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Greener and cheaper: green monetary policy in the era of inflation and high interest rates Eurasian Economic Review Pub Date : 2024-03-18 Nicolás Aguila, Joscha Wullweber
In recent years central bankers have devoted increased attention to the question of whether and how to intervene to address the growing environmental and climate crisis. The climate intervention debate gained momentum during a period of low inflation and loose monetary policy in core economies – a time characterised by near zero interest rates and large asset purchase programmes. Since 2021, however
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Climate change, ESG criteria and recent regulation: challenges and opportunities Eurasian Economic Review Pub Date : 2024-03-14 Mónica Oliver Yébenes
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The geometry of growth: how wealth distribution patterns predict economic development Eurasian Economic Review Pub Date : 2024-03-07
Abstract This study presents an in-depth exploration of the intricate relationship between wealth distribution patterns and a nation's economic development trajectory. Leveraging the characteristics of the Burr distribution, we meticulously analyzed the wealth per adult across a broad spectrum of countries. Our findings unequivocally establish that the geometric patterns of wealth distribution are
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Is interest rate hiking a recipe for missing several goals of monetary policy—beating inflation, preserving financial stability, and keeping up output growth? Eurasian Economic Review Pub Date : 2024-03-05 Dorothea Schäfer, Willi Semmler
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Public debt and growth in Asian developing economies: evidence of non-linearity and geographical heterogeneity Eurasian Economic Review Pub Date : 2024-02-18 Gan-Ochir Doojav, Munkhbayar Baatarkhuu
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Dynamic spillovers between natural gas and BRICS stock markets during health and political crises Eurasian Economic Review Pub Date : 2024-02-16 Mellouli Dhoha, Wael Dammak, Hind Alnafisah, Ahmed Jeribi
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Ecological transition in a monetary economy of production: a heterodox approach Eurasian Economic Review Pub Date : 2024-02-16 Maurizio Solari, Alexandre Le Bloc’h, Sergio Rossi
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Certification against greenwashing in nascent bond markets: lessons from African ESG bonds Eurasian Economic Review Pub Date : 2024-02-16 Samuel Mutarindwa, Dorothea Schäfer, Andreas Stephan
Africa is one of the most vulnerable continents to climate change. Climate and sustainability-linked bonds can provide funding to African governments and corporations for projects that help to mitigate climate change, combat biodiversity loss, and foster sustainable development. However, less than 0.3% of the global environmental, social, governance (ESG) bond issuance volume is devoted to projects
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Return spillovers between decentralized finance and centralized finance markets Eurasian Economic Review Pub Date : 2024-02-16
Abstract This study investigates the dynamic return connectedness among Decentralized Finance (DeFi) assets [Chainlink (LINK), Maker (MAKER), Basic Attention Token (BAT), and Synthetix (SNX)] and Centralized Financial assets (CeFi), specifically MSCI World, MSCI US, MSCI Europe, MSCI East Europe, MSCI Asia, and MSCI Far East. The Time-Varying Parameter Vector Autoregressions (TVP-VAR) framework is
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The importance of the Greenium: experimental evidence on the role of certifications Eurasian Economic Review Pub Date : 2024-02-15 Annarita Colasante, Andrea Morone, Piergiuseppe Morone
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Decomposition of total factor productivity growth in Türkiye regions: a panel stochastic frontier approach Eurasian Economic Review Pub Date : 2024-02-13 Nadide Gülbay Yiğiteli, Devran Şanlı
This paper presents total factor productivity (TFP) growth analysis with a panel Stochastic Frontier Approach (SFA) for 26 Türkiye regions from 2004 to 2020. The study is a pioneer in the literature on decomposing TFP growth components at the regional level with the translog production function for the Turkish economy. This work has a fresh approach regarding adjusting the schooling of employment and
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Exploring the determinants of green bond market development in Bangladesh Eurasian Economic Review Pub Date : 2024-02-12 Md. Bokhtiar Hasan, Md. Mamunur Rashid, Tapan Sarker, Muhammad Shafiullah
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Macroeconomic effects of green recovery programs Eurasian Economic Review Pub Date : 2024-01-09 Angela Köppl, Margit Schratzenstaller
This paper reviews the literature on (potential) green recovery measures in the context of the global financial crisis and the COVID-19 pandemic, focusing on their macroeconomic effects. We find that spending for renewables and energy efficiency is particularly promising with regard to macroeconomic impacts. Moreover, the empirical evidence suggests that green recovery measures are associated with
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Is corporate governance important for green bond performance in emerging capital markets? Eurasian Economic Review Pub Date : 2024-01-05 Ion Frecautan, Irina Ivashkovskaya
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Social sentiment and exchange-specific liquidity at a Eurasian stock exchange outside of US market hours Eurasian Economic Review Pub Date : 2023-12-09 Tamara Teplova, Mariya Gubareva, Nikolai Kudriavtsev
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Forecasting volatility by using wavelet transform, ARIMA and GARCH models Eurasian Economic Review Pub Date : 2023-12-10 Lihki Rubio, Adriana Palacio Pinedo, Adriana Mejía Castaño, Filipe Ramos
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Active labor market policies and institutional quality of governance: evidence from OECD countries Eurasian Economic Review Pub Date : 2023-11-29 Marwa Sahnoun, Chokri Abdennadher
The purpose of this paper is to evaluate the efficiency of Active Labor Market Policies (ALMP) expenditures of OECD countries taking into account the institutional quality of governance. The emphasis is on the quality of governance that affects the supply and demand of employment and the ability of governments to master public spending. Using the general method of moments (GMM) for 31 OECD countries
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Effectiveness and conduct of macroprudential policy in Indonesia in 2003–2020: Evidence from the structural VAR models Eurasian Economic Review Pub Date : 2023-11-28 Marek A. Dąbrowski, Dimas Mukhlas Widiantoro
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Bank performance, capital and size: a comparative analysis in MENA and EU Eurasian Economic Review Pub Date : 2023-11-24 Marwan Al-Zoubi, Mais Sha’ban
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Unveiling the influence of economic complexity and economic shocks on output growth volatility: evidence from a global sample Eurasian Economic Review Pub Date : 2023-11-24 Lan Khanh Chu, Huong Hoang Diep Truong, Hoang Phuong Dung
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Impact of macroprudential policy on economic growth in Indonesia: a growth-at-risk approach Eurasian Economic Review Pub Date : 2023-11-11 Raluca Maran
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Impact of uncertainty on inflation forecast errors in Central and Eastern European countries Eurasian Economic Review Pub Date : 2023-11-11 Agata Kliber, Magdalena Szyszko, Mariusz Próchniak, Aleksandra Rutkowska
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Fiscal decentralization and income inequality in OECD countries: does shadow economy matter? Eurasian Economic Review Pub Date : 2023-11-01 Cong Minh Huynh, Tan Loi Nguyen, Thi Huong Tra Lam
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Do product returns in the retail sector affect the price level? Evidence from the equation of exchange Eurasian Economic Review Pub Date : 2023-10-18 Edoardo Beretta, Doris Neuberger, Richard Senner
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Long memory and structural breaks of cryptocurrencies trading volume Eurasian Economic Review Pub Date : 2023-10-16 Mohamed Shaker Ahmed, Elie Bouri
The paper investigates long memory, structural breaks, and spurious long memory in the daily trading volume of the largest and most active cryptocurrencies and stablecoins, namely, Bitcoin, Ethereum, Tether, USD coin, Binance coin, Binance USD, Ripple, Cardano, Solana, Dogecoin and Bitcoin cash. The overall results show that both long memory and structural breaks are present in the cryptocurrencies
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Bank competition and liquidity hoarding Eurasian Economic Review Pub Date : 2023-10-16 Japan Huynh
This paper explores the in-depth effect of bank competition on liquidity hoarding by using a comprehensive strategy for empirical measurement. More precisely, we include all asset-, liability-, and off-balance-sheet items when generating our measures of bank liquidity hoarding. For a multiple-aspect assessment of banking market structure, we simultaneously employ non-structural proxies (Lerner index
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The role of labor market regulations on the sensitivity of unemployment to economic growth Eurasian Economic Review Pub Date : 2023-09-27 Mindaugas Butkus, Laura Dargenyte-Kacileviciene, Kristina Matuzeviciute, Dovile Rupliene, Janina Seputiene
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Economic policy uncertainty, geopolitical risk, market sentiment, and regional stocks: asymmetric analyses of the EU sectors Eurasian Economic Review Pub Date : 2023-09-25 Ahmed Bossman, Mariya Gubareva, Tamara Teplova
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Forecasting bitcoin volatility: exploring the potential of deep learning Eurasian Economic Review Pub Date : 2023-06-14 Tiago E. Pratas, Filipe R. Ramos, Lihki Rubio
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Health care financing and productivity of health care in OECD countries: a stochastic frontier analysis Eurasian Economic Review Pub Date : 2023-06-14 Constantin Ogloblin
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Dynamic correlation and hedging strategy between Bitcoin prices and stock market during the Russo-Ukrainian war Eurasian Economic Review Pub Date : 2023-06-14 Mariem Gaies, Walid Chkili
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Catching up or getting stuck: convergence in Eastern European economies Eurasian Economic Review Pub Date : 2023-05-31 Istvan Konya
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Do currency manipulations hurt US bilateral trade balance? Eurasian Economic Review Pub Date : 2023-04-10 Muhammad Aftab, Mohsen Bahmani-Oskooee, Huseyin Karamelikli
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The financial access, ICT trade balance and dark and bright sides of digitalization nexus in OECD countries Eurasian Economic Review Pub Date : 2023-04-10 Mansour Naser Alraja, Faris Alshubiri, Basel M. Khashab, Mahmood Shah
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Bayesian VARs of the U.S. economy before and during the pandemic Eurasian Economic Review Pub Date : 2023-04-08 Anna Sznajderska, Alfred A. Haug
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Correction to: Pairs trading in the index options market Eurasian Economic Review Pub Date : 2023-04-07 Marianna Brunetti, Roberta De Luca
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Financial deepening and income inequality: is there a financial Kuznetz curve in Latin America? Eurasian Economic Review Pub Date : 2023-04-05 Peter Mikek
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The Green Asset Ratio (GAR): a new key performance indicator for credit institutions Eurasian Economic Review Pub Date : 2023-03-17 Volker Brühl
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Do fiscal policies affect the firms’ growth and performance? Urban versus rural area Eurasian Economic Review Pub Date : 2023-03-04 Alessandra Amendola, Marinella Boccia, Gianluca Mele, Luca Sensini
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Pairs trading in the index options market Eurasian Economic Review Pub Date : 2023-02-27 Marianna Brunetti, Roberta De Luca
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Cost efficiency in financial exchanges and post-trade infrastructures: a closer look at integration and product diversification Eurasian Economic Review Pub Date : 2022-11-04 Seven Ipek, Cumhur Ekinci
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Does the impact of geopolitical risk reduce with the financial structure of an economy? A perspective from market vs. bank-based emerging economies Eurasian Economic Review Pub Date : 2022-11-01 Ecenur Ugurlu-Yildirim, Beyza Mina Ordu-Akkaya
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Balance-of-payments-constrained growth model: an application to the Kazakhstan’s economy Eurasian Economic Review Pub Date : 2022-09-20 Zhandos Ybrayev
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Can wavelets produce a clearer picture of weak-form market efficiency in Bitcoin? Eurasian Economic Review Pub Date : 2022-08-04 Andrew Phiri
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Friends with or without benefits? An empirical evaluation of bilateral trade and economic integration between some of the post-Soviet economies Eurasian Economic Review Pub Date : 2022-06-23 Andrzej Cieślik, Oleg Gurshev
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Does international trade favor proximity in cultural beliefs? Eurasian Economic Review Pub Date : 2022-06-06 Chiara Franco, Daniela Maggioni
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Testing for asymmetric non-linear short- and long-run relationships between crypto-currencies and stock markets Eurasian Economic Review Pub Date : 2022-04-08 Achraf Ghorbel, Wajdi Frikha, Yasmine Snene Manzli
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Cross-time-frequency analysis of volatility linkages in global currency markets: an extended framework Eurasian Economic Review Pub Date : 2022-04-04 Hasan Fehmi Baklaci, Tezer Yelkenci
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Systemic risk and the financial network system: an experimental investigation Eurasian Economic Review Pub Date : 2022-03-31 Yudistira Permana, Saiqa Akbar, Anisa Nurpita
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Volatility dependent smooth transitions and abrupt switches: why they are needed for better forecasting the FX rates Eurasian Economic Review Pub Date : 2022-03-29 Arif Orçun Söylemez
Exchange rate prediction is a problematic area. There still does not exist a structural exchange rate model that can consistently predict future exchange rates better than a driftless random walk model. This paper draws attention to two important points regarding this problem. First of all, many structural exchange rate models inherently depend on the uncovered interest parity (UIP) rule. However,
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FDI propensity and geo-cultural interaction in former Yugoslavia: pairwise analysis of origin and destination countries Eurasian Economic Review Pub Date : 2022-03-09 Joel I. Deichmann, Stephen Grubaugh, Patrick Scholten
This research examines FDI location choice across the successor states of Yugoslavia roughly 25 years after dissolution. Based upon 12,245 pairwise observations from 2005 to 2016, the paper employs logit models to estimate empirically the impact of geographic distance, cultural similarity, and geo-cultural interaction on FDI propensity. The contributions are twofold. First, while geographic distance
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Dynamic effects of network exposure on equity markets Eurasian Economic Review Pub Date : 2022-02-28 Mardi Dungey, Moses Kangogo, Vladimir Volkov
We investigate the contribution of network exposure to both shock transmission and absorption. Our data sample comprises 45 economies for the period 1998–2018 to which we apply spatial econometric estimation technique. Our empirical findings show that both network intensity and interconnectedness in the financial system have impact on increasing network exposure. We also demonstrate how to estimate
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Employment effects of immigration to Germany in the period of migration policy liberalization, 2005–2018 Eurasian Economic Review Pub Date : 2022-02-22 Isil Erol, Umut Unal
Germany has undergone a significant migration policy shift since the early 2000s. This paper examines the total employment effect of immigration during the liberalization of migration policies from 2005 to 2018 using a regional approach. A set of methods, along with static and dynamic macro-econometric models, were applied on a balanced panel formed by a unique and first-hand-collected data for 156
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Proposed model of integrated Islamic commercial and social finance for Islamic bank in Indonesia Eurasian Economic Review Pub Date : 2022-02-16 Ascarya Ascarya, Ugi Suharto, Jardine A. Husman
Islamic finance essentially comprises of Islamic commercial finance (ICF) and Islamic social finance (ISF). This study aims to propose models of integrated Islamic commercial and social finance (IICSF) for Islamic bank in Indonesia using Delphi and Analytic Network Process (ANP) methods. The results propose six IICSF models for Islamic bank, and the IICSF Islamic bank should be prioritized on ICF (0
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On the role of Islamic banks in the monetary policy transmission in Saudi Arabia Eurasian Economic Review Pub Date : 2022-02-18 Amine Ben Amar
Even though a significant strand of the literature has examined the transmission mechanisms of monetary policy in a conventional framework, very little research has directly addressed the role of Islamic banks in this transmission. Using a TVP-VAR model with stochastic volatilities, this paper attempts to fill this gap in the literature by examining the monetary policy transmission in Saudi Arabia
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How do the global equity and bond markets affect Islamic and conventional banks? A comparative cross-country analysis using multivariate regression quantiles Eurasian Economic Review Pub Date : 2022-02-14 Resul Aydemir, Huzeyfe Zahit Atan, Bulent Guloglu
Using the multivariate quantile autoregression technique, we examine how equity returns of Islamic and conventional banks are affected by shocks to major financial indices such as the DJUSI index, the MSCI World Index, the VIX index and the United States 10-years Treasury bond interest rate. We compare the stability of the two banking systems to financial risk spillovers at the global and regional
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Depicting ethical dilemma in Islamic financial institutions; addressing the gender heterogeneity Eurasian Economic Review Pub Date : 2022-02-11 Shinaj Valangattil Shamsudheen, Aishath Muneeza
Though the lex loci applicable to Islamic financial institutions (IFIs) are derived from Shariah that embeds ethical and moral values, IFIs still face ethical dilemma. Since the leadership and managerial roles are played by both genders, it is imperative to understand the implication of their contribution in this. As such, the objective of this paper is to examine the influence of gender using the
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The links between gold, oil prices and Islamic stock markets in a regime switching environment Eurasian Economic Review Pub Date : 2022-02-09 Walid Chkili
This paper investigates the linkages between gold, oil prices and Islamic stock market for the turbulent period 1996–2020 which covers the recent COVID-19 pandemic crisis. The paper applies standard VAR and Markov switching VAR models. Empirical results can be summarized as follows: (i) There are some significant relationships between the considered markets. (ii) The sign of the links varies significantly
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Forecasting performance of Bayesian VEC-MSF models for financial data in the presence of long-run relationships Eurasian Economic Review Pub Date : 2022-02-09 Anna Pajor, Justyna Wróblewska
The paper is focused on comparing the forecasting performance of two relatively new types of Vector Error Correction - Multiplicative Stochastic Factor (VEC-MSF) specifications: VEC-MSF with constant conditional correlations, and VEC-MSF-SBEKK with time-varying conditional correlations. For the sake of comparison, random walks, vector autoregressions (VAR) with constant conditional covariance matrix
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Market discipline and capital buffers in Islamic and conventional banks in the MENA region Eurasian Economic Review Pub Date : 2022-01-29 Rihab Grassa, Nejia Moumen, M. Kabir Hassan, Khaled Hussainey
This paper examines the effectiveness of market discipline in motivating banks to mitigate their default risk by using capital buffers against adverse effects in portfolio risk. Using a large sample of 126 banks from 9 MENA countries from 2009 to 2014, we study whether support, funding, and risk disclosure motivate banks to hold larger capital buffers to cover potential portfolio risk or not; and whether