Journal of Economic Asymmetries最新文献_第2页

An analysis of economic stability and financial development in India using asymmetric cointegration and simulative causality tests 利用非对称协整和模拟因果检验分析印度的经济稳定和金融发展

Journal of Economic Asymmetries Pub Date : 2024-09-06 DOI: 10.1016/j.jeca.2024.e00383

Muzffar Hussain Dar , Md Zulquar Nain

{"title":"An analysis of economic stability and financial development in India using asymmetric cointegration and simulative causality tests","authors":"Muzffar Hussain Dar , Md Zulquar Nain","doi":"10.1016/j.jeca.2024.e00383","DOIUrl":"10.1016/j.jeca.2024.e00383","url":null,"abstract":"<div><p>There is consensus among scholars and policymakers alike that economic stability significantly affects the financial sector of an economy. In this context, the present paper explores the possible asymmetric impact of macroeconomic stability on the Indian financial sector for the period 1975–2021. To capture the asymmetry, this study adopts the nonlinear autoregressive distributive lag (NARDL) model. Furthermore, this study examines the asymmetric causal flow between macroeconomic stability and financial development using the new asymmetric causality test proposed by Hatemi-j (2012). The results demonstrate that macroeconomic instability hurts financial development and that this effect is asymmetrical in nature. Furthermore, the findings demonstrate that per capita real income has a positive impact on financial development, supporting the <em>demand-led hypothesis</em> in the finance growth nexus. The results further demonstrate that the causal relationship is asymmetric. There is a unidirectional, asymmetrical causal flow from positive shock in financial development to positive shock in inflation. Overall, we conclude that the benefits of financial sector reforms are contingent upon economic stability. This implies that Indian policymakers must prioritize economic stability over financial reforms, emphasizing that future policy formulation should be contingent on cyclical periods.</p></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"30 ","pages":"Article e00383"},"PeriodicalIF":0.0,"publicationDate":"2024-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142150929","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 effects of EU cohesion policy on EU regional growth: The role of macroeconomic uncertainty 欧盟凝聚力政策对欧盟地区增长的不对称效应：宏观经济不确定性的作用

Journal of Economic Asymmetries Pub Date : 2024-08-27 DOI: 10.1016/j.jeca.2024.e00382

Mehmet Pinar , Burhan Can Karahasan

引用次数: 0

Do climate policy uncertainty and geopolitical risk transmit opportunity or threat to the green market? Evidence from non-linear ARDL 气候政策的不确定性和地缘政治风险会给绿色市场带来机遇还是威胁？来自非线性 ARDL 的证据

Journal of Economic Asymmetries Pub Date : 2024-08-14 DOI: 10.1016/j.jeca.2024.e00379

Samuel Asante Gyamerah , Henry Ofoe Agbi-Kaiser , Luis Alberiko Gil-Alana

{"title":"Do climate policy uncertainty and geopolitical risk transmit opportunity or threat to the green market? Evidence from non-linear ARDL","authors":"Samuel Asante Gyamerah , Henry Ofoe Agbi-Kaiser , Luis Alberiko Gil-Alana","doi":"10.1016/j.jeca.2024.e00379","DOIUrl":"10.1016/j.jeca.2024.e00379","url":null,"abstract":"<div><p>This paper examines the asymmetric impacts of climate policy uncertainty (CPU), and geopolitical risk (GPR) on US green bond (GB) returns. By using the non-linear ARDL model and monthly data for GB, CPU and GPR from January 2016 to August 2022, our empirical findings show that in the short run, GB returns are negatively affected by both positive and negative shocks to GPR. In the long term, GB returns are positively impacted by negative shocks in GPR and negatively affected by positive shocks in GPR. CPU on the other hand shows an insignificant symmetric effect. These results have vital implications for policymakers and fund managers. Policymakers should consider implementing policies that reduce uncertainties and ensure stability in the green bond market. For fund managers, there is the need to adopt dynamic approaches to portfolio management, considering the evolving nature of geopolitical risks and their impact on green bond performance.</p></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"30 ","pages":"Article e00379"},"PeriodicalIF":0.0,"publicationDate":"2024-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1703494924000288/pdfft?md5=5d415a881abce79346dd82220ec335d3&pid=1-s2.0-S1703494924000288-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141984833","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 effects of monetary policy shocks on financial stability 货币政策冲击对金融稳定的不对称影响

Journal of Economic Asymmetries Pub Date : 2024-08-13 DOI: 10.1016/j.jeca.2024.e00380

George N. Apostolakis, Nikolaos Giannellis

引用次数: 0

Ownership or procurement, which matters? exploring asymmetries in local public transportation in Italy through a semi-parametric approach 通过半参数方法探讨意大利地方公共交通中的不对称问题？

Journal of Economic Asymmetries Pub Date : 2024-07-27 DOI: 10.1016/j.jeca.2024.e00377

Monica Auteri , Alessandro Cremaschini

引用次数: 0

Bank cost efficiency and underground economy: The asymmetric impact of cooperative and non-cooperative banks 银行成本效率与地下经济：合作银行与非合作银行的非对称影响

Journal of Economic Asymmetries Pub Date : 2024-07-26 DOI: 10.1016/j.jeca.2024.e00378

Cristian Barra , Anna Papaccio , Nazzareno Ruggiero

{"title":"Bank cost efficiency and underground economy: The asymmetric impact of cooperative and non-cooperative banks","authors":"Cristian Barra , Anna Papaccio , Nazzareno Ruggiero","doi":"10.1016/j.jeca.2024.e00378","DOIUrl":"10.1016/j.jeca.2024.e00378","url":null,"abstract":"<div><p>We build a model of firms' choice between regular and irregular labor factors which links the cost efficiency of banks to the size of the underground economy. We consider two kinds of credit institutions supplying loans to the firms, cooperative and non-cooperative banks. The theoretical results show that cost-efficiency encourages firms to hire more regular workers. We then test our theoretical predictions using regional data for Italy over the 2004–2017 and assess how the efficiency of cooperative and non-cooperative banks, shapes the underground economy. In line with our theoretical prediction, increased cost efficiency reduces the size of the underground economy, especially in building and agriculture, and the estimated coefficients for the different types of banks are quite similar in size. Our evidence is robust to banks’ size, once we control for the likely simultaneity between cost efficiency and the underground economy and once we include the quality of institutions.</p></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"30 ","pages":"Article e00378"},"PeriodicalIF":0.0,"publicationDate":"2024-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1703494924000276/pdfft?md5=192cee286c9738b9c8fb00eda34ca4fa&pid=1-s2.0-S1703494924000276-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141954252","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

Commonalities and heterogeneity in the Iberian business cycle 伊比利亚商业周期的共性和异质性

Journal of Economic Asymmetries Pub Date : 2024-07-22 DOI: 10.1016/j.jeca.2024.e00375

António Afonso , Hugo Morão

引用次数: 0

Fresh evidence from temperature effects on growth and economic policy uncertainty: A panel quantile approach 温度对经济增长和经济政策不确定性影响的新证据：面板量化方法

Journal of Economic Asymmetries Pub Date : 2024-07-18 DOI: 10.1016/j.jeca.2024.e00376

Flora Leventis, Panagiotis Palaios

{"title":"Fresh evidence from temperature effects on growth and economic policy uncertainty: A panel quantile approach","authors":"Flora Leventis, Panagiotis Palaios","doi":"10.1016/j.jeca.2024.e00376","DOIUrl":"10.1016/j.jeca.2024.e00376","url":null,"abstract":"<div><p>This paper provides fresh evidence of temperature effects on GDP per capita growth and economic policy uncertainty <span><math><mrow><mo>(</mo><mrow><mi>e</mi><mi>p</mi><mi>u</mi></mrow><mo>)</mo></mrow></math></span>. We apply the quantile via moments methodology (Machado and Santos Silva, 2019) in a sample of 31 countries for the period 1980–2021, the most current time frame of the work we reviewed. To the best of our knowledge, temperature effects on <span><math><mrow><mi>e</mi><mi>p</mi><mi>u</mi></mrow></math></span>, in a panel quantile setting, have not been examined before. Our empirical results provide evidence in favor of asymmetric temperature impacts on both growth rates and <span><math><mrow><mi>e</mi><mi>p</mi><mi>u</mi></mrow></math></span>. Specifically, according to our main findings: First, the impact of temperature on the growth rate of GDP per capita is quadratic, negative and increases, in absolute terms, as we move from the upper (flourishing economy) to the lower (bearish economy) quantiles. Second, hotter countries are more vulnerable to economic policy uncertainty, with the effect being more pronounced as uncertainty increases. Third, the temperature effect on GDP is higher than the political effect in weaker economies, while the political effect becomes of greater magnitude in stronger economies. Overall, our results indicate that an increase in temperature due to climate change poses important threats for the development prospects especially, but not exclusively, of the poorer countries that usually have both higher temperatures and face severe issues of economic policy uncertainty due to political instability and lack of basic economic infrastructure.</p></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"30 ","pages":"Article e00376"},"PeriodicalIF":0.0,"publicationDate":"2024-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141637647","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

Heterogeneous impacts of geopolitical risk factors on stock markets in the Middle East: A quantile regression analysis across four emerging economies 地缘政治风险因素对中东股市的异质性影响：四个新兴经济体的量子回归分析

Journal of Economic Asymmetries Pub Date : 2024-07-03 DOI: 10.1016/j.jeca.2024.e00374

Mohamed Abdelaziz Eissa , Hisham Al Refai , Georgios Chortareas

{"title":"Heterogeneous impacts of geopolitical risk factors on stock markets in the Middle East: A quantile regression analysis across four emerging economies","authors":"Mohamed Abdelaziz Eissa , Hisham Al Refai , Georgios Chortareas","doi":"10.1016/j.jeca.2024.e00374","DOIUrl":"https://doi.org/10.1016/j.jeca.2024.e00374","url":null,"abstract":"<div><p>This study investigates the heterogeneous impacts of eight categories of geopolitical risk on stock market performance across different market conditions in four Middle Eastern economies: Egypt, Israel, Saudi Arabia, and Turkey. Utilizing Quantile regression analysis and datasets spanning from September 2002 to August 2023, our findings reveal the complex and varied relationships between geopolitical risk factors and stock market performance. These results underscore the significance of comprehending specific political risk factors and their influence under various market conditions. We observe a consistent negative relationship between military buildups and stock market performance in Egypt and Israel, while other categories exhibit mixed effects. The Saudi Arabian and Turkish markets demonstrate varied sensitivity to different risks, with terrorism and war-related events significantly affecting market dynamics. Notably, all four markets consistently displayed negative reactions to terrorist activities, indicating the universally disruptive nature of such events. Understanding these dynamics assists investors and policymakers in adapting to global political changes.</p></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"30 ","pages":"Article e00374"},"PeriodicalIF":0.0,"publicationDate":"2024-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141539783","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

Market turbulence and investor decision-making in currency option market 货币期权市场的市场动荡与投资者决策

Journal of Economic Asymmetries Pub Date : 2024-06-26 DOI: 10.1016/j.jeca.2024.e00373

Wael Dammak , Wajdi Frikha , Mohamed Naceur Souissi

{"title":"Market turbulence and investor decision-making in currency option market","authors":"Wael Dammak , Wajdi Frikha , Mohamed Naceur Souissi","doi":"10.1016/j.jeca.2024.e00373","DOIUrl":"https://doi.org/10.1016/j.jeca.2024.e00373","url":null,"abstract":"<div><p>This research delves into the effects of recent crises on investor behavior within the currency options market, particularly focusing on the relationship with underlying exchange rates. Analyzing daily EUR/USD currency call pair data from May 4, 2011, to June 19, 2023, we employ a genetic algorithm to calculate stochastic volatility in line with the Garman and Kohlhagen model. Through the application of the STAR model, we identified shifts in investor behavior across various crisis periods. These shifts are linked to inherent asymmetries in the time series data, illustrating the diverse strategies of different investor types, such as fundamentalists and chartists. Our findings reveal how each investor group tailors its approach to these market asymmetries, showcasing distinct strategies and responses to fluctuating market conditions and crises. This study contributes to the financial literature by offering a more nuanced understanding of how crises influence investor behavior and the dynamics of currency markets. Ultimately, it sheds light on the complexities of investor behavior during economic challenges.</p></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"30 ","pages":"Article e00373"},"PeriodicalIF":0.0,"publicationDate":"2024-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141485163","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