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-term effects in the future; therefore, the results presented by the panel OLS models are biased and inconsistent for the dynamic panel data. The core equation specification takes the following form: (2) Misinv it = α + β i Misinv i , t − 1 + γ i X it + δ i + η

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-Allocation Criteria with Panel Data . The Economic Journal , 104 ( 425 ): 876 - 882 . Wright , J. ( 2009 ): How Foreign Aid can Foster Democratisation in Authoritarian Regimes

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characteristics of urbanization driven by economic growth – Empirical evidence from provincial panel data . Inquiry Into Economic Issues , ( 5 ), 134 – 140 . Ye , A-jhong ( 2002

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. Ranjan , V. – Agrawal , G. ( 2011 ): FDI Inflow Determinants in BRIC Countries: A Panel Data Analysis . International Business Research , 4 ( 4 ): 255 . Rugman , A. M

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. ( 2003 ): A Panel Data Analysis of Bangladesh’s Trade: The Gravity Model Approach . Proceedings of the 5th Annual Conference of the European Trade Study Group (ETSG2003). 11–13 September, Madrid

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Acta Oeconomica
Authors: Ingrid-Mihaela Dragotă, Victor Dragotă, Andreea Curmei-Semenescu, and Daniel Traian Pele

Finance , 32 ( 9 ): 1954 – 1969 . De Miguel , A. – Pindado , J. ( 2001 ): Determinants of Capital Structure: New Evidence from Spanish Panel Data . Journal of Corporate Finance

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. Damijan , J. P. – Knell , M. – Majcen , B. – Rojec , M. ( 2003 ): The Role of FDI, R&D Accumulation and Trade in Transferring Technology to Transition Countries: Evidence from Firm Panel Data for Eight Transition Countries . Economic Systems

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, generally relying on panel data, but ending before 2014 (the corresponding results of several other papers are summarised in Table 1 – online ). As shown by the lower panel, the pattern reflecting the relationship between price levels and relative incomes

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.05, *significance at 0.1 level. The panel data analysis included fixed effects, which remove the effects of time-invariant characteristics of economies. The functional form of the model for panel economy-wide data is given as follows: (5) ln ⁡ λ i = α + β ′ x i t

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Acta Oeconomica
Authors: GheorghiŢa Dincă, Marius Sorin Dincă, and Maria LetiŢia Andronic

). Varabyova – Schreyögg (2013) performed panel-data analysis and found that higher health expenditures influence the efficiency in the hospital sector. Cheng – Zervopoulos (2014) used a generalised directional distance function to measure health systems

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