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Cross-Sectional Dependence Model Specifications in a Static Trade Panel Data Setting

James P. LeSageManfred M. Fischer

出版	WU Vienna University of Economics and Business, 2018
URL	http://books.google.com.hk/books?id=k2rczQEACAAJ&hl=&source=gbs_api

註釋

The focus is on cross-sectional dependence in panel trade flow models. We propose alternative specifications for modeling time invariant factors such as socio-cultural indicator variables, e.g., common language and currency. These are typically treated as a source of heterogeneity eliminated using fixed effects transformations, but we find evidence of cross-sectional dependence after eliminating country-specific effects. These findings suggest use of alternative simultaneous dependence model specifications that accommodate cross-sectional dependence, which we set forth along with Bayesian estimation methods. Ignoring cross-sectional dependence implies biased estimates from panel trade flow models that rely on fixed effects.