JOURNAL OF ECONOMIC STUDIES最新文献

{"title":"Strategic flexibility in healthcare: an exploration of real options","authors":"Felipa de Mello-Sampayo","doi":"10.1108/jes-10-2023-0605","DOIUrl":"https://doi.org/10.1108/jes-10-2023-0605","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This survey explores the application of real options theory to the field of health economics. The integration of options theory offers a valuable framework to address these challenges, providing insights into healthcare investments, policy analysis and patient care pathways.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>This research employs the real options theory, a financial concept, to delve into health economics challenges. Through a systematic approach, three distinct models rooted in this theory are crafted and analyzed. Firstly, the study examines the value of investing in emerging health technology, factoring in future advantages, associated costs and unpredictability. The second model is patient-centric, evaluating the choice between immediate treatment switch and waiting for more clarity, while also weighing the associated risks. Lastly, the research assesses pandemic-related government policies, emphasizing the importance of delaying decisions in the face of uncertainties, thereby promoting data-driven policymaking.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>Three different real options models are presented in this study to illustrate their applicability and value in aiding decision-makers. (1) The first evaluates investments in new technology, analyzing future benefits, discount rates and benefit volatility to determine investment value. (2) In the second model, a patient has the option of switching treatments now or waiting for more information before optimally switching treatments. However, waiting has its risks, such as disease progression. By modeling the potential benefits and risks of both options, and factoring in the time value, this model aids doctors and patients in making informed decisions based on a quantified assessment of potential outcomes. (3) The third model concerns pandemic policy: governments can end or prolong lockdowns. While awaiting more data on the virus might lead to economic and societal strain, the model emphasizes the economic value of deferring decisions under uncertainty.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>This research provides a quantified perspective on various decisions in healthcare, from investments in new technology to treatment choices for patients to government decisions regarding pandemics. By applying real options theory, stakeholders can make more evidence-driven decisions.</p><!--/ Abstract__block -->\u0000<h3>Social implications</h3>\u0000<p>Decisions about patient care pathways and pandemic policies have direct societal implications. For instance, choices regarding the prolongation or ending of lockdowns can lead to economic and societal strain.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The originality of this study lies in its application of real options theory, a concept from finance, to the realm of health economics, offering novel insights and analytical tools for decision-makers in the healthcare s","PeriodicalId":47604,"journal":{"name":"JOURNAL OF ECONOMIC STUDIES","volume":"8 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139750967","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":"From parameters to policies: sensitivity analysis and fiscal and monetary reactions","authors":"Karlo Marques Junior","doi":"10.1108/jes-10-2023-0556","DOIUrl":"https://doi.org/10.1108/jes-10-2023-0556","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This paper seeks to explore the sensitivity of these parameters and their impact on fiscal policy outcomes. We use the existing literature to establish possible ranges for each parameter, and we examine how changes within these ranges can alter the outcomes of fiscal policy. In this way, we aim to highlight the importance of these parameters in the formulation and evaluation of fiscal policy.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The role of fiscal policy, its effects and multipliers continues to be a subject of intense debate in macroeconomics. Despite adopting a New Keynesian approach within a macroeconomic model, the reactions of macroeconomic variables to fiscal shocks can vary across different contexts and theoretical frameworks. This paper aims to investigate these diverse reactions by conducting a sensitivity analysis of parameters. Specifically, the study examines how key variables respond to fiscal shocks under different parameter settings. By analyzing the behavioral dynamics of these variables, this research contributes to the ongoing discussion on fiscal policy. The findings offer valuable insights to enrich the understanding of the complex relationship between fiscal shocks and macroeconomic outcomes, thus facilitating informed policy debates.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>This paper aims to investigate key elements of New Keynesian Dynamic Stochastic General Equilibrium (DSGE) models. The focus is on the calibration of parameters and their impact on macroeconomic variables, such as output and inflation. The study also examines how different parameter settings affect the response of monetary policy to fiscal measures. In conclusion, this study has relied on theoretical exploration and a comprehensive review of existing literature. The parameters and their relationships have been analyzed within a robust theoretical framework, offering valuable insights for further research on how these factors influence model forecasts and inform policy recommendations derived from New Keynesian DSGE models. Moving forward, it is recommended that future work includes empirical analyses to test the reliability and effectiveness of parameter calibrations in real-world conditions. This will contribute to enhancing the accuracy and relevance of DSGE models for economic policy decision-making.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This study is motivated by the aim to provide a deeper understanding of the roles macroeconomic model parameters play concerning responses to expansionary fiscal policies and the subsequent reactions of monetary authorities. Comprehensive reviews that encompass this breadth of relationships within a single text are rare in the literature, making this work a valuable contribution to stimulating discussions on macroeconomic policies.</p><!--/ Abstract__block -->","PeriodicalId":47604,"journal":{"name":"JOURNAL OF ECONOMIC STUDIES","volume":"1 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139678410","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":"Labour market insecurity and volunteering in the European Union: policy suggestions for job security","authors":"Nunzia Nappo, Damiano Fiorillo, Giuseppe Lubrano Lavadera","doi":"10.1108/jes-12-2023-0717","DOIUrl":"https://doi.org/10.1108/jes-12-2023-0717","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>There is extensive literature on the determinants of job tenure insecurity. However, very little is known about the individual drivers of labour market insecurity. Additionally, while a piece of literature shows that volunteering improves workers' income, no study considers volunteering as an activity which could help workers to feel more confident about their perception of labour market insecurity if they lost or resigned their jobs. Therefore, purpose of this paper is to study whether workers who volunteer are less likely to perceive labour market insecurity.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The paper employs data from the sixth European working conditions survey which provides a great deal of information on working conditions. For the empirical investigation, probit model as well as robustness analysis have been implemented.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>Results show that employees who do voluntary activities have a greater likelihood of declaring perceived labour market insecurity, which is nearly 3 percentage points lower, than employees who do not volunteer. Findings suggest that governments need to improve the relationship between for-profit and non-profit sectors to encourage volunteering.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This is the first study which considers volunteering as an activity which could help workers to feel more confident about their perception of “labour market insecurity”. Most of the studies on “labour market insecurity” do not focus on the workers individual characteristics but mainly on the labour markets institutional characteristics and welfare regimes differences.</p><!--/ Abstract__block -->","PeriodicalId":47604,"journal":{"name":"JOURNAL OF ECONOMIC STUDIES","volume":"48 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139680334","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":"Time-varying parameters in monetary policy rules: a GMM approach","authors":"Christina Anderl, Guglielmo Maria Caporale","doi":"10.1108/jes-06-2023-0289","DOIUrl":"https://doi.org/10.1108/jes-06-2023-0289","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The article aims to establish whether the degree of aversion to inflation and the responsiveness to deviations from potential output have changed over time.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>This paper assesses time variation in monetary policy rules by applying a time-varying parameter generalised methods of moments (TVP-GMM) framework.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>Using monthly data until December 2022 for five inflation targeting countries (the UK, Canada, Australia, New Zealand, Sweden) and five countries with alternative monetary regimes (the US, Japan, Denmark, the Euro Area, Switzerland), we find that monetary policy has become more averse to inflation and more responsive to the output gap in both sets of countries over time. In particular, there has been a clear shift in inflation targeting countries towards a more hawkish stance on inflation since the adoption of this regime and a greater response to both inflation and the output gap in most countries after the global financial crisis, which indicates a stronger reliance on monetary rules to stabilise the economy in recent years. It also appears that inflation targeting countries pay greater attention to the exchange rate pass-through channel when setting interest rates. Finally, monetary surprises do not seem to be an important determinant of the evolution over time of the Taylor rule parameters, which suggests a high degree of monetary policy transparency in the countries under examination.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>It provides new evidence on changes over time in monetary policy rules.</p><!--/ Abstract__block -->","PeriodicalId":47604,"journal":{"name":"JOURNAL OF ECONOMIC STUDIES","volume":"17 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139910715","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":"Unraveling the impact of COVID-19 pandemic on foreign direct investment and its determinants: empirical insights from SAARC countries","authors":"Rizwan Firdos, Mohammad Subhan, Babu Bakhsh Mansuri, Majed Alharthi","doi":"10.1108/jes-08-2023-0420","DOIUrl":"https://doi.org/10.1108/jes-08-2023-0420","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This paper aims to unravel the impact of post-pandemic COVID-19 on foreign direct investment (FDI) and its determinants in the South Asian Association for Regional Cooperation (SAARC) Countries.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The study utilized four macroeconomic variables includes growth domestic product growth rate (GDPG), inflation rate (IR), exchange rate (ER), and unemployment rate (UR) to assess their impact on post-pandemic FDI, along with two variables control of corruption (CC) and political stability (PS) to measure the influence of good governance. Random effects, fixed effects, cluster random effects, cluster fixed effects and generalized method of moments (GMM) models were applied to a balanced panel dataset comprising eight SAARC countries over the period 2010–2021. To identify the random trend component in each variable, three renowned unit root tests (Levin, Lin and Chu LLC, Im-Pesaran-Shin IPS and Augmented Dickey-Fuller ADF) were used, and co-integration associations between variables were verified through the Pedroni and Kao approaches. Data analysis was performed using STATA 17 software.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The major findings revealed that the variables have an order of integration at the first difference I (1). Nonetheless, this situation suggests the possibility of a long-term link between the series. And the main results of the findings show that the coefficients of GDPG, CC and PS are positive and significant in the long run, showing that these variables boosted FDI inflows in the SAARC region as they are significantly positively linked to FDI inflows. Similarly, the coefficients of UR, IR, ER and COVID-19 are negative and significant.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>By identifying the specific impacts of the post-pandemic FDI and its determinants, governments and policymakers can formulate targeted policies and measures to mitigate the adverse effects and enhance investment attractiveness. Additionally, investors can gain a deeper understanding of the risk factors and adapt their strategies accordingly, ensuring resilience and sustainable growth. Finally, this paper adds value to the literature on the post-pandemic impact on FDI inflows in the SAARC region.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This paper is the first attempt to trace the impact of COVID-19 on Foreign Direct Investment and its determinants in the SAARC Countries. Most of the previous studies were analytical in nature and, if empirical, excluded some countries due to the unviability of the data set. This study includes all the SAARC member countries, and all variables' data are completely available. There is still a lack of empirical studies related to the SAARC region; this study attempts to fill the gap.</p><!--/ Abstract__block -->","PeriodicalId":47604,"journal":{"name":"JOURNAL OF ECONOMIC STUDIES","volume":"15 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139556173","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":"Inflation–inequality puzzle: is it still apparent?","authors":"Edmond Berisha, Rangan Gupta, Orkideh Gharehgozli","doi":"10.1108/jes-09-2023-0477","DOIUrl":"https://doi.org/10.1108/jes-09-2023-0477","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The primary focus of this study is to examine the distributional consequences of the widespread increase in prices. The fundamental question the study aims to address is whether the dynamics of income distribution due to higher inflation differ in the short term compared to the long run.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The authors estimated a panel-data model (fixed effects) using inequality and inflation data available at a high frequency, i.e. on a quarterly basis for over 30 years, and found evidence that inflation causes rapid swings in income distribution.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p> The authors’ contribution to the literature lies in providing evidence that inflation rapidly causes swings in income distribution, even after controlling for the state of the economy. The authors also demonstrate that the magnitude and direction of the effect of inflation on income inequality depend on whether the initial inflation rate is below or above the Federal Reserve’s target of 2%.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>To the best of the authors’ knowledge, the authors are the first to emphasize that the targets set by central banks can drive the strength and direction of the relationship between inflation and income inequality.</p><!--/ Abstract__block -->","PeriodicalId":47604,"journal":{"name":"JOURNAL OF ECONOMIC STUDIES","volume":"425 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139464242","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":"US efficient factors in a Bayesian model scan framework","authors":"Michael O'Connell","doi":"10.1108/jes-07-2023-0379","DOIUrl":"https://doi.org/10.1108/jes-07-2023-0379","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The author examines the impact these efficient factors have on factor model comparison tests in US returns using the Bayesian model scan approach of Chib <em>et al</em>. (2020), and Chib <em>et al</em>.(2022).</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>Ehsani and Linnainmaa (2022) show that time-series efficient investment factors in US stock returns span and earn 40% higher Sharpe ratios than the original factors.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The author shows that the optimal asset pricing model is an eight-factor model which contains efficient versions of the market factor, value factor (HML) and long-horizon behavioral factor (FIN). The findings show that efficient factors enhance the performance of US factor model performance. The top performing asset pricing model does not change in recent data.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The author is the only one to examine if the efficient factors developed by Ehsani and Linnainmaa (2022) have an impact on model comparison tests in US stock returns.</p><!--/ Abstract__block -->","PeriodicalId":47604,"journal":{"name":"JOURNAL OF ECONOMIC STUDIES","volume":"28 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139464309","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":"Equity issuance, share buy-back and growth in a Kaldor-Kalecki model","authors":"Sébastien Charles","doi":"10.1108/jes-07-2023-0353","DOIUrl":"https://doi.org/10.1108/jes-07-2023-0353","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The aim of this article is to assess the macroeconomic consequences of some specific aspects of financialization (i.e. share buy-back) using a hybrid post-Keynesian model of growth and distribution based on Kaldorian and Kaleckian characteristics.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The study follows a post-Keynesian approach and deals with financialization issues by implementing several numerical simulations.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The numerical simulations reveal the negative real impacts of massive share repurchases on the rate of accumulation because they immediately siphon off revenues directly intended for investment projects. Moreover, the negative effect of share buy-backs is reinforced especially when firms' investment decisions are more sensitive to a variation in retained earnings. Next, this macro-model also reproduces several well-known figures of the Kaleckian tradition and the paradox of costs.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>The present article can be considered as a starting point for further theoretical extensions and requires empirical validation.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The Kaldor-Kalecki macro-model could be useful for policymakers who are interested in containing some of the negative excesses of financialization.</p><!--/ Abstract__block -->","PeriodicalId":47604,"journal":{"name":"JOURNAL OF ECONOMIC STUDIES","volume":"67 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139374501","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":"Do received remittances cause Dutch disease in developed and developing countries?","authors":"Faris Alshubiri, Samia Fekir, Billal Chikhi","doi":"10.1108/jes-09-2023-0496","DOIUrl":"https://doi.org/10.1108/jes-09-2023-0496","url":null,"abstract":"PurposeThe present study aimed to examine the effect of received remittance inflows on the price level ratio of the purchasing power parity conversion factor to the market exchange rate in 36 developed and developing countries from 2004 to 2020.Design/methodology/approachThe panel data conducted a comparative analysis and used panel least squares, regression with Driscoll-Kraay standard errors of fixed effect, random effect, feasible generalised least squares and maximum likelihood robust least squares to overcome the heterogeneity issue. Furthermore, the two-step difference generalised method of moments to overcome the endogeneity issue. Diagnostic tests were used to increase robustness.FindingsIn the studied countries, there was a statistically significant negative relationship between received remittance inflows and the price-level ratio of the purchasing power parity conversion factor to the market exchange rate. This relationship explains why remittance flows depreciate the real exchange rate. The study’s results also indicated that attracting investments can improve the quality of institutions despite high tax rates, leading to low tax revenue.Originality/valueThe current study findings enrich the understanding of policies of how governments should minimise tariff rates on capital imports and introduce export-oriented incentive programmes. The study also revealed that Dutch disease can occur due to differences in the demand structure and manufacturing development policy.","PeriodicalId":47604,"journal":{"name":"JOURNAL OF ECONOMIC STUDIES","volume":"27 5","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139379972","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 impact of recapitalisations and bank competition on Greek bank net interest margins","authors":"Emmanuel Mamatzakis","doi":"10.1108/jes-08-2023-0461","DOIUrl":"https://doi.org/10.1108/jes-08-2023-0461","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study investigates the reasons behind the very high net interest margins in the Greek banking industry compared to the euro-area, focussing on the association between bank competition and recapitalisations.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The author conducts a dynamic panel analysis covering the period from the early 2000s to 2021, that controls for possible endogeneity and treats for heterogeneity. The author also employs local projections impulse response functions that control for structural changes in Greek banking.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The author finds that low bank competition has contributed to high net interest margins in Greece. Interestingly, the impact of recapitalisations conditional to low bank competition has had a significant further impact on increasing net interest margins, which is a noteworthy case due to several Greek bank recapitalisations in the last ten years. The author’s findings are supported by local projections impulse response functions.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>To mitigate distortions in bank competition, the author argues to accelerate steps toward the direction of the banking union and a common bank regulation framework in the euro-area.</p><!--/ Abstract__block -->","PeriodicalId":47604,"journal":{"name":"JOURNAL OF ECONOMIC STUDIES","volume":"15 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139374687","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}