Journal of Economic Asymmetries最新文献

Energy price dynamics in the face of uncertainty shocks and the role of exchange rate regimes: A global cross-country analysis 面对不确定性冲击的能源价格动态和汇率制度的作用：全球跨国分析

Journal of Economic Asymmetries Pub Date : 2025-05-17 DOI: 10.1016/j.jeca.2025.e00425

António Afonso , José Alves , João Jalles , Sofia Monteiro

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引用次数: 0

Monetary alignment or divergence? - Exchange rates and economic dynamics in non-euro European countries 货币政策趋同还是分化？-非欧元欧洲国家的汇率和经济动态

Journal of Economic Asymmetries Pub Date : 2025-05-13 DOI: 10.1016/j.jeca.2025.e00421

Apostolos Kiohos , Nikolaos Stoupos

{"title":"Monetary alignment or divergence? - Exchange rates and economic dynamics in non-euro European countries","authors":"Apostolos Kiohos , Nikolaos Stoupos","doi":"10.1016/j.jeca.2025.e00421","DOIUrl":"10.1016/j.jeca.2025.e00421","url":null,"abstract":"<div><div>The far-reaching impacts of the euro's introduction in 1999 have reshaped Europe's monetary landscape, extending integration even to non-euro economies. The primary aim of this paper is to examine whether the non-euro European economies are monetarily linked to the Euro Area. Using economic indicators from nine European countries, alongside the Eurozone, and employing SVECM models, this research assesses the degree of monetary integration. The empirical findings strongly indicate that the economies of Poland, Romania, Sweden and Norway have been positively bound and highly integrated with the Eurozone since the euro's launch. Moreover, the economies of Czechia and Hungary have demonstrated a steady and increasing level of monetary integration with the Eurozone over time. In contrast, the economies of Iceland, Switzerland, and the UK exhibit monetary divergence from the Eurozone. Based on these findings, the research proposes that Poland and Romania may need to explore the possibility of joining the Euro Area, while Norway and Sweden may (re)consider their stance on potential EU or EMU membership, respectively. The results underscore that the creation of the Eurozone and the circulation of the euro have played a significant role in facilitating and advancing monetary integration across Europe.</div></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"32 ","pages":"Article e00421"},"PeriodicalIF":0.0,"publicationDate":"2025-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143935686","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

Is fiscal countercyclicality growth enhancing? Evidence from developing countries over the period 1990–2019 财政逆周期增长增强了吗？来自发展中国家1990-2019年的证据

Journal of Economic Asymmetries Pub Date : 2025-05-05 DOI: 10.1016/j.jeca.2025.e00416

Sami Kallal

{"title":"Is fiscal countercyclicality growth enhancing? Evidence from developing countries over the period 1990–2019","authors":"Sami Kallal","doi":"10.1016/j.jeca.2025.e00416","DOIUrl":"10.1016/j.jeca.2025.e00416","url":null,"abstract":"<div><div>The objective of this paper is to analyze the time-varying effect of improving fiscal countercyclicality on growth for a sample of 35 developing countries over the period 1990–2019. By estimating a time-varying coefficient for fiscal countercyclicality, incorporated as a variable in a panel model, we first examine how the public debt ratio and electoral motivations influence the ability to adopt countercyclical policies. Secondly, we show that greater countercyclicality positively affects economic growth and contributes to reducing the output gap, particularly during recessions, by channeling production towards its potential path. Finally, our findings are confirmed across two sub-samples, demonstrating a positive effect on growth before the 2008 crisis and a reduction in the output gap both before and after the crisis. The effect is stronger in the sub-sample characterized by high income, low debt, and strong control of corruption, suggesting that the effectiveness of countercyclical policies depends on macroeconomic and institutional factors.</div><div>Countercyclical fiscal management should therefore be given greater consideration by fiscal policymakers in developing countries, both upstream and downstream.</div></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"32 ","pages":"Article e00416"},"PeriodicalIF":0.0,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143907025","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

Does economic convergence diverge along the income distribution? Evidence from a decile-based analysis 经济趋同是否沿着收入分配而分化？来自十分位数分析的证据

Journal of Economic Asymmetries Pub Date : 2025-05-02 DOI: 10.1016/j.jeca.2025.e00419

Marco Amendola

引用次数: 0

Collapsing bubbles in the prices of cryptocurrencies 加密货币价格泡沫破裂

Journal of Economic Asymmetries Pub Date : 2025-04-26 DOI: 10.1016/j.jeca.2025.e00420

Chiara Oldani , Giovanni S.F. Bruno , Marcello Signorelli

{"title":"Collapsing bubbles in the prices of cryptocurrencies","authors":"Chiara Oldani , Giovanni S.F. Bruno , Marcello Signorelli","doi":"10.1016/j.jeca.2025.e00420","DOIUrl":"10.1016/j.jeca.2025.e00420","url":null,"abstract":"<div><div>This paper investigates the existence of bubbles in the daily prices of the most popular cryptocurrencies, Bitcoin (BTC), Ether (ETH), and Ripple (XRP), employing the recursive methods of Phillips et al. (2015) and Phillips et al. (2011) for testing and date-stamping episodes of exuberant behaviour over a period spanning seven years (2018–2024), including the COVID-19 pandemic crisis (2020–2021). The critical values of the tests are computed through the composite wild bootstrap technique by Phillips and Shi (2020) to make them robust to time-varying unconditional heteroscedasticity and the multiplicity issue in recursive tests. Results indicate that the prices of the most popular cryptocurrencies traded on decentralized ledgers, BTC and ETH, exhibited multiple episodes of exuberant behaviour, unambiguously for BTC and depending on the tests for ETH. Bubbles detected in the prices of BTC were due to the halving of the crypto, to market exuberance and to the pandemic crisis; bubbles detected on ETH prices were due to the launch of NFTs on the Ethereum blockchain, and to the change in investors’ expectations (from exuberant to pessimistic); the change in the stance of monetary policy burst the bubbles of BTC and ETH prices in 2024. No test supports the exuberance of XRP that is traded on a centralized ledger; weekly data confirm the absence of multiple bubbles. By looking at the presence of bubbles in these different digital ecosystems, we also consider how the technological differences can impact, possibly asymmetrically, bubbles' formation.</div></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"31 ","pages":"Article e00420"},"PeriodicalIF":0.0,"publicationDate":"2025-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143877358","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

Local financial distress and fiscal regimes: Evidence from Italy 地方财政困境与财政制度：来自意大利的证据

Journal of Economic Asymmetries Pub Date : 2025-04-18 DOI: 10.1016/j.jeca.2025.e00418

Cristiana Fiorelli , Nicola Pontarollo , Carolina Serpieri

{"title":"Local financial distress and fiscal regimes: Evidence from Italy","authors":"Cristiana Fiorelli , Nicola Pontarollo , Carolina Serpieri","doi":"10.1016/j.jeca.2025.e00418","DOIUrl":"10.1016/j.jeca.2025.e00418","url":null,"abstract":"<div><div>This paper investigates how fiscal regulation may influence lower government finances by devolving greater responsibilities to local policymakers that limit free-riding behaviour and ensure fiscal sustainability. To this extent, the Italian case provides a suitable regulatory setting that has evolved over the years, as almost 600 Italian municipalities experienced financial distress from 1989 to 2018. The aim of this study is two-fold: i) to investigate the historical and geographical evolution of local government bankruptcy procedures and ii) to test whether the exogenous Italian legislation on local government defaults influenced the dynamics of the local financial distress phenomenon, identifying three different fiscal regulatory regimes. Our results show that the regulatory regimes until 2000, which prepared for the government bail-out of local defaults, encouraged municipalities to take advantage of the bankruptcy procedures and after 2001, when the legislative interventions had been updated, there is no longer such incentive. Asymmetric effects are observed when municipalities are analysed by population size, pointing to the need to go beyond a one-size-fits-all approach to fiscal policy.</div></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"31 ","pages":"Article e00418"},"PeriodicalIF":0.0,"publicationDate":"2025-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143842462","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

Aid and growth: Asymmetric effects? 援助和增长：不对称效应？

Journal of Economic Asymmetries Pub Date : 2025-04-15 DOI: 10.1016/j.jeca.2025.e00417

Leo M. Doerr

引用次数: 0

Explaining the asymmetric S&P 500 equity index in five themes: The success and failure of macro narratives 用五个主题解释标准普尔500指数的不对称：宏观叙事的成功与失败

Journal of Economic Asymmetries Pub Date : 2025-04-11 DOI: 10.1016/j.jeca.2025.e00415

A.G. Malliaris , Mary Malliaris , Mark S. Rzepczynski

引用次数: 0

Herding effect of both global and local crises in BRICS countries 金砖国家全球性和地方性危机的羊群效应

Journal of Economic Asymmetries Pub Date : 2025-03-24 DOI: 10.1016/j.jeca.2025.e00407

Marija Tatomir, Norio Hibiki

引用次数: 0

Asymmetric threshold effects of economic growth on renewable energy in response to energy price fluctuations 能源价格波动下经济增长对可再生能源的不对称阈值效应

Journal of Economic Asymmetries Pub Date : 2025-03-22 DOI: 10.1016/j.jeca.2025.e00414

Zakaria Boulanouar , Lobna Essid , Saqib Farid , Lassaad Ben Mahjoub

{"title":"Asymmetric threshold effects of economic growth on renewable energy in response to energy price fluctuations","authors":"Zakaria Boulanouar , Lobna Essid , Saqib Farid , Lassaad Ben Mahjoub","doi":"10.1016/j.jeca.2025.e00414","DOIUrl":"10.1016/j.jeca.2025.e00414","url":null,"abstract":"<div><div>Using a panel smooth threshold regression to analyze data from 17 Middle East and North Africa (MENA) countries, this study investigates how asymmetries in energy price (EP) fluctuations impact renewable energy (RE) development, considering varying economic growth rates. The findings reveal that EP fluctuations influence RE development differently across income levels. In high-income countries, higher EPs stimulate RE expansion, while in low-income nations, they hinder it. These results support the substitution hypothesis, indicating that higher EPs encourage a shift toward alternative RE sources, though only within the high-GDP per capita regime in the MENA region. This evidence challenges the notion of a one-size-fits-all energy policy for MENA, highlighting the need for tailored strategies based on individual countries' economic contexts. High-income nations should prioritize subsidy removal to incentivize RE investments, whereas low-income countries require phased approaches to maintain economic stability. The study's broader implications extend to global energy policy, advocating for differentiated strategies that balance sustainable energy transitions with economic growth.</div></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"31 ","pages":"Article e00414"},"PeriodicalIF":0.0,"publicationDate":"2025-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143904575","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