Journal of Economic Asymmetries最新文献_第2页

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

Can fear of currency appreciation gear up reserve accretion? 对货币升值的担忧会加速外汇储备的增加吗？

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 , 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

Editorial: Asymmetries in applied macro and financial modeling and econometrics 社论：应用宏观和金融模型与计量经济学中的不对称性

Journal of Economic Asymmetries Pub Date : 2025-02-19 DOI: 10.1016/j.jeca.2025.e00406

Alex Maynard , Alessandra Pelloni

引用次数: 0

On the use of Malmquist productivity indices for intertemporal performance assessment by means of composite indicators 马尔姆奎斯特生产率指数在综合指标跨期绩效评价中的应用

Journal of Economic Asymmetries Pub Date : 2025-02-18 DOI: 10.1016/j.jeca.2025.e00404

Giannis Karagiannis , Panagiotis Ravanos

引用次数: 0

Fiscal asymmetries under a debt consolidation strategy: Evidence from Colombia 债务整合战略下的财政不对称：来自哥伦比亚的证据

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 , 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? 斯洛伐克劳动力市场对产出变化的反应是否不对称？

Journal of Economic Asymmetries Pub Date : 2025-01-21 DOI: 10.1016/j.jeca.2025.e00403

Renáta Pitoňáková , Rudolf Kucharčík , Ladislav Kabát

引用次数: 0