Search results
1 – 10 of 350Ebru Çağlayan Akay, Zamira Oskonbaeva and Hoşeng Bülbül
This study aims to examine the hysteresis hypothesis in unemployment using monthly data from 13 countries in transition.
Abstract
Purpose
This study aims to examine the hysteresis hypothesis in unemployment using monthly data from 13 countries in transition.
Design/methodology/approach
Stationarity in the unemployment rate of selected transition economies was analyzed using four different group unit root tests, namely, linear, structural breaks, non-linear and structural breaks and non-linear.
Findings
The empirical results show that the unemployment hysteresis hypothesis is valid for the majority of transition economies, including Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, the Kyrgyz Republic, Latvia, Lithuania, Poland, Romania and Slovenia. However, the results strongly reject the null hypothesis of unemployment hysteresis for the Kazakhstan and the Slovak Republics.
Originality/value
This study revealed that, for countries in transition, advanced unit root tests exhibit greater validity when compared to standard tests
Details
Keywords
Nguyen Hong Yen and Le Thanh Ha
This paper aims to study the interlinkages between cryptocurrency and the stock market by characterizing their connectedness and the effects of the COVID-19 crisis on their…
Abstract
Purpose
This paper aims to study the interlinkages between cryptocurrency and the stock market by characterizing their connectedness and the effects of the COVID-19 crisis on their relations.
Design/methodology/approach
The author employs a quantile vector autoregression (QVAR) to identify the connectedness of nine indicators from January 1, 2018, to December 31, 2021, in an effort to examine the relationships between cryptocurrency and stock markets.
Findings
The results demonstrate that the pandemic shocks appear to have influences on the system-wide dynamic connectedness. Dynamic net total directional connectedness implies that Bitcoin (BTC) is a net short-duration shock transmitter during the sample. BTC is a long-duration net receiver of shocks during the 2018–2020 period and turns into a long-duration net transmitter of shocks in late 2021. Ethereum is a net shock transmitter in both durations. Binance turns into a net short-duration shock transmitter during the COVID-19 outbreak before receiving net shocks in 2021. The stock market in different areas plays various roles in the short run and long run. During the COVID-19 pandemic shock, pairwise connectedness reveals that cryptocurrencies can explain the volatility of the stock markets with the most severe impact at the beginning of 2020.
Practical implications
Insightful knowledge about key antecedents of contagion among these markets also help policymakers design adequate policies to reduce these markets' vulnerabilities and minimize the spread of risk or uncertainty across these markets.
Originality/value
The author is the first to investigate the interlinkages between the cryptocurrency and the stock market and assess the influences of uncertain events like the COVID-19 health crisis on the dynamic interlinkages between these two markets.
研究目的
本學術論文擬透過找出加密貨幣與股票市場兩者相互關聯之特徵,來探討這個聯繫;文章亦擬探究2019冠狀病毒病全球大流行對這相互關聯的影響。
研究設計/方法/理念
作者以分量向量自我迴歸法、來找出2018年1月1日至2021年12月31日期間九個指標的關聯,藉此探討加密貨幣與股票市場之間的關係。
研究結果
研究結果顯示,全球大流行的驚愕,似對全系統動態關聯產生了影響。動態總淨值定向關聯暗示了就我們的樣本而言,比特幣是一個純短期衝擊發送器。比特幣在2018年至 2020年期間是一個衝擊的長期純接收器,並進而於2021年年底成為一個衝擊的長期純發送器。以太坊則為短期以及長期之純衝擊發送器。幣安在2019冠狀病毒病爆發期間,在2021年接收純衝擊前、成為一個純短期衝擊發送器。位於不同地區的股票市場,無論在短期抑或長期而言均扮演各種不同的角色。在2019冠狀病毒病全球大流行的驚愕期間,成對的關聯顯示了加密貨幣可以以2020年年初最嚴重的影響去解釋和說明股票市場的波動。
實務方面的啟示
研究結果使我們能深入認識有關的市場之間不同情緒和看法的蔓延所帶來的影響的主要先例,這些知識、亦能幫助決策者制定適當的政策,以減少有關的市場的弱點,並把這些市場間的風險和不確定性的散播減到最低。
研究的原創性/價值
作者是首位研究加密貨幣與股票市場之間的相互關聯的學者,亦是首位學者、去評估像2019冠狀病毒病健康危機的不確定事件,會如何影響有關的兩個市場之間的動態相互關聯。
Details
Keywords
Tharindu Senarathna and Dinuka Wijetunga
This study aimed to test some dynamics related to YouTube advertising clutter and viewers' attitudes towards YouTube channels operated by traditional television (TV) companies…
Abstract
Purpose
This study aimed to test some dynamics related to YouTube advertising clutter and viewers' attitudes towards YouTube channels operated by traditional television (TV) companies (These YouTube channels tend to have a greater ad clutter since their videos have embedded ads of programme sponsors in addition to regular YouTube advertisements).
Design/methodology/approach
Employing a positivistic, quantitative methodology, the study collected data through an online survey from a sample of 295 YouTube viewers in Sri Lanka. Data were analysed using the regression-based PROCESS macro, utilising the SPSS software.
Findings
Ad clutter has a negative impact on viewers' attitudes towards the YouTube channel, but only indirectly, through irritation. Skippability of advertisements does not moderate the relationship between ad clutter and ad irritation, but non-skippability increases ad irritation (direct relationship).
Practical implications
YouTube channel owners should pay careful attention to having an optimum level of advertising because clutter resulting in high ad irritation leading to a negative attitude towards the channel could reduce subscriptions. Offering an ad skippability option is unlikely to reduce irritation if there is high clutter.
Originality/value
Although ad clutter is well-researched, its impact on viewer responses to online media channels is uncommon. With YouTube poised to become a top ad revenue-generating medium, this study contributes by examining some dynamics related to ad clutter in a possibly high-clutter context.
Details
Keywords
Kingstone Nyakurukwa and Yudhvir Seetharam
This study aims to investigate the dynamic interconnectedness of economic policy uncertainty (EPU), fiscal policy uncertainty (FPU) and monetary policy uncertainty (MPU) in four…
Abstract
Purpose
This study aims to investigate the dynamic interconnectedness of economic policy uncertainty (EPU), fiscal policy uncertainty (FPU) and monetary policy uncertainty (MPU) in four nations, the USA, Japan, Greece and South Korea, between 1998 and 2021.
Design/methodology/approach
To comprehend the cross-category/cross-country evolution of uncertainty connectedness, the authors use the conditional connectedness approach. By using an inclusive network, this strategy lessens the bias caused by omitted variables. The TVP-VAR method is advantageous as it eliminates outliers that may potentially skew the results and reduces the bias caused by picking arbitrary rolling windows.
Findings
Based on the findings, aggregate EPU is a net transmitter of policy uncertainties across all countries when conditional-country connectedness is used. MPU receives significantly more spillovers than FPU does across all countries, even though both are primarily recipients of uncertainties. The USA appears to be a transmitter of categorical spillovers before COVID-19, while Greece appears to be a net receiver of all category spillovers in terms of category-specific connectedness. The existence of extreme global events is also seen to cause an increase in category-specific and country-specific connectedness. Additionally, the authors report that conditional country-specific connectedness is greater than conditional category-specific connectedness.
Originality/value
This study expands existing literature in several ways. Firstly, the authors use a novel conditional connectedness approach, which has not been used to untangle cross-category/cross-country policy uncertainty connectedness. Secondly, they use the TVP-VAR approach which does not depend on rolling windows to understand dynamic connectedness. Thirdly, they use an expanded number of countries in their analysis, a departure from existing studies that have in most cases used two countries to understand categorical EPU connectedness.
Details
Keywords
The author analyzes households' inflation expectations data for India, collected quarterly by the RBI for more than a decade. The contribution of this paper lies in two folds…
Abstract
Purpose
The author analyzes households' inflation expectations data for India, collected quarterly by the RBI for more than a decade. The contribution of this paper lies in two folds. First, this study examines the relationship between relatively recent inflation expectations survey of households (IESH) and the actual inflation for India. Secondly, the author employs a structural VAR with the time period 2006 Q2 to 2020 Q2 on inflation expectation survey data of India. A short-term non-recursive restriction is imposed in the model in order to capture the simultaneous co-dependence causal effect of inflation expectation and realized inflation.
Design/methodology/approach
This paper studies the dynamic behavior of inflation expectations survey data in two folds. First, the author analyzes the time series property of the survey data. The author begins with testing the stationarity property of the series, followed by the casual relationship between the expected and actual inflation. The author further examines the short-run and long-run behavior of the IESH with actual inflation. Employing autoregressive distributed lag and Johansen co-integration, the author tested if a long-run relationship exists between the variables. In the second approach, the author investigates the determinants of inflation expectations by employing a non-recursive SVAR model.
Findings
The preliminary explanatory test reveals that inflation expectation is a policy variable and should be used in monetary policy as an instrument variable. The model identifies the price puzzle for India. The author finds that the response of inflation to a monetary policy shock is neutral. The results also indicate that the expectations of the general public are self-fulfilling.
Originality/value
IESH has only commenced from September 2005, hence is relatively new as compared to other survey in developed countries. Being a new data set so far, the author could not locate any study devoted in analyzing the behavior of the data with other macroeconomic variables.
Details
Keywords
Weliswa Matekenya and Clement Moyo
The purpose of this study is to investigate the effect of foreign direct divestments (FDD) on economic growth and development in South Africa for the period 1991–2019.
Abstract
Purpose
The purpose of this study is to investigate the effect of foreign direct divestments (FDD) on economic growth and development in South Africa for the period 1991–2019.
Design/methodology/approach
The non-linear autoregressive distributed lag technique is used for the empirical analysis. Two regression models are specified, one for economic growth and the other for development which is proxied by poverty.
Findings
The empirical results suggest that foreign divestments are detrimental to both economic growth and development. Furthermore, the results suggest that the negative effects of foreign divestments outweigh the positive effects of FDI inflows.
Practical implications
South African policymakers should thus use policies that promote the retention of FDI inflows together with those that attract inflows. Furthermore, policies that promote economic freedom such as transparency and reduction in the time frame for granting government permits for business operations are also of paramount importance.
Originality/value
Most of the available literature on FDD focuses on the firm perspective. Available studies on the effect of FDD on economic growth do not investigate the effect of divestment on economic development. Economic growth is a necessary but not a sufficient condition for the achievement of socioeconomic development.
Details
Keywords
This paper attempts to investigate through empirical exercise how the chances of female employment opportunities rise in a developing country like India, against the backdrop of…
Abstract
Purpose
This paper attempts to investigate through empirical exercise how the chances of female employment opportunities rise in a developing country like India, against the backdrop of changes in institutions that are associated with globalization.
Design/methodology/approach
The paper develops a simultaneous equation model through a growth equation, gender equation and globalization equation to identify the factors impacting female labor market opportunities in India, based on annual time series data 1991–2019.
Findings
The major results of this study are as follows: (1) It is social globalization that positively impacts gender equality in employment opportunities apart from economic growth and trade diversification; (2) Evidence of “feminization of labor force” in the context of trade diversification is found; and (3) Equal gender opportunities reflect in equalizing outcomes in the labor market.
Practical implications
Growth strategies need to be constructed in such a way in India that it has redistributive implications and benefits women. The state agency needs to optimize the productive base of human resources and increase women's empowering capability through social and legal sanctions.
Originality/value
The uniqueness of the present paper lies in contributing to the existing literature on how gender inequality impacts trade diversification and how trade diversification impacts gender.
Details
Keywords
Anis Jarboui, Emna Mnif, Nahed Zghidi and Zied Akrout
In an era marked by heightened geopolitical uncertainties, such as international conflicts and economic instability, the dynamics of energy markets assume paramount importance…
Abstract
Purpose
In an era marked by heightened geopolitical uncertainties, such as international conflicts and economic instability, the dynamics of energy markets assume paramount importance. Our study delves into this complex backdrop, focusing on the intricate interplay the between traditional and emerging energy sectors.
Design/methodology/approach
This study analyzes the interconnections among green financial assets, renewable energy markets, the geopolitical risk index and cryptocurrency carbon emissions from December 19, 2017 to February 15, 2023. We investigate these relationships using a novel time-frequency connectedness approach and machine learning methodology.
Findings
Our findings reveal that green energy stocks, except the PBW, exhibit the highest net transmission of volatility, followed by COAL. In contrast, CARBON emerges as the primary net recipient of volatility, followed by fuel energy assets. The frequency decomposition results also indicate that the long-term components serve as the primary source of directional volatility spillover, suggesting that volatility transmission among green stocks and energy assets tends to occur over a more extended period. The SHapley additive exPlanations (SHAP) results show that the green and fuel energy markets are negatively connected with geopolitical risks (GPRs). The results obtained through the SHAP analysis confirm the novel time-varying parameter vector autoregressive (TVP-VAR) frequency connectedness findings. The CARBON and PBW markets consistently experience spillover shocks from other markets in short and long-term horizons. The role of crude oil as a receiver or transmitter of shocks varies over time.
Originality/value
Green financial assets and clean energy play significant roles in the financial markets and reduce geopolitical risk. Our study employs a time-frequency connectedness approach to assess the interconnections among four markets' families: fuel, renewable energy, green stocks and carbon markets. We utilize the novel TVP-VAR approach, which allows for flexibility and enables us to measure net pairwise connectedness in both short and long-term horizons.
Details
Keywords
Francesco Nemore, Rocco Caferra and Andrea Morone
Our main purpose is to test the unemployment invariance hypothesis in Italy.
Abstract
Purpose
Our main purpose is to test the unemployment invariance hypothesis in Italy.
Design/methodology/approach
This paper provides an empirical investigation of the unemployment and labor force participation in Italy.
Findings
Cointegration analysis results strongly suggest a clear long-run relationship between unemployment and labor force participation revealing a persistent and general added worker effect.
Originality/value
Our results seem to confute the unemployment invariance hypothesis.
Details
Keywords
The purpose of the paper is to assess the fiscal sustainability of nine southern African countries that belong to the Southern African Development Community.
Abstract
Purpose
The purpose of the paper is to assess the fiscal sustainability of nine southern African countries that belong to the Southern African Development Community.
Design/methodology/approach
In this paper, the author performs a novel time-varying analysis of fiscal sustainability in southern African countries.
Findings
The authors found that in Zimbabwe and Namibia, the formal condition of solvency was not fulfilled, resulting in the explosive growth of debt during the recent slowdown. In contrast, Angola, Botswana and Malawi prove to run sustainable fiscal policies, and they were also fiscally invulnerable to the recent unfavourable economic developments in Africa. For the rest of the countries in the sample (Eswatini, Lesotho, South Africa and Zambia), the results are mixed.
Originality/value
In the existing literature, there is abundance of empirical evidence concerning fiscal sustainability in European and American countries. In contrast, there is strikingly little knowledge concerning this phenomenon in African countries. The authors tried to fill this gap using a novel, time-varying approach.
Details