalances. The question we address in this paper is whether economic growth ... -
Is there a euro effect in the drivers of US FDI? New evidence using Bayesian Model Averaging techniques
Camarero, Mariam; Moliner, Sergi; Tamarit, Cecilio Springer (2021-02-15)In this paper we analyze the potential determinants of US outward FDI stock with aparticular focus on the euro effect during the period 1985-2017. To this aim, we considera large set of candidate variables suggested both ... -
Japan's FDI drivers in a time of financial uncertainty. New evidence based on Bayesian Model Averaging
Camarero, Mariam; Moliner, Sergi; Tamarit, Cecilio Elsevier (2021-01-22)In this paper we analyse the determinants of Japanese outward FDI stock for the period 1996–2017. This period is especially relevant as it covers a process of increasing economic globalization and two financial crises. To ... -
Modelling Time-Varying Parameters in Panel Data State-Space Frameworks: An Application to the Feldstein–Horioka Puzzle
Camarero, Mariam; Sapena, Juan; Tamarit, Cecilio Springer (2019)In this paper, we develop a very flexible and comprehensive state-space framework for modeling time series data. Our research extends the simple canonical model usually employed in the literature, into a panel-data ... -
Testing for Periodic Integration with a Changing Mean
del Barrio Castro, Tomás; Camarero, Mariam; Tamarit, Cecilio Springer Verlag (2017)In this paper we extend the test of periodic integration proposed by Boswijk and Franses (J Time Ser Anal 17:221–245, 1996) allowing for a change in the mean. We provide the asymptotic distribution and show that is the ... -
The role of Institutions in explaining wage determination in the Euro Area: a panel cointegration approach
Camarero, Mariam; D'Adamo, Gaetano; Tamarit, Cecilio Wiley (2016-03)Over the last 15 years, the evolution of labor costs has been very diverse across EMU countries. Since wages have important second-round effects on prices and competitiveness, and EMU countries do not have the tool of ... -
Understanding German FDI in Latin America and Asia: A comparison of GLM estimators
Camarero, Mariam; Montolio, Laura; Tamarit, Cecilio MDPI (2020-03-10)ThegrowthofForeignDirectInvestment(FDI)indevelopingcountriesoverthelastdecade has attracted an intense academic and policy-oriented interest for its determinants. Despite the gravity model being considered a useful tool ... -
Variable selection in the analysis of energy consumption-growth nexus
Camarero, Mariam; Forte Deltell, Anabel; García-Donato Layrón, Gonzalo; Mendoza, Yurena; Ordóñez, Javier Copyright © 2015 Elsevier B.V (2015-10-30)There is abundant empirical literature that focuses on whether energy consumption is a critical driver of economic growth. The evolution of this literature has largely consisted of attempts to solve the problems and answer ...