Journal of Economic Asymmetries最新文献_第4页

Collapsing bubbles in the prices of cryptocurrencies 加密货币价格泡沫破裂

Journal of Economic Asymmetries Pub Date : 2025-06-01 Epub Date: 2025-04-26 DOI: 10.1016/j.jeca.2025.e00420

Chiara Oldani , Giovanni S.F. Bruno , Marcello Signorelli

{"title":"Collapsing bubbles in the prices of cryptocurrencies","authors":"Chiara Oldani , Giovanni S.F. Bruno , Marcello Signorelli","doi":"10.1016/j.jeca.2025.e00420","DOIUrl":"10.1016/j.jeca.2025.e00420","url":null,"abstract":"<div><div>This paper investigates the existence of bubbles in the daily prices of the most popular cryptocurrencies, Bitcoin (BTC), Ether (ETH), and Ripple (XRP), employing the recursive methods of Phillips et al. (2015) and Phillips et al. (2011) for testing and date-stamping episodes of exuberant behaviour over a period spanning seven years (2018–2024), including the COVID-19 pandemic crisis (2020–2021). The critical values of the tests are computed through the composite wild bootstrap technique by Phillips and Shi (2020) to make them robust to time-varying unconditional heteroscedasticity and the multiplicity issue in recursive tests. Results indicate that the prices of the most popular cryptocurrencies traded on decentralized ledgers, BTC and ETH, exhibited multiple episodes of exuberant behaviour, unambiguously for BTC and depending on the tests for ETH. Bubbles detected in the prices of BTC were due to the halving of the crypto, to market exuberance and to the pandemic crisis; bubbles detected on ETH prices were due to the launch of NFTs on the Ethereum blockchain, and to the change in investors’ expectations (from exuberant to pessimistic); the change in the stance of monetary policy burst the bubbles of BTC and ETH prices in 2024. No test supports the exuberance of XRP that is traded on a centralized ledger; weekly data confirm the absence of multiple bubbles. By looking at the presence of bubbles in these different digital ecosystems, we also consider how the technological differences can impact, possibly asymmetrically, bubbles' formation.</div></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"31 ","pages":"Article e00420"},"PeriodicalIF":0.0,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143877358","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 impact of the Covid-19 pandemic on gender labor market asymmetries in Germany 新冠肺炎疫情对德国性别劳动力市场不对称的影响

Journal of Economic Asymmetries Pub Date : 2025-06-01 Epub Date: 2025-01-04 DOI: 10.1016/j.jeca.2024.e00396

Timo Baas

{"title":"The impact of the Covid-19 pandemic on gender labor market asymmetries in Germany","authors":"Timo Baas","doi":"10.1016/j.jeca.2024.e00396","DOIUrl":"10.1016/j.jeca.2024.e00396","url":null,"abstract":"<div><div>The Corona pandemic affected life and working conditions around the world. Some could work from home, some had to risk their lives at the workplace, and some got laid off. The selection of employees to one of these groups, however, was asymmetric about gender. More than 63 percent of employees providing services in Germany are female; females in health professions account for more than 75 percent, and in social professions, including daycare, the share of female employees is at 84 percent. These occupations were in high demand during the pandemic and cannot be practiced at home. Since women do more than 62 percent of housework and childcare, the high demand for female work creates a dilemma. While family obligations increased as childcare facilities and schools closed, women had to decide whether to remain or drop out of the labor market. In this paper’s estimated DSGE model, these choices are addressed by allowing for asymmetries in participation decisions and disutility of effort for male and female workers. While at the beginning of the pandemic, female employment increased relative to male, an increase in disutility drove females out of the labor market during the second lockdown. Instead, predominantly males entered, and females reacted to this increase by staying absent. This pattern resembles previous findings on historical pandemics and, in the literature, is called “the added worker effect.”</div></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"31 ","pages":"Article e00396"},"PeriodicalIF":0.0,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143143650","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

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 : 2025-06-01 Epub 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":"2025-06-01","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

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 : 2025-06-01 Epub 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":"2025-06-01","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

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 : 2025-06-01 Epub 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":"2025-06-01","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

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 : 2025-06-01 Epub 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":"2025-06-01","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

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 : 2025-06-01 Epub 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 : 2025-06-01 Epub Date: 2025-03-24 DOI: 10.1016/j.jeca.2025.e00407

Marija Tatomir, Norio Hibiki

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 : 2025-06-01 Epub 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":"2025-06-01","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

Exploring global financial interdependencies among ASEAN-5, major developed and developing markets 探索东盟五国、主要发达市场和发展中市场之间的全球金融相互依存关系

Journal of Economic Asymmetries Pub Date : 2025-06-01 Epub Date: 2025-01-01 DOI: 10.1016/j.jeca.2024.e00398

Barkha Dhingra , Mohit Saini , Mahender Yadav , Gaurav Kumar , Pankaj Kumar

{"title":"Exploring global financial interdependencies among ASEAN-5, major developed and developing markets","authors":"Barkha Dhingra , Mohit Saini , Mahender Yadav , Gaurav Kumar , Pankaj Kumar","doi":"10.1016/j.jeca.2024.e00398","DOIUrl":"10.1016/j.jeca.2024.e00398","url":null,"abstract":"<div><div>The outbreak of the virus in early 2020 led to widespread market volatility and significant declines in stock prices. The importance of the ASEAN-5 markets has emerged as a result of the pandemic. Post-covid-19 and Russia-Ukraine war, these markets have gained attention from investors and researchers. Therefore, it is crucial to understand the extent to which the ASEAN-5 markets are connected to other major markets in order to fully grasp the impact of the pandemic on global stock markets. Hence, this study aims to examine the connectedness among ASEAN-5, the US, the UK, India, and China's stock markets. The data for the period January 2017 to December 2022 were retrieved. DCC-GARCH is employed to fetch the connectedness for sub-periods: pre, during, and post-covid-19. The results in the pre-covid-19 period highlight that Indian markets are least connected with the others; the Philippines is the worst net volatility receiver. During covid-19, China is the net volatility receiver, in the post-covid-19 period; Singapore is the net volatility receiver. The results are robust to the Minimum Spanning Tree (MST) analysis. During the crisis, investors should rebalance or reallocate their portfolios due to increased connection and declining benefits of diversification. To prevent the local markets from being affected by other markets, policymakers should take action.</div></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"31 ","pages":"Article e00398"},"PeriodicalIF":0.0,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143143646","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