Journal of Economic Interaction and Coordination最新文献_第5页

Sectoral integration on an emerging stock market: a multi-scale approach. 新兴股票市场的部门整合：多尺度方法。

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2023-04-13 DOI: 10.1007/s11403-023-00383-y

Kingstone Nyakurukwa, Yudhvir Seetharam

{"title":"Sectoral integration on an emerging stock market: a multi-scale approach.","authors":"Kingstone Nyakurukwa, Yudhvir Seetharam","doi":"10.1007/s11403-023-00383-y","DOIUrl":"10.1007/s11403-023-00383-y","url":null,"abstract":"The purpose of this study is to examine the connectedness of industry sectors on the Johannesburg Stock Exchange in a time-frequency domain. We use econophysics-based methods like the wavelet multiple correlation and wavelet scalogram difference to identify the evolution of the connectedness of the sectors over time and at different frequencies. The findings show that the sectors on the Johannesburg Stock Exchange are especially integrated at lower frequencies. Wavelet multiple correlation peaks in response to local and global shocks like the black-swan COVID-19 pandemic in 2020 and the downgrading of South African debt by Fitch in 2013. Though there are opportunities for sectoral diversification on the JSE, this fails when it is most needed, during crisis periods. Investors should therefore consider other asset classes that could serve as a haven in times of crisis. Though extant literature has examined sectoral dependencies on the stock markets of developed and developing countries, to the best of our knowledge, this is the first study to examine this connectedness in a South African context using multiple nonparametric methods that are robust to non-normality, presence of outliers as well as non-stationary data.","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":" ","pages":"1-20"},"PeriodicalIF":1.1,"publicationDate":"2023-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10099005/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"9768327","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Dynamic effects of social influence on asset prices 社会影响对资产价格的动态影响

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2023-04-04 DOI: 10.1007/s11403-023-00382-z

Jia-Ping Huang, Yang Zhang, Juan Wang

引用次数: 0

Policy choices and compliance behavior in pandemic times. 疫情时期的政策选择和合规行为。

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2023-03-25 DOI: 10.1007/s11403-023-00380-1

Giorgio Calcagnini, Slađana Pavlinović Mršić, Laura Policardo, Edgar J Sanchez Carrera

引用次数: 1

A look at financial dependencies by means of econophysics and financial economics 从经济学和金融经济学的角度看金融依赖

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2023-02-16 DOI: 10.1007/s11403-023-00389-6

M. Raddant, T. Di Matteo

引用次数: 0

Wage claim detracts reciprocity in labor relations: experimental study of gift exchange games 工资索赔削弱劳动关系中的互惠：礼物交换博弈的实验研究

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2023-02-03 DOI: 10.1007/s11403-023-00378-9

Tetsuo Yamamori, Kazuyuki Iwata

引用次数: 0

The financial network channel of monetary policy transmission: an agent-based model 货币政策传导的金融网络通道：一个基于主体的模型

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2023-01-13 DOI: 10.1007/s11403-023-00377-w

Michel Alexandre, Gilberto Tadeu Lima, Luca Riccetti, Alberto Russo

引用次数: 1

How do you feel about going green? Modelling environmental sentiments in a growing open economy 你觉得环保怎么样？在日益开放的经济中模拟环境情绪

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2023-01-04 DOI: 10.2139/ssrn.3877911

Marwil J. Dávila-Fernández, S. Sordi, Alessia Cafferata

{"title":"How do you feel about going green? Modelling environmental sentiments in a growing open economy","authors":"Marwil J. Dávila-Fernández, S. Sordi, Alessia Cafferata","doi":"10.2139/ssrn.3877911","DOIUrl":"https://doi.org/10.2139/ssrn.3877911","url":null,"abstract":"Contrary to the near-global consensus among the scientific community, public perceptions of climate change differ between nations and have fluctuated over time. This article develops a switching-strategies growth model to study such a stylised fact, allowing for feedback effects between sentiments, environmental regulation and macroeconomic outcomes in an open economy set-up. Conditional on the level of interaction between agents, two locally stable equilibrium points emerge: one with the majority of the population supporting climate change mitigation policies and another with most agents opposing environmental regulation. However, we demonstrate that a sufficiently robust response of sentiments to green house gas emissions may lead to the disappearance of the lower growth “bad” equilibrium, allowing for a unique “green” steady-state. Complex dynamics might occur via a sequence of period-doubling bifurcations. The model provides an endogenous mechanism to explain minor and large fluctuations in public opinion on global warming, in line with the evidence in surveys such as the World Risk Poll. Employment series are more persistent than sentiments, resulting in relatively high volatility in the latter and smooth long-waves in the labour market.","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":"1 1","pages":"1-39"},"PeriodicalIF":1.1,"publicationDate":"2023-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48523759","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

How do you feel about going green? Modelling environmental sentiments in a growing open economy 你对环保有什么看法?在一个不断增长的开放经济中模拟环境情绪

4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2023-01-04 DOI: 10.1007/s11403-022-00376-3

Marwil J. Dávila-Fernández, Serena Sordi, Alessia Cafferata

引用次数: 1

The persistence of economic sentiment: a trip down memory lane. 经济情绪的持续:一次回忆之旅。

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2023-01-01 DOI: 10.1007/s11403-022-00371-8

Petar Sorić, Ivana Lolić, Marina Matošec

{"title":"The persistence of economic sentiment: a trip down memory lane.","authors":"Petar Sorić, Ivana Lolić, Marina Matošec","doi":"10.1007/s11403-022-00371-8","DOIUrl":"https://doi.org/10.1007/s11403-022-00371-8","url":null,"abstract":"Although various indicators of economic sentiment are often assessed in macroeconomic studies, the generating process of economic sentiment itself is still a puzzle. This paper offers pioneer evidence on the persistence of economic sentiment. Applying a battery of fractional integration tests on the European Economic Sentiment Indicator (ESI) of all individual EU member states, we reveal that ESI is dominantly a long-memory process. This finding is robust across several estimators, and it fairly contradicts the conventional wisdom of ESI as a purely transitory macroeconomic shock. Further on, this is true for both core EU economies and new member states, although the later ones exhibit slightly longer memory. Finally, we reveal that the end of the Great Moderation era has increased ESI's persistence, but the effect is only marginal. As it seems, a series of macroeconomic turbulences recorded after the global financial crisis has not initiated a significant shift in agents' collective memory and ESI will likely keep its pivotal role in governing business cycles in the future.","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":"18 2","pages":"371-395"},"PeriodicalIF":1.1,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9514886/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"9078575","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

It's worth a shot: urban density, endogenous vaccination decisions, and dynamics of infectious disease. 值得一试:城市密度、内生疫苗接种决策和传染病动态。

IF 1.1 4区经济学

Journal of Economic Interaction and Coordination Pub Date : 2023-01-01 DOI: 10.1007/s11403-022-00367-4

Andrew Souther, Myong-Hun Chang, Troy Tassier

{"title":"It's worth a shot: urban density, endogenous vaccination decisions, and dynamics of infectious disease.","authors":"Andrew Souther, Myong-Hun Chang, Troy Tassier","doi":"10.1007/s11403-022-00367-4","DOIUrl":"https://doi.org/10.1007/s11403-022-00367-4","url":null,"abstract":"We develop an agent-based model of vaccine decisions across a heterogeneous network model with urban and rural regions. In the model, agents make rational decisions to vaccinate or not, based on the relative private costs of vaccinations and infections as well as an estimated probability of infection if not vaccinated. The model is a methodological advance in that it provides an economic rationale for traditional threshold models of vaccine decision-making that are commonly used in agent-based network models of vaccine choice. In the model, more dense urban regions have more connections between agents than less dense rural regions. Higher density leads to higher levels of vaccine usage and lower rates of infection in urban regions within the model. This finding adds to the more commonly discussed socio-economic reasons for higher levels of vaccination usage in urban areas compared to rural areas. In addition to this direct contribution, the paper emphasizes the importance of endogenous decision-making in models of epidemiology. For instance, we find that networks that lead to larger epidemics in exogenous vaccination models lead to smaller epidemics in our model because agents use vaccinations to offset the additional risk introduced by these network structures. Endogenous agent responses to risk need to be incorporated into theoretical and empirical models of economic epidemiology.","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":"18 1","pages":"163-189"},"PeriodicalIF":1.1,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9453713/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"10836463","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0