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Optimal policies in a small open economy with an environmental externality and shallow foreign exchange markets Port. Econ. J. (IF 1.342) Pub Date : 2024-03-12 Alessandro Moro
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Application of empirical wavelet transform, particle swarm optimization, gravitational search algorithm and long short-term memory neural network to copper price forecasting Port. Econ. J. (IF 1.342) Pub Date : 2024-02-20
Abstract Copper is one of the main non-ferrous metals which are closely associated with important industries, such as equipment manufacturing, electrical wiring, and construction; and thus, copper price is becoming an important impact factor on the performance of related economies. This paper aims to develop a hybrid method for forecasting the copper price by combining empirical wavelet transform (EWT)
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The macroeconomic impact of COVID-19 on occupations Port. Econ. J. (IF 1.342) Pub Date : 2024-02-05 Xinru Li
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CBDC, cash, and financial intermediary in HANK Port. Econ. J. (IF 1.342) Pub Date : 2024-01-03 Yujie Yang, Chenxing Zhang, Wenwen Hou
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Re-examining the real interest rate parity hypothesis under temporary gradual breaks and nonlinear convergence Port. Econ. J. (IF 1.342) Pub Date : 2023-12-29 Mübariz Hasanov, Tolga Omay, Vasif Abioglu
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Normal-beta exponential stochastic frontier model: Maximum simulated likelihood approach Port. Econ. J. (IF 1.342) Pub Date : 2023-12-18 Misgan Desale Nigusie
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Income redistribution and carbon emissions in Portugal Port. Econ. J. (IF 1.342) Pub Date : 2023-11-21 Sulhi Ridzuan
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The impact of Petrobras spending on economic cycles by the lengths of its multipliers computed from non-linear model Port. Econ. J. (IF 1.342) Pub Date : 2023-10-16 Edmundo Inacio, Cassio Garcia Ribeiro, Carolina Troncoso Baltar, Rosangela Ballini, Yanchao Li
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Trade shocks and real effective exchange rates dynamics in Nigeria Port. Econ. J. (IF 1.342) Pub Date : 2023-10-02 Oluwatomisin J. Oyewole, Damilola M. Ibidun, Mamdouh Abdulaziz Saleh Al-Faryan
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Avoiding the Dutch Disease in tourism-led economies: reconciling tourism development and sectoral diversification Port. Econ. J. (IF 1.342) Pub Date : 2023-09-28 Federico Inchausti-Sintes
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Time and frequency volatility spillovers among commodities: Evidence from pre and during the Russia-Ukraine war Port. Econ. J. (IF 1.342) Pub Date : 2023-09-21 Yunfei Chen, Wei Jiang
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Climate change’s impact on commodity prices: a new challenge for monetary policy Port. Econ. J. (IF 1.342) Pub Date : 2023-09-07 Jamilu Iliyasu, Aliyu Rafindadi Sanusi
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The time-varying impacts of global economic policy uncertainty on macroeconomic activity in a small open economy: the case of Turkey Port. Econ. J. (IF 1.342) Pub Date : 2023-09-06 Muhammet Daştan, Kerem Karabulut, Ömer Yalçınkaya
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Ramsey pricing: a simple example of a subordinate commodity Port. Econ. J. (IF 1.342) Pub Date : 2023-07-28 Paolo Bertoletti
We present preferences exhibiting a so-called subordinate good, namely a commodity such that the willingness to pay for it increases when the consumption of all goods increases proportionally, and thus receives a negative price-cost margin according to Ramsey pricing. We also show that its Bertrand equilibrium price is above its Cournotian price.
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Producer service industry agglomeration and eco-efficiency of tourism enterprises: theoretical mechanism and empirical test Port. Econ. J. (IF 1.342) Pub Date : 2023-05-29 Rui Tang
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Correction to: Integrating the two-stage of non-radial DEA model and BCG methods to evaluate the performance with strategic trajectory: a case study of securities industry Port. Econ. J. (IF 1.342) Pub Date : 2023-05-02 Chun-Yueh Lin
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The effect of economic policy uncertainty under fractional integration Port. Econ. J. (IF 1.342) Pub Date : 2023-01-07 Carlos D. Ramirez
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Endogenous time preference and infrastructure-led growth with an unexpected numerical example Port. Econ. J. (IF 1.342) Pub Date : 2022-12-27 Kei Hosoya
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Evaluating the efficiency and determinants of mass tourism in Spain: a tourist area perspective Port. Econ. J. (IF 1.342) Pub Date : 2022-12-12 Francisca J. Sánchez-Sánchez, Ana M. Sánchez-Sánchez
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Stock market reaction to the COVID-19 pandemic: an event study Port. Econ. J. (IF 1.342) Pub Date : 2022-11-25 Xiuping Ji, Naipeng (Tom) Bu, Chen Zheng, Honggen Xiao, Caixia Liu, Xuesheng Chen, Kangping Wang
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The asymmetric effect of income and price changes on the consumption expenditures: evidence from G7 countries using nonlinear bounds testing approach Port. Econ. J. (IF 1.342) Pub Date : 2022-11-16 Xi Wang, Bisharat Hussain Chang, Emmanuel Uche, Qianli Zhao
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Impact of technical change via intermediate consumption: exhaustive general equilibrium growth accounting and reassessment applied to USA 1954–1990 Port. Econ. J. (IF 1.342) Pub Date : 2022-11-16 Georges Daw
Should intermediate consumption (IC), which historically accounts for around 50% of the value of production, be considered in growth accounting? The current growth accounting exercise does not model IC. This means that when IC experiences productivity gains, its capacity to transmit them to the whole economy is currently neglected. The rare current literature on this issue diverges substantially on
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Human capital and the intertemporal substitution for leisure: empirical evidence for Spain Port. Econ. J. (IF 1.342) Pub Date : 2022-11-02 Antonio Cutanda, Juan A. Sanchis-Llopis
In this paper we provide the first estimate of the intertemporal substitution for leisure in Spain, accounting for the impact of human capital accumulation. This would allow uncovering whether the intertemporal labour supply of Spanish workers is affected by human capital. Our empirical strategy consists of estimating the equation for the intertemporal substitution of leisure with and without accounting
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Quality decreases from introducing patient choice in a National Health Service Port. Econ. J. (IF 1.342) Pub Date : 2022-10-24 Pedro Pita Barros
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The dynamics of growth and distribution in a spatially heterogeneous world Port. Econ. J. (IF 1.342) Pub Date : 2022-09-03 Paulo B. Brito
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Evolution of price-cost margins during the troika intervention Port. Econ. J. (IF 1.342) Pub Date : 2022-08-27 Carlos Figueira, Ricardo Pinheiro-Alves
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Welfare and sectoral productivity shifts in a small open economy with imported agricultural inputs: The case of Sub-Saharan Africa Port. Econ. J. (IF 1.342) Pub Date : 2022-08-11 Juan Antonio García-Cebro, Alejandro Quintela-Del-Río, Ramón Varela-Santamaría
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Impacts of switching from business households to enterprises on the financial performance Port. Econ. J. (IF 1.342) Pub Date : 2022-08-11 Le Quang Hieu, Vu Hong Van, Nguyen Khanh Doanh
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Long-run relationship between the unemployment rate and the current account balance in the United States: An empirical analysis Port. Econ. J. (IF 1.342) Pub Date : 2022-08-06 Haydory Akbar Ahmed, Tareque Nasser
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Local and global indeterminacy and transition dynamics in a growth model with public goods Port. Econ. J. (IF 1.342) Pub Date : 2022-08-03 José Gaspar, Liliana Garrido-da-Silva, Paulo B. Vasconcelos, Óscar Afonso
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Why do firms use fixed-term contracts? Port. Econ. J. (IF 1.342) Pub Date : 2022-07-30 Pedro Portugal, José Varejão
In this article we look at how one specific form of temporary employment - employment with fixed-term contracts - fits into employers’ hiring policies. We find that human capital variables, measured at the levels of the worker and the workplace, are important determinants of the employers’ decisions to hire with temporary contracts and to promote temporary workers to permanent positions. Those employers
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The effect of monetary policy on household consumption expenditures in Portugal: A decomposition of the transmission channel Port. Econ. J. (IF 1.342) Pub Date : 2022-06-10 João B. Duarte, Nuno Pereira
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The net product in the Formule du Tableau Economique: Lessons from a formalism Port. Econ. J. (IF 1.342) Pub Date : 2022-05-24 Rodolphe Dos Santos Ferreira, Ragip Ege
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The state of Portuguese research in economics: 20 years after Port. Econ. J. (IF 1.342) Pub Date : 2022-05-07 Paulo Guimarães, Mariana Barbosa
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Portuguese Economic Journal, past and future Port. Econ. J. (IF 1.342) Pub Date : 2022-04-27 José Luís Cardoso
This article is a contribution to the history of the creation of the PEJ, officially launched in 1999. It bears witness to the context in which research in economics was undertaken in Portugal in the 1990s and the orientations given to S&T policies, which were designed to promote the internationalisation of the academic community. By analysing the successful path followed by the PEJ, the article seeks
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Education and financial mistakes: The case of avoidable trading fees in stock markets Port. Econ. J. (IF 1.342) Pub Date : 2022-03-29 Paulo Pereira da Silva, Victor Mendes
We study a quasi-natural experiment that altered the structure of commission fee schedules applied to retail investors in the Portuguese stock market in 2003. Using a difference-in-differences analysis, we show that investors with a university degree, financial knowledge and numerical skills demonstrate greater ability and eagerness in adjusting their trading patterns to the new commission schedules
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Using the UTAUT model to analyze user intention to accept electronic payment systems in Serbia Port. Econ. J. (IF 1.342) Pub Date : 2022-03-29 Nenad Tomić, Zoran Kalinić, Violeta Todorović
This study applies The Unified Theory of Acceptance and Use of Technology (UTAUT) to explain the acceptance of electronic payment systems in Serbia. We used extended model that incorporates several external variables, such as perceived security, trust, privacy, convertibility and financial costs, along with basic UTAUT predictors. The sample comprised of 457 respondents. We applied structural equation
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Do financial development, foreign direct investment, and economic growth enhance industrial development? Fresh evidence from Sub-Sahara African countries Port. Econ. J. (IF 1.342) Pub Date : 2022-03-21 Michael Appiah, Bright Akwasi Gyamfi, Tomiwa Sunday Adebayo, Festus Victor Bekun
This study investigates the impact of financial development, economic growth, and foreign direct investment on enhancing industrial growth for a panel of selected Sub-Sahara African (SSA) countries from 1990—2017. However, the present study enriches our understanding of financial development by employing a new comprehensive index focused on the accessibility, scope, and productivity of capital systems
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The interaction effects of rising life expectancy and the public pension burden on aggregate savings and economic growth Port. Econ. J. (IF 1.342) Pub Date : 2022-03-21 Lei He, Zhengqi Wang
We evaluate the interaction effects of rising life expectancy and the public pension burden on economic growth by proposing a theoretical model based on an overlapping generations framework. Testable implications from the theoretical model are that the public pension burden impairs the positive effect of increased life expectancy on the aggregate savings rate in the same period and reduces the positive
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The Log of Gravity at 15 Port. Econ. J. (IF 1.342) Pub Date : 2022-01-22 J. M. C. Santos Silva, Silvana Tenreyro
We review the contribution of “The Log of Gravity” (Santos Silva and Tenreyro, Rev Econ Stat 88:641–658, 2006), summarize the main results in the ensuing literature, and provide a brief review of the state-of-the-art in the estimation of gravity equations and other constant-elasticity models.
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Probabilistic assessment of external sustainability in Portugal Port. Econ. J. (IF 1.342) Pub Date : 2021-11-25 Mitali Das
Portugal is one of the most externally indebted economies in the eurozone. The deeply negative net international investment position (NIIP) suggests that large current account surpluses will be needed in the future to restore external sustainability. Despite significant interest in the scope for external adjustment within a monetary union, little is known about the magnitude or likelihood of the relative
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Correction to: The devil is in the details: Capital stock estimation and aggregate productivity growth—An application to the Spanish economy Port. Econ. J. (IF 1.342) Pub Date : 2021-10-29 Francisco-Javier Escribá-Pérez,María-José Murgui-García,José-Ramón Ruiz-Tamarit
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Optimal Population Policy with Health Care and Lethal Pollution Port. Econ. J. (IF 1.342) Pub Date : 2021-10-01 Ulla Lehmijoki, Tapio Palokangas
Optimal population policy is examined in the following setup. Families invest in capital, spend on health care and determine their number of children. Firms produce output from labor, capital and pollutants. Pollution increases, but private and public health care decrease mortality dynamically, with lags. Our main findings are the following. A marginal increase in public health care improves welfare
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Investors’ perspective on portfolio insurance Port. Econ. J. (IF 1.342) Pub Date : 2021-08-18 Raquel M. Gaspar, Paulo M. Silva
This study supports the use of behavioural finance to explain the popularity of portfolio insurance. Portfolio insurance strategies are important financial solutions sold to institutional and individual investors that protect against downside risk while maintaining some upside valuation potential. The way some of these strategies are engineered has been criticised and portfolio insurance itself blamed
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Negative network effects and asymmetric pure price equilibria Port. Econ. J. (IF 1.342) Pub Date : 2021-06-03 Renato Soeiro, Alberto A. Pinto
We show that in finite settings with identical firms and consumers, asymmetric pure price equilibria with positive profits exist. We consider a price competition duopoly for a homogeneous product. Demand stems from a second-stage consumption game at posted prices, with consumers’ behavior impacted by negative network effects. We characterize equilibrium prices and demand. In all subgame-perfect pure
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Correction to: Pointwise agglomeration in continuous racetrack model Port. Econ. J. (IF 1.342) Pub Date : 2021-05-19 Kensuke Ohtake, Atsushi Yagi
Incorrect equation 1.
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Pointwise agglomeration in continuous racetrack model Port. Econ. J. (IF 1.342) Pub Date : 2021-05-04 Kensuke Ohtake, Atsushi Yagi
Using analytical methods they devised, the authors intend to study economic aspects of the racetrack economy described as a continuous-space version of the new economic geography model. The main mathematical conclusions are summarized as follows: 1) Workers and firms agglomerate only to a finite number of cities, and the maximum number of possible emerging cities reduces as the preference for variety
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How ongoing structural change creates a double dividend: out-dating of technologies and green growth Port. Econ. J. (IF 1.342) Pub Date : 2021-04-15 Anton Bondarev, Alfred Greiner
In this paper we study how the ongoing transition to newer technologies, what we refer to as dynamic structural change, in a doubly-differentiated R&D-based economy can generate both higher economic growth and a slowdown of climate change, thus, creating a win-win situation known as double dividend. We first consider the unregulated decentralised economy and show that ongoing structural change can
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Tourism-led growth asymmetries in Greece: evidence from quantile regression analysis Port. Econ. J. (IF 1.342) Pub Date : 2021-03-24 Sarantis Lolos, Panagiotis Palaios, Evangelia Papapetrou
The paper provides fresh empirical evidence on the tourism-growth relationship for Greece over the period 1977Q1-2020Q2. We find that the long-run relationship between tourism and output is positive and is characterized by a substantially faster adjustment of output after a negative shock than after a positive one. Using asymmetric error-correction model analysis the results show that the short-term
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Macroprudential policy under uncertainty Port. Econ. J. (IF 1.342) Pub Date : 2021-03-17 Zoë Venter
In this paper, an index of domestic macroprudential policy tools is constructed and the effectiveness of these tools in controlling credit growth, managing GDP growth and steadying inflation is studied using a dynamic panel data model for the period between 2000 and 2017. The empirical analysis includes two panels namely an EU panel of 27 countries and a Latin American panel of 7 countries, the paper
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An empirical investigation of tourism-led growth hypothesis in the european countries: evidence from augmented mean group estimator Port. Econ. J. (IF 1.342) Pub Date : 2021-02-10 Wanjun Xia, Buhari Doğan, Umer Shahzad, Festus Fatai Adedoyin, Abiodun Popoola, Muhammad Adnan Bashir
Due to urbanization and the need for people to go from one country to another either for commercial purpose or tourism, it is therefore important to determine the extent to which tourism contributes to growth. This article aims to investigate the tourism-led growth hypothesis in a sample of 34 European countries utilizing the yearly data from 1995 to 2015. The research work makes use of 8 tourism indicators
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Does stock trading volume signal future dividends? Evidence from Iberian firms Port. Econ. J. (IF 1.342) Pub Date : 2021-01-07 Júlio Lobão, Patrícia Piedade, Srinivas Nippani
In the study we test the theory that financial markets can provide relevant information about forthcoming corporate events. More specifically, we examine the ability of trading volume to predict dividend changes in a sample of 880 dividend announcements from Iberian firms for the period 2005–2018. We document evidence of a positive and significant relation between unusually high volume and subsequent
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Time varying dynamics of globalization effect in India Port. Econ. J. (IF 1.342) Pub Date : 2020-11-26 Shikha Gupta, Nand Kumar
The link between globalization and economic growth is getting complex as the propagators of globalization are opting protectionism. The paper attempts to identify the time-varying dimension of globalization in India from Q2 1996 to Q3 2019. The aim is to capture the portion of growth explained by domestic and foreign factors suggesting the pace of globalization. The factor-induced domestic and foreign
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The devil is in the details: Capital stock estimation and aggregate productivity growth—An application to the Spanish economy Port. Econ. J. (IF 1.342) Pub Date : 2020-11-20 Francisco-Javier Escribá-Pérez, María-José Murgui-García, José-Ramón Ruiz-Tamarit
The variables that contribute to explaining the major puzzles and paradoxes in macroeconomics and economic growth literature always appear related, directly or indirectly, to capital stock and depreciation. Depreciation defined in a narrow sense refers only to physical wear and tear, but in a broader sense, it also includes economic deterioration and obsolescence. In this study, we explore the link
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Intertemporal substitution in import demand and the role of habit formation: an application of Euler equation approach for Pakistan Port. Econ. J. (IF 1.342) Pub Date : 2020-10-11 Farzana Naheed Khan, Eatzaz Ahmad
Introduction The study examines the importance of intertemporal substitution in import demand considering the role of habit formation. A two-goods version of the permanent income model is used in which time-non-separability in consumers’s preferences is assumed. The model is estimated using annual data for Pakistan at disaggregated level covering the period from 1977 to 2017. Objectives The objective
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Relative pricing of French Treasury inflation-linked and nominal bonds: an empirical approach using arbitrage strategies Port. Econ. J. (IF 1.342) Pub Date : 2020-10-06 Béatrice de Séverac, José S. da Fonseca
This paper investigates whether arbitrage opportunities exist between inflation-linked bonds and nominal bonds on the French Treasury market. Following arbitrage theory, we apply the risk hedging concept: we set up self-financing portfolios hedged against risks through durations of different orders. Perfectly hedged portfolios are those with a zero initial and a zero final value. The results show arbitrage
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Special issue on advanced methods to measure tourism impacts. Editors’ introduction Port. Econ. J. (IF 1.342) Pub Date : 2020-08-17 Antónia Correia, Paulo M. M. Rodrigues, Egon Smeral
Tourism has been a fast-growing industry bringing not only significant economic benefits and opportunities but also environmental and social costs. Nowadays, tourism is facing one of the most impactful crises worldwide. According to the World Tourism Organization, the unprecedented global pandemic has had severe impact on tourism. International tourist arrivals registered a decrease of over 57% in
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Generational Accounting in Portugal Port. Econ. J. (IF 1.342) Pub Date : 2020-08-08 Jorge Pinheiro
The social and economic developments in European countries have put pressure on their national budgets and threaten the sustainability of public policies. The traditional fiscal indicators, specifically, the deficit and the debt, which are still used today as guiding tools, have proved to be insufficient, due to their arbitrary nature and short-term focus. In this paper, we resort to an alternative
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Causal interactions among tourism, foreign direct investment, domestic credits, and economic growth: evidence from selected Mediterranean countries Port. Econ. J. (IF 1.342) Pub Date : 2020-06-30 Ayhan Tecel, Salih Katircioğlu, Elham Taheri, Festus Victor Bekun
This study explores the nexus between tourism and economic growth in countries bordering the Mediterranean Sea while controlling for foreign direct investment and domestic credits as additional variables within a multivariate panel framework. Empirical evidence is based on annual data from 1995 to 2016 for a panel of 14 selected countries around the Mediterranean Sea region. The findings from the bootstrap
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Online word-of-mouth and market structure Port. Econ. J. (IF 1.342) Pub Date : 2020-06-25 Carlos Daniel Santos
Hotels adjust their product offerings depending on demand and competition faced. In this article I document the increase in average hotel quality as measured by online ratings, following the 50% increase in the number of tourists between 2008 and 2011. This change in quality is heterogeneous across hotel type. An increase in quality from high quality hotels positively influences other high quality