Journal of Economic Asymmetries最新文献_第3页

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

Erratum regarding missing Declaration of Competing Interest statements in previously published articles 关于先前发表的文章中缺少竞争利益声明的勘误表

Journal of Economic Asymmetries Pub Date : 2025-01-13 DOI: 10.1016/j.jeca.2025.e00402

引用次数: 0

Erratum regarding missing Declaration of Competing Interest statements in previously published articles 关于先前发表的文章中缺少竞争利益声明的勘误表

Journal of Economic Asymmetries Pub Date : 2025-01-13 DOI: 10.1016/j.jeca.2025.e00401

引用次数: 0

The asymmetric impact of fiscal decentralization on ecological footprint-accounting for methodological refinements and globalization facets 财政分权对生态足迹的不对称影响——方法改进和全球化方面的核算

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 , 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

Macroeconomic asymmetries and their influence on fintech ecosystem growth: A global and regional perspective 宏观经济不对称及其对金融科技生态系统增长的影响：全球和区域视角

Journal of Economic Asymmetries Pub Date : 2025-01-06 DOI: 10.1016/j.jeca.2024.e00399

Hassnian Ali , Ahmet Faruk Aysan

{"title":"Macroeconomic asymmetries and their influence on fintech ecosystem growth: A global and regional perspective","authors":"Hassnian Ali , Ahmet Faruk Aysan","doi":"10.1016/j.jeca.2024.e00399","DOIUrl":"10.1016/j.jeca.2024.e00399","url":null,"abstract":"<div><div>This study examines the asymmetric macroeconomic factors influencing the formation and growth of fintech ecosystems across 103 countries from 2005 to 2022, offering both global and regional perspectives. Using a fixed-effects negative binomial regression model as the primary methodology, the research identifies key macroeconomic drivers—such as GDP per capita, inflation, financial development, and real interest rates—whose impacts on fintech formation vary significantly across regions. Additionally, an adapted Asymmetric Error Correction Model (AECM) for count panel data is employed as a supplementary analysis to capture the differential effects of positive and negative changes in macroeconomic variables. The findings reveal how global crises, including the Global Financial Crisis (GFC) and the COVID-19 pandemic, have unevenly disrupted fintech growth, exposing regional vulnerabilities and opportunities. Europe's fintech expansion is primarily driven by investments in education and human capital, while Asia and the Gulf Cooperation Council (GCC) countries are more responsive to macroeconomic stability. In contrast, African fintech ecosystems rely heavily on financial development to foster growth. Robustness checks with lagged variables further validate the temporal effects of these drivers, emphasizing their long-term implications. By exploring the role of macroeconomic asymmetries in shaping fintech ecosystems, this study provides critical insights for policymakers and investors aiming to enhance resilience and foster sustainable growth tailored to the distinct economic environments of each region.</div></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"31 ","pages":"Article e00399"},"PeriodicalIF":0.0,"publicationDate":"2025-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143143644","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

Alternative monetary policy rules in an imperfectly competitive DSGE model with asymmetric price adjustment 具有非对称价格调整的不完全竞争DSGE模型中的可选货币政策规则

Journal of Economic Asymmetries Pub Date : 2025-01-06 DOI: 10.1016/j.jeca.2024.e00397

George Alogoskoufis, Stelios Giannoulakis

引用次数: 0