Following in the footsteps of existing (empirical) models can be useful – but due care needs to be given to the reasons why specific models may not fit the specific purpose of the current exercise and thus need to be modified. 2. Robustness checks are important – and they take time.
The advantage of crosscountry studies based on identical templates is their comparability - if results differ across countries, these differences can be traced to differences in institutions and markets, rather than reflecting differences in methodologies. At the same time, identical templates may not fit the specific circumstances of the country.