Journal of Economic Asymmetries最新文献

Causal links between public debt and inflation in sub-Saharan African countries 撒哈拉以南非洲国家公共债务与通货膨胀之间的因果关系

Journal of Economic Asymmetries Pub Date : 2025-09-25 DOI: 10.1016/j.jeca.2025.e00438

Akingbade U. Aimola, Nara Monkam

{"title":"Causal links between public debt and inflation in sub-Saharan African countries","authors":"Akingbade U. Aimola, Nara Monkam","doi":"10.1016/j.jeca.2025.e00438","DOIUrl":"10.1016/j.jeca.2025.e00438","url":null,"abstract":"<div><div>This study aims to investigate and compare both symmetric and asymmetric causal relationships between public debt and inflation across a panel of 14 sub-Saharan African countries over the period 1990 to 2021. It also examines trends in Country Policy and Institutional Assessment (CPIA) scores, particularly in the domains of debt policy and the efficiency of revenue mobilization. The analysis employs Konya's (2006) symmetric bootstrap panel causality test and an asymmetric approach developed by Yılancı and Aydın (2017), which builds on Granger and Yoon (2002) and Konya's methodology. The results reveal notable nonlinearity and considerable cross-country variation. Under the symmetric specification, causality from public debt to inflation is found in only four countries. However, when asymmetry is incorporated, this number increases to twelve. Similarly, while causality from inflation to debt is observed in four countries using the symmetric model, the asymmetric framework reveals evidence in eleven countries. These findings contribute to literature by offering a comparative perspective on the debt-inflation nexus. Moreover, the results indicate the presence of cross-sectional dependence across the panel and confirm country-specific heterogeneity. The analysis of CPIA indicators also points to varied levels of institutional capacity in public debt management and revenue mobilization across the region. Notably, Kenya's top performance in revenue mobilisation suggests that robust institutional frameworks can enhance the predictive relationship between increase public debt levels and inflation. The study's findings carry significant implications for fiscal and monetary policy in sub-Saharan Africa.</div></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"32 ","pages":"Article e00438"},"PeriodicalIF":0.0,"publicationDate":"2025-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145157116","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: 0

Stock market sensitivities to European monetary policy 股市对欧洲货币政策的敏感性

Journal of Economic Asymmetries Pub Date : 2025-09-18 DOI: 10.1016/j.jeca.2025.e00437

Juan M. Nave, Javier Ruiz

引用次数: 0

Fuel price effects on motor vehicle collisions: Evidence from Greece 燃油价格对机动车碰撞的影响：来自希腊的证据

Journal of Economic Asymmetries Pub Date : 2025-09-08 DOI: 10.1016/j.jeca.2025.e00435

Andreas Psarras , Theodore Panagiotidis , Andreas Andronikidis

引用次数: 0

Asymmetric transmission of crude oil prices into fuel prices - Evidence from Pakistan 原油价格向燃料价格的不对称传导——来自巴基斯坦的证据

Journal of Economic Asymmetries Pub Date : 2025-08-27 DOI: 10.1016/j.jeca.2025.e00436

Muhammad Imran Chaudhry , Ghina Irfan , Omar Al-Titi

{"title":"Asymmetric transmission of crude oil prices into fuel prices - Evidence from Pakistan","authors":"Muhammad Imran Chaudhry , Ghina Irfan , Omar Al-Titi","doi":"10.1016/j.jeca.2025.e00436","DOIUrl":"10.1016/j.jeca.2025.e00436","url":null,"abstract":"<div><div>Research on the pass-through of international crude oil prices into domestic fuel prices has mainly focused on countries with market-driven fuel prices, but overlooked countries wherein fuel prices are set by the government. Against this background, we study the dynamics of price transmission between international crude oil markets and petroleum, light diesel and kerosene retail markets in Pakistan, an oil-importing developing country where fuel prices are regulated by the government. Our hand-collected dataset consists of the government's biweekly notifications on petroleum, light diesel and kerosene retail prices in Pakistan, and international crude oil prices from January-2007 to March-2022. We employ threshold-cointegration models and the associated asymmetric vector error-correction model to analyze the long-run and short-run mechanisms of fuel price adjustments in Pakistan. Our empirical estimates reveal that Pakistan's fuel retail markets are cointegrated with international crude oil markets, but the underlying price-adjustment process is relatively slow. We find evidence of the <em>“rockets and feathers”</em> phenomenon in petroleum retail prices, but not in light diesel and kerosene retail prices in Pakistan. The <em>“rockets and feathers”</em> phenomenon in petroleum retail prices is driven by the government's tendency to exploit decreases in international crude oil prices to increase taxes on petroleum, instead of lowering petroleum retail prices in Pakistan. The observed differences in the mechanisms of price transmission from international crude oil markets into the petroleum, light-diesel and kerosene retail markets in Pakistan highlight that government-regulated fuel prices serve as a policy lever for balancing fiscal constraints with political economy considerations in oil-importing developing countries.</div></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"32 ","pages":"Article e00436"},"PeriodicalIF":0.0,"publicationDate":"2025-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144908176","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: 0

The asymmetric effects of medical tourism and information technology on economic growth: evidence from panel quantile regression 医疗旅游和信息技术对经济增长的不对称影响：来自面板分位数回归的证据

Journal of Economic Asymmetries Pub Date : 2025-08-05 DOI: 10.1016/j.jeca.2025.e00433

Chor-Foon Tang , Karoon Suksonghong

引用次数: 0

Unraveling asymmetric connectedness: Board diversity, green energy and climate change combat: An asymmetry in economic dynamics 揭开不对称连接：董事会多样性，绿色能源和气候变化斗争：经济动态的不对称

Journal of Economic Asymmetries Pub Date : 2025-08-05 DOI: 10.1016/j.jeca.2025.e00431

Muhammad Nawaz , Kamran Mohy-ud-Din , Syed Muhammad Salman , Salah Ud Din Ahmad , Muhammad Ishaq Bhatti

{"title":"Unraveling asymmetric connectedness: Board diversity, green energy and climate change combat: An asymmetry in economic dynamics","authors":"Muhammad Nawaz , Kamran Mohy-ud-Din , Syed Muhammad Salman , Salah Ud Din Ahmad , Muhammad Ishaq Bhatti","doi":"10.1016/j.jeca.2025.e00431","DOIUrl":"10.1016/j.jeca.2025.e00431","url":null,"abstract":"<div><div>This paper examines the role of Board Diversity in advancing environmental stewardship, with a particular emphasis on climate change mitigation. It utilizes a panel dataset of 5412 firm-year observations from 451 publicly listed firms within the S&P 1500 index covering 2012–2023. Paper constructs asymmetric indices to capture the dynamics of board gender diversity and renewable energy utilization. It employs GMM-based quantile model to estimate parameters. The empirical findings reveal a consistently positive association between board gender diversity and the deployment of renewable energy across various quantiles of the distribution, Diverse cultural backgrounds among directors enhance such projects, but foreign nationalities may impede them. It is observed that the U.S. listed firms benefit from workforce diversity in climate opportunities. Women in top management boost renewable energy initiatives, yet U.S. directors' skills show no climate impact, suggesting room for improvement. The study show the critical role of diversity in climate mitigation and renewable energy, emphasizing the urgency and importance of the issue for effective climate action.</div></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"32 ","pages":"Article e00431"},"PeriodicalIF":0.0,"publicationDate":"2025-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144771032","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: 0

Conditional forecast for public debt and threshold effects: Evidence from South EU countries 公共债务的条件预测和门槛效应：来自南欧国家的证据

Journal of Economic Asymmetries Pub Date : 2025-07-03 DOI: 10.1016/j.jeca.2025.e00430

Dimitrios Asteriou , Dimitrios Koufopoulos , Konstantinos Spanos

{"title":"Conditional forecast for public debt and threshold effects: Evidence from South EU countries","authors":"Dimitrios Asteriou , Dimitrios Koufopoulos , Konstantinos Spanos","doi":"10.1016/j.jeca.2025.e00430","DOIUrl":"10.1016/j.jeca.2025.e00430","url":null,"abstract":"<div><div>In this study, we employ a Bayesian Seemingly Unrelated regression (SUR) model for the South EU countries to make a conditional forecast for the public debt in a medium term-horizon (six years ahead). Our forecast incorporates multiple macroeconomic shocks, specifically: (i) fiscal austerity, captured through changes in government budget balances; (ii) the international business cycle, proxied by US GDP growth; and (iii) energy cost shocks, proxied by fluctuations in global oil prices. Adopting various scenarios, the results show that lower budget deficit and higher economic growth lead to the fastest downward debt trajectory. The findings also suggest that the optimum level of budget deficit limit is 2.7 % of GDP and is achieved when government expenditures and revenue are lower than 40.9 % and 38.19 % respectively. Interestingly, the international business cycle plays a fundamental role, since economic growth of the South EU countries exerts even more pressure to debt reduction when US GDP growth is higher than 3 %. The effect of inflation on debt conditioned by energy cost, the results indicate that inflation may cause more debt when oil price is high, but this effect seems to be for a short-term period. The main policy implication from the results is that the downward trajectory of debt hinges on sustainable fiscal limits and economic expansion.</div></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"32 ","pages":"Article e00430"},"PeriodicalIF":0.0,"publicationDate":"2025-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144536128","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: 0

Product market power, informational asymmetries and stock liquidity: Evidence from Indian firms 产品市场力量、信息不对称与股票流动性：来自印度公司的证据

Journal of Economic Asymmetries Pub Date : 2025-07-02 DOI: 10.1016/j.jeca.2025.e00429

Tinu Iype Jacob , Sunil Paul

{"title":"Product market power, informational asymmetries and stock liquidity: Evidence from Indian firms","authors":"Tinu Iype Jacob , Sunil Paul","doi":"10.1016/j.jeca.2025.e00429","DOIUrl":"10.1016/j.jeca.2025.e00429","url":null,"abstract":"<div><div>This study investigates the impact of product market power on stock liquidity against the backdrop of rising market power and global financial market integration. It also explores the nonlinearities associated with this relationship. In addition, we examine the interaction of firm size and leverage with market power and how it shapes the market power–stock liquidity relationship. The study uses a firm-year panel of 865 NSE-listed firms from India over the period 2011–2021, and employs panel regression techniques to analyze these. Product market power is measured using price-cost markups, and stock liquidity is captured using the inverse of the illiquidity ratio and share turnover. The analysis indicates an inverted U-shaped relationship between product market power and stock liquidity. Results also highlight the role of informational asymmetries and strategic opacity in this relationship. Further, the asymmetric role of leverage and firm size in the influence of product market power on stock liquidity is confirmed. The impact of product market power on stock liquidity and the moderating/mediating influence of informational asymmetries and leverage can have significant implications for the design of policies by the firms and authorities that monitor the competitiveness of markets.</div></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"32 ","pages":"Article e00429"},"PeriodicalIF":0.0,"publicationDate":"2025-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144522327","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: 0

The macroeconomic effects of climate policy uncertainty: Evidence from Portugal 气候政策不确定性的宏观经济影响：来自葡萄牙的证据

Journal of Economic Asymmetries Pub Date : 2025-06-19 DOI: 10.1016/j.jeca.2025.e00426

Hugo Morão

引用次数: 0

On the link between U.S. national debt and income distribution: Asymmetric evidence from state level data 论美国国债与收入分配之间的关系：来自州一级数据的不对称证据

Journal of Economic Asymmetries Pub Date : 2025-06-13 DOI: 10.1016/j.jeca.2025.e00428

Mohsen Bahmani-Oskooee , Mehrnoosh Hasanzade , Huseyin Karamelikli

引用次数: 0