Manchester School最新文献

Mind the Gap: Government Investment Announcement and Implementation 注意差距：政府投资公告与实施

IF 0.7 4区经济学

Manchester School Pub Date : 2025-03-04 DOI: 10.1111/manc.12515

Fernando Garcia-Barragan

引用次数: 0

Vertical Separation With Split-Off Under Passive Ownership 被动所有权下的纵向分离与分拆

IF 0.7 4区经济学

Manchester School Pub Date : 2025-02-25 DOI: 10.1111/manc.12514

Chuyuan Zhang, Sang-Ho Lee

引用次数: 0

Are Transfer Payments Stimulative?—Sometimes 转移支付有刺激作用吗？——有时

IF 0.7 4区经济学

Manchester School Pub Date : 2025-02-07 DOI: 10.1111/manc.12513

M. Iqbal Ahmed, George Anaman, Steven P. Cassou

{"title":"Are Transfer Payments Stimulative?—Sometimes","authors":"M. Iqbal Ahmed, George Anaman, Steven P. Cassou","doi":"10.1111/manc.12513","DOIUrl":"https://doi.org/10.1111/manc.12513","url":null,"abstract":"<p>This paper investigates the stimulative effects of transfer payments on macroeconomic aggregates using impulse response functions, forecast error variance decompositions, and spending multipliers in state-dependent time series econometric models. It is shown that under symmetric response assumptions, positive transfer payment impulses lead to positive effects on gross domestic product, personal income and personal consumption. However, when an asymmetry linked to economic conditions is used, it is found that transfer payment effects are asymmetric and have significant positive effects on macroeconomic variables during economic recessions but are not very stimulative during economic expansions. A deeper analysis shows that the stimulus effects during economic recessions results primarily from the recent special programs undertaken during the Great Recession and the COVID-19 recession. These results indicate that policy which uses transfer payments as economic stimulus for the economy during expansionary economic conditions will not see much benefit. Furthermore, transfer payment policy expansions during recessionary economic conditions do not offer much stimulus except when the programs are unusually large as seen during the Great Recession and the COVID recession. Results for forecast error variance decompositions and spending multipliers reinforce these findings. Transfer payment programs are often motivated by both the benefits to recipients, and the stimulative benefit to the economy. These results show that, outside of the periods where extraordinary transfer payment expansions occur, the economic stimulus effects of transfer payment programs are small and that transfer payments should only be motivated by the benefits to the recipients.</p>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"93 4","pages":"368-387"},"PeriodicalIF":0.7,"publicationDate":"2025-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/manc.12513","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144206947","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

A Natural Experiment in Education Reform: The Case of Upper-Secondary Curriculum Compression 教育改革的自然实验：以高中课程压缩为例

IF 0.7 4区经济学

Manchester School Pub Date : 2025-02-04 DOI: 10.1111/manc.12504

Tinna Laufey Ásgeirsdóttir, Gisli Gylfason, Gylfi Zoega

引用次数: 0

Effect of the Duty-Free and Quota-Free Market Access Schemes for Least Developed Countries on Income Inequality and Poverty 最不发达国家免关税和免配额市场准入制度对收入不平等和贫困的影响

IF 0.7 4区经济学

Manchester School Pub Date : 2025-01-21 DOI: 10.1111/manc.12512

Sèna Kimm Gnangnon

引用次数: 0

Trade Variations due to Time Zones Related Distance and Delaying Costs: A Theoretical Exposition 时区相关距离和延迟成本导致的贸易差异：一个理论论述

IF 0.7 4区经济学

Manchester School Pub Date : 2025-01-04 DOI: 10.1111/manc.12511

Biswajit Mandal, Maitrayee Das

引用次数: 0

The Fixed or Variable Rate Loan Decision: Which Small Businesses Prefer the Certainty of Fixed Rate Loans and Which Banks Offer Them? 固定利率或浮动利率贷款的决定：哪些小企业更喜欢固定利率贷款的确定性，哪些银行提供？

IF 0.7 4区经济学

Manchester School Pub Date : 2024-12-19 DOI: 10.1111/manc.12509

Marc Cowling, Kit Pong Wong

{"title":"The Fixed or Variable Rate Loan Decision: Which Small Businesses Prefer the Certainty of Fixed Rate Loans and Which Banks Offer Them?","authors":"Marc Cowling, Kit Pong Wong","doi":"10.1111/manc.12509","DOIUrl":"https://doi.org/10.1111/manc.12509","url":null,"abstract":"<p>If a small business expects that interest rates will rise in the future then it is rational to insure oneself against this by accepting a fixed rate loan. In addition, small firms may prefer the certainty of fixed interest payments throughout the term of a loan. However, banks may prefer to offer variable rate loans as this insures them against volatility and uncertainty of their funding cost and shifts risk to the borrower. In this paper we empirically analyse what types of lending institutions offer fixed rate loans and what types of small firms accept them using a large UK data set from 2009–2020 covering government guaranteed loans. We initially found that fixed rate loans are more expensive than variable rate loans on average, and that larger firms and those taking out longer maturity loans were more likely to take out fixed rate loans. In contrast, larger size loans were more likely to be issued on a variable interest rate and by a larger lending institution. As large banks made greater returns from fixed rate loans, they increased use of them over the decade to favoured borrowers suggesting that regret aversion also played a role in the bank's decision and also that macroeconomic conditions were improving after the Global Financial Crisis.</p>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"93 3","pages":"267-280"},"PeriodicalIF":0.7,"publicationDate":"2024-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/manc.12509","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143762339","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

Inflation Persistence in the G7: The Effects of the Covid-19 Pandemic and of the Russia-Ukraine War 七国集团的持续通货膨胀：Covid-19大流行和俄乌战争的影响

IF 0.7 4区经济学

Manchester School Pub Date : 2024-12-19 DOI: 10.1111/manc.12507

Nuruddeen Usman, Luis Alberiko Gil-Alana

引用次数: 0

The Uncertainty in Energy and Cryptocurrency Markets: Is Gold Really a Safe Haven? 能源和加密货币市场的不确定性：黄金真的是避风港吗？

IF 0.7 4区经济学

Manchester School Pub Date : 2024-12-19 DOI: 10.1111/manc.12510

Shuangshuang Chang, Meng Qin, Chi Wei Su

{"title":"The Uncertainty in Energy and Cryptocurrency Markets: Is Gold Really a Safe Haven?","authors":"Shuangshuang Chang, Meng Qin, Chi Wei Su","doi":"10.1111/manc.12510","DOIUrl":"https://doi.org/10.1111/manc.12510","url":null,"abstract":"<div>\u0000 \u0000 <p>Investigating gold's safe-haven status is crucial to stabilising energy and cryptocurrency markets. To capture the dynamic relationships between energy-related uncertainty (ERU), gold prices (GP), and cryptocurrency policy uncertainty (CPOU), this study employs the TVP-SV-VAR methodology. Through quantitative analysis, we find ERU has favourable and unfavourable effects on GP. The favourable impact underscores gold's safe-haven role against energy market uncertainty. At the same time, the negative impact contradicts this view and theoretical models, likely due to the U.S. dollar's value and gold's hedging performance against other uncertainties. CPOU, however, positively impacts GP, supporting gold's safe-haven characteristics against uncertainty in the cryptocurrency market and aligning with theoretical predictions. Gold's safe-haven status in the cryptocurrency market is comparably more consistent but slightly less significant. Additionally, this study validates the findings by substituting CPOU with cryptocurrency price uncertainty (CPRU), confirming their robustness. Given the high volatility in energy and cryptocurrency markets, this article offers valuable insights for authorities to maximise profits and ensure stable growth.</p>\u0000 </div>","PeriodicalId":47546,"journal":{"name":"Manchester School","volume":"93 3","pages":"254-266"},"PeriodicalIF":0.7,"publicationDate":"2024-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143762046","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 Simple Model of Intergenerational Mobility Under the Heterogeneous Effects of Public Expenditure 公共支出异质性效应下代际流动的简单模型

IF 0.7 4区经济学

Manchester School Pub Date : 2024-12-14 DOI: 10.1111/manc.12508

Lifeng Zhang, Yanhua Xu

引用次数: 0