Australian Economic Papers最新文献_第2页

The supply elasticity and housing price bubbles in New South Wales, Australia 澳大利亚新南威尔士州的供应弹性与房价泡沫

IF 1.2 4区经济学

Australian Economic Papers Pub Date : 2024-07-07 DOI: 10.1111/1467-8454.12372

Yi Ding, Xiangling Liu

{"title":"The supply elasticity and housing price bubbles in New South Wales, Australia","authors":"Yi Ding, Xiangling Liu","doi":"10.1111/1467-8454.12372","DOIUrl":"10.1111/1467-8454.12372","url":null,"abstract":"In this study, we use a supply and demand model to estimate housing supply elasticity in New South Wales Australia based on yearly data for the 126 local government areas from 1991 to 2019, and investigate effects of supply elasticity on responses of housing prices and new constructions to housing price bubbles from 2002 to 2004. In particular, when conducting supply elasticity estimation, we use multi-factor error structures to address cross-sectional dependence issues, which is ignored by previous studies. We find that the supply elasticity estimates are statistically significant at the state level (0.36), in the regional coastal area (0.97) and in the regional inland area (0.41 but can be inconsistent and inefficient due to cross-sectional dependence), while perfectly inelastic in the metropolitan area. Effects of supply elasticity on the market responses to bubbles are largely affected by market heterogeneity such as overall supply elasticity levels and demand degrees. The findings may compensate for the limitations of the theory in Glaeser et al. (2008, J Urban Econ, 64:198–217) and offer potential avenues for future development of the theory. Our results implies that bubbles promote development in elastic areas of the metropolitan market and inelastic areas of the regional coastal market, and that balancing urban and regional development is important for dealing with bubble-related affordability issues.","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"64 1","pages":"1-19"},"PeriodicalIF":1.2,"publicationDate":"2024-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141570047","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: 0

A footloose entrepreneur model with productivity heterogeneity in two regions 两个地区具有生产率异质性的 "脚踏实地 "企业家模型

IF 1.2 4区经济学

Australian Economic Papers Pub Date : 2024-07-02 DOI: 10.1111/1467-8454.12370

Po-Hao Lu, Jyh-Fa Tsai

引用次数: 0

Correction to “Hiding the elephant: The tragedy of COVID policy and its economist apologists” 更正："隐藏大象：COVID 政策及其经济学家辩护士的悲剧 "的更正

IF 1.2 4区经济学

Australian Economic Papers Pub Date : 2024-06-23 DOI: 10.1111/1467-8454.12371

引用次数: 0

International financial integration and financial depth: New evidence from an asymmetry analysis 国际金融一体化与金融深度：来自不对称分析的新证据

IF 1.2 4区经济学

Australian Economic Papers Pub Date : 2024-06-06 DOI: 10.1111/1467-8454.12368

Massomeh Hajilee, Farhang Niroomand, Linda A. Hayes

{"title":"International financial integration and financial depth: New evidence from an asymmetry analysis","authors":"Massomeh Hajilee, Farhang Niroomand, Linda A. Hayes","doi":"10.1111/1467-8454.12368","DOIUrl":"10.1111/1467-8454.12368","url":null,"abstract":"In the field of international finance, there is a large role for international financial market integration and financial depth by contributing to the global financial system and enhancing financial system power through easier access to sufficient funds of government and private sectors. This research aims to determine the short-run and long-run impact of financial depth on international financial market integration in eight selected countries over the period of 1980–2021 in both a linear and nonlinear model, while providing the opportunity to assess the asymmetric impact of financial depth on international financial market integration. After estimating the models, we show that financial depth has significant short-run and long-run effects in most of our sample countries in the linear mode. We also show that the long-run impact of financial depth on financial market integration is asymmetric in all eight countries, concluding that financial depth and risks associated with it play an important role in international financial market integration, and it is important for countries to select and implement adequate financial market policies to take advantage of this relationship.","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"63 4","pages":"729-745"},"PeriodicalIF":1.2,"publicationDate":"2024-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141378835","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: 0

Global economic contraction, climate change and the gold market volatility: A GARCH-MIDAS approach 全球经济收缩、气候变化和黄金市场波动：GARCH-MIDAS 方法

IF 1.2 4区经济学

Australian Economic Papers Pub Date : 2024-06-05 DOI: 10.1111/1467-8454.12369

Afees A. Salisu, Dinci J. Penzin, Xuan Vinh Vo

{"title":"Global economic contraction, climate change and the gold market volatility: A GARCH-MIDAS approach","authors":"Afees A. Salisu, Dinci J. Penzin, Xuan Vinh Vo","doi":"10.1111/1467-8454.12369","DOIUrl":"10.1111/1467-8454.12369","url":null,"abstract":"Our paper has two main objectives. First, we aim to investigate the relationship between global economic contraction (GECON) and the return volatility of gold. Second, we examine the role of climate change as a mediator in this connection. To achieve this, we use the GARCH-MIDAS model, which accommodates data in different frequencies in the same model. This prevents the loss of important information when aggregating high-frequency data to lower-frequency data. We also use alternative measures of GECON from Kilian and Zhou (Journal of International Money and Finance, 2018; 88, 54–78) and Baumeister et al. (Review of Economics and Statistics, 2020;104(4), 828–844) to ensure the robustness of our findings. Our results show that global economic contraction positively impacts the return volatility of gold. Additionally, our findings confirm that the increased uncertainty caused by climate change makes gold a safe haven for investors. This means that gold's return volatility is not negatively impacted by the rising level of uncertainty caused by climate-induced contraction. Moreover, we note that the index of GECON that accommodates more dynamics can produce more accurate predictability for gold market volatility. Our analysis of stock market volatility further confirms that gold has a safe haven potential relative to the stock market.","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"63 4","pages":"712-728"},"PeriodicalIF":1.2,"publicationDate":"2024-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141385333","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: 0

The impact of US housing demand and supply shocks on the Australian economy: Analysis implementing a SVAR model 美国住房供求冲击对澳大利亚经济的影响：采用 SVAR 模型进行分析

IF 1.9 4区经济学

Australian Economic Papers Pub Date : 2024-05-23 DOI: 10.1111/1467-8454.12348

Patrick Manning

引用次数: 0

Evaluating Australia's financial conditions: A comparative analysis and extension of a dynamic factor model index 评估澳大利亚的金融状况：动态因素模型指数的比较分析和扩展

IF 1.9 4区经济学

Australian Economic Papers Pub Date : 2024-05-23 DOI: 10.1111/1467-8454.12358

Alexander Khreish

引用次数: 0

Retaining Australian Nurses: An Analysis of Nurses' Wages and Exit Rates 留住澳大利亚护士：护士工资和离职率分析