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Article
Publication date: 5 March 2018

Christos Kollias, Theodosia Leventi and Petros Messis

Social change and modernization theories postulate that as countries grow they gradually move toward a condition of similarity in various spheres exhibiting similar…

Abstract

Purpose

Social change and modernization theories postulate that as countries grow they gradually move toward a condition of similarity in various spheres exhibiting similar economic and social traits. The purpose of this paper is to investigate whether a process of convergence in terms of criminality levels is present in the case of European countries.

Design/methodology/approach

The research question at hand is tackled through conventional s and ß-convergence methodologies and a battery of unit root tests in the case of 16 European countries over the period 1972-2012.

Findings

The findings reported, herein, are quite uniform irrespective of the empirical methodology employed to investigate the issue at hand. The result points to a process of convergence in terms of crime rates. However, this convergence process, although present and statistically traceable, is a rather gradual one as this is depicted both by the value of the β-coefficient as well as by the trend of the coefficient of variation.

Originality/value

Most of the studies in this strand of the literature focus on investigating the association between economic conditions such as unemployment and crime or on the effectiveness of crime thwarting policies. To the best of the knowledge, this is the first paper that addresses the issue of convergence in terms of crime rates in the case of European countries.

Details

International Journal of Social Economics, vol. 45 no. 3
Type: Research Article
ISSN: 0306-8293

Keywords

Open Access
Article
Publication date: 18 January 2022

Christos Kollias and Panayiotis Tzeremes

Conflict and civil strife adversely affect the economy since it severely disrupts the normal, daily routine of economic activity. Similarly, economic downturns can…

Abstract

Purpose

Conflict and civil strife adversely affect the economy since it severely disrupts the normal, daily routine of economic activity. Similarly, economic downturns can trigger discontent that has the potential to escalate into social unrest and strife. Using the recently compiled index on social unrest (RSUI) of Barrett et al. (2020), the paper sets out to examine the nexus between economic growth and social unrest in the case of 29 Middle East and Central Asia countries over the period 2000–2018.

Design/methodology/approach

To probe into the issue at hand, the paper adopts a panel causality approach. To this effect, two panel causality tests are used. The first is the heterogeneous panel causality model proposed by Dumitrescu and Hurlin (2012) is employed. The second panel Granger causality test is the frequency domain causality test constructed by Breitung and Candelon (2006) and extended for panel testing by Croux and Reusens (2013).

Findings

The results of the causality tests indicate a strong bidirectional nexus between civil unrest and economic growth. The findings support the contention that civil strife adversely affects economic performance and economic downturns can trigger discontent and unrest.

Research limitations/implications

Albeit consistent and robust, the results reported herein concern the specific sample of countries under scrutiny. Extending the analysis to other groups of countries will offer better insights into the nexus between civil unrest and economic performance.

Originality/value

To the best of the authors’ knowledge, the present paper is the first to address the nexus between social unrest and economic growth for this group of countries using the recently compiled index on social unrest (RSUI).

Details

Review of Economics and Political Science, vol. 7 no. 2
Type: Research Article
ISSN: 2356-9980

Keywords

Article
Publication date: 3 May 2019

Refk Selmi, Rangan Gupta, Christos Kollias and Stephanos Papadamou

Portfolio construction and diversification is a prominent challenge for investors. It reflects market agents’ behavior and response to market conditions. This paper aims…

Abstract

Purpose

Portfolio construction and diversification is a prominent challenge for investors. It reflects market agents’ behavior and response to market conditions. This paper aims to investigate the stock-bond nexus in the case of two emerging and two mature markets, India, South Africa, the UK and the USA, using long-term historical monthly data.

Design/methodology/approach

To address the issue at hand, copula quantile-on-quantile regression (C-QQR) is used to model the correlation structure. Although this technique is driven by copula-based quantile regression model, it retains more flexibility and delivers more robust and accurate estimates.

Findings

Results suggest that there is substantial heterogeneity in the bond-stock returns correlation across the countries under study point to different investors’ behavior in the four markets examined. Additionally, the findings reported herein suggest that using C-QQR in portfolio management can enable the formation of tailored response strategies, adapted to the needs and preferences of investors and traders.

Originality/value

To the best of the authors’ knowledge, no previous study has addressed in a comparative setting the stock-bond nexus for the four countries used here using long-term historical data that cover the periods 1920:08-2017:02, 1910:01-2017:02, 1933:01-2017:02 and 1791:09-2017:02 for India, South Africa, the UK and the USA, respectively.

Details

Studies in Economics and Finance, vol. 38 no. 3
Type: Research Article
ISSN: 1086-7376

Keywords

Book part
Publication date: 21 June 2014

Christos Kollias and Stephanos Papadamou

Terrorist events are unforeseen and have the potential to shake and rattle markets and investors. The purpose of this study is to examine whether major terrorist incidents…

Abstract

Purpose

Terrorist events are unforeseen and have the potential to shake and rattle markets and investors. The purpose of this study is to examine whether major terrorist incidents have affected the Economic Sentiment Indicator (ESI) in four European countries.

Methodology/approach

An index is constructed that weights the severity of each event and then used to evaluate through the use of vector autoregressive and impulse response analysis estimation techniques whether or not and to what extent the ESI has been affected.

Findings

Effects were more pronounced and evident in the case of France and Germany while the ESI in Spain and Great Britain did not appear to be particularly affected by terrorist incidents.

Research limitations/implications

The effects of terrorism on economic sentiment in other countries will provide additional evidence that will allow more robust and conclusive statistical inferences.

Originality/value of the chapter

The impact of terrorist activity on the ESI for the four European countries studied here has not been examined before using VAR and impulse response analysis.

Details

Understanding Terrorism
Type: Book
ISBN: 978-1-78350-828-0

Keywords

Article
Publication date: 18 May 2010

Christos Kollias and Suzanna‐Maria Paleologou

The purpose of this paper is to investigate the relationship between growth, investment and military expenditure in the case of the European Union‐15.

1044

Abstract

Purpose

The purpose of this paper is to investigate the relationship between growth, investment and military expenditure in the case of the European Union‐15.

Design/methodology/approach

The paper uses fixed panel models, random coefficient models and a trivariate VAR model to examine empirically the relationship between these three macroeconomic variables.

Findings

The results obtained and reported herein show a significant positive effect of the growth rate on the share of military expenditure and on the share of investment. However, on the whole, the findings do not seem to point to any consistent quantitative relation between defence spending and either growth or investment. Thus, they appear to be in line with the findings of other studies.

Originality/value

The economic effects of military spending have drawn considerable attention. Demand side effects on capacity utilisation are one possible channel through which the economy can be positively affected by such expenditure. On the other hand however, reduced investment and capital stock have been reported as a possible negative economic impact of defence outlays that can more than offset any growth inducing effective demand stimulation. The paper attempts a simultaneous assessment of the impact of defence expenditure on both growth and investment for the EU‐15, something that has not been tried before.

Details

Journal of Economic Studies, vol. 37 no. 2
Type: Research Article
ISSN: 0144-3585

Keywords

Article
Publication date: 1 March 2006

Christos Kollias and Susana‐Maria Paleologou

The purpose of this paper is to investigate the revenue‐expenditure nexus in the case of the 15 members of the European Union.

2773

Abstract

Purpose

The purpose of this paper is to investigate the revenue‐expenditure nexus in the case of the 15 members of the European Union.

Design/methodology/approach

The paper uses a VECM framework to determine the causal ordering between these two macroeconomic aggregates.

Findings

The empirical tests have yielded mixed results. The fiscal synchronisation hypothesis is supported for Denmark, Greece, Ireland, The Netherlands, Portugal and Sweden while, in the case of Austria, Belgium and Germany, the results point to the institutional separation hypothesis. Unidirectional causality from revenue to expenditure appears to be the case for Italy and Spain while the reverse causal ordering is found for Luxembourg. The findings also suggest the presence of the Buchanan‐Wagner hypothesis for Finland, France and the UK.

Originality/value

The determination of the causal ordering between these two macroeconomic aggregates has important implications for fiscal policy and the concomitant determination of budgetary balances. This is particularly true for the countries that participate in the eurozone and thus fall under the provisions of the stability and growth pact.

Details

Journal of Economic Studies, vol. 33 no. 2
Type: Research Article
ISSN: 0144-3585

Keywords

Article
Publication date: 12 October 2012

Christos Kollias and Suzanna‐Maria Paleologou

The purpose of this paper is to examine the impact of unemployment on various types of crime in Greece.

Abstract

Purpose

The purpose of this paper is to examine the impact of unemployment on various types of crime in Greece.

Design/methodology/approach

A battery of econometric tests, including Granger causality tests, a variance decomposition analysis, and an impulse response analysis are used to explore the nexus between unemployment and 14 different types of crime.

Findings

Out of the 14 different types of criminal activity, only in the case of three – vehicle thefts, robberies and contraband & smuggling – was a nexus with unemployment established.

Practical implications

Given that such criminal activity is primarily motivated and driven by economic gain, a policy implication is that crime thwarting policies need to be complemented by corresponding labour market interventions, especially in periods of recession, when unemployment emerges as a major problem for disadvantaged social groups.

Originality/value

The issue between labour market conditions and crime has not been addressed before in the case of Greece, a country that has experienced a generally growing crime rate.

Details

International Journal of Social Economics, vol. 39 no. 12
Type: Research Article
ISSN: 0306-8293

Keywords

Content available
Book part
Publication date: 21 June 2014

Abstract

Details

Understanding Terrorism
Type: Book
ISBN: 978-1-78350-828-0

Book part
Publication date: 21 June 2014

Abstract

Details

Understanding Terrorism
Type: Book
ISBN: 978-1-78350-828-0

Content available
Book part
Publication date: 20 August 1996

Abstract

Details

The Peace Dividend
Type: Book
ISBN: 978-0-44482-482-0

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