Eurasian Economic Review最新文献_第5页

Do product returns in the retail sector affect the price level? Evidence from the equation of exchange 零售部门的产品退货会影响价格水平吗?交换方程的证据

Eurasian Economic Review Pub Date : 2023-10-18 DOI: 10.1007/s40822-023-00239-7

Edoardo Beretta, Doris Neuberger, Richard Senner

{"title":"Do product returns in the retail sector affect the price level? Evidence from the equation of exchange","authors":"Edoardo Beretta, Doris Neuberger, Richard Senner","doi":"10.1007/s40822-023-00239-7","DOIUrl":"https://doi.org/10.1007/s40822-023-00239-7","url":null,"abstract":"Abstract Starting from Irving Fisher’s equation of exchange ( $$MV=PT$$ <mml:math xmlns:mml=\"http://www.w3.org/1998/Math/MathML\"> <mml:mrow> <mml:mi>M</mml:mi> <mml:mi>V</mml:mi> <mml:mo>=</mml:mo> <mml:mi>P</mml:mi> <mml:mi>T</mml:mi> </mml:mrow> </mml:math> ) at the basis of the quantity theory of money and mainstream (macro)economics linking money ( $$M$$ <mml:math xmlns:mml=\"http://www.w3.org/1998/Math/MathML\"> <mml:mi>M</mml:mi> </mml:math> ) and its frequency of circulation ( $$V$$ <mml:math xmlns:mml=\"http://www.w3.org/1998/Math/MathML\"> <mml:mi>V</mml:mi> </mml:math> ) on the one hand to the general price level ( $$P$$ <mml:math xmlns:mml=\"http://www.w3.org/1998/Math/MathML\"> <mml:mi>P</mml:mi> </mml:math> ) and real goods and services exchanged ( $$T$$ <mml:math xmlns:mml=\"http://www.w3.org/1998/Math/MathML\"> <mml:mi>T</mml:mi> </mml:math> ) on the other, we analyze whether product returns by consumers (reaching 16.5% of total US sales in 2022) affect macroeconomic variables such as the price level and the velocity of money. We explore two different product-return scenarios: (1) reselling, and (2) destroying returned items. Based on a theoretical analysis and data for the US, we find that reselling product returns at a discount price reduces the price level, which is however not taken into account in the statistical measurement of the consumer price index. Moreover, the “modern” equation of exchange used in mainstream macroeconomics is an unsuitable instrument to study the effects of product returns on money velocity, because it neglects non-GDP-relevant transactions such as returning and reselling products. This leads to underestimate the actual velocity of money.","PeriodicalId":45064,"journal":{"name":"Eurasian Economic Review","volume":"126 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135888523","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

Bank competition and liquidity hoarding 银行竞争和流动性囤积

Eurasian Economic Review Pub Date : 2023-10-16 DOI: 10.1007/s40822-023-00240-0

Japan Huynh

{"title":"Bank competition and liquidity hoarding","authors":"Japan Huynh","doi":"10.1007/s40822-023-00240-0","DOIUrl":"https://doi.org/10.1007/s40822-023-00240-0","url":null,"abstract":"This paper explores the in-depth effect of bank competition on liquidity hoarding by using a comprehensive strategy for empirical measurement. More precisely, we include all asset-, liability-, and off-balance-sheet items when generating our measures of bank liquidity hoarding. For a multiple-aspect assessment of banking market structure, we simultaneously employ non-structural proxies (Lerner index, Boone indicator, and H-statistic index) and structural measures (top-bank market concentration ratio and Herfindahl–Hirschman index). Through bank-level financial data from 30 Vietnamese banks during 2007–2021, we find strong and consistent evidence that higher bank competition increases total liquidity hoarding. Disaggregate analysis reveals that the increased accumulation in total liquidity hoarding is driven by asset and liability items on the balance sheet, though our findings indicate that bank competition reduces liquidity hoarding off balance sheets. We further shed light on how the impact of competition on liquidity hoarding depends on bank-level heterogeneity. The results suggest that the link is less pronounced for banks that are larger in size, hold more equity capital, and yield better profitability. Our set of results consistently supports the view that financially healthier banks are more effective in handling competitive pressures in the banking market, and thus they may have a better position to mitigate the liquidity hoarding effect from bank competition. Multiple robustness checks are employed to lend further strength to our conclusions.","PeriodicalId":45064,"journal":{"name":"Eurasian Economic Review","volume":"135 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136078713","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

Long memory and structural breaks of cryptocurrencies trading volume 加密货币交易量的长记忆和结构性突破

Eurasian Economic Review Pub Date : 2023-10-16 DOI: 10.1007/s40822-023-00238-8

Mohamed Shaker Ahmed, Elie Bouri

引用次数: 0

The role of labor market regulations on the sensitivity of unemployment to economic growth 劳动力市场调控对失业对经济增长敏感性的作用

Eurasian Economic Review Pub Date : 2023-09-27 DOI: 10.1007/s40822-023-00235-x

Mindaugas Butkus, Laura Dargenyte-Kacileviciene, Kristina Matuzeviciute, Dovile Rupliene, Janina Seputiene

{"title":"The role of labor market regulations on the sensitivity of unemployment to economic growth","authors":"Mindaugas Butkus, Laura Dargenyte-Kacileviciene, Kristina Matuzeviciute, Dovile Rupliene, Janina Seputiene","doi":"10.1007/s40822-023-00235-x","DOIUrl":"https://doi.org/10.1007/s40822-023-00235-x","url":null,"abstract":"Okun’s law suggests that economic growth and unemployment are negatively correlated–i.e., a 1% increase in GNP is associated with a decrease in the unemployment rate of 0.3 percentage points. However, agreement on the magnitude of this effect, the so-called Okun’s coefficient, is far from consistent. Empirical findings suggest that Okun’s coefficient varies for males and females, across educational attainment levels, between countries with different labor market regulations, and over recession and expansion periods. This paper is among the first attempts to jointly consider the abovementioned aspects of the heterogeneity of Okun’s law. Our empirical examinations are based on data from European Union countries over the 2000–2020 period. With quarterly data, we apply time-series regressions and estimate gender-, age- and educational attainment level-specific Okun’s coefficients for each country. In the second step, we run cross-country regressions to establish whether labor market regulations influence the responsiveness of unemployment to output growth. We use panel specifications and time-varying Okun’s coefficients to check robustness. Our results show that straightening labor market regulation would not significantly reduce the possibilities for growth to reduce unemployment.","PeriodicalId":45064,"journal":{"name":"Eurasian Economic Review","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135535992","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

Economic policy uncertainty, geopolitical risk, market sentiment, and regional stocks: asymmetric analyses of the EU sectors 经济政策不确定性、地缘政治风险、市场情绪和地区股票:欧盟行业的不对称分析

Eurasian Economic Review Pub Date : 2023-09-25 DOI: 10.1007/s40822-023-00234-y

Ahmed Bossman, Mariya Gubareva, Tamara Teplova

{"title":"Economic policy uncertainty, geopolitical risk, market sentiment, and regional stocks: asymmetric analyses of the EU sectors","authors":"Ahmed Bossman, Mariya Gubareva, Tamara Teplova","doi":"10.1007/s40822-023-00234-y","DOIUrl":"https://doi.org/10.1007/s40822-023-00234-y","url":null,"abstract":"Abstract The purpose of this study is to investigate the asymmetric effects of economic policy uncertainty (EPU), geopolitical risk (GPR), and market sentiment (VIX) on European Union (EU) stocks by sectors of economic activity. The design and methodological approach of our research are rooted in parametric and nonparametric quantile-based techniques. We employ monthly data covering eleven sectors of economic activity in addition to GPR, Global EPU, European Union EPU, United States EPU, and VIX. Our dataset covers the period between February 2013 and September 2022. Our findings show a generally low predictive power of the considered EPU measures on the stock returns of the EU sectors. Notwithstanding, the analysis reveals that EPU from the EU has the highest predictive ability on the EU sectoral stock returns while EPU from the US has no significant predictive ability on the stock returns from the EU. Our findings also highlight the asymmetric effects of various EPUs on EU stocks. Moreover, certain sectoral exposure to EU stocks, found to serve just as diversifiers in normal market conditions, could become a hedge and safe-haven against GPR in extreme economic conditions. Our findings also highlight the role of the VIX as a good gauge to hedge against the downside risks of the EU stocks. The originality of our work is two-fold. First, we extend the study of how global factors influence the EU stock market to the most recent period including the Russia–Ukraine conflict. Second, we perform this study on a sectoral basis. Therefore, the value of our findings is that they provide notable implications for market regulation and portfolio management.","PeriodicalId":45064,"journal":{"name":"Eurasian Economic Review","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135768444","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: 3

Health care financing and productivity of health care in OECD countries: a stochastic frontier analysis 经合组织国家卫生保健筹资和卫生保健生产力:随机前沿分析

IF 3.4

Eurasian Economic Review Pub Date : 2023-06-01 DOI: 10.1007/s40822-023-00233-z

Constantin G. Ogloblin

引用次数: 0

Forecasting bitcoin volatility: exploring the potential of deep learning 预测比特币波动:探索深度学习的潜力

IF 3.4

Eurasian Economic Review Pub Date : 2023-06-01 DOI: 10.1007/s40822-023-00232-0

Tiago E. Pratas, F. Ramos, Lihki Rubio

引用次数: 1

Dynamic correlation and hedging strategy between Bitcoin prices and stock market during the Russo-Ukrainian war 俄乌战争期间比特币价格与股市的动态关联及对冲策略

IF 3.4

Eurasian Economic Review Pub Date : 2023-06-01 DOI: 10.1007/s40822-023-00231-1

Mariem Gaies, Walid Chkili

引用次数: 1

Catching up or getting stuck: convergence in Eastern European economies 追赶还是停滞:东欧经济体的趋同

IF 3.4

Eurasian Economic Review Pub Date : 2023-05-31 DOI: 10.1007/s40822-023-00230-2

István Kónya

引用次数: 0

The financial access, ICT trade balance and dark and bright sides of digitalization nexus in OECD countries 经合组织国家的金融可及性、信息通信技术贸易平衡和数字化联系的黑暗面与光明面

IF 3.4

Eurasian Economic Review Pub Date : 2023-04-10 DOI: 10.1007/s40822-023-00228-w

M. Alraja, Faris Alshubiri, B. Khashab, Mahmood Shah

引用次数: 0