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THE DEVELOPMENT OF GLOBAL PUBLIC GOODS RESEARCH: A BIBLIOMETRIC ANALYSIS Global Economy Journal Pub Date : 2023-08-02 NINA PONIKVAR, ALAN VELIĆ, KATJA ZAJC KEJŽAR
Global public goods (GPGs) have been moving to the focus of discussion in international organisations due to globalisation, deepening economic integration, and technological advancements. We provide an overview of the research field of GPGs by conducting a bibliometric analysis for the period from 1993 to 2021. The increasing number of publications and citations of articles dealing with GPGs in the
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THE ECONOMY IS NOT FLAT: THE TECHNOLOGY GRADIENT IN THE MASS MARKET ECONOMY Global Economy Journal Pub Date : 2023-05-18 DAVID MAYER-FOULKES, KURT A. HAFNER
In an industrial market economy, the interaction between monopolistic and competitive sectors results in within-country productivity differences, inequality and inefficiency. We demonstrate this using a two-sector mass market economy model. The monopolistic sector represents large-scale, mass production and is associated with innovation and market power, while the competitive sector represents small-scale
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OIL PRICES, EXCHANGE RATES, AND THE TRADE BALANCE: EVIDENCE FROM KAZAKHSTAN AND RUSSIA Global Economy Journal Pub Date : 2023-04-29 SIMEON NANOVSKY
The original objective of this paper is to study the impact of the exchange rate on the trade balance for Kazakhstan and Russia. Baseline empirical results indicate that an exchange rate depreciation actually decreases exports and deteriorates the trade balance for these countries; this is the opposite of the traditional theory of the J-curve and Marshall–Lerner condition. The paper then explores why
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ANALYZING THE PROFITABILITY OF TOP-RATED BANKS IN THE WORLD IN LIGHT OF COVID-19 Global Economy Journal Pub Date : 2023-04-28 INDRANARAIN RAMLALL
We analyze the impact of COVID-19 on the profitability of top-rated banks in the world using a comprehensive list of bank-specific ratios under post-lasso regressions based on GLS, FGLS and WLS techniques. While size and loans do not materially impound on profitability, a squeeze in the positive impact of asset utilization for all profitability metrics is conspicuously noted. COVID-19 induced declines
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ADOPTION OF GREEN FINANCING STRATEGIES WITH RENEWABLE ENERGY RESOURCES FOR GLOBAL ECONOMIC GROWTH Global Economy Journal Pub Date : 2023-04-27 GOPI SELVAPANDIAN, PRAVEEN PAUL JEYAPAUL, BALAMURUGAN GUNABALAN
Green financing is an emergent technology in recent days that supports the nature of environment with reduced carbon emissions. Also, the renewable energy sources or green resources are the most suitable options for improving the economic growth and sustainability of environment. Recently, many industrial organizations over the world were able to provide support to the deployment of green energy projects
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INSTITUTIONS, CULTURE, AND ENTREPRENEURSHIP: DIRECT, TOTAL, AND COMPLIANCE BURDEN EFFECTS Global Economy Journal Pub Date : 2023-04-12 DEKUWMINI MORNAH, RAYMOND MACDERMOTT
Empirical research on the effects of culture on national entrepreneurship rates has been inconclusive, leading to contradicting theories to explain these mixed results. Results have also been sensitive to which covariates are in the empirical analysis. Given that culture might affect entrepreneurship directly and indirectly through institutions, we model the Direct and Total Effects of culture on entrepreneurship
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HOW NEW FINANCIAL TECHNOLOGIES RESOLVE ECONOMIC STAGNATION: THE FINANCIAL PERSPECTIVE Global Economy Journal Pub Date : 2023-04-05 JHIH-HONG ZENG, MING-FU HSU
This research explores how new financial technologies are able to resolve economic stagnation by considering two dimensions of financial technology’s spread: the spread to poor people and that to rural area people. Based on a sample of 109 countries, our findings indicate that the spread of new financial technologies to poor people not only benefits economic growth directly, but also generates an indirect
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GLOBAL VALUE CHAINS: OPPORTUNITIES COME WITH CHALLENGES IN TUNISIA Global Economy Journal Pub Date : 2023-03-27 FERIEL NASSER, FERYEL OUERGHI
Using data from the OECD-Trade in Value Added (TIVA) database, this paper analyzes Tunisia’s national and sectoral participation and positioning in global value chains (GVC) during 2005–2015. This paper also aims to illustrate countries with which Tunisia is highly integrated into GVC, by exploring the countries of origin of foreign value added in Tunisian exports, and the countries exporting Tunisian
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THE INFLUENCE OF ECONOMIC AND POLITICAL GLOBALIZATION ASPECTS ON OPEC MEMBER COUNTRIES’ EXPORT OPERATIONS Global Economy Journal Pub Date : 2022-12-27 LUDMILA KHARCHENKO, LARISA EFIMOVA, YULIA LOKTIONOVA, EVGENIA BUDKO
Modern resource markets are globalized, which gives significant advantages to countries that own these resources. The proceeds from the sale of resources to global markets can serve as a financial phase for the implementation of important government development programs for a country. The paper examines the influence of the economic and political aspects of globalization on the export operations of
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THE GLOBALIZATION CONUNDRUM POST COVID-19: INTERNALIZING THE RISKS OF THE SUPPLY CHAIN Global Economy Journal Pub Date : 2022-08-18 JOSEPH PELZMAN, OFRA BAZEL-SHOHAM
In 2020, US and European firms undertook financial risk that they can ill-afford to carry, stemming from their supply chain networks. Many have gradually deluded themselves into thinking their risk was reasonable, while other firms have made production sourcing decisions with little idea of the true magnitude of their risks. However, the rising risk was an inevitable consequence of the economy’s multinational
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AN OPTIMAL CONTROL OF SMUGGLING Global Economy Journal Pub Date : 2022-08-11 NASREEN NAWAZ
Existing literature does not capture efficiency losses on the dynamic adjustment path of smuggling control market from initial to final equilibrium after a shock in order to formulate an optimal smuggling control policy. Furthermore, a number of public service units and smuggling control rate are major determinants of smuggling cases controlled in a society, and a policy without taking into consideration
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CRYPTOCURRENCY, PROFITABILITY, AND TWEETER: A MGARCH FRAMEWORK Global Economy Journal Pub Date : 2022-07-18 JO-HUI CHEN, SABBOR HUSSAIN, YUN-CHEN CHENG
This paper used two frames based on the Multivariate General Autoregressive Conditional Heteroscedasticity (MGARCH) model, namely the Dynamic Conditional Correlation (DCC) and the Baba, Engle, Kraft, and Kroner (BEKK) models. DCC parameters confirmed the significant results to assess the spillover effects for return volatilities of five cryptocurrencies (Bitcoin, Dogecoin, Ethereum, Monero, and Peercoin)
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SPILLOVER EFFECTS OF QUANTITATIVE EASING ON EXPORTS IN EMERGING MARKET ECONOMIES Global Economy Journal Pub Date : 2022-06-30 HELENA GLEBOCKI KEEFE, SUJATA SAHA
The impact of unconventional monetary policies adopted by advanced economies in the wake of the Global Financial Crisis has had far reaching implications for global economic conditions. Although several transmission channels of quantitative easing to financial market and exchange rate conditions have been identified, there is a lack of empirical investigation on the spillover effects to exports for
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ON OPTIMIZATION OF MANUFACTURING OF PRODUCT TO OBTAIN MAXIMAL VALUE OF PROFIT TAKING INTO ACCOUNT CHANGING OF PRICES Global Economy Journal Pub Date : 2022-06-22 E. L. PANKRATOV
In this paper, we introduce a model for the prognosis of profit of an enterprise taking into account several types of products. Also, we introduce an approach for maximization of the considered profit with an analytical approach for estimation of the maximum value of profit of an enterprise taking into account several types of products. Profit maximization gives a possibility to take into account changes
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IS THE E-GOVERNMENT A DRIVER OF FINANCIALIZATION: EMPIRICAL EVIDENCE FROM EUROPEAN COUNTRIES Global Economy Journal Pub Date : 2022-04-06 LE THANH HA, NGUYEN THI THANH HUYEN
This study is the first to empirically examine the linkage between e-Government and financial development. We utilize three indicators, including user centricity, business mobility, and key enablers to capture a digital process in the public sector, and their effects are analyzed on financial markets, institutions, and both. By employing an international sample of 26 European countries, we demonstrate
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IS THE E-GOVERNMENT A DRIVER OF FINANCIALIZATION: EMPIRICAL EVIDENCE FROM EUROPEAN COUNTRIES Global Economy Journal Pub Date : 2022-04-06 LE THANH HA, NGUYEN THI THANH HUYEN
This study is the first to empirically examine the linkage between e-Government and financial development. We utilize three indicators, including user centricity, business mobility, and key enablers to capture a digital process in the public sector, and their effects are analyzed on financial markets, institutions, and both. By employing an international sample of 26 European countries, we demonstrate
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THE SPILLOVER, RISK AND LEVERAGE EFFECTS OF SMART BETA MANAGEMENT EXCHANGE-TRADED FUND (ETF) Global Economy Journal Pub Date : 2022-01-06 JO-HUI CHEN, NICHOLAS EDWARDS
This research uses two different GARCH models to measure spillover, risk, and leverage effects of active, passive, and smart beta management Exchange-traded Funds (ETFs). The increase in popularity of ETFs and new categories within them, specifically the growth of smart beta management, means asset managers and investors have new metrics to account for when determining portfolio exposure following
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HOW THE EXCHANGE RATE REGIME AFFECTS ADJUSTMENT TO LARGE OIL PRICE SWINGS IN OIL EXPORTING COUNTRIES Global Economy Journal Pub Date : 2021-12-29 Majed S. Almozaini
The aim of this study is to analyze how oil price shocks affect the economic growth of floating exchange rate regimes and fixed exchange rate regimes in oil-exporting countries with a ratio of oil exports to total exports exceeding 70%. Also, this study seeks to determine what monetary and fiscal policies both regimes apply in order to curb business cycles and reduce inflationary and recessionary gaps
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GENDER, BOARD, AND WORKING CAPITAL Global Economy Journal Pub Date : 2021-12-24 MATTHEW IMES, OFRA BAZEL-SHOHAM
This paper examines the effects of gender board diversity on working capital. The study uses a sample of S&P1500 firms, resulting in 9,157 firm-year observations from 2005 to 2019. Our findings show that greater gender diversity on corporate boards is associated with lower liquidity ratios, including lower non-cash ones. The results are robust to a battery of gender board diversity definitions and
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TAX COMPETITION, POLICY COMPETITION AND THE STRATEGIC USE OF POLICY RESTRICTIONS ON FOREIGN DIRECT INVESTMENTS Global Economy Journal Pub Date : 2021-11-29 KAUSHAL KISHORE
In a dynamic two-period model of tax competition, where competing countries strategically choose foreign investment restrictions which increases the sunk cost of investments, we show that choosing a higher level of restriction is beneficial for the competing countries. A higher level of restriction reduces competition and increases tax revenue in the later period, which allows the government to offer
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SUBSTITUTABILITY BETWEEN GOVERNMENT AND PRIVATE CONSUMPTION IN SUB-SAHARAN AFRICA Global Economy Journal Pub Date : 2021-11-05 GRACE NKANSA ASANTE, GIDEON AMANKWAH, GODWILL BRUCE NYARKOH, SAMUEL TAWIAH BAIDOO
The question of whether private and public consumption are complements or substitutes has been an issue of concern and hence, attracted the attention of researchers and policy think tanks. This study therefore investigates this important phenomenon within the context of sub-Saharan Africa (SSA) to inform the design of fiscal policy measures. Using panel data spanning the period 1981–2016 for 21 sub-Saharan
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GLOBAL ECONOMIC SANCTIONS, GLOBAL BANK LINKAGES AND INFORMATION ASYMMETRY: AN EVIDENCE FROM CROSS-COUNTRY DATA Global Economy Journal Pub Date : 2021-10-25 LE THANH HA, HOANG PHUONG DUNG, PHAM HONG CHUONG, TO TRUNG THANH, TRAN THI LAN HUONG
This paper investigates the effects of global economic sanctions (GESs) on global bank linkages (GBLs) by using 4,032 pairs of 66 countries during the 2001–2013 period. We use the structural gravity model combining with the rich database of the Global Sanction Data Base introduced by Felbermayr et al. [(2020). The global sanctions data base. European Economic Review, 129, 1–23]. Our empirical results
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FOREIGN CAPITAL AND DOMESTIC FUNDING CONDITIONS: A MUNDELLIAN TRILEMMA PERSPECTIVE Global Economy Journal Pub Date : 2021-09-30 ALEKSANDAR STOJKOV, THIERRY WARIN
This study investigates and evaluates the impact of global funding conditions on private sector credit growth and controlling for the Mundellian Trilemma configuration. We contribute to the empirical literature by investigating the role of other conditioning factors such as the size of economies and their level of economic development. The more specific research goals are as follows: (i) To explore
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FINANCIAL LITERACY AND FINANCIAL INCLUSION EFFECTS ON STABILITY AND COMPETITIVENESS INDICATORS IN THE BANKING SECTOR: CROSS COUNTRY EVIDENCE FOR AFRICA AND THE WORLD Global Economy Journal Pub Date : 2021-09-27 JOÃO JUNGO, MARA MADALENO, ANABELA BOTELHO
Financial inclusion has allowed financial products with very high-interest rates and complex conditions to become increasingly affordable. Financial inclusion programs, which aim to reach all social strata, strongly expose financial institutions to risk and particularly credit risk. That said, additional interventions such as financial education of those included are needed. We aim to examine the impact
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NEGOTIATION ON NATURAL RESOURCES Global Economy Journal Pub Date : 2021-07-05 JOSEPH PELZMAN, MURAT ISSABAYEV, YESSENGALI OSKENBAYEV
The host government (HG) of resource-rich countries (RRC) dealing with multiple International Oil Companies (IOCs) faces a choice between making a simultaneous multilateral offer and a sequential bilateral offer on equity shares from resource value. Provided that the HG treats all its foreign partners in a simultaneous negotiation as a single entity, it is argued that the HG is predicted to gain a
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INVESTMENT LIBERALIZATION, CREDIT CONSTRAINTS, AND INTERNATIONAL TRADE Global Economy Journal Pub Date : 2021-06-05 TINGTING XIONG, HAO SUN
This paper investigates the effect of bilateral investment treaties (BITs) on the extensive and intensive product margins of exports in sectors with different credit constraints. The model in this paper demonstrates that such investment liberalization increases the extensive product margin by lowering the variable costs of selling abroad, while it decreases the intensive product margin by lowering
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MERCANTILISM IN PERSPECTIVE: A HISTORIC REVIEW Global Economy Journal Pub Date : 2021-03-12 ONAH CELESTINE CHIJIOKE, ADUMA ALOYSIUS, DEBORAH O. OBI
Nations’ human and material resources are unevenly endowed, distributed and developed. This allows flow of labor, raw materials, capital and finished products across national boundaries and markets; thus resulting in “mercantilism” as the earliest international economic system that proposes massive and aggressive export over import to accumulate wealth, to have favorable balance of payment and trade
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NONLINEAR ARDL APPROACH AND PPP: EVIDENCE FROM 82 COUNTRIES Global Economy Journal Pub Date : 2021-02-28 AUGUSTINE C. ARIZE, MOHSEN BAHMANI-OSKOOEE
Since the introduction of asymmetric cointegration and error-correction modeling, old theories have been getting a renewed attention, and purchasing power parity theory (PPP) is no exception. In this paper, we revisit the PPP by applying this relatively new technique. When we applied the symmetric cointegration test of Pesaran et al. [Pesaran, MH, Y Shin and RJ Smith (2001). Bounds testing approaches
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THE RELATIONSHIP BETWEEN FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH IN LATIN AMERICAN COUNTRIES: THE ROLE OF BANKING CRISES AND FINANCIAL LIBERALIZATION Global Economy Journal Pub Date : 2021-01-08 ALEJANDRO SANTANA
This paper examines the effects of banking crises and financial liberalization on the relationship between financial development and economic growth in a panel of 16 Latin American countries over the period 1973-2005. Applying the dynamic panel method that incorporates Generalized Method of Moments system, the main findings show that financial liberalization did not result in a positive relationship
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DOES REMITTANCE INFLOW PROMOTE HUMAN DEVELOPMENT IN SUB-SAHARAN AFRICA? AN EMPIRICAL INSIGHT Global Economy Journal Pub Date : 2021-01-07 MALAYARANJAN SAHOO, NARAYAN SETHI
This paper examines the relationship between human development, remittances and other macroeconomic variables like life expectancy, human capital, FDI, inflation, economic growth and financial development by considering 31 Sub-Saharan African (SSA) countries during the period of 1990–2018. Kao and Fisher residual cointegration tests are applied to check the cointegration among the variables in the
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CONVERGENCE PATTERNS IN CRYPTOCURRENCY MARKETS: EVIDENCE FROM CLUB CONVERGENCE Global Economy Journal Pub Date : 2021-01-07 PRADIPTA KUMAR SAHOO
This paper empirically examines the convergence of cryptocurrency markets with particular attention to top 30 cryptocurrencies. The study applies the novel Phillips and Sul panel convergence technique to daily closing price data of 30 cryptocurrencies for the period October 4, 2017 to May 31, 2020. The empirical findings suggest the evidence of divergence and the existence of club convergence across
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TRENDS IN MIGRATION, UNEMPLOYMENT AND POPULATION: A POST-COVID-19 FORECAST OF CAPACITY DEVELOPMENT IN THE GAMBIA Global Economy Journal Pub Date : 2020-12-03 RAPHAEL KOLADE AYENI, EMMANUEL OLUWATOBI SHAIB
As a developing economy, three major economic problems witnessed in the Gambia are the growing unemployment rate, migration (immigration and rural–urban drift) leading to urban population growth and the growing semi-skilled working population in the face of unemployment. This study seeks to answer the question of how the Gambian economy can plan to overcome these problems, coupled with post-COVID-19
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THE EFFECTS OF GOLD, STOCK MARKETS AND GEOPOLITICAL UNCERTAINTY ON BITCOIN PRICES AND VOLATILITY Global Economy Journal Pub Date : 2020-11-09 NIKOLAOS A. KYRIAZIS
This paper investigates the nexus between Bitcoin, gold and highly innovative uncertainty indices by employing alternative Autoregressive Conditional Heteroskedasticity (ARCH) and Generalized ARCH (GARCH) specifications. The period examined covers from March 2012 up to March 2020. Econometric outcomes indicate that Bitcoin returns and volatility are positively influenced by gold returns and the S&P500
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WHAT DETERMINES CUSTOMERS’ PERCEPTION OF BANKING COMMUNICATION? AN EMPIRICAL EVIDENCE FROM COMMERCIAL BANKS OF NEPAL Global Economy Journal Pub Date : 2020-11-05 UDAYA RAJ PAUDEL, SEEPRATA PARAJULI, NIRANJAN DEVKOTA, SUSHANTA KUMAR MAHAPATRA
This paper provides insight on how banking officials communicate with customers and how effective their techniques and tools are for development of banks. With the help of structured questionnaire technique, 373 customers having accounts in commercial banks in Nepal were interviewed in the month of April–September, 2019. Dummy based awareness index and Ordered Logit Regression Model were performed
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ECONOMIC FLUCTUATIONS AND THE SHADOW ECONOMY: A GLOBAL STUDY Global Economy Journal Pub Date : 2020-10-05 CANH P. NGUYEN, CHRISTOPHE SCHINCKUS, DINH SU THANH
The recent economic crisis re-emphasizes the importance of the economic fluctuations. This study investigates the role of shadow economy in combination with economic factors on the economic instability for 133 economies between 1991 and 2015. Using the system-GMM estimations, this paper shows that a larger shadow economy increases the fluctuations of GDP growth rate in relation to the size and the
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CRIME AND FISCAL POLICY IN EUROPE: THE EFFECT OF SHADOW ECONOMY Global Economy Journal Pub Date : 2020-10-05 ELEFTHERIOS GOULAS, SOCRATES KARIDIS
We empirically investigate the role of fiscal policies on criminal activity using a sample of 25 EU countries over the period 2000–2013. Our analysis indicates that tight fiscal policies appear to have a positive effect on crime. This effect becomes stronger when property (non-violent) crime rates are considered. Further, the presence of high levels of shadow economy in a country provides a very strong
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A LITERATURE REVIEW ON THE DEFINITION OF SHARING ECONOMY Global Economy Journal Pub Date : 2020-10-05 LIU WEILI, HAYAT KHAN
This paper aims to review the literature on the definitions of sharing economy. For this study, a total of 280 papers have been collected and then limited to 75 published papers which have given the sharing economy definitions in their studies. This study shows different definitions related to the sharing economy where differences in definitions and their similarities are shown. This study gives deep
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THE SPEECHES OF THE EUROPEAN CENTRAL BANK’s PRESIDENTS: AN NLP STUDY Global Economy Journal Pub Date : 2020-08-03 THIERRY WARIN, WILLIAM SANGER
This paper introduces natural language processing into the study of central banking. It studies the evolution of the ECB’s communication through time, considering its three subsequent presidents (W. Duisenberg, J. C. Trichet and M. Draghi) and the pre- and post-2008 financial crisis era. It helps understand the history of the ECB since its inception. From a methodological standpoint, we study the evolution
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THE PORTUGUESE MOTOR VEHICLE INDUSTRY: AN IMPOSSIBLE DREAM? Global Economy Journal Pub Date : 2020-07-17 LILA J. TRUETT, DALE B. TRUETT
Portugal policy makers consider the motor vehicle industry to be critical to the country’s economy because of its potential to offer highly skilled job opportunities and incentives for innovation and research, technology transfer, and investment, although the industry remains small by international standards. Little empirical research exists on the Portuguese motor vehicle industry, and we attempt
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ECONOMIC UNCERTAINTY, MONETARY UNCERTAINTY, AND THE DEMAND FOR MONEY IN AFRICA: AN ASYMMETRY ANALYSIS Global Economy Journal Pub Date : 2020-07-08 MOHSEN BAHMANI-OSKOOEE, AUGUSTINE C. ARIZE
Economic uncertainty and monetary uncertainty are two uncertainty measures that are said to affect the demand for money in any country and our region of interest, Africa, is no exception. In this paper, we take an additional step and argue that changes in any uncertainty measure could have asymmetric effects on the money demand. After applying the linear and nonlinear ARDL approaches to each of the
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THE IMPACT OF TERRORISM ON TURKISH BANKS’ STOCKS AND CROSS-BANK VARIATION OF ABNORMAL RETURNS Global Economy Journal Pub Date : 2020-06-25 EDA ORHUN
This paper investigates the impact of the recent terrorist attacks on the Turkish banking sector. Specifically, an event study analysis is executed to estimate the abnormal returns of banks’ stocks in Turkey. According to the results, negative and significant abnormal returns were observed on the event dates of terrorist attacks, those of which especially occurred at international points and touristic
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CREDIT CYCLES IN COUNTRIES IN THE MENA REGION — DO THEY EXIST? DO THEY MATTER? Global Economy Journal Pub Date : 2020-05-14 LEILA AGHABARARI, AHMED ROSTOM
This paper estimates the private sector credit cycles for most of the oil-importing and oil-exporting countries in the Middle East and North Africa. Credit cycles are the medium-term component in spectral analysis of real private sector credit growth. Besides, the paper estimates the credit cycles for several developed countries. The analysis finds substantial differences and rare similarities between
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ANIMAL SPIRITS, ECONOMIC POLICIES AND BUSINESS CYCLES: THE THREE MUSKETEERS OF THE ECONOMIC WORLD Global Economy Journal Pub Date : 2020-05-14 AZHAR IQBAL, SHANNON SEERY
This study quantifies animal spirits by constructing an index using information from major sectors of the economy. The key drivers of the animal spirits are the monetary/fiscal policies and the stage of the business cycle and therefore the effect of these drivers on animal spirits is also estimated. Furthermore, the effect of changes in the animal spirits index is generated to examine which sector
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INVESTMENT ABROAD AND IMPACT AT HOME: A LITERATURE REVIEW Global Economy Journal Pub Date : 2020-04-11 VISHAL SARIN, SURESH KUMAR
Recently, there has been a significant rise in the volume and significance of FDI flows. The foreign direct investment (FDI), which is undertaken by multinational corporations, affects not only the host economy but also the home economy in many ways. The impact of FDI on host economy has been very well explained by several researchers. But there is lack of literature that has investigated the impact
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CONTAGION AMONG SELECT GLOBAL EQUITY MARKETS: A TIME-FREQUENCY ANALYSIS Global Economy Journal Pub Date : 2020-04-11 AVISHEK BHANDARI, BANDI KAMAIAH
This paper investigates the phenomenon of contagion among some selected global equity markets using novel methods from wavelet-based time-frequency analysis. It surveys some seminal literature on contagion and examines, using both continuous and discrete wavelet methods, the effects of major financial crises on Indian markets. Strong evidence of co-movements in the short run, which indicates contagion
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FIFTY YEARS OF LITERATURE ON EXPORT ASSISTANCE PROGRAMMES: A BIBLIOMETRIC ANALYSIS Global Economy Journal Pub Date : 2020-03-13 JOANA RIBEIRO, ROSA FORTE
Literature on export assistance programmes (EAPs) was first published over half a century ago and has focused on many topics, such as the impact of EAPs on firms’ performance, their usefulness and use, among others. The numerous papers published in this area justify the present bibliometric analysis aimed at examining the trends in EAP literature from 1966 until 2017. An analysis of 367 studies published
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PROGNOSIS OF REPLACEMENT OF LINE OF OLD INNOVATIVE PRODUCTS BY LINE OF NEW INNOVATIVE PRODUCTS Global Economy Journal Pub Date : 2020-02-26 E. L. PANKRATOV
In this paper, the prognosis and analysis of the process of replacement of old line of innovative products by new line of innovative products with account of the capacity of the market, the possible demand for different versions of the product, the presence in the market of competing products-analogues have been done. An analytical approach of analysis of replacement of old lines of innovative products
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THE SPILLOVER AND LEVERAGE EFFECTS OF EQUITY EXCHANGE-TRADED NOTES (ETNS) Global Economy Journal Pub Date : 2019-12-18 JO-HUI CHEN, JOHN FRANCIS DIAZ
This research utilizes the Autoregressive Moving Average–General Autoregressive Conditional Heteroskedasticity (ARMA–GARCH) and Autoregressive Moving Average–Exponential General Autoregressive Conditional Heteroskedasticity (ARMA–EGARCH) in studying the spillover and leverage effects of returns and volatilities of seven equity exchange-traded notes (ETNs) and their tracked stock indices. This study
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STOCK MARKET REACTION TO BREXIT ANNOUNCEMENTS: EVIDENCE FROM A NATURAL EXPERIMENT Global Economy Journal Pub Date : 2019-12-18 JÚLIO LOBÃO, SÍLVIA SANTOS
Using four Brexit-related announcements as a source of exogenous information shocks, we investigate the semi-strong form of efficiency in seven major European stock markets. Our results suggest that only the announcement of the Brexit referendum result produced statistically significant negative cumulative abnormal returns in the markets of the sample. However, with the exception of the Irish stock
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RETURN AND VOLATILITY SPILLOVER EFFECTS IN LEADING CRYPTOCURRENCIES Global Economy Journal Pub Date : 2019-12-18 SRINIVASAN PALAMALAI, BIPASHA MAITY
As Cryptocurrencies are emerging as a new class of investment assets, understanding their price and volatility dynamics has begun to gather momentum, especially the volatility can influence investment decisions. Most of previous literature concentrates primarily on several aspects of Bitcoin and endeavoring to generalize them for the whole cryptocurrency markets. In this study, we attempted to examine
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THE MARKET FOR CRYPTOCURRENCY: HOW WILL IT EVOLVE? Global Economy Journal Pub Date : 2019-12-18 BROOKS ALLEN, SARAH K. BRYANT
This study examines the concept of cryptocurrency and gives a brief history and overview of its characteristics. In an increasingly electronic society, cryptocurrency could be the next step in the evolution of finance in the same way that the internet was a step in the evolution of communication. In the coming years, countries may even announce the release of national cryptocurrencies, although certain
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GLOBALIZATION AND TERRORISM IN EAST EUROPE AND THE SUCCESSOR STATES OF THE SOVIET UNION Global Economy Journal Pub Date : 2019-12-13 BRENDA J. LUTZ, JAMES M. LUTZ
Globalization has often been suggested as a phenomenon that leads to terrorism due to the disruptions it causes. In the case of the former centrally planned economies of East Europe and Eurasia, however, greater levels of globalization have led to less terrorist incidents and casualties rather than more. Further, the terrorist attacks that did occur did not deter foreign direct investment in the region
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THE PRICE OF COCAINE AND THE COLOMBIAN PESO: AN EMPIRICAL INVESTIGATION Global Economy Journal Pub Date : 2019-12-06 ALEXI THOMPSON, YAYA SISSOKO
While the underground economy is not explicitly included in the measure of (GDP), the cocaine trade has been a major source of revenue for Colombia. Using quarterly cocaine prices from 1982 to 2007 published by the Office of National Drug Control Policy, this paper uses vector error correction and forecast error variance decomposition methods to look at the relationship between cocaine prices and the
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A NEW PROCEDURE FOR TESTING THE EXPORT-LED GROWTH HYPOTHESIS: A RESEARCH NOTE Global Economy Journal Pub Date : 2019-12-06 FUMITAKA FURUOKA
This study proposes a novel statistical procedure to test the export-led growth hypothesis. The procedure integrates a Fisher-type causality method in the statistical analysis. In order to demonstrate the application of this procedure, this study examined the exports–growth nexus in low-income and lower middle-income countries in Africa. The findings obtained from the newly-proposed integrated statistical
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PERFORMANCE OF INDIAN CEMENT INDUSTRY: DRIVERS, MODELS AND EMPIRICS Global Economy Journal Pub Date : 2019-08-23 BIPASHA MAITY, VIDYA SURESH, MEHIR KUMAR BAIDYA
A firm’s performance depends on efficient management of economic resources. Performance is usually a function of firm-specific economic factors and macroeconomic factors. In other words, an efficient allocation, management and manipulation of these factors is required to enhance profitability. This study attempts to identify some factors to understand how and to what extent these factors influence
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THE ENDOGENEITY OF BUSINESS CYCLE SYNCHRONISATION IN SOUTHERN AFRICAN DEVELOPMENT COMMUNITY Global Economy Journal Pub Date : 2019-08-23 NTOKOZO PATRICK NZIMANDE, HAROLD NGALAWA
This paper investigates the endogeneity hypothesis of optimal currency area (OCA) criterion, that is, business cycles synchronisation, in a panel of Southern African Development Community (SADC) member countries, for the period 1994–2016. Using a Generalised Method of Moments (GMM), the study finds that, amongst other factors, trade induces business cycles comovement. This finding lends support to
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THE EFFICACY OF GREEK GOVERNMENT ECONOMIC TOOLS: 1995–2016 Global Economy Journal Pub Date : 2019-08-22 MICHAELA MACK, JONATHAN E. LEIGHTNER
We use a statistical technique that solves the omitted variables problem of regression analysis to estimate the changes in gross domestic product (GDP), unemployment, and inflation of a one-unit change in government spending, exports, and interest rate for Greece using quarterly data from 1995 to 2016. Our primary findings are (1) driving the Greek economy using domestic demand creates a much more
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HEDGING EFFECTIVENESS OF CROSS-LISTED NIFTY INDEX FUTURES Global Economy Journal Pub Date : 2019-08-22 K. KIRAN KUMAR, SHREYA BOSE
This paper investigates the hedging effectiveness of cross-listed Nifty Index futures and compares the performance of constant and dynamic optimal hedging strategies. We use daily data of Nifty index traded on the National Stock Exchange (NSE), India and cross-listed Nifty futures traded on the Singapore Stock Exchange (SGX) for a period of six years from July 15, 2010 to July 15, 2016. Various competing
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The Liberal Illusion Is Not a Complete Delusion: The WTO Helps Member States Keep the Peace Only When It Increases Trade Global Economy Journal Pub Date : 2019-05-10 Susan Ariel Aaronson, M. Rodwan Abouharb, K. Daniel Wang
We use both qualitative and quantitative tools to examine whether membership in the WTO reduces the likelihood of conflict. In our qualitative analysis, we show how WTO facilitates cooperation and transparency. Then we study what policymakers say and do to use trade to promote peace. We also examine whether and how members of the WTO respond to acceding states as well as member states experiencing
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DEINDUSTRIALIZATION OF SUB-SAHARAN AFRICA Global Economy Journal Pub Date : 2019-05-03 DON CLARK
Sub-Saharan African (SSA) countries as a group have been deindustrializing for more than three decades. Logistic growth functions of the share of manufacturing value added in Gross Domestic Product (GDP) provide estimates of the rate at which the manufacturing sector has diffused into each SSA economy. Deindustrializers (industrializers) have negative (positive) manufacturing sector diffusion rates