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1 – 10 of over 1000Ornanong Puarattanaarunkorn, Kittawit Autchariyapanitkul and Teera Kiatmanaroch
Unlimited quantitative easing (QE) is one of the monetary policies used to stimulate the economy during the coronavirus disease 2019 (COVID-19) pandemic. This policy has affected…
Abstract
Purpose
Unlimited quantitative easing (QE) is one of the monetary policies used to stimulate the economy during the coronavirus disease 2019 (COVID-19) pandemic. This policy has affected the financial markets worldwide. This empirical research aims at studying the dependence among stock markets before and after unlimited QE announcements.
Design/methodology/approach
The copula-based GARCH (1,1) and minimum spanning tree models are used in this study to analyze 14 series of stock market data, on 6 ASEAN and 8 other countries outside the region. The data are divided into two periods to compare the differences in dependence.
Findings
The findings show changes in dependence among the volatility of daily returns in 14 stock markets during each period. After the unlimited QE announcement, the upper tail dependence became more apparent, while the role of the lower tail dependence was reduced. The minimum spanning tree can show the close relationships between stock markets, indicating changes in the connection network after the announcement.
Originality/value
This study allows the dependency to be compared between stock market volatility before and after the announcement of unlimited QE during the COVID-19 pandemic. Moreover, the study fills the literature gap by combining the copula-based GARCH and the minimum spanning tree models to analyze and reveal the systemic network of the relationships.
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Qi Ji, Yuanming Zhang, Gang Xiao, Hongfang Zhou and Zheng Lin
Data service (DS) is a special software service that enables data access in cloud environment and provides a unified data model for cross-origination data integration and data…
Abstract
Purpose
Data service (DS) is a special software service that enables data access in cloud environment and provides a unified data model for cross-origination data integration and data sharing. The purpose of the work is to automatically compose DSs and quickly generate data view to satisfy users' various data requirements (DRs).
Design/methodology/approach
The paper proposes an automatic DS composition and view generation approach. DSs are organized into DS dependence graph (DSDG) based on their inherent dependences, and DSs can be automatically composed using the DSDG according to user's DRs. Then, data view will be generated by interpreting the composed DS.
Findings
Experimental results with real cross-origination data sets show the proposed approaches have high efficiency and good quality for DS composition and view generation.
Originality/value
The authors propose a DS composition algorithm and a data view generation algorithm according to users' DRs.
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Aysu Göçer, Ceren Altuntas Vural and Frida Lind
This study aims to explore how a start-up entering maritime logistics networks (MLNs) in the container shipping industry integrates resources underlying value cocreation patterns…
Abstract
Purpose
This study aims to explore how a start-up entering maritime logistics networks (MLNs) in the container shipping industry integrates resources underlying value cocreation patterns in these networks.
Design/methodology/approach
The paper is based on a single case study of a technological start-up, providing tracking, tracing and other information services to MLN members using internet-based software. An interorganizational theory perspective informs the case study to unveil the resource integration for value cocreation in the network.
Findings
The start-up holds multiple resource interaction roles and the start-up’s involvement enables the creation of new knowledge resources, which facilitate new revenue streams and manage resource dependencies. Hence, the findings indicate that the start-up changes value cocreation patterns in the network by reconfiguring and integrating existing resources so that the service is customized for various customers, including shippers and freight forwarders.
Practical implications
The results provide insights about how technological start-ups can unlock resources within MLNs.
Originality/value
The study extends previous studies on resource roles in business networks and shows how start-ups can perform multiple roles simultaneously within these networks. In addition, the study contributes to the literature by studying information and knowledge as resources configured in different ways in a unique network setting.
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Clement Olalekan Olaniyi and Nicholas M. Odhiambo
This study examines the roles of cross-sectional dependence, asymmetric structure and country-to-country policy variations in the inflation-poverty reduction causal nexus in…
Abstract
Purpose
This study examines the roles of cross-sectional dependence, asymmetric structure and country-to-country policy variations in the inflation-poverty reduction causal nexus in selected sub-Saharan African (SSA) countries from 1981 to 2019.
Design/methodology/approach
To account for cross-sectional dependence, heterogeneity and policy variations across countries in the inflation-poverty reduction causal nexus, this study uses robust Hatemi-J data decomposition procedures and a battery of second-generation techniques. These techniques include cross-sectional dependency tests, panel unit root tests, slope homogeneity tests and the Dumitrescu-Hurlin panel Granger non-causality approach.
Findings
Unlike existing studies, the panel and country-specific findings exhibit several dimensions of asymmetric causality in the inflation-poverty nexus. Positive inflationary shocks Granger-causes poverty reduction through investment and employment opportunities that benefit the impoverished in SSA. These findings align with country-specific analyses of Botswana, Cameroon, Gabon, Mauritania, South Africa and Togo. Also, a decline in poverty causes inflation to increase in the Congo Republic, Madagascar, Nigeria, Senegal and Togo. All panel and country-specific analyses reveal at least one dimension of asymmetric causality or another.
Practical implications
All stakeholders and policymakers must pay adequate attention to issues of asymmetric structures, nonlinearities and country-to-country policy variations to address country-specific issues and the socioeconomic problems in the probable causal nexus between the high incidence of extreme poverty and double-digit inflation rates in most SSA countries.
Originality/value
Studies on the inflation-poverty nexus are not uncommon in economic literature. Most existing studies focus on inflation’s effect on poverty. Existing studies that examine the inflation-poverty causal relationship covertly assume no asymmetric structure and nonlinearity. Also, the issues of cross-sectional dependence and heterogeneity are unexplored in the causal link in existing studies. All panel studies covertly impose homogeneous policies on countries in the causality. This study relaxes this supposition by allowing policies to vary across countries in the panel framework. Thus, this study makes three-dimensional contributions to increasing understanding of the inflation-poverty nexus.
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This paper investigates the impact of governance on economic growth, considering the spatial dependence between countries.
Abstract
Purpose
This paper investigates the impact of governance on economic growth, considering the spatial dependence between countries.
Design/methodology/approach
The study employs spatial regression models to estimate the impact of governance on economic growth in a sample of 116 countries worldwide in 2017.
Findings
The findings imply that the influence of governance on economic growth is statistically significant. Moreover, if all other economic control variables are constant, 1% increase in governance raises the economic growth on average by 1% at 10%, 5% and 1% significance levels, respectively. Furthermore, each country's rise in economic growth favorably and substantially influences the economic growth of its bordering nations. The unobserved characteristics or similar unobserved environments in adjacent countries also affect its economic growth.
Originality/value
This study adds to the discussion and investigation of the influence of governance on economic growth by considering the spatial dependence between countries, which is lacking in the literature.
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Adewale Samuel Hassan and Daniel Francois Meyer
This study examines whether international tourism demand in the Visegrád countries is influenced by countries' risk rating on environmental, social and governance (ESG) factors…
Abstract
Purpose
This study examines whether international tourism demand in the Visegrád countries is influenced by countries' risk rating on environmental, social and governance (ESG) factors, as non-economic factors relating to ESG risks have been ignored by previous researches on determinants of international tourism demand.
Design/methodology/approach
The study investigates panel data for the Visegrád countries comprising the Czech Republic, Hungary, Poland and Slovakia over the period 1995–2019. Recently developed techniques of augmented mean group (AMG) and common correlated effects mean group (CCEMG) estimators are employed so as to take care of cross-sectional dependence, nonstationary residuals and possible heterogeneous slope coefficients.
Findings
The regression estimates suggest that besides economic factors, the perception of international tourists regarding ESG risk is another important determinant of international tourism demand in the Visegrád countries. The study also established that income levels in the tourists' originating countries are the most critical determinant of international tourism demand to the Visegrád countries.
Originality/value
The research outcomes of the study include the need for the Visegrád countries to direct policies towards further mitigating their ESG risks in order to improve future international tourism demand in the area. They also need to ensure exchange rate stability to prevent volatility and sudden spikes in the relative price of tourism in their countries.
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Bashir Ahmad Joo, Sana Shawl and Daniel Makina
This study aims to assess the impact of foreign direct investment (FDI) on growth in presence of host country characteristics, namely, economic stability, human capital, financial…
Abstract
Purpose
This study aims to assess the impact of foreign direct investment (FDI) on growth in presence of host country characteristics, namely, economic stability, human capital, financial development and trade openness, in the fastest emerging Brazil, Russia, India, China, South Africa (BRICS) economies, considered to be significant FDI destinations.
Design/methodology/approach
The panel data for the variables under study, collected from World Investment Reports published by World Bank, are analyzed using feasible generalized least squares method to examine the relationship between the dependent and explanatory variables over the period 1987–2018. The interaction effect has been studied to examine the growth impact of FDI in presence of host country characteristics.
Findings
The findings revealed that FDI does not exert a significant impact on the economic growth of BRICS individually but has a significant growth impact only in presence of host country characteristics. FDI on interacting with financial development, trade openness and human capital exerts a positive impact on the economic growth of BRICS economies, and on interacting with economic instability (inflation), FDI has a negative impact on growth.
Practical implications
The study has implications for policy makers of BRICS countries who are suggested to work toward the development of financial markets, trade liberalization and human capital development to realize the positive growth impact of FDI.
Originality/value
Very few studies have been conducted to examine the growth effect of FDI in BRICS economies, which are considered to be the fastest-growing economies and dominant players in the global investment landscape. Assessing the interaction of FDI with absorptive capacities/host country characteristics to study its growth impact in BRICS using long data and robust panel data methodology is an original contribution of this paper toward the existing body of knowledge.
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This paper aims to test three hypotheses in city growth literature documenting the poverty reduction observed in Brazil and exploring a rich spatial dataset for 5,564 Brazilian…
Abstract
Purpose
This paper aims to test three hypotheses in city growth literature documenting the poverty reduction observed in Brazil and exploring a rich spatial dataset for 5,564 Brazilian cities observed between 1991 and 2010. The large sample and the author's improved econometric methods allows one to better understand and measure how important income growth is for poverty reduction, the patterns of agglomeration and population growth in all Brazilian cities.
Design/methodology/approach
The author identifies literature gaps and use a sizeable spatial dataset for 5,564 Brazilian cities observed in 1991, 2000 and 2010 applying instrumental variables methods. The bias-corrected accelerated bootstrap percentile interval supports the author's point estimates.
Findings
This manuscript finds that Brazilian data for cities does not support Gibrat's law, raising the scope for urban planning and associated policies. Second, economic growth on a sustainable basis is still a vital source of poverty reduction (The author estimates the poverty elasticity at four percentage points). Lastly, agglomeration effects positively affect the city's productivity, while negative externalities underlie the city's development patterns.
Originality/value
Data for cities in Brazil possess unique characteristics such as spatial autocorrelation and endogeneity. Applying proper methods to find more reliable answers to the above three questions is a desirable procedure that must be encouraged. As the author points out in the manuscript, dealing with endogenous regressors in regional economics is still a developing matter that regional scientists could more generally apply to many regional issues.
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Sérgio Kannebley Júnior, Diogo de Prince and Daniel Quinaud Pedron da Silva
Brazil uses the dollar as a vehicle currency to invoice its exports. This fact produces a tendency toward equalizing the prices of products in dollars in the international market…
Abstract
Purpose
Brazil uses the dollar as a vehicle currency to invoice its exports. This fact produces a tendency toward equalizing the prices of products in dollars in the international market and reducing the ability of firms to practice pricing-to-market (PTM). This study aims to evaluate the hypothesis by estimating error correction models in panel data, obtaining estimates of PTM for 25 manufacturing products exported by Brazil between 2010 and 2020.
Design/methodology/approach
This study uses the correlated common effect estimator proposed by Pesaran (2006) and Chudik and Pesaran (2015b) to estimate the PTM coefficients.
Findings
Results of this study indicate that exporters practice local-currency pricing stability for dollar prices. This study obtains that Brazilian exporters tend to stabilize their dollar price for exports, reducing heterogeneity between destination markets. The results are in agreement with the hypothesis of the prevalence of the coalescing effect of Goldberg and Tille (2008) and lower sensitivity of the markup adjustment to the specific market, as pointed out by Corsetti et al. (2018). The pricing of Brazilian exports in dollars reflects a profit maximization strategy that considers an international price system based on global demand for products.
Originality/value
In addition to analyzing the dollar role in the pricing of Brazilian exports through the triangular decomposition, this study also shows the importance of examining the cross-section dependence of errors, considering the heterogeneous cointegration in export pricing models and producing PTM estimates for short-term and long-term.
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Rajesh Kumar, Keshav J. Kumar, Vivek Benegal, Bangalore N. Roopesh and Girikematha S. Ravi
This study aims to examine the effectiveness of an integrated intervention program for alcoholism (IIPA) for improving verbal encoding and memory, visuospatial construction…
Abstract
Purpose
This study aims to examine the effectiveness of an integrated intervention program for alcoholism (IIPA) for improving verbal encoding and memory, visuospatial construction, visual memory and quality of life (QoL) in persons with alcohol dependence.
Design/methodology/approach
The sample comprised treatment-seeking alcohol-dependent persons (n = 50), allotted into two groups: (1) the treatment as usual (TAU) group (n = 25) and (2) the treatment group (n = 25)]. The groups were matched on age (±1 year) and education (±1 year). The TAU group received standard pharmacological treatment, psychotherapeutic sessions on relapse prevention and yoga for 18 days, while the treatment group received IIPA sessions in addition to the usual treatment. Auditory verbal learning test, complex figure test and QoL scale were administered at pre- and post-treatment along with screening measures.
Findings
The two groups were comparable on demographic variables, clinical characteristics and outcome measures at baseline. Pre- to post-treatment changes (gain scores) comparison between the treatment and TAU groups revealed a significant difference in verbal encoding, verbal and visual memory, verbal recognition, visuospatial construction and QoL.
Research limitations/implications
This study suggests that IIPA is effective for improving learning and memory in both modality (verbal and visual) and QoL in persons with alcoholism. The IIPA may help in better treatment recovery.
Practical implications
The IIPA may help in treatment for alcoholism and may enhance treatment efficacy.
Originality/value
IIPA is effective for improving learning and memory in both modalities and QoL in persons with alcohol dependence. The IIPA may help in better treatment recovery.
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