Abstract
This study applies panel SURKSS tests, proposed by Wu and Lee (2009), to investigate the properties of long-run Purchasing Power Parity (PPP) in a sample of ASEAN (Association of Southeast Asian Nations)-8 countries over the period January 1999 to June 2008. The empirical results from several panel-based unit root tests indicate that PPP does not hold for the ASEAN-8 countries under study; however, panel SURKSS tests indicate that PPP is valid for two (four) of these ASEAN-8 countries when the US dollar (the Japanese yen) is used as a base country. These results have important policy implications for these ASEAN-8 countries under study.
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