European Journal of Comparative Economics最新文献

{"title":"Export-led growth or growth-led exports? Western Europe in the \"golden age\"","authors":"Andrea Boltho","doi":"10.25428/1824-2979/202002-185-203","DOIUrl":"https://doi.org/10.25428/1824-2979/202002-185-203","url":null,"abstract":"","PeriodicalId":43449,"journal":{"name":"European Journal of Comparative Economics","volume":"51 1","pages":"185-203"},"PeriodicalIF":1.6,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81807500","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}

{"title":"Oil price shocks, equity markets, and contagion effect in OECD countries","authors":"K. Guesmi, I. Abid, A. Créti, Zied Ftiti","doi":"10.25428/1824-2979/202002-155-183","DOIUrl":"https://doi.org/10.25428/1824-2979/202002-155-183","url":null,"abstract":"This paper revisits the dynamic linkages between the Brent oil market and OECD stock markets. Econometrically, we use a multivariate corrected dynamic conditional correlation fractionally integrated asymmetric power ARCH (c-DCC-FIAPARCH) process, controlling main financial time-series features such as asymmetry, volatility, and long memory. Based on daily data for 17 OECD stock markets from March 16, 1998 to February 23, 2018, we show three main findings. First, the impact of oil price shocks on the relationship between oil and stock markets is more pronounced during periods of global turmoil and asymmetric in all countries. Second, we do not observe a proper ‘contagion effect’ across all countries. Finally, this paper identifies five groups of countries based on the shape of the dynamic conditional correlation, which indicates that the relationship between oil and stock markets is segmented geographically. The findings have several policy implications.","PeriodicalId":43449,"journal":{"name":"European Journal of Comparative Economics","volume":"22 1","pages":"155-183"},"PeriodicalIF":1.6,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76252047","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}

{"title":"Energy policy of fossil fuel–producing countries: does global energy transition matter?","authors":"Octavio Escobar, Ulises Neri, S. Silvestre","doi":"10.25428/1824-2979/202001-5-30","DOIUrl":"https://doi.org/10.25428/1824-2979/202001-5-30","url":null,"abstract":"The concept of energy transition can be interpreted in different ways depending on the nature of the agent involved. However, practitioners and existing literature agree that a country’s energy transition is the variation of fossil fuel share in the total primary energy supply (TPES). Public policies mostly focus on changing the energy mix directly or indirectly. However, the production of fossil fuels depends mostly on market-related determinants, including prices and investment in the means of production. But what is the contribution of global energy transition? The objective of this paper is to estimate to which extent public policies related to energy transition affect fossil fuel production in producing countries. For this purpose, we consider as a proxy of energy transition the evolution over 40 years of the TPES of a large panel of fossil fuel–exporting countries, which we compare to its total primary energy production (TPEP). Moreover, we analyze these effects to determine if they differ according to country characteristics, such as its level of development or its membership in OPEC. Finally, we describe the long-run and short-run effects by studying separately the effects of production investments and those of R&D investments in RES technologies.","PeriodicalId":43449,"journal":{"name":"European Journal of Comparative Economics","volume":"27 1","pages":"5-30"},"PeriodicalIF":1.6,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73449706","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}

{"title":"Economic integration and exchange rate arrangements in the post-soviet period : The Baltic states in comparative perspective","authors":"Jonas Ljungberg","doi":"10.25428/1824-2979/202002-229-252","DOIUrl":"https://doi.org/10.25428/1824-2979/202002-229-252","url":null,"abstract":"Which have been the consequences of the euro for integration and economic performance in the Baltic Sea region? After the collapse of the Soviet Union, the three Baltic states and Poland have been rapidly catching-up with Western Europe. The Great Recession becamea great setback for the former, while less so for Poland. A difference is the monetary policy: the Polish zloty depreciated in the critical moment of the crisis, while currency boards with the aim of joining the euro bestowed appreciation for the Baltics and Finland. Contrary to the purpose, monetary integration has not fostered integration in trade, and the share of the Eurozone in Baltic trade has stagnated. A comparison with other countries in the Baltic Sea region suggests that the euro provides “the golden fetters” of our time. Emigration, also a kind of integration, has become a safety valve with severe social and economic consequences for the Baltic states.","PeriodicalId":43449,"journal":{"name":"European Journal of Comparative Economics","volume":"17 1","pages":""},"PeriodicalIF":1.6,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85546480","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}

{"title":"Globalization, regulation and profitability of banks: a comparative analysis of Europe, United States, India and China","authors":"E. Paulet, H. Mavoori","doi":"10.25428/1824-2979/201902-127-170","DOIUrl":"https://doi.org/10.25428/1824-2979/201902-127-170","url":null,"abstract":"The last financial crisis spurred regulators to emphasize enhanced stability indicators for financial institutions. Therefore, banks have to take into account this new element while defining their strategic decisions and their profitability. The aim of this paper is to provide evidence of the transformation of banking activities on a global scale comparing different regulatory and governance regimes. Using a sample of 102 banks from 4 geographic regions (United States, Europe, China, India) we propose pooled and regional models to highlight the parameters that explain profitability and risk management of banks. Leveraging 2000-2016 monthly data, our empirical analysis underlines the regional differences in profitability, which influence global stability of banking institutions. We find that increasing market capitalization often induces increased performance as expected; however a regional analysis of its impact reveals more nuanced geospatial variations and insights for risk management purposes. In particular, China constitutes an interesting case study as regards the impact of government on the performance of banking institutions, with this effect being cross validated by models contrasting private and public sector banks with different levels of government controls.","PeriodicalId":43449,"journal":{"name":"European Journal of Comparative Economics","volume":"7 1","pages":"127-170"},"PeriodicalIF":1.6,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83587158","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}

{"title":"Brexit and CDS spillovers across UK and Europe","authors":"Jamal Bouoiyour, Refk Selmi","doi":"10.25428/1824-2979/201901-105-124","DOIUrl":"https://doi.org/10.25428/1824-2979/201901-105-124","url":null,"abstract":"Understanding the transmission process between markets is critical for risk management and economic policy. The objective of this paper is twofold. First, it identifies when UK and European (France, Germany, Italy and Spain) Credit Default Swaps (CDSs) exhibit explosivity with respect to their past behaviors. Second, it quantifies the dynamics of CDS volatility spillover effects surrounding the UK's EU membership referendum commonly known as \" Brexit \". Using a recursive identification algorithm and new spillover measures suggested by Diebold and Yilmaz (2012), quite interesting results were drawn. We detect significant build-ups in CDS prices for all countries under study soon after the day relative to the announcement of Brexit. Besides, we show that the great uncertainty over Brexit generates significant volatility spillovers across the underlined CDS. In particular, we find that UK, Italy and Spain are the \" net volatility transmitters \" , while France and Germany seem the \" net volatility receivers \". Such information can help policy makers in undertaking decoupling policies to (1) insulate the economy from risk spillovers effects, (2) lighten the spread of the damage done by Brexit and (3) preserve the stability of financial system. To attenuate the risk transmission across CDS markets over Brexit, regulators can, for example, put forth preventive strategies by foregrounding the most influential volatility senders (UK, Italy and Spain).","PeriodicalId":43449,"journal":{"name":"European Journal of Comparative Economics","volume":"41 1","pages":"105-124"},"PeriodicalIF":1.6,"publicationDate":"2019-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85111845","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}

{"title":"Fiscal austerity and monetary easing: which one is to be praised for ending the euro area crisis?","authors":"P. Posta","doi":"10.25428/1824-2979/201801-165-189","DOIUrl":"https://doi.org/10.25428/1824-2979/201801-165-189","url":null,"abstract":"In this paper I have used a framework for the analysis of public debt stability that dates back to Domar, and I have extended it in order to consider, together with the role played by the interest rate, the rate of GDP growth and domestic fiscal policy, also monetary solidarity. A special role has been reserved in the analysis to the effects of agents’ heterogeneous expectations and uncertainty. I have also considered the effects of fiscal austerity and monetary solidarity on GDP growth and interest rates, and I have concluded that the euro area crisis came to an end thanks to the latter (the former having made things even worse, if anything). Within the same framework, I have been able to discuss also some of the other proposals, including federal solidarity, that have been advanced in the literature in order to avoid or to address future euro area crises.","PeriodicalId":43449,"journal":{"name":"European Journal of Comparative Economics","volume":"22 1","pages":"165-189"},"PeriodicalIF":1.6,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90630198","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}

{"title":"Out of the crisis. A radical change of strategy for the eurozone","authors":"Andrea Ginzburg, A. Simonazzi","doi":"10.25428/1824-2979/201701-13-37","DOIUrl":"https://doi.org/10.25428/1824-2979/201701-13-37","url":null,"abstract":"The paper argues that the crisis, mistakenly interpreted as a standard fiscal/balance of payments problem, was generated by the incomplete nature of the European institutions and a disregard for the consequences of differences in the stages of development of the member countries. The ideological pre-conception that markets are self-equilibrating through price competition has been used to justify disastrous internal devaluation policies in the belief that an austerity regime associated with institutions close to those assumed to prevail in 'core' countries would create the 'right' environment for resuming growth in the periphery. An analysis of the main phases of the development of European countries since the second post-war period provides evidence of wide differences in the productive structures of the countries of the centre and the southern periphery of Europe at the start of the Europeanization process. These differences entailed an asymmetric capacity of countries at differing levels of development to adjust to external shocks. This longer-term perspective helps us better to assess the limitations of the two alternatives that have been suggested to steer the EZ economy out of its present quagmire: internal devaluation (wage flexibility) in the deficit (Southern European) countries, or expansion of internal demand in 'core' countries (Germany). Both measures, it is argued, do not go to the root of the development and debt sustainability problems of Southern European countries, which continue to lack a sufficiently broad and differentiated productive structure. Given the differences in the levels of development of the various EU countries and their varying capacities to cope with change, fiscal policy should be assigned two complementary targets: the role of actively promoting — through investment —the removal of development bottlenecks and the renewal of the productive base, and a redistributive and compensative function. This new strategy entails the assignment of a strategic importance to investment guidance by the State through industrial policies geared to diversifying, innovating and strengthening the economic structures of peripheral countries. The paper concludes that this change of strategy is even more important today, since the crisis marks another important structural break in world trade, similar to those of the 1970s and the first decade of the new millennium.","PeriodicalId":43449,"journal":{"name":"European Journal of Comparative Economics","volume":"7 1","pages":"13-37"},"PeriodicalIF":1.6,"publicationDate":"2017-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82355541","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}

{"title":"Business Cycle Accounting: Bulgaria after the introduction of the currency board arrangement (1999-2014)","authors":"Aleksandar Vasilev","doi":"10.25428/1824-2979/201702-197-219","DOIUrl":"https://doi.org/10.25428/1824-2979/201702-197-219","url":null,"abstract":"This paper focuses on explaining the economic fluctuations in Bulgaria after the introduction of the currency board arrangement in 1997, the period of macroeconomic stability that ensued, the EU accession, and the episode of the recent global financial crisis. This paper follows Chari et al. (2002) and performs business cycle accounting (BCA) for Bulgaria during the period 1999-2014. As in Cavalcanti (2007), who studies the Portuguese business cycles, most of the volatility in output per capita in Bulgaria over the period is due to variations in the efficiency and labor wedges.","PeriodicalId":43449,"journal":{"name":"European Journal of Comparative Economics","volume":"12 1","pages":"197-219"},"PeriodicalIF":1.6,"publicationDate":"2016-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72779971","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}

{"title":"Did China follow the East Asian development model","authors":"A. Boltho, M. Weber","doi":"10.1017/CBO9781139962858.009","DOIUrl":"https://doi.org/10.1017/CBO9781139962858.009","url":null,"abstract":"China is located in East Asia and, just as Japan, Taiwan or (South) Korea at earlier stages of their development, has now grown very rapidly for some three decades. That is not enough, however, for it to qualify for membership of the club. The East Asian development model has a number of additional and important characteristics. Four are selected for discussion: the almost constant encouragement given to investment, the manufacturing sector and external competitiveness, and pursued via a variety of fairly interventionist industrial, trade and financial policies; a concomitant belief in the virtues of intense domestic (Japan and Taiwan) and foreign (Korea) competition; a set of broadly sensible and appropriate macroeconomic policies; and a number of favourable (pre-)conditions, such as the presence of a homogeneous population, a relatively high stock of human capital, reasonable income equality and fairly authoritarian governments. China, since reforms began in the late 1970s, has shared some of these characteristics, but not all. In particular, it is still much more of a command economy than the other three countries have ever been, yet, at the same time, has embraced globalization with, arguably, much greater enthusiasm than was done, in earlier times, by Japan, Taiwan or Korea. If China's experience, however, is compared with that of other, more or less successful, developing countries, the similarities with the East Asia development model would seem to dwarf such differences","PeriodicalId":43449,"journal":{"name":"European Journal of Comparative Economics","volume":"17 1","pages":"267-286"},"PeriodicalIF":1.6,"publicationDate":"2009-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85408511","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}