JOURNAL OF ECONOMIC STUDIES最新文献

{"title":"The interplay between economic policy uncertainty and corporate bond yield in emerging Asian markets","authors":"Mohit Kumar, P. Krishna Prasanna","doi":"10.1108/jes-07-2023-0385","DOIUrl":"https://doi.org/10.1108/jes-07-2023-0385","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>To investigate the role of domestic and foreign economic policy uncertainty (EPU) in driving the corporate bond yields in emerging markets.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The study utilizes monthly data from January 2008 to June 2023 from the selected emerging economies. The data analysis is conducted using univariate, bivariate and multivariate statistical techniques. The study includes bond market liquidity and global volatility (VIX) as control variables.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>Domestic EPU has a significant role in driving corporate bond yields in these markets. The study finds weak evidence to support the role of the USA EPU in influencing corporate bond yields in emerging economies. Domestic EPU holds more weight and influence than the EPU originating from the United States of America.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>The findings provide useful insights to policymakers about the potential impact of policy uncertainty on corporate bond yields and enable them to make informed decisions regarding economic policies that maintains financial stability. Understanding the relationship between EPU and corporate bond yields enables investors to optimize their investment decisions in emerging market economies, opens the scope for further research on the interaction between EPU and volatility and other attributes of fixed income markets.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>Focuses specifically on the emerging market economies in Asia, providing an in-depth analysis of the dynamics and challenges faced by these countries, Explores the influence of both domestic and the USA EPU on corporate bond yields in emerging markets, offering valuable insights into the transmission channels and impact of EPU from various sources.</p><!--/ Abstract__block -->","PeriodicalId":47604,"journal":{"name":"JOURNAL OF ECONOMIC STUDIES","volume":"27 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139374952","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":"Environmental awareness and firm creation","authors":"K. Peren Arin, Alessandro De Iudicibus, Nagham Sayour, Nicola Spagnolo","doi":"10.1108/jes-07-2023-0360","DOIUrl":"https://doi.org/10.1108/jes-07-2023-0360","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study tests whether environmental awareness affects firm creation by using Google Trends data and a novel region-level data set from Italy.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>Forward-looking entrepreneurs drive firm creation. The authors hypothesize that more environmentally conscious entrepreneurs will emerge as environmental awareness rises, increasing the number of green and energy firms. The authors test the prediction using Google Trends data and a novel region-level data set from Italy.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The authors find that not only the number of green and energy-innovative firms but also that of all innovative start-ups increases with rising environmental consciousness. The results imply some “innovation spillover” effects from green sectors to other industries with rising environmental awareness.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The paper hypothesizes that as environmental awareness rises, more environmental-conscious entrepreneurs will emerge, which would increase the number of green and energy firms. Robustness and falsification tests are also offered.</p><!--/ Abstract__block -->","PeriodicalId":47604,"journal":{"name":"JOURNAL OF ECONOMIC STUDIES","volume":"51 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139413524","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":"Disinflation costs and macroprudential policies: real and welfare effects","authors":"Francesco Busato, Maria Ferrara, Monica Varlese","doi":"10.1108/jes-03-2023-0161","DOIUrl":"https://doi.org/10.1108/jes-03-2023-0161","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This paper analyzes real and welfare effects of a permanent change in inflation rate, focusing on macroprudential policy’ role and its interaction with monetary policy.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>While investigating disinflation costs, the authors simulate a medium-scale dynamic general equilibrium model with borrowing constraints, credit frictions and macroprudential authority.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>Providing discussions on different policy scenarios in a context where still it is expected high inflation, there are three key contributions. First, when macroprudential authority actively operates to improve financial stability, losses caused by disinflation are limited. Second, a Taylor rule directly responding to financial variables might entail a trade-off between price and financial stability objectives, by increasing disinflation costs. Third, disinflation is welfare improving for savers, while costly for borrowers and banks. Indeed, while savers benefit from policies reducing price stickiness distortion, borrowers are worried about credit frictions, coming from collateral constraint.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>The paper suggests threefold policy implications: the macroprudential authority should actively intervene during a disinflation process to minimize costs and financial instability deriving from it; policymakers should implement a disinflationary policy stabilizing also output; the central bank and the macroprudential regulator should pursue financial and price stability goals, separately.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This paper is the first attempt to study effects of a permanent inflation target reduction in focusing on the macroprudential policy’ role.</p><!--/ Abstract__block -->","PeriodicalId":47604,"journal":{"name":"JOURNAL OF ECONOMIC STUDIES","volume":"113 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139057104","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":"An empiric on geopolitical risk and the tourism–economic growth nexus","authors":"K. Sandar Kyaw, Yun Luo, Glauco De Vita","doi":"10.1108/jes-08-2023-0459","DOIUrl":"https://doi.org/10.1108/jes-08-2023-0459","url":null,"abstract":"<h3>Purpose</h3>\u0000<p> This study empirically examines the moderating role of geopolitical risk on the tourism–economic growth nexus by applying a recent geopolitical risk indicator developed by Caldara and Iacoviello (2022) in a cross-country panel data growth model context for a sample of 24 countries.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p> A Dummy Variable Least Squares panel data model, nonparametric covariance matrix estimator and SYS-GMM estimation techniques are employed for the analysis. The authors capture the GPR moderating effect by disaggregating the cross-country sample according to low versus high country GPR score and through a GPR interaction coefficient. Several controls are included in the models such as gross fixed capital formation and—consistent with Barro (1990)—government consumption. Trade openness is used to account for the export-led growth effect. In line with neoclassical growth theory (e.g. Barro, 1991), the authors also include the real interest rate, to account for policy makers' commitment to macroeconomic stability, financial depth, as a proxy for financial development, population growth and the level of secondary school education. The authors also control for unobserved country-specific and time-invariant effects.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p> The research finds that the interaction term of geopolitical risk significantly contributes to the predictive ability of the regression and provides empirical evidence that confirms that only in low geopolitical risk countries international tourism positively and significantly contributes to economic growth. Important theoretical and policy implications flow from these findings.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p> The study not only contributes to advancing academic knowledge on the tourism–growth nexus, it also has impact beyond academia. Many countries have in the past pursued and many continue to pursue, tourism specialization and/or tourism-led growth strategies based on the theoretically well-established and empirically validated positive link between inbound tourism and economic growth. The findings alert policy makers in such countries to the significant moderating role that geopolitical risk plays in affecting the above-mentioned relationship and to the importance of prioritizing geopolitical stability as a policy precursor for the successful implementation of such strategies.</p><!--/ Abstract__block -->","PeriodicalId":47604,"journal":{"name":"JOURNAL OF ECONOMIC STUDIES","volume":"17 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139057183","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":"Monetary policy in practice: do central banks respond to movements in exchange rate and credit growth?","authors":"Hai Le, Phuong Nguyen","doi":"10.1108/jes-05-2023-0258","DOIUrl":"https://doi.org/10.1108/jes-05-2023-0258","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study examines the importance of exchange rate and credit growth fluctuations when designing monetary policy in Thailand. To this end, the authors construct a small open economy New Keynesian dynamic stochastic general equilibrium (DSGE) model. The model encompasses several essential characteristics, including incomplete financial markets, incomplete exchange rate pass-through, deviations from the law of one price and a banking sector. The authors consider generalized Taylor rules, in which policymakers adjust policy rates in response to output, inflation, credit growth and exchange rate fluctuations. The marginal likelihoods are then employed to investigate whether the central bank responds to fluctuations in the exchange rate and credit growth.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p> This study constructs a small open economy DSGE model and then estimates the model using Bayesian methods.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p> The authors demonstrate that the monetary authority does target exchange rates, whereas there is no evidence in favor of incorporating credit growth into the policy rules. These findings survive various robustness checks. Furthermore, the authors demonstrate that domestic shocks contribute significantly to domestic business cycles. Although the terms of trade shock plays a minor role in business cycles, it explains the most significant proportion of exchange rate fluctuations, followed by the country risk premium shock.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p> This study is the first attempt at exploring the relevance of exchange rate and credit growth fluctuations when designing monetary policy in Thailand.</p><!--/ Abstract__block -->","PeriodicalId":47604,"journal":{"name":"JOURNAL OF ECONOMIC STUDIES","volume":"9 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139057191","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":"A novel market sentiment measure: assessing the link between VIX and the Global Consciousness Projects data","authors":"Ulf Holmberg","doi":"10.1108/jes-11-2023-0663","DOIUrl":"https://doi.org/10.1108/jes-11-2023-0663","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The primary objective of this research is to explore the potential of utilizing Global Consciousness Project (GCP) data as a tool for understanding and predicting market sentiment. Specifically, the study aims to assess whether incorporating GCP data into econometric models can enhance the comprehension of daily market movements, providing valuable insights for traders.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>This study employs econometric models to investigate the correlation between the Standard &amp; Poor's 500 Volatility Index (VIX), a common measure of market sentiment and data from the GCP. The focus is particularly on the largest daily composite GCP data value (Max[Z]) and its significant covariation with changes in VIX. The research employs interaction terms with VIX and daily returns from global markets, including Europe and Asia, to explore the relationship further.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The results reveal a significant relationship with the GCP data, particularly Max[Z] and VIX. Interaction terms with both VIX and daily returns from global markets are highly significant, explaining about one percent of the variance in the econometric model. This finding suggests that variations in GCP data can contribute to a better understanding of market dynamics and improve forecasting accuracy.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>One limitation of this study is the potential for overfitting and P-hacking. To address this concern, the models undergo rigorous testing in an out-of-sample simulation study lasting for a predefined one-year period. This limitation underscores the need for cautious interpretation and application of the findings, recognizing the complexities and uncertainties inherent in market dynamics.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>The study explores the practical implications of incorporating GCP data into trading strategies. Econometric models, both with and without GCP data, are subjected to an out-of-sample simulation where an artificial trader employs S&amp;P 500 tracking instruments based on the model's one-day-ahead forecasts. The results suggest that GCP data can enhance daily forecasts, offering practical value for traders seeking improved decision-making tools.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>Utilizing data from the GCP is found to be advantageous for traders as noteworthy correlations with market sentiment are found. This unanticipated finding challenges established paradigms in both economics and consciousness research, seamlessly integrating these domains of research. Traders can leverage this innovative tool, as it can be used to refine forecasting precision.</p><!--/ Abstract__block -->","PeriodicalId":47604,"journal":{"name":"JOURNAL OF ECONOMIC STUDIES","volume":"5 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139056966","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":"Public debt forecasts and machine learning: the Italian case","authors":"Edgardo Sica, Hazar Altınbaş, Gaetano Gabriele Marini","doi":"10.1108/jes-07-2023-0337","DOIUrl":"https://doi.org/10.1108/jes-07-2023-0337","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>Public debt forecasts represent a key policy issue. Many methodologies have been employed to predict debt sustainability, including dynamic stochastic general equilibrium models, the stock flow consistent method, the structural vector autoregressive model and, more recently, the neuro-fuzzy method. Despite their widespread application in the empirical literature, all of these approaches exhibit shortcomings that limit their utility. The present research adopts a different approach to public debt forecasts, that is, the random forest, an ensemble of machine learning.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>Using quarterly observations over the period 2000–2021, the present research tests the reliability of the random forest technique for forecasting the Italian public debt.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The results show the large predictive power of this method to forecast debt-to-GDP fluctuations, with no need to model the underlying structure of the economy.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>Compared to other methodologies, the random forest method has a predictive capacity that is granted by the algorithm itself. The use of repeated learning, training and validation stages provides well-defined parameters that are not conditional to strong theoretical restrictions This allows to overcome the shortcomings arising from the traditional techniques which are generally adopted in the empirical literature to forecast public debt.</p><!--/ Abstract__block -->","PeriodicalId":47604,"journal":{"name":"JOURNAL OF ECONOMIC STUDIES","volume":"81 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138825024","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":"Remittances and economic growth: a blessing for middle-income countries, ineffective for low-income countries","authors":"Seyedsoroosh Azizi, Abed Aftabi, Mohsen Azizkhani, Kiana Yektansani","doi":"10.1108/jes-04-2023-0207","DOIUrl":"https://doi.org/10.1108/jes-04-2023-0207","url":null,"abstract":"PurposeThis study investigates the impact of international remittances on the economic growth of remittance-receiving countries, using data from 113 developing countries between 1990 and 2015.Design/methodology/approachThe authors used a novel approach to address the potential endogeneity of remittances. The authors estimated bilateral remittances and use them to create weighted indicators of remittance-sending countries, which the authors then use as instruments for remittance inflows to remittance-receiving countries.FindingsThe results indicate that while remittances have a positive impact on economic growth in developing countries with high human capital, they do not contribute to growth in developing countries with low human capital. The authors also examined the channels through which remittances affect growth. The findings suggested that remittances do not impact labor supply in developing countries with high human capital, but they reduce labor supply in countries with low human capital. Additionally, remittances increase investment in physical capital in developing countries with high human capital, but they do not have an effect on investment in developing countries with low human capital.Originality/valueThe authors investigated the impact of remittances on economic growth using a novel approach to address the endogeneity of remittances. Additionally, the authors examined the different indirect channels through which remittances can impact economic growth, such as their effect on labor supply and investment.","PeriodicalId":47604,"journal":{"name":"JOURNAL OF ECONOMIC STUDIES","volume":"2012 14","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139001932","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":"Home, unsweet home – effect of homeownership on financial investments of Indian households","authors":"Shreya Lahiri, Shreya Biswas","doi":"10.1108/jes-05-2023-0238","DOIUrl":"https://doi.org/10.1108/jes-05-2023-0238","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The study analyzes the relationship between homeownership and financial investment of households in the context of emerging markets like India. It also examines how homeownership affects the portfolio decisions of Indian households.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>Using the nationally representative All-India Debt and Investment Survey of 2019 and employing an instrumental variable approach, the authors analyze the relationship between homeownership and the share of financial assets held by Indian households. The study also employs several sensitivity checks, including alternate estimation techniques and alternative definitions of the housing variables, and accounts for additional factors to ensure that the authors are able to capture the effect of homeownership on the outcome variable.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The analysis suggests homeownership crowds out financial investment in India due to high repair and maintenance costs. The negative effect is mainly observed in urban households. Further, the findings imply that homeownership leads households to reallocate their asset portfolio. Homeowners have a lower share in liquid short term deposits, indicating the high liquidity risk of their portfolios. On the other hand, homeownership increases the share of long term retirement funds along with no effect on risky asset share. The authors observe that the crowding out effect is more striking for younger households and poorer households with low income, and the effect is lower for indebted households.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>The findings underscore the need for financial awareness programs so that housing does not crowd out liquid investments of households. Additionally, the results highlight that policies should first focus on young and poor households as the negative effect is more prominent for these groups. Finally, there is scope for policies to support repair and maintenance costs incurred by vulnerable households to reduce the negative effect of housing on liquid financial investments.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This paper is among the few studies that provide insights into how homeownership relates to financial investment and portfolio decisions in the context of an emerging economy. Furthermore, the heterogeneous effects based on poor economic status and age underscore the need for complementary policies.</p><!--/ Abstract__block -->","PeriodicalId":47604,"journal":{"name":"JOURNAL OF ECONOMIC STUDIES","volume":"110 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-12-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138563394","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 determinants of credit restrictions and their impact on micro firms: the case of Colombia","authors":"Jhon James Mora, Andres David Espada Castro","doi":"10.1108/jes-08-2023-0403","DOIUrl":"https://doi.org/10.1108/jes-08-2023-0403","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This article analyzes the determinants of credit constraints and their effects on the productivity of micro-firms in Colombia.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>An Endogenous Switching Regression Model (ESRM) is estimated to analyze credit constraint impact on economic performance.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The results show that owner characteristics such as age and gender decrease the likelihood of being constrained. Firms' characteristics, such as legal status, the formality of the employees, commercial property and savings, are important for reducing credit constraints.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This article discusses how formal credit restrictions harm the economic performance of Colombia's micro-firms. The results show that the productivity of the micro firms in Colombia could increase, on average, by U$ 825 USD when all types of restrictions are eliminated.</p><!--/ Abstract__block -->","PeriodicalId":47604,"journal":{"name":"JOURNAL OF ECONOMIC STUDIES","volume":"36 4","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138527180","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}