{"title":"Does bitcoin hedge against the economic policy uncertainty: based on the continuous wavelet analysis","authors":"Yuxin Cai, Zeqi Zhu, Qi Xue, Xinyu Song","doi":"10.1080/15140326.2022.2072674","DOIUrl":"https://doi.org/10.1080/15140326.2022.2072674","url":null,"abstract":"ABSTRACT This article aims to test a causal nexus between bitcoin market and economic policy uncertainty. We use the continuous wavelet analysis to investigate lead-lag relationship between bitcoin market and economic policy uncertainty in different time-frequency domains. Our findings show the negative relationship between bitcoin returns and economic policy uncertainty around the period of bitcoin’s currency recognition and COVIC-19 pandemic crisis both daily and monthly time series test. Furthermore, we find that the causality relationship between bitcoin and economic policy uncertainty is relatively indistinct around the period of bitcoin’s currency recognition, while bitcoin returns are leading economic policy uncertainty changes during COVID-19 pandemic crisis, indicating the economic policy uncertainty fluctuation trend can refer to the fluctuation of bitcoin, bitcoin can be viewed as a leading indicator, but it could not be employed as a safe-haven asset hedge against uncertainty during the period of COVID-19 pandemic.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":"25 1","pages":"983 - 996"},"PeriodicalIF":1.8,"publicationDate":"2022-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42437635","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}
{"title":"Optimising policies to achieve agricultural transformation objectives: an application for Ethiopia","authors":"M. V. Sánchez, M. Cicowiez","doi":"10.1080/15140326.2022.2056407","DOIUrl":"https://doi.org/10.1080/15140326.2022.2056407","url":null,"abstract":"ABSTRACT Policymakers seek objectives that can be conflicting under a budget constraint. Solving this problem requires a multi-criteria decision-making technique whereby equations of a dynamic computable general equilibrium model are constraints to a policy optimisation problem. We illustrate this approach in the framework of agricultural transformation objectives. Using data for Ethiopia we show the potential conflict between policy objectives and how policies are optimally determined to arrive at the best possible compromise. Should Ethiopian policymakers pursue increasing agri-food GDP, rural household welfare, or agri-food exports, for example, they will not necessarily observe strong trade-offs between these objectives. However, if they invest in different agricultural sectors to achieve such objectives, the way in which they finance the investment will result in macroeconomic trade-offs. Only when the new investment is mostly allocated to oilseeds and coffee will there be not only simultaneous but also maximised improvement in all three policy objectives.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":"25 1","pages":"765 - 783"},"PeriodicalIF":1.8,"publicationDate":"2022-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46276542","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}
{"title":"The effect of oil price fluctuation on the economy: what can we learn from alternative models?","authors":"Gil-Hong Kim, David Vera","doi":"10.1080/15140326.2022.2053940","DOIUrl":"https://doi.org/10.1080/15140326.2022.2053940","url":null,"abstract":"ABSTRACT Following the exisiting literature, we present the most up-to-date estimates of oil shocks and the response of the U.S. economy. Regardless of model specifications, oil supply shocks have a negative effect on the U.S. real GDP, albeit the magnitude of responses is different across models. Aggregate demand shocks and oil-market specific shocks appear to have a positive effect on CPI, while there is little evidence of inflationary impact from the oil supply shocks. Overall, our results suggest that to evaluate the impact of an unexpected change on the price of oil on economic activity, identifying the source of the price of oil fluctuation might be one of the critical steps since the response of the GDP and CPI could vary depending on the source of the shocks.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":"25 1","pages":"856 - 877"},"PeriodicalIF":1.8,"publicationDate":"2022-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47249920","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}
{"title":"Human capital and firms’ markup: evidence from China","authors":"Weng Yue","doi":"10.1080/15140326.2022.2072675","DOIUrl":"https://doi.org/10.1080/15140326.2022.2072675","url":null,"abstract":"ABSTRACT Based on the university enrollment expansion policy implemented by the Chinese government in 1999, I use the difference-in-difference method to explore the effects of human capital expansion on firms’ markup and the influencing mechanism. Findings suggest that human capital expansion significantly promotes the improvement of firms’ markup, which remains true after a series of robustness tests. The analysis of the influencing mechanism shows that on the one hand, human capital expansion promotes the improvement of firms’ production efficiency and improves their markup through the production efficiency channel. On the other hand, human capital expansion improves the market pricing power of firms and exerts a significant positive impact on their markup through the market pricing channel. Further analysis also shows the varying impacts of human capital expansion on the markup of different types of firms. This study enhances the understanding of the microeconomic effects of human capital expansion from the markup perspective.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":"25 1","pages":"878 - 906"},"PeriodicalIF":1.8,"publicationDate":"2022-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47567791","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}
{"title":"On the economics of CO2 contracts in the enhanced oil recovery industry","authors":"Shen Gao, Chenghan Hou, Long Zhao","doi":"10.1080/15140326.2022.2065064","DOIUrl":"https://doi.org/10.1080/15140326.2022.2065064","url":null,"abstract":"ABSTRACT While Carbon Dioxide based Enhanced Oil Recovery (CO2 -EOR) is often regarded as one of the most economically viable methods of carbon capture, utilization and storage (CCUS), little is known about the existing CO2 supply contracts in the CO2 -EOR industry. By studying a sample of 103 CO2 sales contracts in the U.S. in the 1980s and 1990s, this paper aims to find out what drives the key terms in these contracts. In particular, a special price adjustment clause is included to peg the CO2 price to the oil price. Our analyses suggest that the probability that the pegging term is used is positively associated with the contract length. Besides, initial oil prices, volatile historical oil prices, and the net CO2 utilization also positively impacts the adoption of the price-pegging adjustment mechanism.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":"25 1","pages":"802 - 818"},"PeriodicalIF":1.8,"publicationDate":"2022-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41750509","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}
{"title":"The effect of international visitors on poverty alleviation in Mexico: an approach from the misery index","authors":"Fernando Sánchez López","doi":"10.1080/15140326.2021.1977079","DOIUrl":"https://doi.org/10.1080/15140326.2021.1977079","url":null,"abstract":"ABSTRACT The effectiveness of tourism as an instrument in combating poverty has emerged as an important subject of research. Tourism’s impact on poverty has traditionally been analyzed from the perspective of income or household consumption per capita. In contrast to these approaches, we analyzed the effect of the arrival of international visitors on poverty in Mexico by way of its impact on a modified misery index. To carry out this study, we used a bivariate structural vector autoregressive model, which indicates a negative unidirectional relationship from the international visitors to the misery index. Additionally, the historical decomposition shows that during the first COVID-19 wave, the changes in the international visitors highly explained the variations in the misery index.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":"25 1","pages":"839 - 855"},"PeriodicalIF":1.8,"publicationDate":"2022-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41498846","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}
{"title":"Asymmetric information, credential assessment services and earnings of new immigrants","authors":"Stein Monteiro","doi":"10.1080/15140326.2021.2011582","DOIUrl":"https://doi.org/10.1080/15140326.2021.2011582","url":null,"abstract":"ABSTRACT Based on the 2016 Canadian Census of Population, some immigrant groups have higher entry-earning returns on their ability than others, and experience a lot more variation in earnings given similar variations in ability compared to other groups. The uneven variance in earnings given similar variances in ability is an indication of statistically discriminated immigrant groups due to information gaps. I show that credential assessment is an essential service to reduce information gaps between employers and immigrant workers. While assessors do not reveal an immigrant worker’s true ability without error, they may supply contextual and/or specific information about the worker and their source country. The more about the source country that goes unexplained, variance in ability and immigration increases, while variance in earnings decreases. However, these results are generated only if the credential assessor faces considerable difficulty in learning about the source country and migrants are of low ability.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":"25 1","pages":"663 - 690"},"PeriodicalIF":1.8,"publicationDate":"2022-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43700025","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}
{"title":"Market integration and price transmission in the regional grain markets in Ethiopia","authors":"D. Kidane","doi":"10.1080/15140326.2022.2062110","DOIUrl":"https://doi.org/10.1080/15140326.2022.2062110","url":null,"abstract":"ABSTRACT Persistent increases in basic food prices have become a critical challenge in Ethiopia since 2006. This paper assesses whether the structure of the grain market has contributed to the price increases. Traders having market power could create commodity price stickiness, implying that what goes up does not come down, leading to price increases. The study examines price linkages between principal grain markets in Ethiopia, using monthly prices from the wheat, maize, and teff markets. The Engle-Granger cointegration test is used to check for cointegration, while the Threshold Autoregressive Model is employed to investigate potential asymmetric price transmission. The findings indicate that major grain markets in Ethiopia are well integrated. Moreover, the threshold cointegration model reveals that they are characterized by symmetric adjustment. Hence, I argue that there is insufficient evidence to support the claim that market structure contributes to the price increase in Ethiopian grain markets.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":"25 1","pages":"784 - 801"},"PeriodicalIF":1.8,"publicationDate":"2022-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46413753","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}
{"title":"The impacts of armed conflicts on prenatal and delivery care utilization","authors":"My Nguyen, Kien Le","doi":"10.1080/15140326.2022.2068178","DOIUrl":"https://doi.org/10.1080/15140326.2022.2068178","url":null,"abstract":"ABSTRACT This study investigates the extent to which exposure to armed conflicts during pregnancy influences women’s utilization of prenatal and delivery care in 35 developing countries between 1990 and 2018. Exploiting the variation across residential districts and conception months-years in a difference-in-differences framework, we find that women exposed to armed conflicts during pregnancy tend to receive insufficient prenatal and delivery care evident by the declines in the composite indices of Prenatal Care and Delivery Care by 6.76 and 6.83% compared to the sample averages, respectively. Given the importance of prenatal care and delivery care to the health of mothers and newborns, our findings call for effective interventions to support mothers and babies during and after conflicts.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":"25 1","pages":"819 - 838"},"PeriodicalIF":1.8,"publicationDate":"2022-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47517129","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}
{"title":"Does intellectual property protection stimulate digital economy development?","authors":"Wen Chen, Ying Wu","doi":"10.1080/15140326.2022.2045846","DOIUrl":"https://doi.org/10.1080/15140326.2022.2045846","url":null,"abstract":"ABSTRACT The digital economy plays an important role in society and the economy. However, we know little about what factors affect the development of the digital economy. Using a self-developed index for measuring Chinese provincial-level digital economy development, this paper examines the impact of intellectual property protection on the digital economy. We find that there is a U-shaped relationship between intellectual property protection and digital economy. Our findings remain valid after a battery of robustness tests. Our findings support the importance of intellectual property protection in developing the digital economy.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":"25 1","pages":"723 - 730"},"PeriodicalIF":1.8,"publicationDate":"2022-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48899799","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}