Challenges of panel data series application in research of various economic phenomena
DOI: 10.5937/etp2503089S
Keywords:
panel data, panel series, panel data models, research, economic phenomenaAbstract
In recent decades, in addition to time series data and comparative data, panel data has been intensively used in empirical research. The application of these data series facilitates the implementation of analyses that could not otherwise be carried out using individual time series or comparative data. One of the key advantages of the panel data model in researching numerous economic phenomena and other aspects of social reality is that it provides the maximum amount of information from a limited number of observations per observation unit in a given time period while minimizing the number of degrees of freedom. Greater data variability contributes to greater efficiency of estimates and a reduction of multicollinearity, and given that these models enable the observation of variations by observation units (individual effects) and by time periods (time effects), the analysis of structure and changes in structure over time can be performed simultaneously. In addition, panel models provide greater informativeness as a result of an increased sample size and a higher number of degrees of freedom.
References
Ajmani, V., B. (2009). Applied econometrics using the SAS system. John Wiley & Sons, Hoboken, New Jersey.
Alessie, R., Kapteyn, A., & Melenberg, B. (1989). The effects of liquidity constraints on consumption Estimation from household panel data. European Economic Review, 33(2-3), 547-555. https://doi.org/10.1016/0014-2921(89)90134-7
Bailar, B., A. (1989). Information needs, surveys, and measurement errors. In Panel surveys (1-24). John Wiley, New York.
Baltagi, B., H. (1995). Econometric Analysis of Panel Data. John Wiley & Sons, London.
Baltagi, B., H. (2005). Econometric Analysis of Panel Data. John Wiley & Sons, England.
Beck, N., & Katz, J., N. (1995). What to do (and not to do) with time- series cross-section data. American Political Science Review, 89(3), 634-647. https://doi.org/10.2307/2082979
Biørn, E. (1981). Estimating economic relations from incomplete cross-section/time-series data. Journal of Econometrics, 16(2), 221- 236. http://dx.doi.org/10.1016/0304-4076(81)90109-3
Bjorklund, A. (1989). Potentials and pitfalls of panel data: The case of job mobility. European Economic Review, 33(2-3), 537-546.
Boehmer, E., & Megginson, W., L. (1990). Determinants of secondary market prices for developing country syndicated loans. The Journal of Finance, 45(5), 1517-1540.
Brown, P., Keim, D., Kleidon, A., & Marsh, T. (1983). Stock return seasonalities and the tax-loss selling hypothesis: Analysis of the arguments and Australian evidence. Journal of Financial Economics, 12(1), 105-127.
Dragutinović Mitrović, R. (2002). Analiza panel serija. Zadužbina Andrejević, Beograd.
Dragutinović Mitrović, R. (2005). Ograničenja gravitacionog modela 50(167), 77-106.
England, P., Farkas, G., Kilbourne, B., S., & Dou, T. (1988). Explaining occupational sex segregation and wages: Findings from a model with fixed effects. American Sociological Review, 544-558.
Erdem, T. (1996). A dynamic analysis of market structure based on panel data. Marketing Science, 15(4), 359-378.
Gujarati, D., & Porter, D. (2009). Basic Econometrics. Mc Graw-Hill International Edition.
Gujarati, D. (2004). Basic Econometrics. United States Military Academy, West Point.
Hanić, H., & Bugarčić, M. (2021). Determinants of household consumption in Serbia - methodological approaches and empirical results. In Marketing Challenges and Perspectives (pp. 9-10). Serbian Marketing Association.
Hsiao, C. (2003). Analysis of panel data. Cambridge University Press, Cambridge.
Hujer, R., & Schneider, H. (1989). The analysis of labor market mobility using panel data. European Economic Review, 33(2-3), 530- 536.
Kalton, G., Kasprzyk, D., & McMillen, D., B. (1989). Nonsampling errors in panel surveys. Panel Surveys, 249 – 270.
Keane, M. P. (1997). Modeling heterogeneity and state dependence in consumer choice behavior. Journal of Business & Economic Statistics, 15(3), 310-327. https://doi.org/10.1080/07350015.1997.10524709?urlappend=%3Futm_source%3Dresearchgate.net%26utm_medium%3Darticle
Klevmarken, N., A. (1989). Panel studies: What cena we learn from them?. European Economic Review, 33(2-3), 523-529. https://doi.org/10.1016/0014-2921(89)90131-1
Knežević, A. (2015). The Panel model application in indentifying factors of business success of manufacturing companies (Doctoral dissertation). University Novi Sad, Faculty of Technical Sciences.
Lepojević, V., & Janković-Milić, V. (2024). Investment in Education and Economic Growth: Panel Data Analysis. In Circular Economy: Trends and Perspectives (pp. 171-176). University of Niš, Faculty of Economics.
Matyas, L., & Sevestre, P. (1996). The econometrics of panel data: a handbook of the theory with applications. Kluwer Academic Publisher.
Ognjenović, K. Đ. (2018). Analiza razlika u zaradama i višestrukog
zbora zaposlenja primenom parametarskih i poluparametarskih ekonometrijskih metoda panela (Doctoral dissertation). University of Belgrade.
Radulović, M. (2018). The influence of national competitiveness on the perception of corruption in the countries of the European Union: Panel Vec Model. Business Economy, 13(1), 73-92. PROVERITI REFERENCU
Sarafidis, V., & Wansbeek, T. (2021). Celebrating 40 years of panel data analysis: Past, present and future. Journal of Econometrics, 220(2), 215-226. https://doi.org/10.1016/j.jeconom.2020.06.001
Stankov, B. (2017). Panel analysis of foreign direct investment and competitiveness in emerging and developing European countries (Doctoral dissertation). University Business Academy, Faculty of Economics and Engineering Management Novi Sad.
