Erratum to: J Econ Finan

DOI 10.1007/s12197-016-9361-y

The original version of this paper unfortunately contained mistakes. These mistakes are as follows:

Equation 1 is incorrect and the corrected equation is shown below.

$$ \mathrm{Y}={\mathrm{e}}^{{\mathrm{a}}_0}{\mathrm{K}}^{{\mathrm{a}}_1+{\mathrm{a}}_3\kern0.5em 1\mathrm{nL}}{\mathrm{L}}^{{\mathrm{a}}_2} $$

• In Section 5.1, Free trade zone area, \( {\widehat{R}}^2 \) is missing in the 3rd sentence of the paragraph directly below the displayed equation. The affected sentence should read

An adjusted \( {\widehat{R}}^2 \) of 0.90 indicates a high explanatory power of the model, while the Durbin-Watson (DW) statistic of 1.62 indicates no evidence of first order autocorrelation.

• In Section 5.2, Rest of the economy, \( {\widehat{R}}^2 \) is missing in the 3rd sentence of the paragraph directly below the displayed equation. The affected sentence should read

An adjusted \( {\widehat{R}}^2 \) of 0.96, indicating a high explanatory power of the model, and the Durbin-Watson (DW) statistic of 1.60 indicating no evidence of first order autocorrelation.