The 1989 and following years were the periods in which many important economic and political tumovers took place in the world. That was the time when Berlin Wall fell down with scattering the Eastern block and many po...The 1989 and following years were the periods in which many important economic and political tumovers took place in the world. That was the time when Berlin Wall fell down with scattering the Eastern block and many politically independent states came into being, at the same time, ongoing about 70 years socialist system also started to change into liberal system. The constituted 27 states in 1991 were tended to liberal economic system instead of socialist economy, and these states were called as transition economies. In this study, the relationship between indebtedness and growth rate of transition countries were analyzed by panel autoregressive distributed lag model （ARDL）. Before panel ARDL application, stationary properties of the variables have been checked with first and second generation unit root test. For the second generation unit root tests, CADF tests have been used. Also cross section dependency has been examined by LM tests.展开更多
文摘The 1989 and following years were the periods in which many important economic and political tumovers took place in the world. That was the time when Berlin Wall fell down with scattering the Eastern block and many politically independent states came into being, at the same time, ongoing about 70 years socialist system also started to change into liberal system. The constituted 27 states in 1991 were tended to liberal economic system instead of socialist economy, and these states were called as transition economies. In this study, the relationship between indebtedness and growth rate of transition countries were analyzed by panel autoregressive distributed lag model （ARDL）. Before panel ARDL application, stationary properties of the variables have been checked with first and second generation unit root test. For the second generation unit root tests, CADF tests have been used. Also cross section dependency has been examined by LM tests.
