Curriculum Vitae - Nicholas Apergis

2003 'Mean spillover effects in agricultural prices: evidence from changes in policy regimes', International Advances in Economic Research 41 Apergis, N.. 2003 'Exchange rates and stock

Curriculum Vitae Nicholas Apergis

PERSONAL DATA Date of Birth: November 25, 1962 Address: Department of Banking & Financial Management

University of Piraeus, Piraeus 18534, Greece,Τel (+3210) 414 2429, Fax (+3210) 414 2341E-Mail: napergis@unipi.gr

FIELDS OF SPECIALIZATION AND RESEARCH INTERESTS

Applied Macroeconomics and Macro Finance, Open Economy Macroeconomics

EDUCATION

1 Ph D in Economics (Fordham University, NY, 1992) in Macroeconomics

Ph.D Dissertation: ‘The Role of Intervention Policies in the Foreign ExchangeMarket in the Process of Business Cycles: The Case of the U.S.’

2 M.A in Economics (Economic University of Athens, 1986)

3 B.A in Economics (University of Athens, Greece, 1984)

PROJECTS-AWARDS

2012-2013: Holder of One-Year Research Scholarship offered by Latsis Foudationrelating to the project: ‘Spillovers in Means and Volatility between Food Prices andBiofuel Energy Prices’

2009-2010: Holder of One-Year Research Scholarship offered by the London School ofEconomics relating to the Project: ‘Inflation and Prices in Greece: Causes andCharacteristics’

LANGUAGES

Greek (native language)

English (Perfect)

TEACHING EMPLOYMENT

1991.1992 Visitor Professor (Fordham University and Manhattan College) Courses:

Μacroeconomics, Μicroeconomics, International Monetary relations.1993.1994 Visitor Professor (State University of New York at New Paltz),

Courses: Μacroeconomics, Economics of European Integration

1994.1998 Lecturer, University of Macedonia, Undergraduate courses:

Μacroeconomics I and II, Advanced Macroeconomics, Macroeconomics

of Economic Integration Graduate courses: Μacroeconomics Ι andTopics in Macroeconomic Analysis

1998.1999 Assistant Professor, University of Macedonia Undergraduate

Courses: Μacroeconomics, Graduate courses: Μacroeconomics Ι

and Topics in Macroeconomic Αnalysis, Supervisor of MA theses

1999.2002 Associate Professor University of Ioannina Undergraduate

Courses: Μacroeconomics, Monetary Theory and Policy, Time Series Analysis for Economics and Finance

2000-Present Coordinator and Member of the Money & Capital Markets

Division, Hellenic Open University Member of the Program Committee Member of 2 Doctoral Dissertations

2002.2006 Professor, University of Macedonia, Undergraduate Courses:

Μacroeconomics and Monetary Theory and Policy, Theories of

Economic Integration, Graduate courses: Advanced topics in

Macroeconomics

2006-Present Professor, University of Piraeus, Undergraduate courses: Open

Economy Macroeconomics, Fixed Income Securities Markets, International Finance, Graduate Courses: International Money Markets, Investment in Real Estae, Supervisor of MA theses, Supervisor

of PhD theses

2012-Present Visiting Professor, International Hellenic University, Graduate Course:

The Economics of Eenergy Markets, Supervisor of MA theses

PUBLICATIONS (Journals):

1) Apergis, N (1992) ‘Estimation of Target Effective Exchange Rates: The Case of the

U.S.’, The American Economist, 36, 22-28.

2) Alexakis, P and Apergis, N (1994) ‘The Feldstein-Horioka Puzzle and Exchange

Rate Regimes: Evidence from Cointegration Tests’, Journal of Policy Modeling, 16,

459-472.

3) Apergis, N and Katrakilidis, C (1995) ‘Public deficit monetization in Greece:

Evidence using structural VAR modeling’, Studi Economici, 56, 137-152

4) Alexakis, P and Apergis, N (1996) ‘ARCH Effects and Cointegration: Is the Foreign Market Efficient?’, Journal of Banking and Finance, 20, 687-697.

5) Apergis, N and Karfakis, C (1996) ‘Sources of Fluctuations in Exchange Rates: A Structural VAR Analysis’, Applied Economics Letters, 3, 251-254.

6) Alexakis, P., Apergis, N., and Xanthakis, E (1996) ‘Stock Prices and Inflation

Volatility: Evidence from an ARCH Model’, International Advances in Economic

Research, 2, 101-111.

7) Apergis, N (1996) ‘The Cyclical Behavior of Prices: Evidence from Seven

Developing Economies’ The Developing Economies, 34, 204-211.

8) Apergis, N (1996) ‘What Opportunity Cost of Holding Real Balances? The Case of

Greece 1978-1993’, Applied Economic Letters, 3, 483-485.

9) Apergis, N (1996) ‘Trends in Macroeconomic Series: Any Permanent Effects from

Policy Regime Changes ”, (Rivista Ιnternationale di Scienze Economiche e

Commerciali), International Review of Economics and Business, 43, 347-358.

10) Apergis, N and Varelas, E (1996) ‘Can the Buffer-Stock Hypothesis Explain Money

Demand? Evidence from a SVAR Model’, International Review of Economics and

Business 43, 607-616.

11) Apergis, N (1997) ‘Domestic and Eurocurrency Yields: Any Exchange Rate Link?

Evidence from a VAR Model’, Journal of Policy Modeling, 19, 41-47.

12) Apergis, N and Eleftheriou S (1997) ‘The Efficient Hypothesis and Deregulation:

The Greek Case’, Applied Economics, 29, 111-117.

13) Apergis, N., Papanastasiou, J., and Velentzas, C (1997) ‘The Credibility of Policy

Announcements: The Greek Evidence’, Applied Economics, 29, 699-705.

14) Apergis, N (1997) ‘Inflation Uncertainty, Money Demand and MonetaryDeregulation: Evidence from a Univariate ARCH Model and Cointegration Tests’,

Journal of Policy Modeling, 19, 279-293.

15) Apergis, N (1998) ‘Budget Deficits and Exchange Rates: Further Evidence from

Causality and Cointegration Tests’, Journal of Economic Studies, 25, 161-178.

16) Alexakis, P., Apergis, N., and Xanthakis, E (1997) ‘Integration of International

Capital Markets: Further Evidence from EMS Non-EMS Membership’, Journal of

International Financial Markets, Institutions & Money, 7, 277-287.

17) Apergis, N and Tsoulfidis, E (1997) ‘The Relationship Between Saving and

Finance: Theory and Evidence from EU Countries’, Research in Economics (Researche

Economichi), 51, 333-358.

and “Heat Waves” in Greek Financial Markets’, International Advances in

Economic Research, 3, 364-375.

19) Apergis, N and Tsoulfidis, E (1998) ‘Money Supply Endogeneity in Greece:

Further Evidence from Cointegration and Causality Tests‘, Rivista Internationale di

Scienze Economiche e Commerciali, 45, 167-184

20) Apergis, N (2000) ‘Exchange Rate Volatility and Accounting for the Impact of

Economic Events: Evidence from a GARCH Model‘, The Indian Economic Journal.

21) Apergis, N (1998) ‘Stock Market Volatility and Deviations from Macroeconomic

Fundamentals: Evidence from GARCH and GARCH-X Models’, Kredit und Kapital, 3,

400-412.

22) Apergis, N (1998) ‘Inflation and Uncertainty: Does the EMS Participation Play Any

Role?’, Journal of Economic Integration, 13, 586-605.

23) Apergis, N (2001) ‘Employment News and Exchange Rates: Policy Implications for

the European Union’, Applied Economics Letters.

24) Apergis, N (1999) ‘Inflation Uncertainty and Money Demand: Evidence from a

Monetary Regime Change and the Case of Greece‘, International Economic Journal

13, 21-30.

25) Apergis, N (1999) ‘Monetary Policy Design and the Buffer-Stock Hypothesis:

Further Evidence from European Union Countries’, Applied Economics Letters, 6,

793-796.

26) Apergis, N and Katrakilidis, C (1998) ‘Does Inflation Uncertainty Matter in ForeignDirect Investment Decisions? An Empirical Investigation for Portugal, Spain, and

Greece’, (International Review of Economics and Business), Rivista Internazionale

and Scienze Economiche & Commerciali, 45, 729-744.

27) Apergis, N (2000) 'Public and Private Investments in Greece: Complementary or

Substitute Goods', Bulletin of Economic Research 52, 225-234

28) Α pergis, N., Katrakilidis, K., and Tabakis, N (2000) 'Current Account Deficit

Sustainability: The Case of Greece', Applied Economic Letters 7, 599-603.

29)

Apergis, N (2000) 'Black Market Rates and Official Rates in Armenia: Evidence

from Causality Tests in Alternative Regimes', Eastern Economic Journal 26,

335-344

30

) Apergis, N., Varelas, E., and Velentzas, E (2000) ‘Money Supply, Consumption,

and Deregulation: The Case of Greece’, Applied Economics Letters, 7, 385-390.

31) Apergis, N (2001) 'Reassessing the Role of Buffer-Stock Money under Oil Price

Shocks', Atlantic Economic Journal.

32) Α pergis, N and S Eleptheriou (2001) 'Measuring price elasticity of aggregate

demand in Greece: 1961-1995', Public Finance Review.

33) Apergis, N (2000) 'Monetary Deregulation and Consumption: Evidence from Certain

Components of Consumption', Economic Issues.

34) Apergis, N and Katrakylidis, C (2001) 'Testing the intertemporal substitution

hypothesis: the impact of income uncertainty on savings', Weltwirtschaftliches Archiv.

35) Apergis, N and Eleftheriou, S (2001) 'Stock returns and volatility: evidence from

the Athens Stock Exchange Market Index', Journal of Economics and Finance 25,

50-61.

36) Apergis, N and A Rezitis (2001) 'Asymmetric cross-market volatility spillovers:

Evidence from intra-day data on equity and foreign exchange markets', Manchester

School of Economics 69, 81-96.

37) Apergis, N and Eleftheriou, S (2002) 'Interest rates, inflation and stock prices: The

case of the ASE', Journal of Policy Modeling 24, 231-236.

38) Apergis, N (2002) 'Business Fluctuations Under ‘Hysteresis’ Effects: The Case

of Greece', Indian Economic Journal.

39) Apergis, N and Eleftheriou, S (2002) ‘Measuring exchange market pressure and the

degree of exchange market intervention for the Greek Drachma’, International

Economic Journal 16, 135-145.

40) Apergis, N and Rezitis, A (2003) 'Mean spillover effects in agricultural prices:

evidence from changes in policy regimes', International Advances in Economic

Research

41) Apergis, N (2003) 'Testing purchasing power: results from a new foreign exchange

market', Applied Economics Letters

42) Apergis, N and Rezitis, A (2003) ' Food price volatility and macroeconomic factor

volatility: 'Heat waves' or 'meteor showers'?, Applied Economics Letters, 10, 155-160.

43) Apergis, N and Velentzas, C (2003) 'The impact of financial deregulation in Greece

on consumption patterns', Economia Internazionale

44) Apergis, N and Zikos, S (2003) 'The law of Verdoorn: evidence from Greek

disaggregated manufacturing time series data', Economic and Social Review 34, 87-104.

45) Apergis, N and Rezitis, A (2003) 'An examination of Okun's law: Evidence from

regional areas in Greece', Applied Economics 35, 1147-1151.

46) Apergis, N and Rezitis, A (2003) 'Operational efficiency in the Greek bankingindustry: Evidence from the stochastic frontier approach and error decompositions',

(International Review of Economics and Business), Rivista Internazionale and Scienze Economiche & Commerciali.

47) Apergis, N., Kyrkilis, D and Rezitis, A (2003) 'Exchange rate volatility and inward

foreign direct investment in Greece: the prospects of EMU membership', (International

Review of Economics and Business), Rivista Internazionale and Scienze Economiche

& Commerciali.

48) Apergis, N and Eleftheriou, S (2003) 'Exchange rates and stock prices: Further

evidence from intertemporal asset pricing and an error correction model', International

Journal of Applied Business and Economic Research (June).

49) Apergis, N and A Rezitis (2003) ‘Housing prices and macroeconomic factors in

Greece: prospects within the EMU’, Applied Economics Letters, 10, 561-565.

50) Apergis, N and A Rezitis (2003) ‘Agricultural price volatility spillover effects: the

case of Greece’, European Review of Agricultural Economics, 30, 389-406.

51) Apergis, N and A Rezitis (2003) ‘Mean spillover effects in agricultural prices: the

case of Greece’, Agribusiness 19, 425-437.

52) Apergis, N and S Miller (2004) ‘Macroeconomic rationality and Lucas’s

Misperceptions Model: Further Evidence from Panel Data’, Journal of Economics and

Business 56, 227-241.

from GARCH-M estimates and variance decompositions’, Global Journal of Finance

and Economics.

54) Apergis N (2004) ‘Inflation, Output Growth, Volatility and Causality: Evidence

from Panel Data and the G7 Countries’, Economics Letters 83, 185-191

55) Apergis, N (2004) ‘Long memory patterns in the foreign exchange market’, Indian

Journal of Economics & Business.

56) Apergis, N (2003) ‘The inflation-output volatility trade-off: a case where

anti-inflation monetary policy turns out to be successful, a historical assessment’, Journal of

Policy Modeling, 25, 881-892.

57) Apergis, N (2005) ‘Inflation Uncertainty and Growth: Evidence from Panel Data’,

Australian Economic Papers 44, 186-197.

58) Apergis, N and Rezitis, A (2004) ‘Cost structure, technological change, and

productivity growth in the Greek Banking Sector’, International Advances of

Economic Research, 1-15.

59) Apergis, N and Rezitis, A (2004) ‘Agricultural price volatility spill-over effects:

Reply’, European Review of Agricultural Economics, 31, 487-488.

60) Apergis, N (2005) ‘The natural rate of unemployment in Greece’, Journal of Policy

Modeling.

61) Apergis, N and S Miller (2005) ‘Money volatility and output volatility: any

asymmetric effects? Evidence from conditional measures of volatility’, Journal of

Economic Studies.

62) Apergis, N (2006) ‘Housing prices and the macroeconomy: Evidence from a panel

of European Mediterranean countries’, Indian Journal of Economics & Business, 5, 1.

63) Apergis, N and A Rezitis (2007) ‘Spillover effects in agricultural prices: A panel

cointegration and causality approach’, Journal of Agricultural and Food Economics.

64) Apergis, N., C Katrakilidis, and N Tabakis (2006) ‘Dynamic linkages between FDI

inflows and domestic investment: A panel cointegration approach ‘, Atlantic Economic

Journal 34, 385-394.

65) Α pergis, N., I Filippidis, and Economidou, C (2007) ‘Financial deepening and

economic growth linkages: a panel data analysis’, Review of World Economics

(Weltwirtschaftliches Archiv) 143, 179-198.

66) Apergis, N and Miller, S (2007), ‘Consumption Asymmetry and the Stock Market:

Empirical Evidence’, Economics Letters 93, 337-342.

67) Apergis, N and Alexakis, P (2008) ‘Stock returns and expected output: evidence

from the G7 economies’, International Journal of Economic Research.

68) Apergis, N., Miller, S., Panethimitakis, A and Vamvakidis, T (2009) ‘Inflation

Targeting and Output Growth: Evidence from Aggregate European Data”, Economic

and Financial Modelling.

69) Apergis, N., Lyroudi, K and McCarty, D (2007) ‘The role of liquidity for the UK

companies: A panel cointegration and causality approach’, Asian-African Journal of

Economics and Econometrics.

70) Apergis, N and Theodosiou, Ι (2007) ‘The employment-wage relationship: was

Keynes right after all?’, American Review of Political Economy

Evidence from conditional volatility’, International Finance.

72) Apergis, N (2009) ‘Foreign direct investment inward and outward: Evidence from

panel data, developed and developing economies, open and closed economies’, The

American Economist, 53.

73) Apergis, N., C Katrakalidis and N Tambakis (2007) ‘Foreign Direct Investment

Inward and Foreign Direct Investment Outward; Evidence from Panel Data, Indian

Development Review: An International Journal of Development Economics.

74) Apergis, N., K Lyroudi (2008) ‘Private and Government Consumption in

Transitional Economies: A Panel Data Analysis’, Journal of Economic Development

33, 113-131.

75) Apergis, N (2008) ‘Foreign Direct Investment Inward and Foreign Direct Investment

Outward: Evidence from Panel Unit Root and Cointegration Tests with a Certain Number

of Structural Changes’ Global Economy Journal (published by Berkley University)

76) Apergis, N., Economidou C and Phillipidis, I (2008) ‘Innovation, TechnologyTransfer and Labor Productivity Linkages: Evidence from a Panel of Manufacturing

Industries, Review of World Economics (Weltwirtschaftliches Archiv).

77) Apergis, N., Lyroudi, K and Vamvakidis, A (2008) ‘The relationship between FDI

and economic growth: Evidence from transition countries’, Transition Studies Review,

15, 37-51

78) Apergis, N and J Payne (2009) ‘Energy consumption and economic growth inCentral America: Evidence from a panel cointegration and error correction model’,

Energy Economics, 31, 211-216.

79) Apergis, N and Eleftheriou, S (2009) ‘Firm profitability and stock returns: Is there

any role of the firm size? A panel data approach’, International Journal of Economic

Issues.

80) Α pergis, N., Economidou, C and Phillipidis, J (2009) ‘International technologyspillovers, human capital and productivity linkages: Evidence from the industrial sector’,

Empirica.

81) Apergis, N and Ventouris, L (2009) ‘Asymmetries in monetary policy’,

International Journal of Economic Research

82) Apergis, N and J Payne (2009) ‘Energy consumption and economic growth:

Evidence from the commonwealth of independent states’, Energy Economics, 31,

641-647.

83) Apergis, N and S Miller (2009) ‘Do structural oil-market shocks affect stock

prices?’, Energy Economics 31, 569-575.

84) Apergis, N and J Payne (2009) ‘CO2 Emissions, Energy Usage, and Output in

Central America’, Energy Policy, 37, 3282-3286.

85) Apergis, N (2009) ‘Technology, Human Capital and Growth: Further Evidence from

Threshold Cointegration’, Open Economics Journal.

86) Apergis, N and Tsoumas, C (2009) ‘A survey on the Feldstein-Horioka puzzle:

What has been dome and where we stand’, Research in Economics 63, 64-76.

87) Apergis, N and Lamprinidis, L (2012, forthcoming) ‘More Evidence on the

Relationship between the Stock and the Real Estate Market’, Briefing Notes in

Economics.

Nexus: Evidence from the Commonwealth of Independent States’, Energy Policy 38,

650-655.

89) Apergis, N and Payne, J (2010) ‘Renewable Energy Consumption and Economic

Growth: Evidence from a Panel of OECD Countries’, Energy Policy 38, 656-660.

90) Apergis, N (2009) ‘Bank Profitability over Different Business Cycles Regimes:

Evidence from Panel Threshold Models’, Banks and Bank Systems

91) Apergis, N (2009) ‘Demand and Supply Oil Shocks and Stock Prices: Evidence

from Panel Data and Variance Decomposition Tests’, Journal of Money, Investment

and Banking.

92) Apergis, N and Sorros, I (2009) ‘The role of disaggregated earnings for stock

prices: Evidence from listed shipping firms and panel tests’, Research in Applied

Economics, 1-24.

93) Apergis, N and Panethimitakis, A (2011) ‘Stylized Facts of Greek Business Cycles:

New Evidence from Aggregate and Across Regimes Data’, International Journal of

Economics & Business Research.

94) Apergis, N and Payne, J (2010) ‘A panel study of nuclear energy consumption and

economic growth’, Energy Economics 32, 545-549.

95) Apergis, N and Stratigos, D (2010) ‘House prices and monetary policy’,

International Journal of Economic Research.

96) Apergis, N., Dincer, O and Payne, J (2010) ‘The relationship between corruptionand income inequality in U.S states: Evidence from a panel cointegration and error

correction model’, Public Choice 145, 125-135.

97) Apergis, N., E Panopoulou and C Tsoumas (2010) ‘Old wine in a new bottle:

Growth convergence dynamics in the EU’, Atlantic Economic Journal 38, 169-181.

98) Apergis, N and Payne, J (2010) ‘Coal consumption and economic growth: Evidence

from a panel of OECD countries’, Energy Policy 38, 1353-1359.

99) Apergis, N and Payne, J (2010) ‘The causal dynamics between coal consumption

and growth: Evidence from emerging market economies’, Applied Energy 87,

1972-1977.

100) Apergis, N., Loomis, D and Payne, J (2010) ‘Are fluctuations in coal consumption

transitory or permanent? Evidence from a panel of U.S States’, Applied Energy 87,

2424-2426.

101) Apergis, N and Payne, J (2011, forthcoming), ‘On the dynamics of poverty and

income inequality in U.S states’, Journal of Economic Studies.

102) Apergis, N and Payne, J (2010) ‘Natural gas consumption and economic growth:

A panel investigation of 67 countries’, Applied Energy 87, 2759-2763.

103) Apergis, N., Antzoulatos, A and Tsoumas, C (2010) ‘Financial structure and

industrial structure’, Bulletin of Economic Research.

104) Apergis, N (2010) ‘Nonlinearities between oil spot and futures markets: Evidence

from intraday data’, Chinese Business Review.

105) Apergis, N., Loomis, D and Payne, J (2010) ‘Are shocks to natural gas

consumption temporary or permanent? Evidence from a panel of U.S states, Energy

Policy 38, 4734-4736.

America: Evidence from a panel error correction model’, Energy Economics 32,

1421-1426.

107) Apergis, N and Sorros, J (2010) ‘Disaggregated Earnings and Stock Prices:

Evidence from International Listed Shipping Firms’, International Advances of

Economics Research.

108) Apergis, N (2010) ‘Ted spreads and monetary policy: Has the financial crisis

signalled significant monetary policy changes?’, Empirical Economics Letters.

109) Apergis, N and Payne, J (2010), ‘Renewable Energy Consumption and Growth in

Eurasia’, Energy Economics, 32, 1392-1397.

110) Apergis, N and Payne, J (2010), ‘Structural Breaks and Petroleum Consumption in

U.S States: Are Shocks Transitory or Permanent?’, Energy Policy 38, 6375-6378.

111) Apergis, N., Payne, J., Menyah, K and Wolde-Rufael, Y (2010), ‘On the CausalDynamics between Emissions, Nuclear Energy, Renewable Energy, and Economic

Growth’, Ecological Economics 69, 2255-2260.

112) Apergis, N and Pekka-Economou, V (2010), ‘Incentives and Female

Entrepreneurial Acitivity: Evidence from Panel Firm Level Data’, International

Advances of Economic Research.

113) Apergis, N and Payne J (2010) ‘The Renewable Energy Consumption-Growth

nexus in Central America’, Applied Energy 88, 343-347.

114) Apergis, N and Rezitis, A (2011) ‘Food Price Volatility and Macroeconomic

Factors: Evidence from GARCH and GARCH-X Estimates’, Journal of Agricultural &

Applied Economics 43.

115) Apergis, N., Christou, C and Payne, J (2011) ‘Convergence Patterns in EquityMarkets: International Evidence from the Club Convergence and Clustering Procedure’,

Advances in Investment Analysis and Portfolio Management.

116) Apergis, N and Lake, A (2011) ‘Credit Default Swaps and Stock Prices: Further

Evidence of Mean and Volatility Transmission using a GARCH-M Model’, China-USA

Business Review.

117) Apergis, N and Payne, J (2011) ‘Renewable Energy Consumption, Growth, and

Economic Development: An Exploratory Panel Analysis’, Advances in Energy

Research.

118) Apergis, N (2010) ‘Old Wine in a New Bottle: Are Financial Variables Omitted

Variables in the Production Function?’, Research in World Economy 1, 2-9.

119) Apergis, N., Christou, C and Payne, J (2011) ‘Political and Institutional Factors inthe Convergence of International Equity Markets: Evidence from the Club Convergence

and Clustering Procedure’, Atlantic Economic Journal.

120) Apergis, N and Payne, J (2011) ‘A Dynamic Panel Study of Economic

Development and the Electricity-Consumption-Growth Nexus’, Energy Economics 33,

770-781.

121) Apergis, N., Mamatzakis, E and Staikouras, C (2011) ‘Testing for Regime

Changes in Greek Sovereign Debt Crisis’, International Advances in Economic

Research.

122) Apergis, N and Sorros, J (2011) ‘Long-Term Debt and the Value of the Firm:

Evidence from International Listed Manufacturing Firms’, Review of Economics &

Finance.

123) Apergis, N., Artikis, P and Sorros, J (2011) ‘Asset Pricing and Foreign Exchange

Risk’, Research in International Business and Finance.

124) Apergis, N (2011) ‘Characteristics of Inflation in Greece: Mean Spillover Effects

among CPI Components’, Hellenic Observatory LSE, GreeceSE Paper Series, No.43.

125) Apergis, N and Payne, J (2012) ‘Tourism and growth in the Caribbean: Evidence

from a panel error correction model’, Tourism Economics.

126) Apergis, N and Alevizopoulou, E (2011) ‘Bank efficiency and the bank lending

channel: evidence from a panel of European banks’, Global Business & Economics

Anthology 11, 30-43.

127) Apergis, N., Zestos, G and Shaltayev, D S (2011) ‘Do market fundamentals

determine the dollar-euro exchange rate?’, Journal of Policy Modeling.

128) Apergis, N., Artikis, P., Sorros, J and Zisis, V (2011) ‘Bankruptcy Probability andStock Prices: The Effect of ALTMAN Z-Score Information on Stock Prices: Evidence

from Panel Data’, Modern Accounting and Auditing.

129) Apergis, N and Payne, J (2011) ‘Renewable and Non-Renewable Energy

Consumption-Growth Nexus: Evidence from a Panel Error Correction Model’, Energy

Economics 34, 733-738.

130) Apergis, N., Payne, J and Saunoris, J W (2012, forthcoming) ‘Tax-spend nexus in

Greece: Are there asymmetries?’, Journal of Economic Studies.

131) Apergis, N and Tsoumas, C (2012) ‘Integration Properties of Disaggregated Solar,

Geothermal and Biomass Energy Consumption in the U.S.’, Energy Policy 39,

5474-5479.

132) Apergis, N and Alevizopoulou, E (2012) ‘The Bank Lending Channel and

Monetary Policy Rules: Evidence from European Banks’, International Advances of

Economics Research 18, 1-14.

133) Apergis, N., Christou, C and Tsoumas, C (2011) ‘Fractional integration and U.S.Disaggregated natural gas energy consumption: New evidence in the presence of

structural breaks’, The Empirical Economics Letters, 10.

134) Apergis, N., Artikis, G., Eleftheriou, S and Sorros, J (2011) ‘Accounting

information and cost of capital: A theoretical approach’, Modern Economy.

135) Apergis, N and Payne, J (2012) ‘A global perspective on the renewable energy

consumption-growth nexus’, Energy Sources, Part B: Economics, Planning, and

Policy 7, 314-322.

136) Apergis, N and Payne, J (2011) ‘Renewable energy consumption, growth, and

economic development: an explanatory panel analysis’, Advances in Energy Research

9, 1-14.

137) Apergis, N (2011) ‘Financial crisis and the real estate market in Greece: The

impact on bank stock prices’, International Journal of Economics and Business

Research.

consumption-growth nexus: Evidence from emerging market economies’, Applied

Energy 88, 5226-5230.

139) Apergis, N and Sorros, J (2011) ‘The role of fixed capital depreciations for TFP

growth: Evidence from firm level panel data estimates’, Journal of Economics and

Finance.

140) Apergis, N and Alevizopoulou, E (2011) ‘Bank efficiency: evidence from a panel

of European banks’, Panoeconomicus.

141) Apergis, N., Artikis, G., Eleftheriou, S and Sorros, J (2011) ‘Accountinginformation and excess stock returns: the role of the cost of capital-new evidence from

US firm-level data’, Applied Financial Economics.

142) Apergis, N., Christou, C and Miller, S (2012) ‘Convergence patterns in financial

development: evidence from club convergence’, Empirical Economics 43, 1011-1040.

143) Apergis, N., O Dincer and J Payne (2012, forthcoming) ‘Economic freedom and

income inequality revisited’, Contemporary Economic Policy.

144) Apergis, N., O Dincer, J Payne (2012, forthcoming) ‘Live free or bribe: on the

causal dynamics between economic freedom and corruption in U S States’, European

Journal of Political Economy.

145) Apergis, N and Payne, J (2012, forthcoming) ‘On the causal dynamics betweenrenewable and non-renewable energy consumption and economic growth in developed

and developing countries’, Energy Systems.

146) Apergis, N., Gabrielsen, M., Payne, J and Zagaglia, P (2012, forthcoming)

‘Convergence of the Tier 1 capital ratio in the European banking sector: A non-linear

factor approach’, International Journal of Monetary Economics and Finance.

147) Apergis, N and Payne, J (2012, forthcoming) ‘The electricity consumption-growth

nexus: renewable versus non-renewable electricity in Central America’, Energy Sources,

Part B: Economics, Planning and Policy, 7, 423-431.

148) Apergis, P., Dincer, O and Payne, J (2012, forthcoming) ‘Economic freedom and

income inequality revisited’, Contemporary Economic Policy.

149) Apergis, P., Artikis, G., Eleftheriou, S and Sorros, J (2012, forthcoming)

‘Accounting Information, the Cost of Capital and Excess Stock Returns: The Role of

Earnings Quality-Evidence From Panel Data’, International Business Research.

150) Apergis, N and Payne, J (2012, forthcoming) ‘Convergence in U.S house prices

by States: Evidence from the club convergence and clustering procedure’, Letters in

Spatial and Resource Sciences.

151) Apergis, N and Payne, J (2012, forthcoming) ‘Another look at the electricity

consumption-growth nexus in South America’, Energy Sources, Part B: Economics,

Planning, and Policy.

Starts-ups in Tertiary Education: Evidence for Greece through a Panel Data Approach’,

Journal of Economics and Finance.

153) Apergis, N and Christou, C (2012, forthcoming) ‘Dependency rates and savings:

the African evidence with panel data’, International Journal of Business and

Management.

154) Apergis, N and Sorros, J (2012, forthcoming) ‘Fixed capital depreciations and TFP

growth: evidence from firm’s economic balances’, International Journal of

Finance-AESTMATIO.

155) Apergis, N and Witkowska, D (2012, forthcoming) ‘Mean Reversion or

Efficiency? New Tests and Evidence from CEE Markets’, The Empirical Economics

Letters.

156) Apergis, N., Payne, J and Tsoumas, C (2012, forthcoming) ‘Bank’s management

and credit rating change: Evidence from the US banking industry’, Banking and

Finance Review.

157) Apergis, N and Chaimanis, P (2013, forthcoming) ‘Volatility as a risk measure in

finance: evidence from a wide country sample’, International Journal of Economics

Research.

158) Apergis, N., Artikis, P and Mamatzakis, E (2012, forthcoming) ‘Is weather

important for US banking? A study of bank loan inefficiency’, Journal of Applied

Finance and Banking.

159) Apergis, N and Bosdelekidou, E (2012, forthcoming) ‘Exchange rates and

productivity’, International Journal of Economic Research

160) Apergis, N and Artikis, P (2012, forthcoming) ‘Weather conditions and the bank

lending channel: a GMM approach from US banking’, International Journal of

Financial Research.

161) Apergis, N and Gabrielsen, A (2012, forthcoming) ‘Optimal hedge ratio estimation

during the credit crisis: an application of higher moments’, Frontiers in Finance and

Economics.

162) Apergis, N and Gabrielsen, A (2012, forthcoming) ‘The bank lending channel and

lunar phases: evidence from a panel of European banks’, Journal of Finance and

Investment Analysis.

163) Apergis, N and Eleftheriou, S (2012, forthcoming) ‘The Role of macroeconomicfactors in explaining the cost of capital: evidence from a group of emerging economies’,

Asian Journal of Finance and Accounting.

164) Apergis, N., Gabrielsen, A., Payne, J and Zagaglia, P (2012, fortcoming) ‘Testing

for convergence in the European insurance sector: a non-linear factor approach’, Asian

Journal of Finance and Accounting.

165) Apergis, N., Christou, C and Johnson, S (2012, forthcoming) ‘Any convergence ordivergence patterns in earnings to price ratios? International evidence from the club

convergence and clustering procedure’, The International Journal of Finance.

166) Apergis, N and Tsoumas, C (2012, forthcoming) ‘Long memory and disaggregatedenergy consumption: evidence from fossil fuels, coal and electricity retail in the U.S.’,

Energy Economics.

167) Apergis, N (2012, forthcoming) ‘The domestic Balassa-Samuelson effect of

inflation for the Greek economy’, Applied Economics.

168) Apergis, N and Papoulakos, D (2012, forthcoming) ‘The New Zealand dollar and

milk prices’, International Journal of Financial Services Management.

169) Apergis, N and Danuletiu, D (2012) ‘Energy consumption aqnd growth in

Romania: evidence from a panel error correction model’, International Journal of

Energy Economics and Policy 2, 348-356.

170) Apergis, N (2012) ‘Stylized characteristics of the Greek inflation: Some policy

recommendations’, European Politics and Policy (EUROPP), London School of

Economics.

171) Apergis, N and Papoulakos, D (2013) ‘The Australian dollar and gold prices’,

Open Economics Journal 6, 1-10.

172) Apergis, N., Asteriou, D and Papathoma, K (2013, forthcoming) ‘The explanatory

variables pf outword FDI: panel evidence for Greece’, American Journal of Economics

and Business Administration.

173) Apergis, N and Mamatzakis, E (2013, forthcoming) ‘What are the driving factorsbehind the rise of spreads and CDS of euro-area sovereign bonds? A FAVAR model for

Greece and Ireland’, International Journal of Economics & Business Research.

174) Apergis, N and Payne, J (2013, forthcoming) ‘The relationship betweenInternational Financial Reporting Standards, carbon emissions, and R&D expenditures:

evidence from European manufacturing firms’, Ecological Economics.

175) Apergis, N and Monastiriotis, V (2013, forthcoming) ‘Price concentration: new

evidence from Greek industries and the Cournot model’, Economic Papers.

176) Apergis, N and Payne, J (2013, forthcoming) ‘An exploratory analysis of

electricity consumption and stock prices: evidence from OECD countries’, Energy

Sources, Part B: Economics, Planning, and Policy.

PUBLICATIONS (Volumes):

Alexakis, P and Apergis, N (1994) ‘Monetary Policy in Greece: The Impact of the ECMembership’, in European Membership Evaluated-Greece, edited by Panos Κazakosazakos and

Ioakimidis, Pinter Publications, London.

Alexakis, P and Apergis, N (1997) ‘Macroeconomic Fundamentals and Stock Prices in

the Athens Stock Exchange’ in Athens Stock Exchange Annual Studies, Papazisis

Editions.

Apergis, N (1997) ‘The Relationship between Price Dispersion in Stock Prices and

Unemployment: The Case of Greece’ in The Unemployment Problem in Greece, edited

by The University of Crete Publications

Apergis, N (1998) ‘Sources of the Price Process: Evidence from ERM and Non-ERM

Membership, A VAR Approach’, in Volume: Essays in Economic Analysis, (edited by

G Demopoulos, P Korliras, K Prodromidis), Athens, Sideris Publishers.

Apergis, N (1999) ‘Forecasting Stock Prices from Macroeconomic Fundamentals:

Further Evidence from an Error Correction Model’, Advances in Quantitative Analysis

of Finance and Accounting, Volume 7, Jai Press Inc., Stamford, Connecticut, 177.

165-Apergis, N (2000) 'Survey on Savings', Reader's Guide to Social Sciences, FITZROY

DEARBORN PUBLISHERS, London.

Apergis, N and Kyrkilis, D (2003) 'Output, Exchange Rate, Inflation, and MonetaryDynamics in Transitional Southeast European Economies: Evidence through a Panel

Delhi, Serials Publications.

Apergis, N and Zikos, S (2004) ‘An examination of Okun’s law in Greece: Implications

for unemployment’, Volume in honor for Prof S Sarantidis, Department of

Economics, University of Pireaus.

Apergis, N (2010) ‘The recent financial crisis and the real estate market in Greece:

Implications for banking stocks’, in The Implications of the Recent Financial Crisis

for the Greek Economy, Union of Hellenic Banks.

PUBLICATIONS ( Μ onographs ) :

Alexakis P and Apergis, N (1998) ‘Business Cycles and Exchange Rate Regimes:

Theory and Evidence from Eight Industrialized Economies’, Μonography, Gutenberg

Publications, George Dardanos.

PUBLICATIONS ( Working Papers ) :

Apergis, N., S Miller, A Panethimitakis, and A Vamvakidis (2004) ‘Inflation Targetingand Output Growth: Evidence from Aggregate European Data’, Working Paper/04/148,International Monetary Fund

Apergis, N and S Miller (2004) ‘Consumption asymmetry and the stock market: Furtherevidence’, Working Paper Series 2004-19, Department of Economics, University ofConnecticut

Apergis, N and Miller, S (2005) ‘Resurrecting the wealth effect on consumption: furtheranalysis and extensions’, Working Paper No 2005-07, Department of Economics,University of Connecticut

Apergis, N (2010) ‘Mean spillover effects among CPI components: The case of Greece’,Hellenic Observatory Publication Series, UK: London School of Economics

Apergis, N., Christou, C and Miller, S (2010) ‘Country and industry convergence ofequity markets: international evidence from club convergence and clustering’, WorkingPaper, No 2010-33, University of Connecticut, Department of Economics.

Apergis, N and Mamatzakis, E (2012) ‘What are the driving factors behind the rise ofspreads and CDS of euro-area sovereign bonds? A FAVAR model for Greece andIreland’, Levy Economics Institute of Bard College Working Paper Series,

CITATIONS

Alexakis, P and Apergis, N (1994) ‘The Feldstein-Horioka Puzzle and Exchange Rate

Regimes: Evidence from Cointegration Tests’, Journal of Policy Modeling, 16,

6) E Ozmen and K Parmakslz (2003) ‘Policy regime change and the Feldstein-Horiokapuzzle: the UK evidence’, Journal of Policy Modeling 25, 137-149.

7) Narayan, P K (2005) ‘The relationship between saving and investment for Japan’,Japan and the World Economy 17, 293-309

8) H Herwartz and F Xu (2006) ‘Panel data model comparison for empirical investment relations’, Working Paper, No 6/2006, University of Kiel

saving-9) J Westerlund (2006) ‘Testing for panel cointegration with multiple structural breaks’,Oxford Bulletin of Economics and Statistics 68, 101-132

10) Κazakosollias, C., Mylonidis, N., and Paleologou, S-M (2008) ‘The Feldstein-HoriokaPuzzle Across EU Members’, International Review of Economics and Finance 17, 380-387

11) Kant, C (2005) ‘Capital mobility among advanced countries’, Journal of PolicyModeling 27, 1067-1081

12) Jungmittag, A and Untiedt, G (2002) ‘Capital mobility in Europe from an empiricalviewpoint: evidence and implications for economic policy’, Jahrbucher furNationalokonomie und Statistik 222, 42-63

13) Adams, F G and Prazmowski, P A (2003) ‘Why are saving rates in East Asia sohigh? Reviving the life cycle hypothesis’, Empirical Economics

14) Herwartz, H and Xu, F (2005) ‘Panel data model comparison for empirical investment relations’, Working Paper, University of Kiel

saving-15) Ang, J B (2007) ‘Are saving and investment cointegrated?’, Applied Economics

16) Toseef, A., Muhammad, J and Kousar, A (2005) ‘Impact of exchange rate volatility

on growth and economic performance: A case study of Pakistan, 1973-2003’, ThePakistan Development Review 44, 749-775

17) Kang, H (1999) ‘The applied cointegration analysis for the open economy: A criticalreview’, Open Economies Review 10, 325-346

18) Gutierrez, L (2005) ‘Tests for cointegration in panels with regime shifts’,Econometrics 0505007, EconWPA

19) Payne, J E (2005) ‘Savings-investment dynamics in Mexico’, Journal of PolicyModeling 27, 525-534

Apergis, N and Karfakis, C (1996) ‘Sources of Fluctuations in Exchange Rates: A Structural VAR Analysis’, Applied Economics Letters, 3, 251-254.

by:

20) Erlat H and Erlat G (1998) 'Some methodological comments on 'Sources offluctuations in exchange rates: a structural VAR analysis'', Applied Economic Letters 5,269-270

21) Erlat, H and Erlat, G (1998) ‘Permanent and transitory shocks on real and nominalexchange rates in Turkey during the post-1980’, Atlantic Economic Journal

Alexakis, P and Apergis, N (1996) ‘ARCH Effects and Cointegration: Is the Foreign Market Efficient?’, Journal of Banking and Finance, 20, 687-697.

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22) Dominguez E and Novales A (2000) 'Testing the expectations hypothesis inEurodeposits', Journal of International Money and Finance 19, 5, 713-736

23) Aron J and Ayogu M (1997) 'Foreign exchange market efficiency tests in Saharan Africa', Journal of African Economics 6, 150-192.

Sub-24) M S Pan, Y A Liu, and H J Roth (1999) ‘Common stochastic trends and volatility

in Asian-Pacific equity markets’ Global Finance Journal 10, 161-172

25) Delcoure, N., Barkoulas, J., Baum, C F and Chakraborty, A (2003) ‘The forwardrate unbiasdness hypothesis re-examined: evidence from a new test’, Global FinanceJournal 14, 83-93

26) Elyasiani, E and Kocagil, A E (2001) ‘The interdependence and dynamics incurrency futures markets: A multivariate analysis of intraday data’, Journal of Bankingand Finance 25, 1161-1186

27) Corazza, M and Malliaris, A G (2002) ‘Multi-fractality in foreign currencymarkets’, Multinational Finance Journal

28) Shivan, M and Jayadev, M (2004) ‘The interest rate term structure in the Indianmoney market’, The 6th Annual Conference on Money and Finance

29) Ego, M A and Sebudde, R K (2002) ‘Measuring efficiency of a market intransition: The Ugandan foreign exchange market’, Working Paper, Bank of Uganda

30) Allen, J and McVanel, D (2009) ‘Price movements in the Canadian residentialmortgage market’, Working Papers 09-13, Bank of Canada

31) Sin, C Y (2004) ‘Estimation and testing for partially nonstationary vectorautoregressive models with GARCH: WLS versus QMLE’, Econometric Society 2004North American Summer Meetings 476

32) Cheung, A W K., Su, J J and Choo, A K (2011) ‘Are euro exchange rate marketsefficient? New evidence from a large panel’, Discussion Papers in Finance, GriffithUniversity, Department of Accounting, Finance and Economics.

33) Aggarwal, R and Muckley, C B (2010) ‘Assessing co-ordinated Asian exchangerate regimes: proposal for a possible move towards a common currency’, Journal ofInternational Financial Markets, Institutions and Money 20, 149-165

34) Bredin, D and Mucklay, C (2011) ‘An emerging equilibrium in the EU emissionstrading scheme’, Energy Economics 33, 353-362

35) Lucey, B M and Muckley, C (2011) ‘Robust global stock marketinterdependencies’, International Review of Financial Analysis 20, 215-224

Apergis, N and Eleftheriou S (1997) ‘The Efficient Hypothesis and Deregulation: The

Greek Case’, Applied Economics, 29, 111-117.

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36) Napolitano, O (2000) ‘The efficiency hypothesis and the role of ‘news’ in theeuro/British pound exchange rate market: An empirical analysis using daily data’,Institute for Social and Economic Research Working Paper, No 30

37) Napolitano, O (2002) ‘The euro exchange rate efficiency and risk premium: AnECM model’, Working Paper, Brunel University

38) Cooray, A (2000) ‘The impact of deregulation on financial market efficiency in SriLanka’, Working Paper, University of South Wales, Australia

39) Canale, R P and Napolitano, O (2001) ‘Efficiency and news in exchange ratemarket: The euro/dollar case’, Working Paper, University of Brunel

evidence from the Athens Stock Exchange’, Global Finance Journal 15, 103-123.

Apergis, N (1997) ‘Inflation Uncertainty, Money Demand and Monetary Deregulation:Evidence from a Univariate ARCH Model and Cointegration Tests’,

Journal of Policy Modeling, 19, 279-293.

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41) N C Garganas and G S Tavlas (2001) ‘Monetary regimes and inflationperformance: The case of Greece’, in Greece’s Economic Performance and Prospects,Bank of Greece

42) Biscarri, J G., Moreno, A and Gracia F P (2010) ‘Money demand accommodation:impact on macro-dynamics and policy consequences’, Journal of Policy Modeling 32,138-154

Apergis, N (2000) 'Public and Private Investments in Greece: Complementary or

Substitute Goods', Bulletin of Economic Research 52, 225-234.

46) Lutfi, E and Holcombe, R G (2006) ‘The linkage between public and privateinvestment: A co-integration analysis of a panel of developing countries’ EasternEconomic Journal 32, 479-492.

47) Lugo, O A M (2008) ‘The differential impact of real interest rates and creditavailability on private investment: Evidence from Venezuela’, BIS Papers Chapters 35,501-577, Bank for International Settlements

48) Alfano, M R and Baraldi, A L (2008) ‘The design of electoral rules and theirimpact on economic growth: The Italian case’, Working Papers 3-2008, Department ofEconomic Studies, University of Naples

49) Bank for International Settlements (2008) ‘Transmission mechanisms for monetarypolicy in emerging market economies’, BIS Papers No 35

50) Romp W and de Haan, J (2007) ‘Public capital and economic growth: a criticalsurvey’, Perspectiven der Wirtschaftspolitik, Wiley Blackwell, 8, 6-52

51) Narayan, P K (2004) ‘Do public investments crowd out private investments? Freshevidence from Fiji’, Journal of Policy Modeling 26, 747-753

52) Bitzenis, A., Tsitouras, A and Vlachos, V A (2009) ‘Decisive FDI obstacles as anexplanatory reason for limited FDI inflows in an EMU member state: the case ofGreece’, The Journal of Socio-Economics 38, 691-704

Apergis, N and Rezitis, A (2001) 'Asymmetric cross-market volatility spillover effects:

evidence from intra-day data on equity and foreign exchange markets', Manchester

School of Economics 69, 81-96.

by:

volatilities', Economia.

54) Maghrebi, N., Holmes, M J and Pentecost, E J (2006) ‘Are there asymmetries inthe relationship between exchange rate fluctuations and stock market returns?, Review ofPacific Basin Financial Markets and Policies 9, 229-256

55) Milunovich, G and Thorp, S (2006) ‘Valuing volatility spillovers in European stockmarkets’, Global Finance Journal 17, 1-22

56) Buguk, C., Hudson, D and Hanson, T (2003) ‘Price volatility spillover inagricultural markets: An examination of U.S catfish markets’, Journal of Agriculturaland resource Economics 28,

57) Oyewumi, O A and Sarket, R (2010) ‘Volatility spillover in a customs union: thecase of South Africa sheep import from Namibia’, 2010 Africa 96196, AfricanAssociation of Agricultural Economics and Agricultural Association of South Africa

Apergis, N and Tsoulfidis, E (1998) ‘Money Supply Endogeneity in Greece: Further

Evidence from Cointegration and Causality Tests‘, Rivista Internationale di Scienze

Apergis, N (1999) ‘Inflation Uncertainty and Money Demand: Evidence from a

Monetary Regime Change and the Case of Greece‘, International Economic Journal

13, 21-30.

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60) N C Garganas and G S Tavlas (2001) ‘Monetary regimes and inflationperformance: The case of Greece’, in Greece’s Economic Performance and Prospects,Bank of Greece

61) Karpetis, C (2006) ‘Money, income and inflation in equilibrium-The case ofGreece’, International Advances of Economic Research

62) Bahmani-Oskooee, M and Economidou, C (2005) ‘How stable is the demand formoney in Greece?’, International Economic Journal 19, 461-472

Α

pergis, N., Katrakilidis, K., and Tabakis, N (2000) 'Current Account Deficit

Sustainability: The Case of Greece', Applied Economic Letters 7, 599-603.

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63) Α Ζ Baharumshah, E Lau, and S Fountas (2003) 'On the sustainability of currentaccount deficits: evidence from four Asian countries’, Journal of Asian Economics 14,465-487

64) Kalyoncu, H (2005) ‘International intertemporal solvency in OECD countries:Evidence from panel unit root’, Prague Economic Papers, 1, 82-88

65) Zombanakis, G., Stylianou, C and Andreou, A (2009) ‘The Greek current accountdeficit: Is it sustainable after all?’, Working Paper, Bank of Greece

66) Konya, L (2009) ‘The sustainability of the current account in the Czech Republic,Hungary and Slovenia’, Empirical Economics 36, 367-384

67) Herzer, D and Nowak-Lehmann, F D (2005) ‘Are exports and imports of Chilecointegrated?’, Ibero America Institute for Economic Research Discussion Papers 111.

68) Silvestrini, A (2007) ‘Testing fiscal sustainability in Poland: A Bayesian analysis ofcointegration’, Empirical Economics 39, 241-274

69) Huseyin, K (2006) ‘International intertemporal solvency in OECD countries:Evidence from panel unit root’, MPRA Paper 855, University Library of Munich,Germany

70) Ogus, A and Sohrabji, N (2008) ‘Intertemporal solvency of Turkey’s currentaccount’, Working Papers 0805, Izmir University of Economics

71) Reetu, V and Nelson, P (2008) ‘An empirical analysis of sustainability of tradedeficit: Evidence from Sri Lanka’, International Journal of Applied Econometrics andQuantitative Studies 5, 79-92

72) Hamizun, I and Baharumshah, A (2008) ‘Malaysia’s current account deficits: Anintertemporal optimization perspective’, Empirical Economics 35, 569-590

73) Herzer, D and Nowak-Lehmann, F D (2006) ‘Is there a long-run relationshipbetween exports and imports in Chile?’, Applied Economics Letters 13, 981-986

74) Perera, N and Varma, R (2008) ‘An empirical analysis of sustainability of tradedeficit: Evidence from Sri Lanka’, International Journal of Applied Econometrics andQuantitative Studies 5, 79-82

75) Ayla, B and Niloufer, S (2012) Intertemporal solvency of Turkey’s currentaccount’, Panoeconomicus 59, 89-104

76) Bajo-Rubio, O and Diaz-Roldan and Esteve, V (2011) ‘Sustainability of externalimbalances in the OECD countries’, Working Paper 11-07, Spanish Economic andFinance International Association.

77) Chang, C K and Chang, T (2012) ‘Revisiting the sustainability of current accountdeficit: SPSM using the panel KSS test with a Fourier function’, Economics Bulletin 32,538-550

78) Shyh-Wei, C (2011) ‘Current account deficits and sustainability: evidence from theOECD countries’, Econoic Modelling 28, 1455-1464

79) Onel, G and Utkulu, U (2006) ‘Modeling the long-run sustainability of Turkishexternal debt with structural changes’, Economic Modelling 23, 669-682

80) Pattichis, C and Kanaan, M (2001) ‘Is Lebanon’s trade deficit sustainable? Acointegration analysis’, Economia Internazionale, 14, 49-56

81) Bitans, M (2002) ‘Analysis of the real exchange rate in Latvia, 1994-2001’ InRelationship between real exchange rate and competitiveness in the Baltic states, Bank ofEstonia, Tallinn

82) Bineau, Y (2003) ‘Les taux couverture sont-ils stationnaires ? Une verificationempirique sur Donnees de panel’, Proceedings by the Growth, Convergences andEuropean Integration conference French Economics Association, Lille, France, May2003

83) Onel, G (2003) ‘An analysis of Turkish external debt sustainability : Test ofintertemporal borrowing constraint’, Proceedings by the 7th International Conference inEconomics, Economic Research Center, Middle East Technical University, Ankara,Tutkey, September 2003

case of Malaysia’, Singapore Economic Review.

85) Kalyoncu, H (2005) ‘Sustainability of current account for Turkey: Intertemporalsolvency approach’, Prague Economic Papers 2005, 82-88

86) Gulcan, O (2006) ‘An analysis of Turkish external debt sustainability: test ofintertemporal borrowing constraint’, Working Paper Dokuz Eylul University

87) Dulger, F and Ozdemir, Z A (2005) ‘Current account sustainability in sevendeveloped countries’, Journal of Economic and Social Research

88) Chen, S W (2010) ‘Testing for the sustainability of the current account deficit infour industrial countries: A revisitation’, Economics Bulletin 30, 1474-1495

89) Ismail, H and Baharumshah, A (2008) ‘Malaysia’s current account deficits: Anintertemporal optimization perspective’, Empirical Economics 35, 569-590

90) Mateou, N H and Zombanakis, G A (2009) ‘Fuzzy cognitive maps face thequestion of the Greek current account deficit sustainability’, MPRA Paper 38574,University Library of Munich, Germany

91) Binati, A O and Niloufer, S (2012) ‘Intertemporal solvency of Turkey’s currentaccount’, Panoeconomicus 59, 89-104

92) Baharumshah, A Z., Lau, E And Fountas, S (2003) ‘On the sustainability of currentaccount deficits; evidence from four ASEAN countries’, Journal of Asian Economics 14,465-487

93) Chen, S W (2011) ‘Current account deficits and sustainability: evidence from theOECD countries’, Economic Modelling 28, 1455-1464

Alexakis, P., Apergis, N., and Xanthakis, E (1997) ‘Integration of International Capital

Markets: Further Evidence from EMS Non-EMS Membership’, Journal of

International Financial Markets, Institutions & Money, 7, 277-287.

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94) C Harm (2001) ‘European financial market integration: the case of private sectorbonds and syndicate loans’, Journal of International Financial Markets, Institutions andMoney 11, 245-263

95) Syriopoulos, T (2004) ‘International portfolio diversification to Central Europeanstock markets’, Applied Financial Economics 14, 1253-1268

96) Bagdatoglou, G and Kontonikas, A (2009) ‘A new test of the real interest rate parityhypothesis: Bounds approach and structural breaks’, Working Papers, Department ofEconomics, University of Glasgow

97) Arghyrou, M G., Gregoriou, A and Kontonikas, A (2007) Do real interest ratesconverge? Evidence from the European union’, Working papers 2007-21, Department ofEconomics, University of Glasgow

98) Ferreira, A L and Leon-Ledesma, M A (2007) ‘Does the real interest parityhypothesis hold? Evidence from developed and emerging markets’, Journal ofInternational Money and Finance 26, 364-383

99) Syriopoulos, T (2011) ‘Financial integration and portfolio investments to emergingBalkan equity markets’, Journal of Multinational Financial Management 21, 40-54.100) Lence, S and Falk, B (2005) ‘Cointegration, market integration, and marketefficiency’, Journal of International Money and Finance 24, 873-890

Announcements: The Greek Evidence’, Applied Economics, 29, 699-705.

103) Bolufer, J S and Escalona, C R T (2004) ‘La credibilidad del sme en el proceso

de desinflacion europeo Aspectos teoricos y evidencia’, Working Paper, University ofRioja, Spain

104) Laopodis, N (2004) ‘Financial market liberalization and stock market efficiency:evidence from the Athens Stock Exchange’, Global Finance Journal 15, 103-123

Apergis, N and Eleftheriou, S (2001) 'Stock returns and volatility: evidence from the

Athens Stock Exchange Market Index', Journal of Economics and Finance 25, 50-61.

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105) A Desilas, A Koulakiotis, K Lyroudi, E Koumanakos (2005) ‘Volume versusGARCH Effects in the Greek Banking Sector, International Journal of EconomicResearch

106) Huang, W., Goto, S and Nakamura, M (2004) ‘Decision-making for stock tradingbased on trading probability by considering whole market movements’, European Journal

of Operational Research

107) Johnson, C A and Soriano, F A (2004) ‘Volatilidad del Mercado acciopnario y lacrisis asiatica: evidencia international de asimetrias’, Trimestre Economico

108) Su, E and Knowles, T W (2006) ‘Asian Pacific stock market volatility modellingand value at risk analysis’, Emerging Markets Finance and Trade.

109) Patev, P and Kanaryan, N (2005) ‘Behavior and characteristics of the Balkan stockmarkets’, Working Paper, University of Utah

110) Ulu, Y (2005) ‘Out-of-sample forecasting performance of the QGARCH model’,Applied Financial Economics Letters

111) Diamandis, P F (2007) ‘The impact of stock incremental information on thevolatility of the Athens Stock Exchange’, Applied Financial Economics

112) Panagiotidis, T (2005) ‘Market capitalization and efficiency Does it matter?Evidence from the Athens Stock Exchange’, Applied Financial Economics

Apergis, N and A Rezitis (2003) ‘Agricultural price volatility spillover effects: The case

of Greece’, European Review of Agricultural Economics, 31, 487-488.

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113) Κazakosostov P and McErlean, S (2004) ‘Agricultural price volatility spill-over effects:

A comment’, European Review of Agricultural Economics, 31, 481-485

114) Milunovich, G and Thorp, S (2006) ‘Valuing volatility spillovers’, Global FinanceJournal 17, 1-22

Apergis, N and A Rezitis (2003) ‘Agricultural price volatility spillover effects: the case

of Greece’, European Review of Agricultural Economics, 30, 389-406.

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