Equilibrium最新文献_第2页

Factors influencing the choice of the invoicing currency in international trade: Panel data analysis for 55 countries 影响国际贸易中发票货币选择的因素：55个国家的面板数据分析

Equilibrium Pub Date : 2023-03-30 DOI: 10.24136/eq.2023.005

Katarzyna Twarowska-Mól

{"title":"Factors influencing the choice of the invoicing currency in international trade: Panel data analysis for 55 countries","authors":"Katarzyna Twarowska-Mól","doi":"10.24136/eq.2023.005","DOIUrl":"https://doi.org/10.24136/eq.2023.005","url":null,"abstract":"Research background: Most transactions in world trade are invoiced in several international currencies. The changes in the distribution of the great economic powers and the strengthening of the position of developing countries make it necessary to consider the factors determining the choice of trade invoicing currency and to assess the prospects of the dollar as an invoicing currency and the possibility of strengthening the position of developing countries' currencies in this function.\u0000Purpose of the article: The aim of the paper is to assess the factors influencing the choice of invoicing currency for international trade in 2000?2019.\u0000Methods: The analysis of factors influencing the choice of international trade invoicing currency is based on panel data modelling. The study is conducted for a group of 55 countries. It is assumed that the following variables may influence the currency position in the trade invoicing function: the share of the issuer's country in the bilateral trade, inflation and exchange rate.\u0000Findings & value added: The analysis showed that despite the decreasing share of the United States in world trade, the U.S. dollar remains the most important export invoicing currency. The main factors influencing the dollar's dominance are the U.S. share of countries' exports, inflation in developing countries, and the exchange rate in advanced economies. The great significance of trade share as a determinant of the position of the trade invoicing currency is an important indication of the strengthening position of developing country currencies, particularly the Chinese yuan. The obtained results confirm, with the use of more complete data, the validity of the dominant currency paradigm and enrich the still underdeveloped analysis in the area of international macroeconomics using panel data analysis.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47123334","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}

引用次数: 0

Equivalence scales for continuous distributions of expenditure 支出连续分配的等效比额表

Equilibrium Pub Date : 2023-03-30 DOI: 10.24136/eq.2023.006

S. Kot

引用次数: 0

Impact of negative emotions on financial behavior: An assessment through general strain theory 负面情绪对金融行为的影响:基于一般应变理论的评估

Equilibrium Pub Date : 2023-03-30 DOI: 10.24136/eq.2023.007

Khurram Ajaz Khan, Zdenko Metzker, J. Streimikis, Jonathan Amoah

{"title":"Impact of negative emotions on financial behavior: An assessment through general strain theory","authors":"Khurram Ajaz Khan, Zdenko Metzker, J. Streimikis, Jonathan Amoah","doi":"10.24136/eq.2023.007","DOIUrl":"https://doi.org/10.24136/eq.2023.007","url":null,"abstract":"Research background: The research has two objectives and employs a serial mediation approach. First, using the general strain theory, it examines the mediating role of negative feelings and impact of economic adversity on people's risk tolerance and prudent financial behavior. The second is determining the various categories' variations according to age.\u0000Purpose of the article: The study's main objective is to evaluate financial behaviour of people with lower and medium incomes after the second wave of COVID-19 in India, and to contribute to the body of knowledge on general strain theory.\u0000Methods: The study examined the proposed framework and tested the serial mediation model based on the general strain theory used as a survey method for data collection, targeting lower and middle-income individuals in India's most populated state. The study applied PLS-SEM to test the framed hypotheses. Furthermore, the Kruskal Wallis test was applied to identify the difference in the various groups classified based on age.\u0000Findings & value added: The results reveal that economic hardship significantly influences improved financial behavior. Risk aversion attitude, loneliness, and depression mediate the relationship between economic hardship and financial behavior. Moreover, the study found quite a few significant differences between the different age groups. The present study will add to the existing literature on financial behavior under the scope of general strain theory and probably be among the few that test general strain theory with financial variables impact on lower and middle-income group individuals from a developing nation in post-COVID-19 period.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48979322","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}

引用次数: 1

State-level Taylor rule and monetary policy stress 国家级泰勒规则与货币政策压力

Equilibrium Pub Date : 2023-03-30 DOI: 10.24136/eq.2023.003

H. Duran, P. Gajewski

{"title":"State-level Taylor rule and monetary policy stress","authors":"H. Duran, P. Gajewski","doi":"10.24136/eq.2023.003","DOIUrl":"https://doi.org/10.24136/eq.2023.003","url":null,"abstract":"Research background: Taylor rule is a widely adopted approach to follow monetary policy and investigate various mechanisms related to or triggered by monetary policy. To date, no in-depth examination of scale, determinants and spillovers of state-level monetary policy stress, stemming from the Federal Reserve Board?s (Fed?s) policy has been performed.\u0000Purpose of the article: This paper aims to investigate the nature of monetary policy stress on US States delivered by the single monetary policy by using a quarterly dataset spanning the years between 1989 and 2017.\u0000Methods: We apply a wide array of time series and panel regressions, such as unit root tests, co-integration tests, co-integrating FMOLS and DOLS regressions, and Spatial Panel SAR and SEM models.\u0000Findings & value added: When average stress imposed on states is calculated, it is observed that the level of stress is moderate, but the distribution across states is asymmetric. The cross-state determinants behind the average stress show that states with a higher percentage of working-age and highly educated population, as well as those with higher population density and more export-oriented are negatively stressed (i.e. they experience excessively low interest rates), whereas higher unemployment rate contributes to a positive stress (too high interest rates). To the best of our knowledge, the contribution of this paper lies in estimating monetary policy stress at the state level and unveiling some of the determinants of this stress. Moreover, the paper makes the first attempt to empirically test spatial spillovers of the stress, which are indeed found significant and negative.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44340446","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}

引用次数: 0

Dynamic dependencies and return connectedness among stock, gold and Bitcoin markets: Evidence from South Asia and China 股票、黄金和比特币市场之间的动态依赖性和回报连通性：来自南亚和中国的证据

Equilibrium Pub Date : 2023-03-30 DOI: 10.24136/eq.2023.002

H. Zeng, Ran Lu, Abdullahi D. Ahmed

{"title":"Dynamic dependencies and return connectedness among stock, gold and Bitcoin markets: Evidence from South Asia and China","authors":"H. Zeng, Ran Lu, Abdullahi D. Ahmed","doi":"10.24136/eq.2023.002","DOIUrl":"https://doi.org/10.24136/eq.2023.002","url":null,"abstract":"Research background: In order to examine market uncertainty, the paper depicts broad patterns of risk and systematic exposure to global equity market shocks for the major South Asian and Chinese equity markets, as well as for specific assets (gold and Bitcoin).\u0000Purpose of the article: The purpose of this paper is to investigate the dynamic correlation among the major South Asian equity markets (India and Pakistan), the Chinese equity markets, the MSCI developed markets, Bitcoin, and gold markets.\u0000Methods: While applying the GARCH-Vine-Copula model and the TVP-VAR Connectedness approach, major patterns of dependency and interconnectedness between these markets are investigated.\u0000Findings & value added: We find that risk shocks from developed equity markets are critical in these dynamic links. A net return spillover from Bitcoin to the Chinese and Pakistani stock markets throughout the sample period is reported. Interestingly, gold can be applied to hedge and diversify positions in China and major South Asian markets, particularly following the COVID-19 outbreak. Our paper presents three main original add valued: (1) This paper adds global factors to the targeted study of risk transmission among South Asian and Chinese stock markets for the first time. (2)The assets of Bitcoin and gold were added to the study of risk transmission among South Asian and Chinese stock markets for the first time, enabling the research in this paper to observe the non-linear link among the South Asian and Chinese stock markets with them. (3) Our research adds to these lines of inquiry by giving empirical evidence on how COVID-19 altered the dependent structure and return spillover dynamics of Bitcoin, gold and South Asian and Chinese stock markets for the first time. Our results have critical implications for investors and policymakers to effectively understand the nature of market forces and develop risk-averse strategies.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48707369","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}

引用次数: 1

Endogenous money supply, global liquidity and financial transactions: Panel evidence from OECD countries 内生货币供给、全球流动性和金融交易:来自经合组织国家的面板证据

Equilibrium Pub Date : 2023-03-30 DOI: 10.24136/eq.2023.004

P. Śliwiński

{"title":"Endogenous money supply, global liquidity and financial transactions: Panel evidence from OECD countries","authors":"P. Śliwiński","doi":"10.24136/eq.2023.004","DOIUrl":"https://doi.org/10.24136/eq.2023.004","url":null,"abstract":"Research background: Endogenous money creation is an inherent feature of today?s economies and widely accepted phenomenon. As the various theories of money rely on the money quantity equation, most empirical research is heading towards the analysis of the two-way relationship between the quantity of money and nominal GDP. In today's world, with the extraordinary development of the financial sector, money is used not only for transactions in the real economy, but increasingly also for purchasing financial assets. This observation was absorbed by Werner in the quantity theory of disaggregated credit.\u0000Purpose of the article: The aim of the paper is to join the debate on endogenous character of money supply by tasting a disaggregated equation of money. It assumes that the domestic money supply is positively determined not only by growth in GDP-based transactions but also by growth in non-GDP-based transactions (financial transactions). Additionally, it is assumed that in the age of globalization it can be also positively influenced by the global liquidity. \u0000Methods: Testing of the above-mentioned hypotheses takes place with the use of panel unit roots tests, panel Granger causality test and panel estimations (OLS, models with fixed/random effects, GMM). In the study, annual data from 2002 to 2018 for OECD countries were chosen for statistical research.\u0000Findings & value added: The article confirms the hypothesis that real and financial economic activity together with global liquidity positively influence domestic credit and thus money supply. As the amount of money in an economy is driven not only by the real economy but also by the financial economy, prudential regulations that restrict leverage (and thus control the amount of credit) and limit risk-taking during price bubbles periods should be therefore considered. In the research, the reaction of domestic money supply to the changes in US money supply is positive. It confirms the importance of spill-over effect of expansionary policy in major economies to other economies.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43544890","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}

引用次数: 0

The approach to supply chain cooperation in the implementation of sustainable development initiatives and company's economic performance 供应链合作在实施可持续发展倡议和公司经济绩效方面的方法

Equilibrium Pub Date : 2023-03-25 DOI: 10.24136/eq.2023.008

Łukasz Małys

{"title":"The approach to supply chain cooperation in the implementation of sustainable development initiatives and company's economic performance","authors":"Łukasz Małys","doi":"10.24136/eq.2023.008","DOIUrl":"https://doi.org/10.24136/eq.2023.008","url":null,"abstract":"Research background: The idea of sustainable development, in the face of the challenges encountered by contemporary society, is gaining increasing popularity. Currently, it recognizes the substantial role that companies play in its successful implementation. Initiatives in the field of sustainable development may be undertaken by companies independently as part of their own activities, or together with entities forming the supply chain as an element of sustainable supply chain management.\u0000Purpose of the article: Identification of groups of companies that are characterised by a different approach to cooperation in the field of sustainable development in the supply chain.\u0000Methods: The quantitative research was conducted in September 2020 with the use of the CATI (Computer-Assisted Telephone Interview) technique and a standardised survey questionnaire. A total of 500 randomly selected companies located in Poland participated in this study. The respondents were representatives of top management of the companies. In order to identify various groups of companies, a cluster analysis was performed using the k-means method in SPSS.\u0000Findings & value added: Based on the literature analysis, 3 areas of sustainable development have been identified, in which companies can become involved ? green design, sustainable operations, and reverse logistics & waste management. For each of the 3 areas, 3 clusters of companies were identified: companies that are not involved in sustainable development at all (1), companies that carry out most of the sustainable development initiatives independently (2), companies that carry out most of the sustainable development initiatives jointly with supply chain partners (3). The article also shows that the companies in different cluster differ in terms of perceived economic benefits achieved thanks to the implementation of sustainable development initiatives. This may suggest the need to develop separate sustainability solutions for such groups of companies in the future.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44862097","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}

引用次数: 2

Does trade openness improve the quality of domestic institutions? Evidence from Africa 贸易开放是否提高了国内制度的质量?来自非洲的证据

Equilibrium Pub Date : 2022-12-30 DOI: 10.24136/eq.2022.030

Tereza Němečková, A. Hayat

{"title":"Does trade openness improve the quality of domestic institutions? Evidence from Africa","authors":"Tereza Němečková, A. Hayat","doi":"10.24136/eq.2022.030","DOIUrl":"https://doi.org/10.24136/eq.2022.030","url":null,"abstract":"Research background: The research article deals with impacts of international trade openness on institutions in less developed economies, namely in Africa.\u0000Purpose of the article: It investigates the impacts of international trade openness on institutional quality in Africa measured by twelve various variables.\u0000Methods: It applies generalized methods of moments to a dynamic panel data of 34 African countries in the period of 1988?2012. Institutional quality data come from International Country Risk Guide, the rest from World Development Indicators and UNESCO databases.\u0000Findings & value added: Our results indicate that in the case of Africa, trade openness seems to be a positive and significant determinant of institutional quality, however, it differs across various institutional variables. Trade openness brings a positive impact on government stability, bureaucracy and law and order, we also identify its conflict-mitigating effects. This happens, unfortunately, with an exemption for natural resources exports. Trade openness also positively influences security and socioeconomic conditions, although we find the link much weaker. Regarding our control variables, we find two interesting results. First, GDP per capita has a strong and positive association with institutional quality when measured by one bundled indicator, however, individual variables show different intensities. Second, we find a strong and positive association of net foreign direct investment inflows and government stability. The added value of this research lies not only in focus on the less researched relationship, i.e., how trade impacts the institutional quality, but dominantly in focus on many institutional variables at once and comparison of their effects. Other empirical studies usually focus on selected variables only, or on selected trade items (natural resources).","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41476363","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}

引用次数: 2

Actual rate of the management fee in mutual funds of different styles 不同类型共同基金的实际管理费比率

Equilibrium Pub Date : 2022-12-30 DOI: 10.24136/eq.2022.033

Katarzyna Perez, Łukasz Szymczyk

{"title":"Actual rate of the management fee in mutual funds of different styles","authors":"Katarzyna Perez, Łukasz Szymczyk","doi":"10.24136/eq.2022.033","DOIUrl":"https://doi.org/10.24136/eq.2022.033","url":null,"abstract":"Research background: Exponential growth of passive mutual funds after 2007?2008 global financial crisis put pressure on active fund managers to lower the management fees. The real costs of active fund management are, however, very often higher than the values of management fees reported publicly. Thus it is not easy to decide on the quality of the fund management and estimate the level of management charges optimal for the future fund performance.\u0000Purpose of the article: In this study, we propose to utilize an actual rate of the management fee (ARMF) disclosed in the management company financial statements as a measure of the real value of the management costs and investigate its determinants in mutual funds of different styles.\u0000Methods: Using a dataset of 21,618 monthly observations for 500 mutual funds from a market of diversified structure and high management fees charged we test the operating model of a mutual fund performance, and derive the formula of a before-fee return with the ARMF as its component. The fund performance is measured by a raw before-fee return and two types of risk-adjusted alphas based on the multifactor model of Carhart (1997) and the fund attributes. Later, using panel data we explain ARMF by mutual fund performance and attributes. We also compare the results to the ones obtained for the total operational cost (TOC) ? a value similar to ARMF that is disclosed in mutual fund financial reports.\u0000Findings & value added: We find that the proposed ARMF is related more to the size and not to the performance, age or a cash flow of mutual funds. We observe it among all studied fund styles. The largest deviations of the average ARMF are seen in the management companies that belong to the banks? capital groups. The proposed measure of the management fee included in the operating model of a mutual fund performance can be used for any local mutual fund worldwide, and compared with other fund markets of more or less diversified style structures.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44514079","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}

引用次数: 0

Links between crime and economic development: EU classification 犯罪与经济发展之间的联系：欧盟分类

Equilibrium Pub Date : 2022-12-30 DOI: 10.24136/eq.2022.031

Rita Remeikienė, Gasparėnienė Ligita, Aleksandra Fedajev, Evaldas Raistenskis, A. Kriviņš

{"title":"Links between crime and economic development: EU classification","authors":"Rita Remeikienė, Gasparėnienė Ligita, Aleksandra Fedajev, Evaldas Raistenskis, A. Kriviņš","doi":"10.24136/eq.2022.031","DOIUrl":"https://doi.org/10.24136/eq.2022.031","url":null,"abstract":"Research background: Although some authors propose that economic growth should reduce crime rates as wider opportunities to earn money in a legal way diminish the incentives to commit illegal activities and lead to rising costs of the latter, the results of many studies indicate that an increase in crime rates is also possible under the conditions of economic growth. There are also differing views on the relationship between various economic indicators and crime rates as well as the nature of the relationship between the above-mentioned phenomena in the long and short run.\u0000Purpose of the article: After classifying the EU member states by their crime and economic indicators, the main objective of the article is to assess the relationship between the crime and economic development and identify the causes of this relationship.\u0000Methods: Systematic and comparative literature analysis, the Promethee and Entropy methods, Spearman?s correlation coefficient.\u0000Findings & value added: The Promethee method, together with the Entropy method, were used to estimate the weights of the EU member states with respect to their crime and economic development indicators. The most pronounced differences were recorded in Portugal, Spain, and the Slovak Republic. The rankings estimated for the EU member states revealed that although economic situation affects crime rate, it can also be affected by the differences in cultural and political development. Scientific novelty lies in complementing the theory of the shadow economy with the results showing that compared to other crimes, corruption has the greatest weight when examining the relationship between economic development and crime. The practical significance of the research lies in classifying the EU member states into 4 groups with consideration of the relationship between crime and economic development, which may help public authorities to devise the target measures for the effective fight against crime given the nature of the relationship between crime and economic development.","PeriodicalId":84667,"journal":{"name":"Equilibrium","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46445917","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}

引用次数: 6