Journal of Economic Asymmetries最新文献

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Herding effect of both global and local crises in BRICS countries
Journal of Economic Asymmetries Pub Date : 2025-03-24 DOI: 10.1016/j.jeca.2025.e00407
Marija Tatomir, Norio Hibiki
{"title":"Herding effect of both global and local crises in BRICS countries","authors":"Marija Tatomir,&nbsp;Norio Hibiki","doi":"10.1016/j.jeca.2025.e00407","DOIUrl":"10.1016/j.jeca.2025.e00407","url":null,"abstract":"<div><div>This research addresses the asymmetric acknowledgment given to local versus global crises, particularly within the BRICS nations. Local crises often surpass global events in their impact but remain underexplored. Using a comprehensive approach combining Financial and Economic, Public Sentiment, and Governance data, the research applies a novel Axiom and Inference model to identify overlooked crises. Results indicate that local crises in BRICS countries have measurable impacts exceeding global benchmarks, with distinctive patterns of herding behaviour: China primarily responds to global crises, India reacts equally to both, and Brazil, Russia, and South Africa exhibit stronger herding during local crises. The findings challenge traditional crisis frameworks, emphasizing the need to recognize and address local and non-financial crises to mitigate their potential escalation into global phenomena.</div></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"31 ","pages":"Article e00407"},"PeriodicalIF":0.0,"publicationDate":"2025-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143679849","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Energy uncertainty and Firm Performance: Does ESG matter?
Journal of Economic Asymmetries Pub Date : 2025-03-18 DOI: 10.1016/j.jeca.2025.e00413
Siddhartha Barman, Jitendra Mahakud
{"title":"Energy uncertainty and Firm Performance: Does ESG matter?","authors":"Siddhartha Barman,&nbsp;Jitendra Mahakud","doi":"10.1016/j.jeca.2025.e00413","DOIUrl":"10.1016/j.jeca.2025.e00413","url":null,"abstract":"<div><div>This study investigates the influence of ESG performance on the relationship between firm performance and global energy uncertainty (EUI). Our primary objective is to examine the manner in which the environmental, social, and governance (ESG) factors influences the relationship between firm performance and EUI. This objective was accomplished by employing a comprehensive dataset that encompassed 50 nations, and spanned eight years (2014–2021). The results reveal that EUI has a detrimental effect on the performance of firms, as the uncertainties induced by EUI foster a culture of risk aversion, which in turn causes firms to postpone their investment in long-term projects. In contrast, the analysis emphasises a positive correlation between ESG and EUI-firm performance relationship, suggesting that firms with robust ESG performance are more likely to invest due to improved reputation, cost reduction, and sustainable market access even in times of energy related uncertainty such as oil price volatility and other energy price surges. The novelty of this research lies in its holistic approach to examining the interconnected dynamics between EUI and firm performance, and the moderating influence of ESG. The findings offer practical guidance for investors and corporate managers.</div></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"31 ","pages":"Article e00413"},"PeriodicalIF":0.0,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143642829","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
Factors influencing asymmetries in Saudi Arabia's housing market
Journal of Economic Asymmetries Pub Date : 2025-03-10 DOI: 10.1016/j.jeca.2025.e00412
Amirouche Chelghoum , Fayçal Boumimez , Mouyad Alsamara
{"title":"Factors influencing asymmetries in Saudi Arabia's housing market","authors":"Amirouche Chelghoum ,&nbsp;Fayçal Boumimez ,&nbsp;Mouyad Alsamara","doi":"10.1016/j.jeca.2025.e00412","DOIUrl":"10.1016/j.jeca.2025.e00412","url":null,"abstract":"<div><div>The article aims to examine the determinants of the asymmetries in the housing prices index (HPI) in 13 Saudi Arabian administrative regions. The authors employ a panel Vector Auto-regressions during the period 2014Q1-2023Q4 to measure the role of speculative and fundamental determinants in <em>HPI</em> growth across 13 regions. Furthermore, we use Least Square Dummy Variable method for the period 2015–2021 to analyze the asymmetry impact of region-specific determinants (economic, demographic, urbanization, geographic, and cultural variables) on <em>HPI</em> growth in 13 admirative regions. The results from the panel VAR model show that the reginal house prices growth is determined by the backward-speculative component (HPI's past values), the forward-looking speculation (Consumer Confidence Index), and the fundamentals variables (oil prices, employment, real estate loans, regional inflation, money supply, and building cost index). Furthermore, cross-section analysis using <em>LSDV</em> method reveals that the asymmetries in the <em>HPI</em> growth across 13 administrative regions is determined by the region-specific variables. These include backward-looking behavior, inflation, labor participation, population, health services quality, household size, inverse land supply, seaside density, temperature, and culture density. This study offers three key contributions to the literature. First, to the best of the author's knowledge, this is the first study that analyzes the asymmetries across Saudi Arabian regional housing markets. Second, while most studies focus on backward-looking speculation, overlooking forward-looking speculative factor, this analysis includes both. Third, the climate, geographical, and cultural determinants are largely ignored by the literature but this study incorporates these variables in the cross-section analysis.</div></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"31 ","pages":"Article e00412"},"PeriodicalIF":0.0,"publicationDate":"2025-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143577504","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 impact of asymmetric uncertainty shocks
Journal of Economic Asymmetries Pub Date : 2025-03-05 DOI: 10.1016/j.jeca.2025.e00410
Henrik Müller , Boris Blagov , Torsten Schmidt , Jonas Rieger , Carsten Jentsch
{"title":"The macroeconomic impact of asymmetric uncertainty shocks","authors":"Henrik Müller ,&nbsp;Boris Blagov ,&nbsp;Torsten Schmidt ,&nbsp;Jonas Rieger ,&nbsp;Carsten Jentsch","doi":"10.1016/j.jeca.2025.e00410","DOIUrl":"10.1016/j.jeca.2025.e00410","url":null,"abstract":"<div><div>Political shocks impact the economy in different ways, depending of their nature. To capture these effects effectively, we present the Uncertainty Perception Indicator (UPI) based on German newspaper content. This approach combines the time-inherent stability of simple counts of articles with the thematic openness and flexibility of topic models. Using the dynamic RollingLDA technique facilitates the close-to-real-time identification of both the magnitude of an uncertainty shock and its specific characteristics. Hence, the UPI could prove highly useful for economic forecasters and policymakers, since it renders possible more timely and targeted policy reactions.</div><div>Employing a Bayesian VAR approach, we analyze the effects of various UPI shocks on fixed investment and other macroeconomic variables. Our results document the asymmetric nature of uncertainty shocks, as their consequences are dependent on the respective sources of uncertainty. We find that international shocks only have weak effects on the German macroeconomy, while domestic policy shocks prove to be highly significant. These results markedly differ from earlier studies that, in the case of Germany, tend to maintain the opposite.</div></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"31 ","pages":"Article e00410"},"PeriodicalIF":0.0,"publicationDate":"2025-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143550342","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Asymmetric relationship between diversification and liquidity creation: Empirical evidence from GCC
Journal of Economic Asymmetries Pub Date : 2025-03-04 DOI: 10.1016/j.jeca.2025.e00409
Shoaib Ali , Ghulame Rubbaniy , Costas Syriopoulos , Kienpin Tee
{"title":"Asymmetric relationship between diversification and liquidity creation: Empirical evidence from GCC","authors":"Shoaib Ali ,&nbsp;Ghulame Rubbaniy ,&nbsp;Costas Syriopoulos ,&nbsp;Kienpin Tee","doi":"10.1016/j.jeca.2025.e00409","DOIUrl":"10.1016/j.jeca.2025.e00409","url":null,"abstract":"<div><div>This study examines how bank diversification affects liquidity creation by using the bank level data of GCC countries. We use data from 205 banks in GCC over the period of 2005–2019. To test the hypothesized relationship, we employ the GMM methodological framework. The findings of the study reveal that both income and asset diversification adversely affect the narrow and broad measure of banks' liquidity creation. However, funding diversification positively(negatively) influences the broad(narrow) measure of liquidity creation. The results highlight that bank diversification is a double-edged sword; although it can help in reducing risk, but it also vanishes the banks' ability to create liquidity. However, the in-depth and detailed analyses reveal that the impact is asymmetrical across large, small, well-capitalized, and undercapitalized banks. Furthermore, comparing the normal and crisis periods highlights that banks behave differently in different economic conditions. The results have several implications for the bank managers and decision makers; they must consider the trade-off between liquidity creation and level of diversification. Additionally, the asymmetry in results implies that managers must consider the level/bank's specific characteristics while making such strategic decisions.</div></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"31 ","pages":"Article e00409"},"PeriodicalIF":0.0,"publicationDate":"2025-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143550343","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
Can fear of currency appreciation gear up reserve accretion?
Journal of Economic Asymmetries Pub Date : 2025-02-20 DOI: 10.1016/j.jeca.2025.e00408
Keerthana Sunny George , M. Ramachandran
{"title":"Can fear of currency appreciation gear up reserve accretion?","authors":"Keerthana Sunny George ,&nbsp;M. Ramachandran","doi":"10.1016/j.jeca.2025.e00408","DOIUrl":"10.1016/j.jeca.2025.e00408","url":null,"abstract":"<div><div>This paper investigates whether the Reserve Bank of India's intervention in the foreign exchange market has preference asymmetry and also attempts to find out whether reserve accumulation is significantly an outcome of such an asymmetric intervention. In this regard, we construct quarterly models of reserve demand wherein shocks to rupee appreciation and depreciation with their pace are included to capture the asymmetry in intervention, apart from incorporating certain key control variables as determinants. The econometric estimates obtained from the autoregressive distributed lag model confirm that intervention reflects asymmetric preference; the authority seems to tame rupee appreciation more aggressively than rupee depreciation of the same magnitude. Moreover, the reaction to pace of rupee appreciation is found to be much stronger than to pace of rupee depreciation; thus, providing additional support for the asymmetry in intervention. Further, the empirical results are subjected to robustness check and the evidence remains robust to an alternative definition of reserves. The overall evidence, thus, suggests that there is a fear of currency appreciation, which appears to be one of the important factors behind the large stockpile of reserves in India.</div></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"31 ","pages":"Article e00408"},"PeriodicalIF":0.0,"publicationDate":"2025-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143453388","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
On the use of Malmquist productivity indices for intertemporal performance assessment by means of composite indicators
Journal of Economic Asymmetries Pub Date : 2025-02-18 DOI: 10.1016/j.jeca.2025.e00404
Giannis Karagiannis , Panagiotis Ravanos
{"title":"On the use of Malmquist productivity indices for intertemporal performance assessment by means of composite indicators","authors":"Giannis Karagiannis ,&nbsp;Panagiotis Ravanos","doi":"10.1016/j.jeca.2025.e00404","DOIUrl":"10.1016/j.jeca.2025.e00404","url":null,"abstract":"<div><div>The family of Malmquist non-parametric productivity indices using either a single constant input or a single constant output is a consistent approach for measuring performance change in terms of composite indicators. In this setting, testing for Hicks-neutral technical change is important, since in its presence the choice among these Malmquist indices is unnecessary, whereas its absence points towards the asymmetric effects of overarching events and policies across the evaluated units. In this paper, we provide an empirical test for Hicks-neutral technical change by relying on recent developments on inference in dynamic nonparametric models of production. We then use it to examine the pattern of technical change in two study cases related to the UNDP Human Development Index and a social inclusion composite indicator. In both cases, country performance change over time is entirely attributed to technical change, which however is economically significant only in the latter case.</div></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"31 ","pages":"Article e00404"},"PeriodicalIF":0.0,"publicationDate":"2025-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143428057","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Fiscal asymmetries under a debt consolidation strategy: Evidence from Colombia
Journal of Economic Asymmetries Pub Date : 2025-02-06 DOI: 10.1016/j.jeca.2025.e00405
Carlos Andrés Zapata Quimbayo , Raúl Alberto Chamorro Narváez
{"title":"Fiscal asymmetries under a debt consolidation strategy: Evidence from Colombia","authors":"Carlos Andrés Zapata Quimbayo ,&nbsp;Raúl Alberto Chamorro Narváez","doi":"10.1016/j.jeca.2025.e00405","DOIUrl":"10.1016/j.jeca.2025.e00405","url":null,"abstract":"<div><div>This paper develops and implements a fiscal DSGE model tailored to Colombia, a small and open emerging economy (SOEE). The study focuses on the asymmetric effects of fiscal consolidation strategies in this context. The model, constructed as a New-Keynesian DSGE framework, is estimated using Bayesian techniques with data specific to the Colombian economy and relevant external variables. It includes heterogeneous households (Ricardian and non-Ricardian), domestic producers of final and intermediate goods, importers, exporters, and a national government responsible for fiscal policy and a central bank responsible for monetary policy. Key frictions such as the formation of consumption habits, capital stock utilization, risk-adjusted uncovered interest rate parity, and price and wage rigidities are also included. The results suggest that fiscal multipliers vary significantly depending on the fiscal instrument used, with spending cuts having a more contractionary effect on output than tax increases. Moreover, consolidation measures fall severely on non-Ricardian households, exacerbating income inequality. The model highlights fiscal asymmetries, showing that sectors more dependent on public spending face contractions under fiscal consolidation. These findings provide valuable insights into the dynamics of fiscal and monetary policy in SOEEs and serve as an important tool for policy analysis and economic forecasting in emerging markets such as Colombia.</div></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"31 ","pages":"Article e00405"},"PeriodicalIF":0.0,"publicationDate":"2025-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143264836","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 the response of the Slovak labor market asymmetric to output changes?
Journal of Economic Asymmetries Pub Date : 2025-01-21 DOI: 10.1016/j.jeca.2025.e00403
Renáta Pitoňáková , Rudolf Kucharčík , Ladislav Kabát
{"title":"Is the response of the Slovak labor market asymmetric to output changes?","authors":"Renáta Pitoňáková ,&nbsp;Rudolf Kucharčík ,&nbsp;Ladislav Kabát","doi":"10.1016/j.jeca.2025.e00403","DOIUrl":"10.1016/j.jeca.2025.e00403","url":null,"abstract":"<div><div>The accession to the European Union, several external shocks, and the questionable state interventions in the country's business environment significantly impacted economic development of Slovakia. These phenomena were reflected in both the economic and social situation, namely the level of Gross domestic product (GDP) and rate of unemployment. The goal of our paper is to analyze the possible asymmetries in the unemployment-output relationship according to the Okun's law. We used quarterly data to apply static and dynamic models in their symmetric and asymmetric forms (2009 Q1 – 2023 Q3). The results suggest that the labor market reacts more noticeably to GDP contraction than to GDP expansion. The outcomes are of interest to governing bodies managing labor market policy, primarily in the economic downturn, and for banks in controlling interest rates and inflation.</div></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"31 ","pages":"Article e00403"},"PeriodicalIF":0.0,"publicationDate":"2025-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143143649","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 impact of fiscal decentralization on ecological footprint-accounting for methodological refinements and globalization facets
Journal of Economic Asymmetries Pub Date : 2025-01-08 DOI: 10.1016/j.jeca.2024.e00400
Atrayee Choudhury , Sohini Sahu
{"title":"The asymmetric impact of fiscal decentralization on ecological footprint-accounting for methodological refinements and globalization facets","authors":"Atrayee Choudhury ,&nbsp;Sohini Sahu","doi":"10.1016/j.jeca.2024.e00400","DOIUrl":"10.1016/j.jeca.2024.e00400","url":null,"abstract":"<div><div>In the wake of global climate change, this study tries to reconcile the competing evidence on the fiscal decentralization–environmental sustainability nexus by examining the impact of the regional authority index, a comprehensive index of decentralization, on ecological footprint - a novel and composite indicator of environmental sustainability. Using novel econometric techniques to account for potential asymmetry and endogeneity issues, such as the dynamic panel threshold methodology, and quantile techniques, on a sample of 53 countries over two decades, we find robust evidence that the effect is non-linear and conditional on the degree of fiscal decentralization. Decentralization exerts a favourable impact on ecological footprint in lower regime countries owing to positive externalities, while the adverse impact of the same is observed in higher regime countries due to the “race to the bottom” phenomenon. Furthermore, the mediating channels of political and financial globalization weaken the positive externalities spillover, whereas social and cultural globalization mitigates the “race to the bottom” effect, addressing the on-going debate about the trade-off between globalization and environmental sustainability. The effective mitigation of climate change impacts under sub-national governance is thus conditioned by an optimal mix of decentralization policies at the ground level, backed by global exchange of socio-cultural policies promoting ecological awareness.</div></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"31 ","pages":"Article e00400"},"PeriodicalIF":0.0,"publicationDate":"2025-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143143648","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
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