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Table 1.

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Fig 1.

Average monthly stock prices of G7 countries.

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Fig 2.

Average monthly PU for G7 countries.

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Fig 3.

Theoretical framework, IV: Independent variable, DV: Dependent variable.

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Table 2.

Descriptive statistics (actual data).

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Fig 4.

Threshold and LR statistics.

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Table 3.

Panel threshold regression.

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Table 4.

Panel fixed effect regression results.

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Table 5.

Robustness: Alternative estimator Driscoll-Kraay and panel corrected standard errors.

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