Christian Schoder, Christian Proano, and Willi Semmler, "Are the Current 
Account Imbalances between EMU Countries Sustainable? Evidence from 
Parametric and Non-Parametric Tests", Journal of Applied Econometrics, 
Vol. 28, No. 7, 2013, pp. 1179-1204.

There are four zip files, each of which contains one or more ASCII files 
in DOS format. Unix/Linux users should use "unzip -a". The four zip 
files collectively include the data set used as well as the program 
codes for the estimations and data generation.


1. sps-data.zip includes the following file:

a. "dat_final.csv": It provides the data used in the regression 
analysis. For each country considered, it includes the following 
variables whose ranges and sources are outlined in the main text of the 
article:

- idn		identification number of country
- id		identification string of country
- nfl.gdp	net financial liabilities-GDP ratio
- ta.gdp	net exports-GDP ratio
- tdd		log of the country's total domestic demand as a share of the
		total domestic demand of the OECD
- reer		the real effective exchange rate based on CPI
- reeru		the real effective exchange rate based on unit labor costs


2. sps-r-interpolation.zip includes the following files:

a. "alg_Chow-Lin.txt": Is the R script for interpolating/extrapolating 
time series according to the Chow and Lin (1971) procedure as discussed 
in the data appendix of the article.

b. "dat_y_dot.csv": Input file for "alg_Chow-Lin.txt" as explained in 
"alg_Chow-Lin.txt"

c. "dat_x.csv": Input file for "alg_Chow-Lin.txt" as explained in 
"alg_Chow-Lin.txt"

d. "dat_x_dot.csv": Input file for "alg_Chow-Lin.txt" as explained in 
"alg_Chow-Lin.txt"


3. sps-r-estimation.zip includes the following files:

a. "alg_dataimport.txt": This file imports the data from the data-file 
and generates the measure of exchange rate volatility for each country. 
It also creates a stacked data set required for the panel estimations in 
stata. Finally, it performs a within transformation to the data used for 
the penalized splines estimation.

b. "alg_estimations_bohn_splines.txt": This file defines the sub-samples 
considered, performs the Bohn test with the response parameter depending 
on exchange rate flexibility and plots the results.

c. "alg_estimations_ur.txt": peforms for each country the Augmented 
Dickey-Fuller test, the Elliot-Rothenberg-Stock test and the 
Zivot-Andrews test.

d. "alg_estimations_ur_subperiods.txt": The sample is split with two 
different breack points: 1994:1 and 1997:1. For each country and each 
sub-sample the Augmented Dickey-Fuller test, the Elliot-Rothenberg-Stock 
test and the Zivot-Andrews test are performed.

e. "alg_estimations_ur_splines.txt": This file defines the sub-samples 
considered, estimates the Augmented Dickey-Fuller regression 
specification with the auto-regressive parameter depending on exchange 
rate flexibility and plots the results.

 
4. sps-stata-programs.zip includes the following files:

a. "dat_pan_all.csv": Data file copied from sps-r-estimation.zip
after running "alg_dataimport.txt".

b. "alg_ecm_panel.do": Stata script for estimating equation (16) in the 
main text of the article for different groups of countries using the 
Pooled Mean-Group estimator as well as the Mean-Group estimator with a 
breakpoint in 1997:1.

c. "alg_ecm_panel_breakpoint_94.do": Stata script for estimating 
equation (16) in the main text of the article for different groups of 
countries using the Pooled Mean-Group estimator as well as the 
Mean-Group estimator with a breakpoint in 1994:1.

d. "alg_ecm_panel_breakpoint_99.do": Stata script for estimating 
equation (16) in the main text of the article for different groups of 
countries using the Pooled Mean-Group estimator as well as the 
Mean-Group estimator with a breakpoint in 1999:1.

e. "alg_ecm_panel_including_control_vars.do": Stata script for 
estimating equation (16) in the main text of the article for different 
groups of countries using the Pooled Mean-Group estimator as well as the 
Mean-Group estimator with a breakpoint in 1997:1 and including control 
variables.

f. "alg_ur_panel.do": Stata script performing the Breitung and Das panel 
unit root test for various subsamples.

g. "alg_ur_clemente-montanes-reyes.do": Stata script for performing the 
Clemente, Montanes and Reyes panel unit root test.