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Dampen macroeconomic volatility: a useful role of capital controls on international trade 抑制宏观经济波动：资本管制对国际贸易的有益作用
IF 1.8 4区 经济学
Journal of Applied Economics Pub Date : 2022-12-31 DOI: 10.1080/15140326.2022.2073149
Chokri Zehri
{"title":"Dampen macroeconomic volatility: a useful role of capital controls on international trade","authors":"Chokri Zehri","doi":"10.1080/15140326.2022.2073149","DOIUrl":"https://doi.org/10.1080/15140326.2022.2073149","url":null,"abstract":"ABSTRACT Capital controls may adversely affect international trade. This study aims to demonstrate the usefulness of capital controls for reducing macroeconomic volatilities and then mitigating their negative effects on international trade. Using quarterly data, we applied a dynamic panel approach to a sample of 26 countries over the period 2010–2020. By diversifying the estimation techniques and using different capital control indexes, our results show that a capital control policy supports international trade and reduces exchange rate and interest differentials volatilities. The impact of capital controls is asymmetric when considering the role of financial development, the cyclical behavior of capital controls, and the simultaneous use of macroprudential policies. This study raises some policy implications, particularly, the necessary coordination and adjustment of the macroeconomic policies and the importance of targeting long-lasting controls when applying a restrictive policy.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":null,"pages":null},"PeriodicalIF":1.8,"publicationDate":"2022-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43363052","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
Examining the impact of income diversification on bank performance: Are foreign banks heterogeneous? 考察收入多元化对银行业绩的影响:外资银行是异质性的吗?
IF 1.8 4区 经济学
Journal of Applied Economics Pub Date : 2022-12-31 DOI: 10.1080/15140326.2021.2022828
B. Addai, Wenjin Tang, Annette Serwaa Agyeman
{"title":"Examining the impact of income diversification on bank performance: Are foreign banks heterogeneous?","authors":"B. Addai, Wenjin Tang, Annette Serwaa Agyeman","doi":"10.1080/15140326.2021.2022828","DOIUrl":"https://doi.org/10.1080/15140326.2021.2022828","url":null,"abstract":"ABSTRACT This study examines the heterogeneity of foreign banks in the income diversification and performance nexus. We utilize annual bank data across 46 countries in Sub-Saharan Africa over the period 2011–2018 and find that increased income diversification improves banks performance, and the Global and Emerging banks perform better than the regional African and domestic banks. Regarding how different foreign banks benefit from income diversification, we find that Global banks benefit from diversification more than their counterparts operating in the region. The Emerging country banks outperform the African and domestic banks, while the local banks in the region benefit from income diversification more than the regional African banks. The results of this study suggest that the emerging banks and the regional African banks do not always exhibit similar features like the Global banks. The observations in this study make significant contribution to the literature by providing new insight into the non-homogeneity of foreign banks in the income diversification pendulum.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":null,"pages":null},"PeriodicalIF":1.8,"publicationDate":"2022-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44431515","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: 5
Exports and long-run growth: The case of Spain, 1850-2020 出口与长期增长：以西班牙为例，1850-2020年
IF 1.8 4区 经济学
Journal of Applied Economics Pub Date : 2022-12-31 DOI: 10.1080/15140326.2022.2152562
O. Bajo‐Rubio
{"title":"Exports and long-run growth: The case of Spain, 1850-2020","authors":"O. Bajo‐Rubio","doi":"10.1080/15140326.2022.2152562","DOIUrl":"https://doi.org/10.1080/15140326.2022.2152562","url":null,"abstract":"ABSTRACT We analyse in this paper the relationship between international trade and economic growth from the point of view of one of the most traditional hypotheses within this field, namely, the export-led growth hypothesis, for the case of Spain in a long-term perspective of 170 years. Exports seem to have played a positive, though modest, role in promoting economic growth in the Spanish economy over the whole period, mostly due to the higher productivity associated with the export sector. The contribution of exports to growth, however, seems to have been stronger in the final years of the 19th century, unlike the rest of the period, where it proved to be negligible.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":null,"pages":null},"PeriodicalIF":1.8,"publicationDate":"2022-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47311979","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: 2
Intraday Bitcoin price shocks: when bad news is good news 日内比特币价格震荡：坏消息就是好消息
IF 1.8 4区 经济学
Journal of Applied Economics Pub Date : 2022-12-28 DOI: 10.1080/15140326.2022.2151253
José Luis Miralles‐Quirós, María del Mar Miralles-Quirós
{"title":"Intraday Bitcoin price shocks: when bad news is good news","authors":"José Luis Miralles‐Quirós, María del Mar Miralles-Quirós","doi":"10.1080/15140326.2022.2151253","DOIUrl":"https://doi.org/10.1080/15140326.2022.2151253","url":null,"abstract":"ABSTRACT Since the formulation of the Efficient Market Hypothesis, countless studies have been developed that try to either prove or refute it. Event studies, analysing the impact of different events on asset prices, are one of the most important research fields but there is a lack of evidence on cryptocurrencies. For that reason, we analyse the existence of over- and under- reaction effects on Bitcoin after hourly price shocks defined by filter sizes. We also do this using three alternative approaches. Our results show clear evidence of overreaction after negative shocks. We also observe that these overreactions tend to be greater as more hours pass after the event, with those that occur between 6 and 24 hours after the event being especially important. These results have important economic implications because they show that investors would be able to develop a profitable trading strategy simply by focusing on investing after negative shocks.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":null,"pages":null},"PeriodicalIF":1.8,"publicationDate":"2022-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47243411","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
Impact of mixed ownership reforms on firm innovation–empirical evidence from China 混合所有制改革对企业创新的影响——来自中国的经验证据
IF 1.8 4区 经济学
Journal of Applied Economics Pub Date : 2022-12-16 DOI: 10.1080/15140326.2022.2153545
Kai Wan, Xiaohui Yu
{"title":"Impact of mixed ownership reforms on firm innovation–empirical evidence from China","authors":"Kai Wan, Xiaohui Yu","doi":"10.1080/15140326.2022.2153545","DOIUrl":"https://doi.org/10.1080/15140326.2022.2153545","url":null,"abstract":"ABSTRACT Based on data from Chinese A-share listed companies from 2008–2018, an investigation is carried out upon the impact of mixed ownership reforms and relative control transfers on corporate innovation before and after the occurrence of mixed ownership reforms, and relative control transfers in state-owned and private enterprises, as well as their mechanisms of action. A double-difference propensity score matching method is adopted. It has been found that mixed ownership reforms are more likely to promote innovation in SOEs, particularly in monopolistic industries. A further sub-sample test reveals that in state-owned enterprises in monopolistic industries, the acquisition of relative control by private shares can amplify the innovation effect of mixed ownership reforms. In private companies in competitive industries, state-owned shares can only fuel innovation if they gain relative control. Reducing agency costs and easing financing constraints are important channels for mixed ownership reform to promote corporate innovation.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":null,"pages":null},"PeriodicalIF":1.8,"publicationDate":"2022-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44404446","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: 3
Do psychopathic traits predict criminal activity? 心理变态特征能预测犯罪活动吗？
IF 1.8 4区 经济学
Journal of Applied Economics Pub Date : 2022-12-01 DOI: 10.1080/15140326.2022.2144009
M. Mancino, T. Attia
{"title":"Do psychopathic traits predict criminal activity?","authors":"M. Mancino, T. Attia","doi":"10.1080/15140326.2022.2144009","DOIUrl":"https://doi.org/10.1080/15140326.2022.2144009","url":null,"abstract":"ABSTRACT Psychopathy evidence is frequently used for court decisions involving young criminals, claiming that is it an important predictor of crime. We investigate the effect of psychopathy on crime using a unique panel dataset of young offenders, which allows to analyze several dimensions of psychopathy, controlling for a wide range of usually unobservable characteristics. We find that psychopathy is an important predictor of crime. We show that the effect is two times larger (and closer to usual estimates) when measures of cognitive and non-cognitive skills are not accounted for, highlighting the importance of having comprehensive data on individual heterogeneity to isolate the effect of psychopathy on crime from the effect of confounding factors. Our results are robust to alternative measures of psychopathy and criminal participation. The findings suggest that court decisions should focus both on psychopathic characteristics and skills when deciding about an adolescenc’s sentence.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":null,"pages":null},"PeriodicalIF":1.8,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49485327","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: 1
Public Sector Enterprises (PSEs) in Post-Privatization: Evidence from Pakistan 私有化后的公共部门企业:来自巴基斯坦的证据
IF 1.8 4区 经济学
Journal of Applied Economics Pub Date : 2022-10-31 DOI: 10.1080/15140326.2022.2104553
Naseem Faraz, Ghulam Samad
{"title":"Public Sector Enterprises (PSEs) in Post-Privatization: Evidence from Pakistan","authors":"Naseem Faraz, Ghulam Samad","doi":"10.1080/15140326.2022.2104553","DOIUrl":"https://doi.org/10.1080/15140326.2022.2104553","url":null,"abstract":"ABSTRACT Privatization of public-sector enterprises (PSEs) has generated billions of dollars to support fiscal and macroeconomic imbalances in several developing countries. A limited literature evaluates the recent privatization program impacts on the PSEs. This study empirically investigated the privatization impact on the performance and efficiency of the firms in post-privatization period in Pakistan. Firm-level data are used to evaluate the privatization effects on performance and efficiency of the privatized PSEs. We use difference-in-difference approach that exploits within-firm variation in the outcome variables over time. The regression results show that the performance of only few firms improved while it remains negative or insignificant largely. The efficiency of the firms is also not improved significantly in post-privatization period.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":null,"pages":null},"PeriodicalIF":1.8,"publicationDate":"2022-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44445869","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
Financial constraint and output pricing: the case of international sanctions against Iran 金融约束与产出定价——以国际社会对伊朗的制裁为例
IF 1.8 4区 经济学
Journal of Applied Economics Pub Date : 2022-10-18 DOI: 10.1080/15140326.2022.2129145
Sajad Ebrahimi
{"title":"Financial constraint and output pricing: the case of international sanctions against Iran","authors":"Sajad Ebrahimi","doi":"10.1080/15140326.2022.2129145","DOIUrl":"https://doi.org/10.1080/15140326.2022.2129145","url":null,"abstract":"ABSTRACT This paper examines whether financial constraints of firms influence their pricing behavior. To do so, a product-level dataset is used from Iranian-listed manufacturing companies. This study employs the imposition of international sanctions against Iran in 2012 as an exogenous shock to identify the effect of financial constraints. According to the results financially restricted firms keep their prices lower than their counterparts to increase their internal financial resources. The results show the difference between output prices of constrained and unconstrained firms rising after the imposition of sanctions. In addition, this relationship is affected by the degree of export-orientation of firms, and only exporter firms that experienced the negative demand shock after the sanctions, set their price lower to reduce the financial pressures. Also, the degree of dependency on imported input does not play a significant role in the relationship and ownership structure of firms has a significant impact on the relationship.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":null,"pages":null},"PeriodicalIF":1.8,"publicationDate":"2022-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46402674","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: 1
Influences of various pricing points: an experimental study of plastic bags in Johannesburg, South Africa 不同定价点的影响:对南非约翰内斯堡塑料袋的实验研究
IF 1.8 4区 经济学
Journal of Applied Economics Pub Date : 2022-10-10 DOI: 10.1080/15140326.2022.2124085
Johane Dikgang, Zafeer Ravat, J. Mahabir
{"title":"Influences of various pricing points: an experimental study of plastic bags in Johannesburg, South Africa","authors":"Johane Dikgang, Zafeer Ravat, J. Mahabir","doi":"10.1080/15140326.2022.2124085","DOIUrl":"https://doi.org/10.1080/15140326.2022.2124085","url":null,"abstract":"ABSTRACT Policymakers have little experience regarding designing the right levels of pricing for plastic bags. The ineffectiveness of charging for bags, in countries such as South Africa, makes it imperative that we map the demand curve. Getting the charge “right” depends on the size of the externality. Charging for bags is therefore an effective intervention to encourage consumers to carry their own bags to the stores. We employ a contingent behaviour (CB) dataset necessary to estimate the charge level that is likely to lead to a reduction in bag use over time. The results of the random effects Tobit model suggest that the current charge of US$0.03 was found to be too low, and highly inelastic. A charge of US$0.50 has potential to reduce unnecessary plastic use and is still lower than the price of alternatives; therefore, there is no danger of consumers shifting to alternatives that may cause more harm.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":null,"pages":null},"PeriodicalIF":1.8,"publicationDate":"2022-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43283691","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
Dynamic forecasting of banking crises with a Qual VAR 基于等价VAR的银行危机动态预测
IF 1.8 4区 经济学
Journal of Applied Economics Pub Date : 2022-09-19 DOI: 10.1080/15140326.2020.1816132
Emile du Plessis
{"title":"Dynamic forecasting of banking crises with a Qual VAR","authors":"Emile du Plessis","doi":"10.1080/15140326.2020.1816132","DOIUrl":"https://doi.org/10.1080/15140326.2020.1816132","url":null,"abstract":"ABSTRACT This paper applies a Qual VAR approach to generate a continuous banking crisis indicator from an underlying latent variable using a Markov Chain Monte Carlo algorithm. Four decades of banking crises are assessed by accounting for the evolutionary nature of precursors, as measured through periodic, regional, and developmental effects using a representative sample of countries. Aggregate results from forecast error variance decomposition show that banking sector variables explain nearly half of total variation, external sector a third and real sector a fifth. Findings suggest that recursive out-of-sample forecasts up to 12-months preceding a banking crisis render vital early warning signals, and as based on quarterly data, support expeditious response times. In out-of-sample forecasting, the Qual VAR outperforms a probit model. Improved forecasting performance may assist banking oversight departments and support remediation efforts of policymakers to adequately and timeously respond to banking crises.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":null,"pages":null},"PeriodicalIF":1.8,"publicationDate":"2022-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48129957","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
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