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The impact of climate change on the Palestinian sectoral reallocation of labor International Review of Applied Economics Pub Date : 2024-03-05 Sameh Hallaq, Yousuf Daas
The research leverages yearly variations in climate variables, such as rainfall and temperature, across the West Bank from 1999 to 2018 to assess their influence on individuals’ decisions to stay i...
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COVID-19 policy responses and subjective well-being International Review of Applied Economics Pub Date : 2024-02-18 Opoku Adabor
COVID-19 led to the implementation of containment measures including social distancing and lockdowns which negatively impacted people’s mental and psychological well-being. To weaken the adverse ou...
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Public climate change agreement and GHG emissions in the US International Review of Applied Economics Pub Date : 2024-02-09 Jafar El Armali, Meghdad Rahimian
Scientists have a broad consensus on climate change. Yet, this consensus has not passed to the public opinion in the United States (US). A significant percentage of the US population does not agree...
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How to pursue sustainable development goals in face of global forces? International Review of Applied Economics Pub Date : 2024-02-06 Jonathan Michie
Published in International Review of Applied Economics (Vol. 37, No. 6, 2023)
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Whatever happened to the idea of World Government? International Review of Applied Economics Pub Date : 2024-02-06 Jonathan Michie
Published in International Review of Applied Economics (Vol. 37, No. 6, 2023)
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Elites and economic policy in South Africa’s transition and beyond International Review of Applied Economics Pub Date : 2024-02-06 Firoz Khan, Seeraj Mohamed
We build on and critique previous literature on economic policy configuration during the transition from apartheid to democracy (1990 to 1994) in South Africa (SA). The contribution of this article...
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Correction International Review of Applied Economics Pub Date : 2024-02-06
Published in International Review of Applied Economics (Vol. 37, No. 6, 2023)
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Financial deepening and economic growth nexus in emerging economies in Africa: does supply-leading or demand-following hold? International Review of Applied Economics Pub Date : 2024-01-05 Charles O. Manasseh, Chi Aloysius Ngong, Chin Sp Logan, Ogochukwu C. Okanya, Chinwe A. Olelewe
This research examines the long-term causation between financial deepening and economic growth in African-emerging economies. The fully modified and dynamic ordinary least square methods are used. ...
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Profit share and capital accumulation in Mexican manufacturing International Review of Applied Economics Pub Date : 2023-12-10 Carlos A. Ibarra
Mexican manufacturing shows a long-run divergence between a rising profit share of income and a flat rate of capital accumulation. Following the Cambridge equation, the paper studies the determinan...
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A critical analysis of capital controls: implications for crisis prevention and economic performance International Review of Applied Economics Pub Date : 2023-12-06 Chokri Zehri, Latifa Saleh Iben Ammar, Wissem Ajili Ben Youssef
This paper researches the effects of capital controls on the financial system’s stability, finding that such regulatory measures mitigate the risk of banking crises (a favourable outcome) while con...
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Productivity, equity and sustainability International Review of Applied Economics Pub Date : 2023-11-15 Jonathan Michie
Published in International Review of Applied Economics (Vol. 37, No. 5, 2023)
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The failures of current capitalism: what next? International Review of Applied Economics Pub Date : 2023-11-15 Jonathan Michie
Published in International Review of Applied Economics (Vol. 37, No. 5, 2023)
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“A permanent national necessity…”: the long revolution will resume International Review of Applied Economics Pub Date : 2023-10-25 Jonathan Michie
Published in International Review of Applied Economics (Ahead of Print, 2023)
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What is Edith Penrose’s legacy for the theory of the firm? International Review of Applied Economics Pub Date : 2023-09-19 Irene Roele, Sonja Ruehl
Prompted by centenary celebrations of the contribution of Edith Penrose to the theory of the firm, the development of resource-based views of the firm (RBV) and knowledge-based perspectives, this a...
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Editor’s introduction International Review of Applied Economics Pub Date : 2023-09-13 Jonathan Michie
Published in International Review of Applied Economics (Vol. 37, No. 4, 2023)
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Dynamicity and nonlinearity in the association between different facets of financial development and macroeconomic volatility: evidence from the World Economy International Review of Applied Economics Pub Date : 2023-09-04 Parimal Ghosh, Maniklal Adhikary
This paper attempts to explore dynamicity and nonlinearity in the association between financial development and macroeconomic volatility, considering different aspects of financial development. The...
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Call for papers: for a special issue of the International Review of Applied Economics on ‘risk, uncertainty, and democracy’ International Review of Applied Economics Pub Date : 2023-08-22 Edited by Jonathan Michie, Suzanne Schneider
Published in International Review of Applied Economics (Vol. 37, No. 4, 2023)
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Revisiting the debate on the Eurozone crisis: causes, clustering periphery and core, and the role of interest rate convergence International Review of Applied Economics Pub Date : 2023-08-12 Gonçalo Amado
ABSTRACT Explaining the Eurozone crisis requires explaining the origins of the external imbalances until then. The paper divides the literature arguments into three ”fundamental causes”, not mutually exclusive: a competitiveness problem, North-South flows, and excess of public and/or private spending. Within each of these causes, we find divergences between authors in the literature and identify a
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Greenhouse gas emissions from Brazilian agriculture and convergence clubs International Review of Applied Economics Pub Date : 2023-08-07 Domingos Isaias Maia Amorim, Maria Josiell Nascimento da Silva, Francisco José Silva Tabosa, Alexandre Nunes de Almeida, Pablo Urano de Carvalho Castelar
ABSTRACT This work aims to assess whether there is a convergence in the emission of Greenhouse Gases (GHG) in the states of Brazil. To achieve this objective, the Phillips and Sul (2007) time series methodology was employed, testing the hypothesis of global (or common) convergence, using data from the Greenhouse Gas Emissions and Removal Estimation System (Sistema de Estimativas de Emissões e Remoções
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Dynamic linkages between real exchange rates and real unit labour costs: evidence from 18 economies International Review of Applied Economics Pub Date : 2023-07-31 Thanos Poulakis, Persefoni Tsaliki
The article examines the long-run behaviour of real exchange rates based on the premises of classical political economy. Specifically, it investigates the dynamics between real exchange rates and r...
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Macroeconomic uncertainty and monetary policy transmission in Brazil: a TVAR approach International Review of Applied Economics Pub Date : 2023-07-31 Luckas Sabioni Lopes, Wilson Luiz Rotatori Corrêa
ABSTRACT This article assesses the impact of uncertainties on the effectiveness of monetary policy in Brazil after the adoption of the inflation-targeting regime. We employ the methodology of autoregressive vectors with an endogenous threshold (TVAR) with a general uncertainty indicator (IGI), proposed as a linear combination of four existing proxies for the Brazilian context. The sample covers 2003
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Productivity, equity, and sustainability: A trilemma for contemporary human development? International Review of Applied Economics Pub Date : 2023-07-28 Mattia Tassinari
ABSTRACT Productivity, equity and sustainability are regarded as ‘essential components’ in the human development paradigm. They reflect structural aspects of an economic system and create the material conditions for widespread human development and wellbeing. Nevertheless, the consistency among these principles is significantly questioned in the economic literature, depicting a potential ‘trilemma’
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An investigation of exchange rate, exchange rate volatility and FDI nexus in a gravity model approach International Review of Applied Economics Pub Date : 2023-07-29 Moraghen Warren, b. Seetanah, n. Sookia
ABSTRACT This study assesses the significance of exchange rate and exchange rate volatility in the bilateral inflows of FDI using a gravity model, based on a sample of 40 countries over the period 2001 to 2019. This analysis is also specifically concerned with the estimation challenges which revolve around the validity of the log-linear transformation of the gravity equation in the potential presence
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Corporate excess savings: what does it have to do with M&A activities, cash holdings and debt repayments in Korea? International Review of Applied Economics Pub Date : 2023-07-26 Young jo Song, Myoungrok Kim
ABSTRACT Corporate excess savings, or gross savings in excess of fixed capital formation, can affect the real economy through the financial decisions of individual firms. Based on an unbalanced panel of more than 2,000 Korean listed companies from 2003 to 2021, this study analyses how excess savings are used in individual firms’ financial activities and their consequent impact on aggregate demand at
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Is the well-being of gig workers in Malaysia better? The reality of pain and gain International Review of Applied Economics Pub Date : 2023-07-28 Khairunnisa Abd Samad, Nur Hayati Abd Rahman, Shafinar Ismail, Najihah Hanisah Marmaya
ABSTRACT The demand for gig work is continuously rising with the emergence of online platforms and marketplaces such as Freelancers.com, LinkedIn, Grab, Foodpanda, etc. Although the demand for gig work is growing, the ecosystem of this field does not fully support the welfare and well-being of its workers. The literature discussion is scarce regarding the well-being of Malaysia’s gig workers, especially
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Labour market rigidity and total factor productivity: a re-examination of the evidence from India International Review of Applied Economics Pub Date : 2023-07-25 Gopal Krishna Roy, Amaresh Dubey
ABSTRACT The existing empirical studies concerning labour market rigidity associated with the labour laws in India suggest an adverse impact of rigidity on total factor productivity (TFP). In this paper, we improve upon both the measurement of spatiotemporal variation in labour market flexibility and plant-level TFP from production function estimates in the presence of institutional rigidity in labour
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How to deliver economic success – and what does that mean? International Review of Applied Economics Pub Date : 2023-07-18 Jonathan Michie
ABSTRACT The articles in this issue explore a whole range of issues around economic performance – from the problem of corruption, and the link this may have with gender, through to the need for environmental sustainability and a circular economy. Hence why the title for this introductory essay refers to ‘economic success’ rather than ‘economic growth’, since success should not be measured by ‘growth’
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The need for environmental and social sustainability – but how to make the case, and how to achieve it? International Review of Applied Economics Pub Date : 2023-07-18 Jonathan Michie
Published in International Review of Applied Economics (Vol. 37, No. 3, 2023)
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Threshold-based asymmetric reactions of trade balances to currency devaluation: fresh insights from smooth transition regression (STR) model International Review of Applied Economics Pub Date : 2023-07-11 Joseph Chukwudi Odionye, Augustine C Odo, Marius Ikpe, Richard O. Ojike
ABSTRACT This study sought to ascertain relatively the asymmetric reactions of trade balances to currency devaluation and non-devaluation regimes in sub-Saharan African (SSA) countries between 1981 and 2021 using the smooth transition regression (STR) model. The outcome indicates that, in Ghana, Malawi, and Mozambique, currency devaluation as a change in policy has a major influence on the trade balance;
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Core product competence and productivity gains: the role of foreign ownership International Review of Applied Economics Pub Date : 2023-05-18 Jen-Chung Mei
ABSTRACT Recent theoretical contributions provide predictions about the effects of core product competence on firms’ productivity. However, we know little about the influence of foreign ownership on core product competence that might also lead to productivity gains across firms. This paper uses firm-level data for 137 countries to investigate how foreign ownership affects firms’ decision to become
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Inequality growth within countries, despite catch-up between countries International Review of Applied Economics Pub Date : 2023-05-04 Jonathan Michie
Published in International Review of Applied Economics (Vol. 37, No. 2, 2023)
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The impact of social media adoption on innovative SMEs’ performance International Review of Applied Economics Pub Date : 2023-05-04 Filippo Domma, Lucia Errico
ABSTRACT This paper empirically investigates Social Media adoption as a driver of firms’ performance. Specifically, we focus on the relationship between the embracing of Twitter and Italian Innovative Small and Medium Enterprises (SMEs) profitability over 2011–19. Although Twitter is perceived as a low-cost and effective communication channel, the main results show that Innovative SMEs adopting Social
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Gender and corruption: examining the nexus in MENA countries using PMG-ARDL approach International Review of Applied Economics Pub Date : 2023-04-24 Lamia Jaidane Mazigh, Islem Khefacha, Belgacem Smiri
ABSTRACT This paper investigates the relationship between gender and corruption in thirteen Middle East and North African (MENA) countries during 2006–2020. We find a poor performance in terms of both corruption and the lack of involvement of women in public life, with a correlation between these two phenomena in the region. Due to the presence of cross-sectional dependence and heterogeneity in the
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Coming together for transition? Entrepreneurial ecosystems for a circular economy International Review of Applied Economics Pub Date : 2023-04-23 Ebel Berghuis, Derk Loorbach, Anne van Vulpen, Martijn Verkuijl, Claudia van Orden, Rachel Greer
ABSTRACT Circular ecosystems can be a role model in the transition to a circular economy, can inspire and motivate other entrepreneurs, and may possibly have a transformative effect in the transition. For example, by deploying knowledge and experience for a targeted lobby for policy change – such as changes in the law and regulations. Four circular ecosystems were studied to discover how they function
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Public debt and economic growth nexus in sub-saharan Africa: does institutional quality matter? International Review of Applied Economics Pub Date : 2023-04-20 Clement Oppong, Abukari Salifu Atchulo, Shenell Fatia Oman
ABSTRACT This paper investigates the effect of institutional quality and public debt on economic growth among sub-Saharan African countries. The study employs the System Generalized Method of Moments (SGMM) and the Fixed Effect techniques on data from 35 Sub Saharan African countries (sourced from the World Development Indicators (WDI) and the World Governance Index (WGI) databases from 2010 to 2020)
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Higher inequality in Latin America: a collateral effect of the pandemic International Review of Applied Economics Pub Date : 2023-04-19 Ivonne Acevedo, Francesca Castellani, María José Cota, Giulia Lotti, Miguel Székely
ABSTRACT This study explores the evolution of inequality in Latin America during the COVID-19 pandemic by using primary data from household and employment surveys collected in 2020. First, we discuss the trends in inequality in the region from 1992 to 2020. Next, we estimate regression models to examine how the changes in demographics and education levels might be correlated with changes in income
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Adaptive learning in containment measures: evaluation of policy interventions during the 2020 waves of Covid-19 in Italy International Review of Applied Economics Pub Date : 2023-04-17 Mario Nosvelli
ABSTRACT The COVID-19 pandemic hit Italy very harshly in two waves, the first in spring 2020 and the second between the autumn and the winter of the same year. Data show some major differences between the two phases; in particular, the first wave caused fewer infections but had a higher fatality rate. These pandemic evolutions, together with modified social conditions, called for a rapid adaptation
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Does infrastructure development matter for the shadow economy in African countries? International Review of Applied Economics Pub Date : 2023-04-07 Paul Ningaye, Isaac Ketu
ABSTRACT Understanding the determinants of the informal economy is a crucial issue in economic development due to its far-reaching effects on development efforts. Previous studies focused exclusively on factors that can potentially reduce the relative size of the shadow economy. However, these attempts have not enjoyed much success to date in Africa, where informality has continued to thrive. We contend
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Zombie firms, financial inclusion and women’s bargaining power, and other issues International Review of Applied Economics Pub Date : 2023-01-20 Jonathan Michie
Published in International Review of Applied Economics (Vol. 37, No. 1, 2023)
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Trends and reforms of financial inclusion in India International Review of Applied Economics Pub Date : 2023-01-18 Anusha Goel
ABSTRACT Financial Inclusion means providing basic financial products and services to marginalised groups in society in a cost-effective manner. It is an aspect of financial development which helps to achieve higher growth, reduced inequality and reduced poverty. This article undertakes a thematic literature review of factors responsible for financial exclusion, recent trends regarding inclusion, and
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Profit rate dynamics in US manufacturing International Review of Applied Economics Pub Date : 2022-12-22 Michael Joffe
ABSTRACT The attributes and dynamics of the profit rate distribution provide indispensable information on how the economy works. Edith Penrose, in The theory of the growth of the firm¸ took agency, managerial capabilities, heterogeneity and open-endedness as characteristic of the economy. Schumpeter had a similar view. Neoclassical theory, in contrast, envisages convergence to a standard rate of return
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Creating healthy cities International Review of Applied Economics Pub Date : 2022-12-02 Jonathan Michie, Maura Sheehan
Published in International Review of Applied Economics (Vol. 36, No. 5-6, 2022)
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Collective value creation: a new approach to stakeholder value International Review of Applied Economics Pub Date : 2022-11-15 Mariana Mazzucato
ABSTRACT The corporate community has rediscovered an old idea: stakeholder value. The concept’s history is rooted in the literature on varieties of capitalism. Within that scholarship it has served to delineate institutional and relational differences between capitalist systems and forms of corporate governance. Today, stakeholder value is being used to argue for the redirection of capitalism to deliver
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Public R&D support to enterprises in four R&D sectors: the mix of types of aid and policy agencies International Review of Applied Economics Pub Date : 2022-10-26 Pål Børing, Michael Spjelkavik Mark
ABSTRACT We examine how the amount of public R&D support to enterprises in different R&D sectors is related to the mix of types of aid and policy agencies. The question we ask is whether this amount increases or decreases with the number of types of aid and policy agencies in each sector. We use panel data on the amount of support received by Norwegian enterprises in the following four R&D sectors:
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Investigating initial policy responses to COVID-19: evidence across 59 countries International Review of Applied Economics Pub Date : 2022-10-10 Amrita Saha, Marco Carreras, Evert-Jan Quak
ABSTRACT We conduct a review of different support measures adopted by 59 countries as an immediate response to the COVID-19 pandemic using an inclusive development lens across five key areas – health and safety, welfare, finance and credit, taxes and fees and structural measures. Using the information that a policy response was announced or implemented immediately, we propose and provide proxy measures
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Mexico: the populism/COVID-19 syndemic International Review of Applied Economics Pub Date : 2022-10-03 Eduardo Gilberto Loría Díaz de Guzmán, Arely Paola Medina González
ABSTRACT Using eight cross-section econometric models applied to a sample of 31 countries, we find that, although the Case Fatality Ratio (CFR) of COVID-19 is explained by ‘structural’ variables that were given prior to the pandemic (healthcare infrastructure, comorbidities, poverty and the HDI), the ’response’ variables to the crisis (fiscal support, health policy, and, above all, government narrative)
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Penrose’s theory of the firm in an era of globalisation International Review of Applied Economics Pub Date : 2022-09-28 Chia Huay Lau, Jonathan Michie
ABSTRACT Penrose analysed why some firms succeed in growing – what the factors are that enable growth, and the ways in which success can breed success, with enhanced capabilities enabling growing market share (or sales), and with increased revenues and profitability enabling those capabilities to be further developed. There is a separate question as to why firms expand their operations internationally
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Regulating stock buybacks: the $6.3 trillion question International Review of Applied Economics Pub Date : 2022-09-26 Lenore Palladino, William Lazonick
ABSTRACT Corporate resource allocation decisions shape business investment, income distribution, and productivity growth. Stock buybacks––a term denoting when a corporation repurchases its own shares on the open market––manipulate stock prices and enrich senior corporate executives and hedge fund managers. We argue that the growing distribution of corporate funds to share-sellers via stock buybacks
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The impact of demand on innovation and research intensity International Review of Applied Economics Pub Date : 2022-09-19 João P. Romero, Ana Bottega, Arthur B. Cordeiro
ABSTRACT The paper investigates the relationship between demand, innovation and research intensity (R&D to output and patents per millions of hours worked) in different groups of industries. These relationships were investigated using disaggregate industry-level data from EU KLEMS, ANBERD and USPTO, in a sample that comprises 12 industries in 18 countries over 1977–2006. The results reported in the
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The role of agency and regulation in economic and social processes International Review of Applied Economics Pub Date : 2022-09-12 Jonathan Michie
Published in International Review of Applied Economics (Vol. 36, No. 4, 2022)
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Greenhouse gas emissions in Vietnam: an analysis based on a social accounting matrix with firm heterogeneity International Review of Applied Economics Pub Date : 2022-09-05 Phuong Thao Dang, K. Ali Akkemik
ABSTRACT Vietnam is one of the fastest-growing polluters in the world – due to rapid industrialization facilitated by massive foreign investments. This study estimates the sources of greenhouse gas (GHG) emissions arising from activities of firms using a social accounting matrix (SAM) that incorporates firm heterogeneity based on ownership style, namely, state-owned enterprises, private firms, and
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Multiplier effects of social protection: a SVAR approach for Brazil International Review of Applied Economics Pub Date : 2022-09-05 Marina da Silva Sanches, Laura Barbosa de Carvalho
ABSTRACT Based on a Structural VAR approach, we estimated fiscal multipliers for social benefits in Brazil for 1997–2018. Our results suggest that social benefits have relatively large multiplier effects, even when compared to public investment. The multipliers are also larger in the full sample, which includes the country’s 2014–16 economic crisis than in the period 1997–2014. In particular, our results
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Gender roles and safety of women at home in the COVID-19 era: evidence from 101 countries International Review of Applied Economics Pub Date : 2022-09-02 Michael Batu, Bosu Seo
ABSTRACT This study analyzes the impact of travel restrictions due to the COVID-19 pandemic on the safety of women at home, and on home production responsibilities. We use Google’s community mobility reports to measure changes in travel patterns and Facebook’s Survey on Gender Equality at Home to measure changes in home production and safety at home during the first wave of the COVID-19 pandemic for
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Dirty dance: tourism and environment International Review of Applied Economics Pub Date : 2022-09-01 Serhan Cevik
ABSTRACT Tourism was one of the fastest-growing sectors of the global economy before the COVID-19 pandemic, accounting for around 10% of global GDP. This has created a number of challenges including environmental degradation, especially in small island countries where the carbon footprint of tourism constitute a substantial share of carbon dioxide (CO2) emissions. This study investigates the impact
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The coming financial crisis International Review of Applied Economics Pub Date : 2022-08-17 Jonathan Michie
ABSTRACT The 2007–2008 international financial crisis was the worst since the 1929 Wall Street Crash – triggering the 1930s Great Depression, the rise of fascism and Hitler in Europe, and the Second World War. In the 1930s there were reforms to tackle the causes – particularly in the US with Roosevelt’s New Deal – including splitting banks’ ‘casino’ from ‘high street’ operations, and strengthening
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Correction Notice International Review of Applied Economics Pub Date : 2022-08-16
Published in International Review of Applied Economics (Vol. 36, No. 3, 2022)
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The Covid-19 pandemic economic impacts and government responses across welfare regimes International Review of Applied Economics Pub Date : 2022-07-21 Jalil Safaei, Andisheh Saliminezhad
ABSTRACT The Covid-19 pandemic disrupted lives across all countries, and had severe negative impacts on the global economy, with a massive loss of production and employment, and an increase in national debts. Given that the economic impacts and government responses are structurally rooted in a country’s type of welfare regime, this study examines the economic impacts and government responses in selected
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Reviving financial markets – a critical assessment of the single resolution mechanism International Review of Applied Economics Pub Date : 2022-07-18 Mariana Mortágua, Izaura Solipa
ABSTRACT The creation of the Banking Union, set to be an integrated financial framework for the Eurozone, should be better understood as part of a larger process of governing through financial markets, where policy-makers resort to market-based instruments and policies for governance purposes, thus forming an alignment with the interests of financial elites. This paper assesses the Single Resolution
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Economists’ competitiveness letter International Review of Applied Economics Pub Date : 2022-07-04 Economists former UK-regulators
Published in International Review of Applied Economics (Vol. 36, No. 3, 2022)
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Measuring corporate diversity in financial services: a diversity index International Review of Applied Economics Pub Date : 2022-07-04 Jonathan Michie, Christine Oughton
ABSTRACT This paper provides a measure of corporate diversity in financial services. Our index is based on four components: ownership; competitiveness; balance sheet structure/resilience; and geographic spread. The first of these sub-indexes measures ownership diversity based on the Berry index of diversification and the Gini-Simpson index of biodiversity. It captures the extent of diversity in ownership