Theodoros Daglis, Ioannis G. Melissaropoulos, Konstantinos N. Konstantakis, Panayotis G. Michaelides
{"title":"The impact of COVID-19 on global stock markets: early linear and non-linear evidence for Italy","authors":"Theodoros Daglis, Ioannis G. Melissaropoulos, Konstantinos N. Konstantakis, Panayotis G. Michaelides","doi":"10.1007/s40844-021-00230-4","DOIUrl":"https://doi.org/10.1007/s40844-021-00230-4","url":null,"abstract":"<p>The scientific community still struggles to understand the magnitude of the worldwide infections and deaths induced by COVID-19, partly ignoring the financial consequences. In this paper, using the autoregressive fractionally integrated moving average (ARFIMA)—general autoregressive conditional heteroskedasticity (GARCH) model, we quantify and show the impact of the COVID-19 spread in Italy, utilizing data for the stock market. Using information criteria and forecasting accuracy measures, we show that the COVID-19 confirmed cases contribute with statistically significant information to the modeling of volatility, and also increase the forecasting ability of the volatility of the Italian stock market index, leading to a decrease in the mean stock index.</p>","PeriodicalId":44114,"journal":{"name":"Evolutionary and Institutional Economics Review","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2021-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138537685","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":"Special feature on “The European Union Economy after the COVID-19 Pandemic Outbreak”: the fear of economy and the economy of fear","authors":"Theodore Mariolis","doi":"10.1007/s40844-021-00229-x","DOIUrl":"https://doi.org/10.1007/s40844-021-00229-x","url":null,"abstract":"","PeriodicalId":44114,"journal":{"name":"Evolutionary and Institutional Economics Review","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2021-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"52807812","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":"National states, transnational institutions, and hegemony in the EU","authors":"Lapavitsas, Costas, Cutillas, Sergi","doi":"10.1007/s40844-021-00227-z","DOIUrl":"https://doi.org/10.1007/s40844-021-00227-z","url":null,"abstract":"<p>The institutional framework of the EU was altered by the pandemic shock of 2020, introducing greater discretion in both monetary and fiscal policy. The changes relate mostly to monetary policy and cast light on the theoretical debates regarding national states and transnational mechanisms in the EU. Some of the likely implications can be gauged through the balance sheet of the European Central Bank and the operations of the clearing mechanism of TARGET2. Fiscal policy was also transformed due to the threat posed by the pandemic for the euro, thus lifting the framework of austerity. It is notable that the emerging policy framework lacks clear rules, reflecting the peculiar character of German hegemony as well as deep divisions between core and periphery in the EU.</p>","PeriodicalId":44114,"journal":{"name":"Evolutionary and Institutional Economics Review","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2021-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138537694","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 crisis, COVID-19 pandemic, and the Greek model of capitalism","authors":"Maris, Georgios, Flouros, Floros","doi":"10.1007/s40844-021-00228-y","DOIUrl":"https://doi.org/10.1007/s40844-021-00228-y","url":null,"abstract":"<p>In this paper, we use varieties of capitalism as an analytical tool to understand the main characteristics of the Greek model of capitalism. The main purpose of this paper is twofold: first, to study the evolution of the country's economic performance through the theoretical approach of varieties of capitalism; second, highlighting the performance of institutions to understand how the main characteristics of the Greek model of capitalism have been changed during last years. The main questions of the article are: How the Greek model of capitalism affected not only the institutional but also the economic performance in Greece? Does the COVID-19 pandemic influence the model of capitalism in Greece? By applying the principles of the comparative political economy, we will be able to draw conclusions regarding the institutional performance in Greece and the characteristics of the Greek model of capitalism. As we will argue, the Greek model of capitalism was shaped by the power of ideas of country's political leaders since 1980s. These ideas influenced the characteristics of the Greek model of capitalism creating a rather exceptional institutional framework unable to support long- run economic growth in the country. This exceptionalism is associated with an institutional asymmetry in relation with other member states and characterizes the Greek model of capitalism not only as the main cause for the economic crisis, but also as a significant obstacle to any recovery efforts, especially during COVID-19 pandemic.</p>","PeriodicalId":44114,"journal":{"name":"Evolutionary and Institutional Economics Review","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2021-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138537695","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 institution-growth nexus in Sub-Saharan Africa: new evidence from heterogeneous panel causality approach","authors":"Hussen, Mohammed Seid, Çokgezen, Murat","doi":"10.1007/s40844-021-00225-1","DOIUrl":"https://doi.org/10.1007/s40844-021-00225-1","url":null,"abstract":"<p>Whether economic growth is the cause or the consequence of improved institutional quality has been a controversial issue. To throw light on this debate, the present study aims to investigate the nature and direction of causality between institutional quality and economic growth. To this end, a panel data of 30 SSA countries for the 1990–2015 period is used and analyzed using a heterogeneous panel non-causality approach developed by Dumitrescu and Hurlin (Econ Model 29(4):1450–1460, 2012). Our empirical findings indicate a significant heterogeneity across the countries with regard to the relationship between growth and institutional quality, based on the income level. In low-income countries, we found a unidirectional causality that runs from institutional quality to growth. For lower-middle-income countries, however, the direction of causality is reversed. The evidence from this study also suggests a bidirectional causality in upper-middle-income countries. The policy implication of these findings is that policymakers in low-income countries should focus on institutional reform. Good quality institutions will promote economic growth that will ultimately turn into a cyclical process between economic growth and institutional development in later stages.</p>","PeriodicalId":44114,"journal":{"name":"Evolutionary and Institutional Economics Review","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2021-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138537684","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 COVID-19 multiplier effects of tourism on the German and Spanish economies","authors":"Nikolaos Rodousakis, George Soklis","doi":"10.1007/s40844-021-00222-4","DOIUrl":"https://doi.org/10.1007/s40844-021-00222-4","url":null,"abstract":"","PeriodicalId":44114,"journal":{"name":"Evolutionary and Institutional Economics Review","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2021-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"52807658","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":"Special feature: promenade in the history of economic thought","authors":"Kiichiro Yagi","doi":"10.1007/s40844-021-00223-3","DOIUrl":"https://doi.org/10.1007/s40844-021-00223-3","url":null,"abstract":"","PeriodicalId":44114,"journal":{"name":"Evolutionary and Institutional Economics Review","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2021-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1007/s40844-021-00223-3","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48084126","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 pausing view of unemployment","authors":"Vipin P. Veetil","doi":"10.1007/s40844-021-00221-5","DOIUrl":"https://doi.org/10.1007/s40844-021-00221-5","url":null,"abstract":"","PeriodicalId":44114,"journal":{"name":"Evolutionary and Institutional Economics Review","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2021-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1007/s40844-021-00221-5","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43963050","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":"NK model-based analysis of technological trajectories: a study on the technological field of computer graphic processing systems","authors":"Watanabe, Ichiro, Takagi, Soichiro","doi":"10.1007/s40844-021-00220-6","DOIUrl":"https://doi.org/10.1007/s40844-021-00220-6","url":null,"abstract":"<p>This paper quantitatively analyzes how the interdependence of components and the complexity of technology relates to the formation of technological trajectories. This paper uses the idea of technological trajectory and a method called a main path analysis. Technological trajectory is an idea that describes the path-dependent technological evolution process. The technological trajectories of a technological field can be represented as the main paths of patent citation networks. This paper aims to elucidate some of the determinants of the evolution of technological trajectories using main path analysis. The hypotheses are derived from a model called the NK Model. The NK model describes the respective roles of the interdependence of components and of complexity in complex adaptive systems. Using the NK model, it can be understood that technologies with an intermediate level of interdependence and technologies with an intermediate level of complexity tend to be more successful than other technologies. According to the result, the patents on the main paths of this technological field are concentrated at the intermediate level of interdependence but the patents on the main paths of this technological field are not concentrated at the intermediate level of technological complexity. Additionally, in the technological field’s early stage, the interdependence values of patents that are locked-in within technological trajectories are high, whereas the same values of the later stage are low. This observation is also consistent with the idea of technological trajectories. These results suggest that the NK model is a useful tool to understand the formation of technological trajectories.</p>","PeriodicalId":44114,"journal":{"name":"Evolutionary and Institutional Economics Review","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2021-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138543437","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 populism and institutional changes in wage–labor relations","authors":"E. Ünal","doi":"10.1007/s40844-021-00219-z","DOIUrl":"https://doi.org/10.1007/s40844-021-00219-z","url":null,"abstract":"","PeriodicalId":44114,"journal":{"name":"Evolutionary and Institutional Economics Review","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2021-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41939460","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}