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Journal of Economic Asymmetries最新文献

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Incorporating financial development indicators into early warning systems 将金融发展指标纳入预警系统
Journal of Economic Asymmetries Pub Date : 2023-06-01 DOI: 10.1016/j.jeca.2022.e00284
Alexey Ponomarenko, Stas Tatarintsev
{"title":"Incorporating financial development indicators into early warning systems","authors":"Alexey Ponomarenko,&nbsp;Stas Tatarintsev","doi":"10.1016/j.jeca.2022.e00284","DOIUrl":"https://doi.org/10.1016/j.jeca.2022.e00284","url":null,"abstract":"<div><p>We set up an early warning system for financial crises based on the Random Forrest approach. We use a novel set of predictors that comprises financial development indicators in addition to conventional imbalances measures. The evaluation of the model is conducted using a three-step procedure (i.e. training, validation and testing sub-samples). The results indicate that combining financial imbalances and financial development indicators helps to improve the out-of-sample accuracy of the early warning system.</p></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"27 ","pages":"Article e00284"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49815820","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 scope and methodology of economic and financial asymmetries 经济和金融不对称的范围和方法
Journal of Economic Asymmetries Pub Date : 2023-06-01 DOI: 10.1016/j.jeca.2023.e00297
George Alogoskoufis , A.G. Malliaris , Thanasis Stengos
{"title":"The scope and methodology of economic and financial asymmetries","authors":"George Alogoskoufis ,&nbsp;A.G. Malliaris ,&nbsp;Thanasis Stengos","doi":"10.1016/j.jeca.2023.e00297","DOIUrl":"https://doi.org/10.1016/j.jeca.2023.e00297","url":null,"abstract":"<div><p>This paper focuses on economic and financial asymmetries by addressing methodological issues related to the meaning of economic asymmetries and how such asymmetries arise in markets, general equilibrium modeling<span><span> and in national and global economies. The methodology of modeling asymmetric information began with Akerlof's celebrated model of “lemons” and while these asymmetries were quickly adopted in microeconomics, </span>macroeconomics, business cycles and related areas, economic policies adapted the concept of asymmetries to highlight the importance of unequal magnitudes of responses among economic and financial variables. We discuss numerous topics that illustrate the large scope of economic and financial asymmetries in actual economies and their modeling to establish their methodological centrality in economic analysis and policy.</span></p></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"27 ","pages":"Article e00297"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49815838","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
Asymmetric impact of economic policy uncertainty on cryptocurrency market: Evidence from NARDL approach 经济政策不确定性对加密货币市场的不对称影响：来自NARDL方法的证据
Journal of Economic Asymmetries Pub Date : 2023-06-01 DOI: 10.1016/j.jeca.2023.e00298
Simran, Anil Kumar Sharma
{"title":"Asymmetric impact of economic policy uncertainty on cryptocurrency market: Evidence from NARDL approach","authors":"Simran,&nbsp;Anil Kumar Sharma","doi":"10.1016/j.jeca.2023.e00298","DOIUrl":"10.1016/j.jeca.2023.e00298","url":null,"abstract":"<div><p><span><span>The study examines the relationship between cryptocurrency market and </span>economic policy uncertainty (EPU) by concentrating on the top five cryptocurrencies assessed by market capitalization. We investigate long and short-run effects of global EPU on the returns of </span>Bitcoin, Ethereum, Tether, Binance coin and Ripple, along with ascertaining asymmetries, through the NARDL (Non-Linear Autoregressive Distributed Lag) model, for the period ranging from September 2017 to August 2022. In the long run, except for Tether, all other cryptocurrencies are negatively affected by EPU, challenging the safe hedge properties of cryptocurrencies. However, Bitcoin, Ethereum, Binance coin and Ripple display positive relations with growing EPU in short run, reflecting their safe haven attributes over a shorter horizon. Additionally, these cryptocurrencies exhibit asymmetries in the short run. Further, we analyse the effect of US, Chinese and Indian EPU on bitcoin returns to understand the effect of EPU shocks of advanced and emerging economies. US EPU has long-run negative effects on bitcoin market, whereas Indian and Chinese EPU have no significant impact in long term. Moreover, our analysis also establishes the detrimental impact of the Indian government's crypto tax policy on bitcoin. The study has relevance for current and potential investors of the cryptocurrency market apart from the policymakers and regulatory bodies.</p></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"27 ","pages":"Article e00298"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48496018","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
Dynamic asymmetric connectedness in technological sectors 技术部门的动态不对称连通性
Journal of Economic Asymmetries Pub Date : 2023-06-01 DOI: 10.1016/j.jeca.2022.e00287
Muneer M. Alshater , Huthaifa Alqaralleh , Rim El Khoury
{"title":"Dynamic asymmetric connectedness in technological sectors","authors":"Muneer M. Alshater ,&nbsp;Huthaifa Alqaralleh ,&nbsp;Rim El Khoury","doi":"10.1016/j.jeca.2022.e00287","DOIUrl":"https://doi.org/10.1016/j.jeca.2022.e00287","url":null,"abstract":"<div><p><span>This paper investigates the asymmetric, time, and frequency-based volatility spillovers in global IT </span>industries. To this end, we introduce a new Wavelet-Time Varying Parameter-VAR (W-TVP-VAR) approach to compute connectedness combined with the asymmetrical connectedness of (Barndorff-Nielsen et al., 2010) and (Baruník et al., 2016, 2017) at different frequencies. Daily stock prices of the IT sector in thirteen countries representing the top technologically advanced countries ranging from January 15, 2016, until June 24, 2022, are used. The empirical results show that the aggregate volatility is slowly transmitted across markets with an effect lasting more than twenty days. The result also supports the presence of asymmetrical transmission as downside spillovers dominate upside spillovers, regardless of the frequency. Furthermore, the time-varying spillover shows the dominance of downside spillovers in various crisis periods, especially during the pandemic. The time and frequency-based spillover indicate that the overall spillover increased during the recent COVID-19 pandemic crisis period, which is mostly driven by the short-term, suggesting that panic decisions and herd behavior result in extreme connectedness. These findings are helpful to participants and policymakers.</p></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"27 ","pages":"Article e00287"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49815819","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 Indian economy asymmetrically respond to oil price shocks? 印度经济对油价冲击的反应是否不对称？
Journal of Economic Asymmetries Pub Date : 2023-06-01 DOI: 10.1016/j.jeca.2023.e00299
Abdhut Deheri , M. Ramachandran
{"title":"Does Indian economy asymmetrically respond to oil price shocks?","authors":"Abdhut Deheri ,&nbsp;M. Ramachandran","doi":"10.1016/j.jeca.2023.e00299","DOIUrl":"10.1016/j.jeca.2023.e00299","url":null,"abstract":"<div><p><span><span>This article investigates whether oil price shocks have an asymmetric impact on certain key macroeconomic variables, viz., industrial output, </span>inflation, exchange rates, and </span>stock returns in India. The empirical evaluation of this issue involves using recently developed slope and impulse response-based symmetry tests advocated by Kilian and Vigfusson (2011a). The evidence based on Wald test indicate that there is asymmetry and nonlinearity in the response of macroeconomic variables to oil price shocks. The evidence obtained from impulse responses suggests that most of the macroeconomic variables asymmetrically respond to small and large oil price shocks over different forecast horizons. However, electricity production, nominal effective exchange rate, stock return and inflation measure based on wholesale price index respond symmetrically to oil price shocks using the slope test. These findings are found to be robust to alternative lag structures utilized in the estimation.</p></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"27 ","pages":"Article e00299"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45015813","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: 1
Determinants affecting digital financial consumer protection: Evidence from 135 countries 影响数字金融消费者保护的决定因素：来自135个国家的证据
Journal of Economic Asymmetries Pub Date : 2023-06-01 DOI: 10.1016/j.jeca.2023.e00301
Van Dinh , Dao-Van Le , Duy Duong , Dung Pham
{"title":"Determinants affecting digital financial consumer protection: Evidence from 135 countries","authors":"Van Dinh ,&nbsp;Dao-Van Le ,&nbsp;Duy Duong ,&nbsp;Dung Pham","doi":"10.1016/j.jeca.2023.e00301","DOIUrl":"10.1016/j.jeca.2023.e00301","url":null,"abstract":"<div><p>Asymmetric information in digital financial markets is increasingly becoming a severe problem in the digital era. Consumers of digital finance suffer from asymmetric information compared to financial agents due to the complexity of services and their passive position in collecting, analyzing, and processing information. This study offers measures to improve the practice of digital financial consumer protection (DFCP) through quantitative analysis, using a sample of 135 countries from 2014 to 2018. This manuscript indicates that two groups of factors positively affect financial consumer protection: market size (openness) and technological readiness. The results show that technological improvement and economic openness factors worldwide are seen as tremendous opportunities in the digital age, rather than challenges, for strengthening financial consumer protection. Governments thus need to adopt policies that focus on absorbing new technology, encouraging innovation, and opening the economy instead of controlling actions to protect their citizens.</p></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"27 ","pages":"Article e00301"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42335672","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
Asymmetric effects of monetary policy and financial accelerator: Evidence from India 货币政策与金融加速器的不对称效应:来自印度的证据
Journal of Economic Asymmetries Pub Date : 2023-06-01 DOI: 10.1016/j.jeca.2023.e00296
S. Mundra, Motilal Bicchal
{"title":"Asymmetric effects of monetary policy and financial accelerator: Evidence from India","authors":"S. Mundra, Motilal Bicchal","doi":"10.1016/j.jeca.2023.e00296","DOIUrl":"https://doi.org/10.1016/j.jeca.2023.e00296","url":null,"abstract":"","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"54805222","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
Dying together: A convergence analysis of fatalities during COVID-19 同病相怜:COVID-19期间死亡人数的趋同分析
Journal of Economic Asymmetries Pub Date : 2023-05-29 DOI: 10.1016/j.jeca.2023.e00315
Theodore Panagiotidis , Georgios Papapanagiotou , Thanasis Stengos
{"title":"Dying together: A convergence analysis of fatalities during COVID-19","authors":"Theodore Panagiotidis ,&nbsp;Georgios Papapanagiotou ,&nbsp;Thanasis Stengos","doi":"10.1016/j.jeca.2023.e00315","DOIUrl":"10.1016/j.jeca.2023.e00315","url":null,"abstract":"<div><p>Governments implemented countermeasures to mitigate the spread of the COVID-19 virus. This had a severe effect on the economy. We examine convergence patterns in the evolution of COVID-19 deaths across countries. We aim to investigate whether countries that implemented different measures managed to limit the number of COVID-19 deaths. We extend the most recent macro-growth convergence methodology to examine convergence of COVID-19 deaths. We combine a long memory stationarity framework with the maximal clique algorithm. This provides a rich and flexible club formation strategy that goes beyond the stationary/non stationary approach adopted in the previous literature. Our results suggest that strict measures (even belated) or an aggressive vaccination scheme can confine the spread of the disease while maintaining the strictness of the measures steady can lead to a burst of the virus. Finally, we observe that fiscal measures did not have an effect on the containment of the virus.</p></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"28 ","pages":"Article e00315"},"PeriodicalIF":0.0,"publicationDate":"2023-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10290892/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"10098576","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
Whose policy uncertainty matters in the trade between Mexico and the U.S.: Additional evidence from asymmetric analysis 谁的政策不确定性对墨西哥和美国之间的贸易至关重要：不对称分析的额外证据
Journal of Economic Asymmetries Pub Date : 2023-05-25 DOI: 10.1016/j.jeca.2023.e00311
Mohsen Bahmani-Oskooee , Hanafiah Harvey
{"title":"Whose policy uncertainty matters in the trade between Mexico and the U.S.: Additional evidence from asymmetric analysis","authors":"Mohsen Bahmani-Oskooee ,&nbsp;Hanafiah Harvey","doi":"10.1016/j.jeca.2023.e00311","DOIUrl":"https://doi.org/10.1016/j.jeca.2023.e00311","url":null,"abstract":"<div><p>A previous study that analyzed the impact of the U.S. and Mexican policy uncertainties on trade flows between the two countries assumed that the effects are symmetric. In this paper, we argue and demonstrate that the effects could be asymmetric. Since asymmetry analysis requires nonlinear models, we discover relatively more significant and exciting results. A total of 93 industries that trade between the U.S. and Mexico are included in the study. While we found short-run asymmetric effects in most industries, long-run asymmetric effects were discovered in about 25% of the industries. The findings were industry specific. For example, the largest U.S. exporting industry to Mexico (Electric machinery with 16.27% export share) was hurt by increased uncertainty in Mexico but helped by increased uncertainty in the U.S. On the other hand, the largest Mexican exporting industry to the U.S. (Vehicles and Parts with 28.3% export share) was helped by increased uncertainty in the U.S. but not by any changes in the Mexican uncertainty.</p></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"28 ","pages":"Article e00311"},"PeriodicalIF":0.0,"publicationDate":"2023-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49815289","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
Macroeconomic effects of fiscal consolidation on economic activity in SSA countries 财政整顿对撒哈拉以南非洲国家经济活动的宏观经济影响
Journal of Economic Asymmetries Pub Date : 2023-01-01 DOI: 10.1016/j.jeca.2023.e00312
Gabriel Temesgen Woldu , Izabella Szakálné Kanó
{"title":"Macroeconomic effects of fiscal consolidation on economic activity in SSA countries","authors":"Gabriel Temesgen Woldu ,&nbsp;Izabella Szakálné Kanó","doi":"10.1016/j.jeca.2023.e00312","DOIUrl":"https://doi.org/10.1016/j.jeca.2023.e00312","url":null,"abstract":"","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"28 ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49815286","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: 2
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