Journal of Economic Asymmetries最新文献_第6页

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

The role of circular economy in EU entrepreneurship: A deep learning experiment 循环经济在欧盟创业中的作用：深度学习实验

Journal of Economic Asymmetries Pub Date : 2024-06-17 DOI: 10.1016/j.jeca.2024.e00372

Giovanna Morelli , Cesare Pozzi , Antonia Rosa Gurrieri , Marco Mele , Alberto Costantiello , Cosimo Magazzino

{"title":"The role of circular economy in EU entrepreneurship: A deep learning experiment","authors":"Giovanna Morelli , Cesare Pozzi , Antonia Rosa Gurrieri , Marco Mele , Alberto Costantiello , Cosimo Magazzino","doi":"10.1016/j.jeca.2024.e00372","DOIUrl":"https://doi.org/10.1016/j.jeca.2024.e00372","url":null,"abstract":"<div><p>Fostering innovation is one of the key roles of the Circular Economy (CE) that applies also to European Union (EU) firms, because entrepreneurs are persistently seeking new ways and means to create values, contributing with significant market opportunities, and depicting large potential for EU sustainable growth. This study explores the effects of firms’ investments in using highly disruptive technologies in the energy sector on the Eurozone (EU-27) in the last two decades (1990–2019). An Artificial Neural Networks (ANNs) experiment through a Deep Learning (DL) approach is implemented to test this hypothesis. The empirical findings show that investments in highly disruptive technologies, especially by large digitally qualified companies, boost economic growth. They are also a crucial driver of digitalization not only because they enhance a wide strategic change implying a radical innovation in business models, but they completely transform markets, from energy to food production, water resources, pollution, connectivity, and plastic waste. These expected benefits represent a possible policy measure to offset the decline in global activity due to the impact of the Russia-Ukraine war on global energy markets. In addition, a positive association between trade and output is confirmed. Finally, promising policy actions are discussed.</p></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"30 ","pages":"Article e00372"},"PeriodicalIF":0.0,"publicationDate":"2024-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141424019","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

Are renewable energy resources, oil price, and trade openness helping France achieve its environmental targets? Evidence from an asymmetric analysis 可再生能源、石油价格和贸易开放是否有助于法国实现其环境目标？不对称分析的证据

Journal of Economic Asymmetries Pub Date : 2024-06-15 DOI: 10.1016/j.jeca.2024.e00371

Emna Omri , Haifa Saadaoui , Damien Bazin

{"title":"Are renewable energy resources, oil price, and trade openness helping France achieve its environmental targets? Evidence from an asymmetric analysis","authors":"Emna Omri , Haifa Saadaoui , Damien Bazin","doi":"10.1016/j.jeca.2024.e00371","DOIUrl":"https://doi.org/10.1016/j.jeca.2024.e00371","url":null,"abstract":"<div><p>The purpose of the present investigation is to scrutinize the impacts of green energy technologies, trade, the per capita income, and oil price on the carbon dioxide emissions and ecological footprint in France over the 1980/2022 period. Therefore, to achieve this objective, the Non-linear Autoregressive Distributed Lag (NARDL) approach is employed.</p><p>In fact, the obtained results showed that renewable energy is a contributor to the improvement of the French environment. In fact, a positive shock to renewable energy alleviates both the CO<sub>2</sub> emissions and the ecological footprint. Moreover, an upsurge in oil prices reduces the CO<sub>2</sub> emissions while their reduction enhances the ecological footprint. On the other hand, trade is proven to have a negative effect on the environmental damage. Furthermore, a positive variation in the GDP per capita exerts a positive upshot on the CO<sub>2</sub> emissions and ecological footprint, in the long run, whereas, a negative shock to the GDP per capita has a negative impact on the carbon dioxide emissions. Finally, a robustness check analysis is added using quantile regression (QR) in order to explore the effects of positive and negative variations of the different explanatory variables.</p><p>In fact, referring to these results, some strategic directions are proposed in order to decarbonize the French economy. Therefore, diversifying the electricity mix by introducing more renewable energies should be a priority. On the other hand, in order to avoid an increase of the State's energy bill in the event of an increase of the oil prices, it is important to reduce oil imports by increasing energy production from renewable sources such as hydraulic, solar, and wind energies.</p></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"30 ","pages":"Article e00371"},"PeriodicalIF":0.0,"publicationDate":"2024-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141328454","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

Asymmetries in the interest rate channel in inflation-targeting Latin American countries 以通胀为目标的拉丁美洲国家利率渠道的不对称性

Journal of Economic Asymmetries Pub Date : 2024-06-05 DOI: 10.1016/j.jeca.2024.e00370

Jorge David Quintero Otero , Leopoldo Gómez-Ramírez , Luis Eduardo Otero Restrepo

{"title":"Asymmetries in the interest rate channel in inflation-targeting Latin American countries","authors":"Jorge David Quintero Otero , Leopoldo Gómez-Ramírez , Luis Eduardo Otero Restrepo","doi":"10.1016/j.jeca.2024.e00370","DOIUrl":"https://doi.org/10.1016/j.jeca.2024.e00370","url":null,"abstract":"<div><p>This paper presents, first, a theoretical model that, by highlighting that commercial banks with market power are able to positively pass on to their clients variations in their costs and, furthermore, that the strength with which they can do so is in turn asymmetrically related to the elasticity of the demand for loans exhibited by those clients, explains the asymmetric empirical findings shortly described. Secondly, it empirically investigates the pass-through of monetary policy rates (MPR) changes into the consumer and commercial loans interest rates set by commercial banks in four Latin American countries with inflation targeting (IT) schemes, namely (in alphabetic order) Brazil, Chile, Colombia, and Peru, over a homogeneous period. To do so, it estimates Non-Linear Auto-Regressive Distributed Lag (NARDL) models for each country. Then, we find two types of important asymmetric responses in the interest rate channel of IT monetary policy. The first is that the long-run response of the consumer loans interest rates following increases in the MPR is greater than that of the commercial loans interest rates. The second is that, in general, when the demand is relatively more elastic (as in the case of commercial loans) then the banks interest rates tend to exhibit a greater response when the central bank lowers the MPR than when it raises it.</p></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"30 ","pages":"Article e00370"},"PeriodicalIF":0.0,"publicationDate":"2024-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1703494924000197/pdfft?md5=2544e1947cc7a5de9c9ceec8dfe85b5d&pid=1-s2.0-S1703494924000197-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141250033","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 between economic development and fertility: What do 140 years of data tell us? 经济发展与生育率之间的不对称效应：140 年的数据告诉我们什么？

Journal of Economic Asymmetries Pub Date : 2024-06-03 DOI: 10.1016/j.jeca.2024.e00368

Georgios Bampinas , Georgios Mavropoulos

{"title":"Asymmetric effects between economic development and fertility: What do 140 years of data tell us?","authors":"Georgios Bampinas , Georgios Mavropoulos","doi":"10.1016/j.jeca.2024.e00368","DOIUrl":"https://doi.org/10.1016/j.jeca.2024.e00368","url":null,"abstract":"<div><p>This study investigates the historical nexus between economic development and fertility in eight highly advanced European economies between 1870 and 2014. We employ the method of moments quantile regression (MMQR), which enables us to examine the impact of the different levels of economic development on fertility. We also consider the role of mortality and marriage to gain a more comprehensive view of the relationship. Our results from the linear and panel quantile models suggest an inverse J-shaped pattern between economic development and fertility. However, the inverse J-shape vanishes when time effects are considered in the quantile regression model, while the impact of mortality and marriage on fertility is reinforced. To further elaborate our findings, we also employ a nonparametric panel estimation method with time-varying coefficients. Our results also suggest that periods characterized by a positive economic development effect on fertility rarely coincide with an upward movement in the observed fertility trajectory. We infer that economic development <em>per se</em> did not drive either the historical baby-boom period or the recent fertility rebound.</p></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"30 ","pages":"Article e00368"},"PeriodicalIF":0.0,"publicationDate":"2024-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141240040","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 student funding dilemma 学生资助困境

Journal of Economic Asymmetries Pub Date : 2024-05-28 DOI: 10.1016/j.jeca.2024.e00369

Giuseppe Pernagallo

引用次数: 0

Connectedness between conventional and organic milk prices in the USA 美国传统牛奶和有机牛奶价格之间的关联性

Journal of Economic Asymmetries Pub Date : 2024-05-17 DOI: 10.1016/j.jeca.2024.e00367

Panos Fousekis

引用次数: 0