Journal of Economic Asymmetries最新文献_第2页

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

Energy uncertainty and Firm Performance: Does ESG matter? 能源不确定性与企业绩效：ESG重要吗？

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, 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 影响沙特阿拉伯住房市场不对称的因素

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 , Fayçal Boumimez , 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

How does climate policy uncertainty determine green innovation adoption? New perspectives from the BRICS 气候政策的不确定性如何决定绿色创新的采用？金砖国家的新视角

Journal of Economic Asymmetries Pub Date : 2025-03-05 DOI: 10.1016/j.jeca.2025.e00411

Samar S. Alharbi , Mosab I. Tabash , Umar Farooq , Suzan Sameer Issa

{"title":"How does climate policy uncertainty determine green innovation adoption? New perspectives from the BRICS","authors":"Samar S. Alharbi , Mosab I. Tabash , Umar Farooq , Suzan Sameer Issa","doi":"10.1016/j.jeca.2025.e00411","DOIUrl":"10.1016/j.jeca.2025.e00411","url":null,"abstract":"<div><div>The lack of information on climate policies designed by the government may lead to disruptive policies (specifically policies related to environmental sustainability) by the other sectors. The primary objective of the current study is to examine how climate policy uncertainty (CPU) affects the adoption of sustainable green innovations. The effects of CPU on environmental technology development (EDT) and environmental patent registration (EPR) in the BRICS economies between 2000 and 2022 are the focus of this study. This study investigates the relationship between CPU and green innovation using a rigorous methodological approach utilizing the FMOLS and CS-ARDL models. To account for the various factors influencing green innovation, the analysis includes a range of financial and economic indicators, including real interest rates (RIR), GDP FDI inflow, and financial development (FD). The results show that CPU has a significant negative impact on both EDT and EPR, indicating that the development and registration of environmental technologies are hampered by higher policy uncertainty. In contrast, positive effects on GDP FD and FDI encourage the development and adoption of green innovations. A further finding of the study is that investments in green technology are negatively impacted by RIRs' higher borrowing costs. The ramifications of these findings underscore the need for legislators to guarantee predictability and stability in regulations to promote green innovation. By creating a more uniform set of regulations, governments can encourage investment in and progress in environmental technologies. The research's novelty is found as it expands the existing literature exploring the impact of other types of uncertainties on green innovation, while the current analysis focuses on CPU-green innovation adoption nexus.</div></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"31 ","pages":"Article e00411"},"PeriodicalIF":0.0,"publicationDate":"2025-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143904574","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 不对称不确定性冲击的宏观经济影响

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 , Boris Blagov , Torsten Schmidt , Jonas Rieger , 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 多元化与流动性创造的不对称关系：来自海湾合作委员会的经验证据

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 , Ghulame Rubbaniy , Costas Syriopoulos , 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