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Dynamics of Housing Price: Foreclosure Rate Interactions 房价动态:止赎率的相互作用
ISRN Economics Pub Date : 2013-10-28 DOI: 10.1155/2013/250459
J. Mcdonald, H. H. Stokes
{"title":"Dynamics of Housing Price: Foreclosure Rate Interactions","authors":"J. Mcdonald, H. H. Stokes","doi":"10.1155/2013/250459","DOIUrl":"https://doi.org/10.1155/2013/250459","url":null,"abstract":"The dynamic impacts of the federal funds rate and the foreclosure rate on the log of the S&P/Case-Shiller aggregate 10-city monthly housing price index are investigated using VMA modeling techniques in the period 2000(1)–2011(3). The findings are consistent with the view that the interest rate policy of the Federal Reserve in that period that kept rates artificially low contributed to the housing bubble. Positive shocks in the foreclosure rate are shown to be associated with declines in the change in the housing price index after a lag. In addition, negative shocks in the change in the housing price index are associated with a higher foreclosure rate. The results suggest that both the change in the housing price index and the foreclosure rate create a negative externality that is dynamic.","PeriodicalId":129341,"journal":{"name":"ISRN Economics","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126607864","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
Long-Term Effects of Expiration of Derivatives on Indian Spot Volatility 衍生品到期对印度现货波动的长期影响
ISRN Economics Pub Date : 2013-08-06 DOI: 10.1155/2013/718538
Sunita Narang, Madhu Vij
{"title":"Long-Term Effects of Expiration of Derivatives on Indian Spot Volatility","authors":"Sunita Narang, Madhu Vij","doi":"10.1155/2013/718538","DOIUrl":"https://doi.org/10.1155/2013/718538","url":null,"abstract":"This paper examines the impact of expiration of derivatives on spot volatility of Indian capital market. The review of the literature shows that the previous Indian studies have covered a period of only 4–6 years after the introduction of derivative trading in India in 2000. They are unanimous about volume effect but not about return and volatility effect. This paper uses regression techniques and one symmetric and three asymmetric GARCH models, namely, TGARCH, EGARCH, and PGARCH, to evaluate the impact. It uses daily data on popular index S&P CNX Nifty of National Stock Exchange of India, during a period of more than a decade from June 12, 2000 to January 10, 2012. Findings of the study show that spot returns, volume, and volatility are high on expiration day and they build up further on the day after expiry which shows that the Indian market is weakly efficient. The expiration effect is mainly due to concentration of volumes in near-month contracts and absence of physical settlement.","PeriodicalId":129341,"journal":{"name":"ISRN Economics","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132661880","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
Price Responsiveness in District Heating: Single Houses and Residential Buildings—a Cross-Sectional Analysis 区域供热的价格响应:单户住宅和住宅——一个横断面分析
ISRN Economics Pub Date : 2013-04-04 DOI: 10.1155/2013/324127
Stefan Hellmer
{"title":"Price Responsiveness in District Heating: Single Houses and Residential Buildings—a Cross-Sectional Analysis","authors":"Stefan Hellmer","doi":"10.1155/2013/324127","DOIUrl":"https://doi.org/10.1155/2013/324127","url":null,"abstract":"Price responsiveness is argued to be one important factor determining the possibility for a natural monopoly such as a district heating company to exercise its monopoly power. Increased price responsiveness, measured, for example, by the own price elasticity, reduces monopoly power, as consumers increasingly reduce demand as a response to a price increase. However, consumers in single houses having individual metering have presumably higher price responsiveness compared to consumers in residential buildings using collective metering. One major question raised in this paper is thus whether single houses show larger price responsiveness compared to residential buildings. Using cross-sectional data for 187 networks in Sweden for the year 2007 indicates that even if single houses have higher price responsiveness, district heating reveals in general a very inelastic behavior.","PeriodicalId":129341,"journal":{"name":"ISRN Economics","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115063912","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
John Nyman and the Economics of Health Care Moral Hazard 约翰·奈曼与卫生保健道德风险经济学
ISRN Economics Pub Date : 2013-03-13 DOI: 10.1155/2013/603973
S. Kelman, A. Woodward
{"title":"John Nyman and the Economics of Health Care Moral Hazard","authors":"S. Kelman, A. Woodward","doi":"10.1155/2013/603973","DOIUrl":"https://doi.org/10.1155/2013/603973","url":null,"abstract":"In 2003, John Nyman published The Theory of Demand for Health Insurance. His principal contributions are (1) to replace the previously unexamined axiom of risk avoidance with the axiom of welfare maximization; (2) to uncover a misinterpretation in the literature on moral hazard, namely, the insurance payoff as a price reduction, rather than as an income transfer. The immediate consequence of these reformulations is to recognize insurance-induced health care utilization as resulting in an increase in social welfare. Despite its evident validity and enormous implications, Nyman’s work has received very little attention or recognition in the health economics literature.","PeriodicalId":129341,"journal":{"name":"ISRN Economics","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129316512","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 8
Constructing a Small-Region DSGE Model 构建小区域DSGE模型
ISRN Economics Pub Date : 2013-03-11 DOI: 10.1155/2013/825862
Kenichi Tamegawa
{"title":"Constructing a Small-Region DSGE Model","authors":"Kenichi Tamegawa","doi":"10.1155/2013/825862","DOIUrl":"https://doi.org/10.1155/2013/825862","url":null,"abstract":"This paper constructs a tractable dynamic stochastic general equilibrium (DSGE) model of a regional economy that is considered small because it does not affect its national economy. To examine properties of our small-region DSGE model, we conduct several numerical simulations. Notably, fiscal expansion in our model is larger than that in standard DSGE models. This is because the increase in regional output does not raise interest rates, and this leads to the crowding-in effects of investment.","PeriodicalId":129341,"journal":{"name":"ISRN Economics","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126285270","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
An Empirical Modelling of New Zealand Hospitality and Tourism Stock Returns 新西兰酒店和旅游业股票收益的实证模型
ISRN Economics Pub Date : 2013-02-26 DOI: 10.1155/2013/289718
C. Lim, F. Chan
{"title":"An Empirical Modelling of New Zealand Hospitality and Tourism Stock Returns","authors":"C. Lim, F. Chan","doi":"10.1155/2013/289718","DOIUrl":"https://doi.org/10.1155/2013/289718","url":null,"abstract":"This paper examines the factor risk premiums of stock returns for the hospitality and tourism companies in New Zealand. The Arbitrage Pricing Theory (APT) approach is used to investigate the expected return for stock portfolio with respect to market, macro (i.e., money supply and discount rate), and tourism factor sensitivities. Monthly stock prices, market index, tourism, and macroeconomic data are used in the study. The results indicate that the risk premiums for international tourism demand and term premium (proxy for discount rate) are positively significant at the 5% level. A one unit increase in tourist arrival sensitivity would result in expected return increase of 10 to 17 percentage point. Similarly, a one unit increase in term premium can increase hospitality-tourism expected returns by 0.2 percentage point. However, the findings for the money supply factor are not significant. As the study shows that investors face high positive tourism demand risk, it is imperative for firms and policymakers in New Zealand to promote inbound tourism through effective marketing and management. This in turn can provide high expected returns and create shareholder value for investors.","PeriodicalId":129341,"journal":{"name":"ISRN Economics","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134523174","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
Layers of Socioeconomic Vulnerability in Malawi in the Context of the Millennium Development Goals 千年发展目标背景下马拉维社会经济脆弱性的层次
ISRN Economics Pub Date : 2013-01-31 DOI: 10.1155/2013/346750
H. Doctor
{"title":"Layers of Socioeconomic Vulnerability in Malawi in the Context of the Millennium Development Goals","authors":"H. Doctor","doi":"10.1155/2013/346750","DOIUrl":"https://doi.org/10.1155/2013/346750","url":null,"abstract":"Millennium Development Goal 1 focuses on the eradication of poverty and hunger by 2015. While progress towards achieving this goal is promising in many developing countries, it is estimated that 920 million people would still be living under the adjusted poverty threshold of US$1.25 per day. This study employed data from the Malawi 2010 Demographic and Health Survey to examine the relative ranking of women ( 23,020) across the wealth index scale by identifying the characteristics of women which influence their likelihood of belonging to “poor” or “rich” households. Results from the ordered probit model show that older women and those with some formal schooling were likely to fall within the higher categories of the wealth status index. Belonging to households headed by females was associated with lower categories of wealth status than those headed by males. We interpret these results in line with the current development strategies aimed at reducing poverty and hunger by 2015 and the need to identify and respond appropriately to the layers of socioeconomic vulnerability in Malawi.","PeriodicalId":129341,"journal":{"name":"ISRN Economics","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125741255","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Choosing the Right Spatial Weighting Matrix in a Quantile Regression Model 分位数回归模型中空间权重矩阵的选择
ISRN Economics Pub Date : 2013-01-28 DOI: 10.1155/2013/158240
Phillip Kostov
{"title":"Choosing the Right Spatial Weighting Matrix in a Quantile Regression Model","authors":"Phillip Kostov","doi":"10.1155/2013/158240","DOIUrl":"https://doi.org/10.1155/2013/158240","url":null,"abstract":"This paper proposes computationally tractable methods for selecting the appropriate spatial weighting matrix in the context of a spatial quantile regression model. This selection is a notoriously difficult problem even in linear spatial models and is even more difficult in a quantile regression setup. The proposal is illustrated by an empirical example and manages to produce tractable models. One important feature of the proposed methodology is that by allowing different degrees and forms of spatial dependence across quantiles it further relaxes the usual quantile restriction attributable to the linear quantile regression. In this way we can obtain a more robust, with regard to potential functional misspecification, model, but nevertheless preserve the parametric rate of convergence and the established inferential apparatus associated with the linear quantile regression approach.","PeriodicalId":129341,"journal":{"name":"ISRN Economics","volume":"61 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130620421","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
Job-Education Mismatch and Its Impact on the Earnings of Immigrants: Evidence from Recent Arrivals to Canada 工作-教育不匹配及其对移民收入的影响:来自加拿大新移民的证据
ISRN Economics Pub Date : 2013-01-17 DOI: 10.1155/2013/452358
M. Sharaf
{"title":"Job-Education Mismatch and Its Impact on the Earnings of Immigrants: Evidence from Recent Arrivals to Canada","authors":"M. Sharaf","doi":"10.1155/2013/452358","DOIUrl":"https://doi.org/10.1155/2013/452358","url":null,"abstract":"Using the most recent Longitudinal Survey of Immigrants to Canada, this paper measures the incidence of job-education mismatch, particularly over-education, examines its determinants, and estimates its impact on the earnings of immigrants. Job-education mismatch is measured using the realized match method, and the corresponding earnings impact is estimated using an over-required-under education technique. Determinants of over-education are examined using a bivariate probit model to account for selectivity into employment. Panel data estimation methods are used to estimate earnings equations and the analysis is stratified by gender. Results show that recent immigrants to Canada have a persistent high incidence and intensity of over-education with a substantial negative impact on their earnings. In particular, two-thirds of recent immigrants to Canada are over-educated with a wage loss of 8%, while an under-educated immigrant loses around 2% on average. Results also show that proficiency in English or French and post-immigration investment in education and training significantly reduce the likelihood of being over-educated. The findings of this study could benefit policies directed to help immigrants integrate in the labour market.","PeriodicalId":129341,"journal":{"name":"ISRN Economics","volume":"73 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131334223","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 16
Explaining Protectionism Support: The Role of Economic Factors 解释保护主义支持:经济因素的作用
ISRN Economics Pub Date : 2013-01-17 DOI: 10.1155/2013/954071
Natalia Melgar, Juliette Milgram-Baleix, Máximo Rossi
{"title":"Explaining Protectionism Support: The Role of Economic Factors","authors":"Natalia Melgar, Juliette Milgram-Baleix, Máximo Rossi","doi":"10.1155/2013/954071","DOIUrl":"https://doi.org/10.1155/2013/954071","url":null,"abstract":"In this paper, we investigate some factors shaping individual support for protectionism that have not been studied previously. We examine a heterogeneous sample of thirty countries which includes both small and large and developed and developing countries using data from the 2003 International Social Survey Program (ISSP). We confirm the influence of social status, relative income, values and attachments on preferences for trade policies and the fact that skilled people are also more likely to be pro-trade. We also verify previous findings concerning the fact that individual?s opinions match with how their revenue could be affected in the medium or long term by trade liberalization. We highlight other important factors influencing public opinion towards protectionism: individual support for protectionism is also affected by the macroeconomic context and size of their country of residence. Este trabajo analiza cuales son los factores que explican el apoyo de los individuos a politicas proteccionistas incluyendo caracteristicas tanto del individuo como de su pais de residencia, que no han sido incluidos en trabajos previos. Para ello, se utiliza una muestra heterogenea de treinta paises que incluye economias de distinto tamano, paises desarrollados y en vias de desarrollo. La base de datos corresponde a la encuesta realizada en el ano 2003 por la red International Social Survey Program (ISSP). Se confirma que el status social, el ingreso relativo, los valores y los apegos juegan un rol significativo en la determinacion de las preferencias por el libre comercio. En segundo lugar, se constata que los individuos con mayores niveles de educacion tienden a preferir el libre comercio. Ademas, se verifica que las opiniones de los individuos son determinadas por la percepcion de como afecta la liberalizacion comercial a su ingreso en el medio y largo plazo. Por ultimo, se destacan factores adicionales relevantes en la determinacion de las actitudes individuales frente al proteccionismo: el contexto macroeconomico y el tamano relativo del pais de residencia.","PeriodicalId":129341,"journal":{"name":"ISRN Economics","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133653155","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 8
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