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SEREF BOZOKLU,SINEM KUTLU 연세대학교 동서문제연구원 2012 Global economic review Vol.41 No.2
In this study, we search for evidence of empirical validity of long-run purchasing power parity (PPP) in case of eight developing countries. We consider both a linear and nonlinear model of PPP based on cointegration analysis and apply firstly Johansen’s linear approach and then conduct Breitung’s rank and score tests to search for any non-linear cointegrating relationship. The results obtained from Breitung’s rank test suggest that once the sources of nonlinearities are taken into account, the results provide stronger evidence on the empirical fulfillment of PPP.