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1 – 10 of over 155000Alba Viana-Lora and Marta Nel-lo-Andreu
This paper aims to analyse Barcelona City Council's tourism policy documents to detect how, through the influence of research, different pathways are produced to achieve social…
Abstract
Purpose
This paper aims to analyse Barcelona City Council's tourism policy documents to detect how, through the influence of research, different pathways are produced to achieve social impact.
Design/methodology/approach
Using the case study approach, a qualitative content analysis is applied to review 31 tourism policy documents of Barcelona City Council.
Findings
The results show that the influence of tourism research on Barcelona City Council's policy documents occurs through the following pathways that drive potential social impact: the development of shared research programmes, joint projects, the creation of information exchange platforms, support for academia, the creation of debates, the founding of institutes, the referencing of scientific articles and studies commissioned directly by the City Council from higher education bodies for implementation in the city.
Originality/value
The originality of this paper is to highlight the social relevance of research and to contribute to raising awareness among researchers. The social impact of research is an under-explored topic in the field of tourism. Moreover, there is little research that conducts this analysis through policy documents.
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This paper aims to explore the lived experiences of key stakeholders working with homeless people during the implementation of universal credit during the austerity years.
Abstract
Purpose
This paper aims to explore the lived experiences of key stakeholders working with homeless people during the implementation of universal credit during the austerity years.
Design/methodology/approach
The literature on austerity reveals welfare reforms’ impact on support services staff. Service providers’ perceptions of the impact of austerity-led policies and welfare reform via nine interviews with people working in homelessness organisations in Brighton and Hove in the UK. Service providers see the situation for their service users has gotten worse and that the policies make it more difficult to extricate themselves from their current situation. Three central themes relating to the impact of austerity-led welfare reforms were, namely, Universal Credit: the imposition of a precarious livelihood on welfare claimants; a double-edged sword: “If people are sanctioned: people can’t pay”; and “Hard to maintain my own mental equilibrium”.
Findings
More precisely, this paper captures service providers’ perceptions and experiences of the impact of austerity-led policies on their services and how they believe this, in turn, impacts their clients and their own lives.
Research limitations/implications
The dimension cuts across service provision to vulnerable people and is intertwined with health and well-being outcomes. Austerity is detrimental to the health of service users and their clients. It is known that when it comes to the health and well-being of the most vulnerable, who have suffered most from the impacts of austerity policies. However, in times of open austerity, it falls also on those trying to ease their suffering.
Originality/value
The data suggest that policies were developed and accentuated by austerity, which led to the stripping of welfare support from vulnerable people. This process has impacted the people who rely on welfare and service providers.
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Child impact statements are a tool for assessing the potential impact of policy, provision, legislation etc on children. Although now predominantly based on the UN Convention on…
Abstract
Child impact statements are a tool for assessing the potential impact of policy, provision, legislation etc on children. Although now predominantly based on the UN Convention on the Rights of the Child (CRC), the concept preceded this Convention. This article is based on a literature review and a series of face‐to‐face and telephone interviews with relevant Irish civil and public servants and NGOs. It sets out the rationale for child impact statements and the experience of using them in Sweden, the UK, Flanders and Ireland, before highlighting the strengths and weaknesses in existing models. It then presents a number of difficulties with the approach as a means of improving children's well‐being and argues that there is insufficient evidence to support their widespread introduction as a primary means of achieving positive policy outcomes for children.
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Sajad Ahmad Bhat, Bandi Kamaiah and Debashis Acharya
Though an accumulating body of study has analysed monetary policy transmission in India, there are few studies examining the differential impact of monetary policy action. Against…
Abstract
Purpose
Though an accumulating body of study has analysed monetary policy transmission in India, there are few studies examining the differential impact of monetary policy action. Against this backdrop, this study aims to analyse the differential impact of monetary policy on aggregate demand, aggregate supply and their components along with the general price level in India.
Design/methodology/approach
The study develops a structural macroeconometric model, which is primarily aggregate and eclectic in nature. The generalized method of movements is used for estimation of behavioural equations, while a Gauss–Seidel algorithm is used for model simulation purposes.
Findings
The paper presents the results of two policy simulations from the estimated model that highlight the differential impact of monetary policy. The first one, hike in the policy rate by 5% and second is a reduction in bank credit to the commercial sector by 10%. The results from the first policy simulation experiment reveal that interest hike has a significant negative impact on aggregate demand, aggregate supply and general price level. However, the maximum impact is borne by investment demand and imports followed by private consumption. While as among the components of aggregate supply maximum impact is born by infrastructure output followed by the manufacturing and services sector with the agriculture sector found to be insensitive in nature. The results from the second policy simulation experiment revealed that pure monetary shocks have a significant negative impact on aggregate demand, aggregate supply and general price level. However, the maximum impact is born by private consumption and imports followed by investment demand. While as among components of aggregate supply maximum impact is borne by infrastructure followed by the manufacturing and services sector with the agriculture sector found to be insensitive in nature. From both policy simulation experiments, the study highlighted the relative importance of the income absorption approach as opposed to the expenditure switching effect.
Practical implications
The results obtained in this study provides a strong framework for design the monetary policy framework. The results are in a view of the differential impact of monetary policy action among the components of both aggregate demand and aggregate supply. This reflection of differential impact has immense significance for the macroeconomic stabilization as the central bank will have to weigh the varying repercussion of its actions on different sectors. For instance, the decline in output after monetary tightening might be conceived as mild from an overall perspective, but it can be appreciable for some sectors. This differential influence will have an implication for policy design to care for distributional aspects, which otherwise could be neglected/disregarded. Similarly, the output decline may be as a result of either consumption postponement or a temporary slowdown in investment. However, the one emanating due to investment decline will have lasting growth implications compared to a decline in consumer demand. In addition, the relative strength of expenditure changing or expenditure switching policies of trade balance stabilization may have varying consequences in the aftermath of monetary policy shock. Accordingly information on the relative sensitiveness/insensitiveness of different sectors/ components of aggregate demand towards monetary policy actions furnish valuable insights to monetary authorities in framing appropriate policy.
Originality/value
The work carried out in the present paper is motivated by the fact that although a number of studies have examined the monetary transmission mechanism in India, a very few studies examining the differential impact of monetary policy action. However, to the best of the knowledge, there is no such studies, which have examined the differential impact of monetary policy in the structural macro-econometric framework. The paper will enrich the existing literature by providing a detailed account of the differential impact of monetary policy among the components of both aggregate demand and aggregate supply in response to an interest rate hike, as well as a decrease in the money supply.
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The purpose of this paper is to examine the market impacts of US biofuels and biofuel policies.
Abstract
Purpose
The purpose of this paper is to examine the market impacts of US biofuels and biofuel policies.
Design/methodology/approach
Two methods of analysis are employed. The first method looks back in time and estimates what US crop prices would have been during the 2005 to 2009 marketing years under two scenarios. The second method of analysis is forward looking and examines the market impacts of the blender tax credit and mandate on the distribution of prices in the 2011 calendar and marketing year.
Findings
The results developed in the previous two sections show that US ethanol policies modestly increased maize prices from 2006 to 2009 and that market impacts of the policies will be larger under tighter market conditions.
Practical implications
More flexible US biofuel policy including removing the blenders tax credit, which does not help US biofuel industry as long as the mandates are in place, and relaxing blending mandates when feedstock supplies are low.
Originality/value
This report makes three contributions to understanding the extent to which US biofuel policies contribute to higher agricultural and food prices. First, estimates of the impact of US ethanol policies on crop and food prices reveal that the impacts of the subsidies were quite modest. The second contribution is to provide estimates of the impact on agricultural commodity prices and food prices from market‐driven expansion of ethanol. The final contribution of this report is improved insight into how current US biofuel policies are expected to affect crop prices in the near future.
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Weihua Liu, Yongzheng Gao, Chaolun Yuan, Di Wang and Ou Tang
This study explores the impact of carbon neutrality policies on Chinese stock market from a supply chain perspective. Specifically, the carbon policy refers to the Action Plan for…
Abstract
Purpose
This study explores the impact of carbon neutrality policies on Chinese stock market from a supply chain perspective. Specifically, the carbon policy refers to the Action Plan for Carbon Dioxide Peaking Before 2030 (the Plan) in China.
Design/methodology/approach
This paper is based on the resource dependence theory (RDT) and applies the event study methodology to explore the impact. It uses the cross-sectional regression model to reveal the moderating effect of supply chain characteristics on the stock market reaction with a data set of 354 listed companies in A-shares (excluding ChiNext and SME board).
Findings
The promulgation of the Plan shows a significant negative stock market reaction. Customer concentration, out-degree centrality and smart supply chains (SSCs) have a significant negative moderating effect. In-degree centrality and supplier concentration have a significant positive moderating effect. Furthermore, the conclusions concerning out-degree centrality, supplier concentration and SSCs are counterintuitive.
Practical implications
For policymakers, the study results provide a reference for evaluating the carbon neutrality policy. For managers, this study provides theoretical support for strategically adjusting and designing supply chain structures in the context of advocating peak carbon dioxide emissions and carbon neutrality.
Originality/value
This paper is the first attempt that includes the supply chain structure factors into the impact of carbon neutrality policies on the stock market.
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Stephanos Papadamou, Costas Siriopoulos and Nikolaos A. Kyriazis
This paper presents an integrated overview of the empirical literature on the impact of all forms of unconventional monetary policy on macroeconomic variables and on markets.
Abstract
Purpose
This paper presents an integrated overview of the empirical literature on the impact of all forms of unconventional monetary policy on macroeconomic variables and on markets.
Design/methodology/approach
This survey covers the findings concerning portfolio rebalancing, signaling, liquidity, bank lending and confidence channels.
Findings
The positive effect of QE announcements on stock and bond prices seems to be unified across studies. A contagion effect from US QE to other emerging markets is identified, while currency devaluation is present in most cases for the country that its central bank adopted such policies. Moreover, impacts of non-conventional practices on GDP, inflation and unemployment are examined. The studies presenting weak instead of strong positive effects on inflation are more, and these studies, also, present weak positive effects on GDP growth.
Originality/value
Based on the large body of research on non-conventional action taking, this is the first survey including effects of each country that adopted quantitative easing (QE) measures and that provides results from every methodology employed in order to estimate unconventional practices' impacts.
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Joung-Yol Lin, Munkh-Ulzii John Batmunkh, Massoud Moslehpour, Chuang-Yuang Lin and Ka-Man Lei
Since the 2008 financial crisis, the USA has three times implemented quantitative easing (QE) policy. The results of the policy, however, were far below all expectations…
Abstract
Purpose
Since the 2008 financial crisis, the USA has three times implemented quantitative easing (QE) policy. The results of the policy, however, were far below all expectations. Furthermore, it flooded emerging markets (EMs) with low-priced dollars. The purpose of this paper is to investigate the overall and individual impacts of the policy on EMs.
Design/methodology/approach
This study uses panel data regression model together with the fixed effects model. Also, a unit root test is conducted to check stationary properties of the data, as well as Durbin-Watson statistic to check serial correlation issues in the models. In estimating empirical models, this paper employs macroeconomic data set of stock market returns, exchange rates, lending interest rates, consumer price index, monetary aggregates and foreign exchange reserves from seven diversified emerging economies. The EMs in this study include China, Indonesia, Singapore, Hong Kong, Taiwan, Russia and Brazil. The time period undertaken in this study is from 2008 to 2012. In order to measure impacts of the different stages of the policy, the authors use dummy variables to represent each stage of the policy.
Findings
The results of the study show that the QE policy has significant impacts on foreign exchange reserves, foreign exchange markets and stock markets of the sample economies. Domestic credit markets, however, appear to be least influenced field by the policy. Finally, the results show that only the first stage of the policy exhibits strong significant impacts, however, leverage of the policy decreases over time.
Research limitations/implications
Further studies may use different samples, also variables that measure foreign capital inflows such as changes in financial accounts, foreign direct investment and foreign portfolio investment.
Originality/value
The present study has the following contributions on assessing the impacts of QE policy. First, the overall and individual impacts of the policy are analyzed. Second, in order to establish more valid results, the sample of this study is designed to include several EMs from three continents and diverse regions.
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This study explores the response of consumer confidence in policy uncertainty in the Japanese context. The study also considers the dynamism of stock market behavior and financial…
Abstract
Purpose
This study explores the response of consumer confidence in policy uncertainty in the Japanese context. The study also considers the dynamism of stock market behavior and financial stress and its impact on consumer confidence, which has remained unaddressed in the literature. The role of these control variables has important implications for policy discussions, particularly when other countries can learn from Japanese experiences.
Design/methodology/approach
The nonlinear autoregressive distributed lag model postulated by Shin et al. (2014) was used for studying the asymmetric response of consumer confidence to policy uncertainty. This method has improved estimates compared to traditional linear cointegration methods.
Findings
The findings confirm the asymmetric impact of policy uncertainty on the consumer confidence index in Japan. The impact of the rise in policy uncertainty is greater than that of a fall in asymmetry on consumer confidence in Japan. Furthermore, the Wald test confirmed asymmetric behavior.
Originality/value
The contribution of this study is threefold. First, this study contributes to the extant literature by analyzing the asymmetric response of consumer confidence to policy uncertainty, controlling for both the financial stress and stock price indices. Second, to test the robustness of the exercise, the study utilized different frequencies of observations. Third, this study is the first to utilize the concept of Arbatli et al. (2017) to formulate a combined index of uncertainty based on economic policy uncertainty index, along with uncertainty indices such as fiscal, monetary, trade and exchange rate policies to study the overall impact of policy uncertainty.
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Edmund C. Penning‐Rowsell, Edward P. Evans, Jim W. Hall and Alistair G.L. Borthwick
The Foresight Future Flooding (FFF) project researched flood risk in the UK to the year 2100 for central government, using scenarios and a national risk assessment model backed by…
Abstract
Purpose
The Foresight Future Flooding (FFF) project researched flood risk in the UK to the year 2100 for central government, using scenarios and a national risk assessment model backed by qualitative analysis from panels of some 45 senior scientists. The purpose of this paper is to assess the impact of the project, both nationally and internationally.
Design/methodology/approach
This paper assesses the impact of the FFF project, both nationally and internationally, using web searches, document analysis, and a questionnaire survey of key actors in the flood risk management policy field.
Findings
It was found that the penetration of the project into professionals' consciousness was high in relation to other comparable projects and publications, and its impact on policy – both immediately and continuing – was profound. The FFF initiative did not create policy change, however, but facilitated its legitimation, adding impetus to what was already there, as one element of a part‐catalytic and part‐incremental process of policy evolution.
Research limitations/implications
Special circumstances, internal and external to the project, mean that this cannot be a simple model for matching research to policymakers' needs in the future.
Practical implications
Important lessons may be learnt from this project about both the methods of forward‐looking foresight‐type research, and the way that its results are disseminated to its target audiences.
Originality/value
This is an innovative attempt to assess the impact of a new type of foresight project.
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