{"title":"THE SPEECHES OF THE EUROPEAN CENTRAL BANK’s PRESIDENTS: AN NLP STUDY","authors":"Thierry Warin, William Sanger","doi":"10.1142/s2194565920500098","DOIUrl":"https://doi.org/10.1142/s2194565920500098","url":null,"abstract":"This paper introduces natural language processing into the study of central banking. It studies the evolution of the ECB’s communication through time, considering its three subsequent presidents (W. Duisenberg, J. C. Trichet and M. Draghi) and the pre- and post-2008 financial crisis era. It helps understand the history of the ECB since its inception. From a methodological standpoint, we study the evolution of the ECB’s speeches. The speech analysis is based on text classification and sentiment/polarity analyses. For that purpose, we have built a unique dataset of the ECB’s speeches. We have coded algorithms to run the text analysis through time. They help us capture the evolution in the ECB’s understanding of the actual economic situation and also measure — for instance — the stress level at the ECB through a polarity analysis through time.","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77255683","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":"INTERNATIONAL MACROECONOMIC ACTIVITY AND ITS INTERACTION: EVIDENCE FROM US, JAPAN, GERMANY, CHINA, INDIA AND RUSSIA","authors":"S. Rout, Hrushikesh Mallick","doi":"10.1142/s2194565920500086","DOIUrl":"https://doi.org/10.1142/s2194565920500086","url":null,"abstract":"Using the Diebold and Yilmaz (2012) spillover method, this study attempts to evaluate the strength and direction of cross-country interactions of macroeconomic activity across US, Japan, Germany, C...","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82429721","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":"THE PORTUGUESE MOTOR VEHICLE INDUSTRY: AN IMPOSSIBLE DREAM?","authors":"Lila J. Truett, Dale B. Truett","doi":"10.1142/s2194565920500128","DOIUrl":"https://doi.org/10.1142/s2194565920500128","url":null,"abstract":"Portugal policy makers consider the motor vehicle industry to be critical to the country’s economy because of its potential to offer highly skilled job opportunities and incentives for innovation a...","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77032159","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 UNCERTAINTY, MONETARY UNCERTAINTY, AND THE DEMAND FOR MONEY IN AFRICA: AN ASYMMETRY ANALYSIS","authors":"Mohsen Bahmani‐Oskooee, A. Arize","doi":"10.1142/s2194565920500074","DOIUrl":"https://doi.org/10.1142/s2194565920500074","url":null,"abstract":"Economic uncertainty and monetary uncertainty are two uncertainty measures that are said to affect the demand for money in any country and our region of interest, Africa, is no exception. In this p...","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89438323","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":"THE IMPACT OF TERRORISM ON TURKISH BANKS’ STOCKS AND CROSS-BANK VARIATION OF ABNORMAL RETURNS","authors":"Eda Orhun","doi":"10.1142/s2194565920500116","DOIUrl":"https://doi.org/10.1142/s2194565920500116","url":null,"abstract":"This paper investigates the impact of the recent terrorist attacks on the Turkish banking sector. Specifically, an event study analysis is executed to estimate the abnormal returns of banks’ stocks in Turkey. According to the results, negative and significant abnormal returns were observed on the event dates of terrorist attacks, those of which especially occurred at international points and touristic places. The study continues with a regression analysis that looks into the cross-bank variation of abnormal returns by using important bank characteristics as predictors. The regression analysis exhibits that banks with higher leverage and larger size are prone to getting more negatively affected by the terrorist attack. On the other hand, banks with higher liquidity and higher income level are likely to have less negative abnormal returns.","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87747791","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":"DOES TECHNOLOGICAL SPECIALIZATION SPUR HIGH-TECHNOLOGY EXPORTS? EVIDENCE FROM PANEL QUANTILE REGRESSIONS","authors":"Sidheswar Panda, Ruchi Sharma","doi":"10.1142/s219456592050013x","DOIUrl":"https://doi.org/10.1142/s219456592050013x","url":null,"abstract":"In view of the technological advances made by emerging economies, we revisit the role of technological specializations of different economies in determining their exports. Employing revealed technological advantage (RTA) index and revealed symmetric technological advantage (RSTA) index, this study explores the technological specialization of countries in different fields and its contribution to high-technology exports. Technological specializations are operationalized using patent data and further analyzed in context of country’s exports data of 63 countries during 2000–2013. Using panel quantile regressions analysis, this paper finds that technological specialization determines the export performance of countries in different categories. We find that middle-income countries are among the top countries with respect to few fields of technological specializations. Hence, there is a need to change the perspective whereby developing countries are viewed as mere technological follower. This finding has an implication for the role of patents in technological specialization and export performance, both of which are important factors in international competitiveness.","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88366640","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":"THE SPILLOVER EFFECTS OF THE RE-IMPOSED UNITED STATES SANCTIONS ON IRAN ON MENA, THE PRC, RUSSIA, AND TURKEY","authors":"Joseph Pelzman","doi":"10.1142/s2194565920500037","DOIUrl":"https://doi.org/10.1142/s2194565920500037","url":null,"abstract":"Iran has faced US sanctions in one form or another since its invasion of the US Embassy in Iran in 1979. The 2007-08 period marked the initiation of heightened international sanctions on Iran impos...","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81149496","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":"POLITICAL AND ECONOMIC INSTITUTIONS AND HUMAN DEVELOPMENT: POST-COMMUNIST NATIONS","authors":"Ismatilla Mardanov","doi":"10.1142/s2194565920500062","DOIUrl":"https://doi.org/10.1142/s2194565920500062","url":null,"abstract":"The literature has extensively investigated the relationships between country economic and political institutions and human well-being. I assume that economic institutions can be the determinants o...","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78489417","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":"ANIMAL SPIRITS, ECONOMIC POLICIES AND BUSINESS CYCLES: THE THREE MUSKETEERS OF THE ECONOMIC WORLD","authors":"Azhar Iqbal, S. Seery","doi":"10.1142/s2194565920500049","DOIUrl":"https://doi.org/10.1142/s2194565920500049","url":null,"abstract":"This study quantifies animal spirits by constructing an index using information from major sectors of the economy. The key drivers of the animal spirits are the monetary/fiscal policies and the sta...","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78632075","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":"ANALYSIS OF THE ENERGY SECURITY OF THE EUROPEAN UNION AND THE RELATED POLICY FRAMEWORK","authors":"Augustin Ignatov","doi":"10.1142/s2194565920500050","DOIUrl":"https://doi.org/10.1142/s2194565920500050","url":null,"abstract":"The European Union (EU) is the third largest energy market on the planet following China and USA, consuming more than 1.6 million tons of oil equivalent, this fact determining the community’s stren...","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74822100","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}