This paper estimates the externality effects of remittances for selected Asian countries. According to Romer (1986), externality generated by the education sector can raise nationwide productivity. Because a portion of remittances income is invested on education, remittances stock can also generate such externalities. Using a Romer-type production function and panel cointegration, we find that the externality effects of remittances are small but highly significant.
{"title":"Are there Significant Externality Effects of Remittances in Asian Economic Growth","authors":"Gazi Hassan, S. Shakur","doi":"10.3790/AEQ.64.2.127","DOIUrl":"https://doi.org/10.3790/AEQ.64.2.127","url":null,"abstract":"This paper estimates the externality effects of remittances for selected Asian countries. According to Romer (1986), externality generated by the education sector can raise nationwide productivity. Because a portion of remittances income is invested on education, remittances stock can also generate such externalities. Using a Romer-type production function and panel cointegration, we find that the externality effects of remittances are small but highly significant.","PeriodicalId":36978,"journal":{"name":"Applied Economics Quarterly","volume":"64 1","pages":"127-135"},"PeriodicalIF":0.0,"publicationDate":"2018-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42821796","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Dynamic Linkages Between Energy, Biofuels and Agricultural Commodities’ Prices","authors":"C. Katrakilidis, K. Kourti, A. Athanasenas","doi":"10.3790/AEQ.64.2.115","DOIUrl":"https://doi.org/10.3790/AEQ.64.2.115","url":null,"abstract":"","PeriodicalId":36978,"journal":{"name":"Applied Economics Quarterly","volume":"64 1","pages":"115-126"},"PeriodicalIF":0.0,"publicationDate":"2018-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41958911","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper begins with the observation that short-selling bans spread globally in 2008. We find some evidence that the bans were unsuccessful at least insofar as they did not take into account the global component a short-selling ban which reduced equity returns in about a third of the 17 countries sampled, most notably in some of the major advanced economies. In the individual countries we examine, the bans had relatively little impact. Our results are suggestive as evidence that the bans stemmed further deterioration in stock prices that policy makers sought to avoid, at least in a few economies.
{"title":"Short-selling Bans and the Global Financial Crisis: Are They Interconnected?","authors":"Martin T. Bohl, Badye Essid, P. Siklos","doi":"10.3790/AEQ.64.2.159","DOIUrl":"https://doi.org/10.3790/AEQ.64.2.159","url":null,"abstract":"This paper begins with the observation that short-selling bans spread globally in 2008. We find some evidence that the bans were unsuccessful at least insofar as they did not take into account the global component a short-selling ban which reduced equity returns in about a third of the 17 countries sampled, most notably in some of the major advanced economies. In the individual countries we examine, the bans had relatively little impact. Our results are suggestive as evidence that the bans stemmed further deterioration in stock prices that policy makers sought to avoid, at least in a few economies.","PeriodicalId":36978,"journal":{"name":"Applied Economics Quarterly","volume":"64 1","pages":"159-177"},"PeriodicalIF":0.0,"publicationDate":"2018-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44662392","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Introduction to the Special Issue on Applied Macroeconomics, Finance, and Banking","authors":"Stilianos Fountas","doi":"10.3790/AEQ.64.1.1","DOIUrl":"https://doi.org/10.3790/AEQ.64.1.1","url":null,"abstract":"","PeriodicalId":36978,"journal":{"name":"Applied Economics Quarterly","volume":"64 1","pages":"1-3"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70168688","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper attempts to test for inflation convergence in a sample of twenty-four European Union countries. To tackle this issue, first- and second-generation panel unit root and stationarity tests are employed so as to provide evidence of inflation convergence before and after the launch of the single currency, the euro. We also test for and then allow for cross-sectional dependence. In general, the findings reveal that conditional inflation convergence exists for all panels under study. The estimation of half lives shows that the evidence for faster speed of convergence applies for the new member states followed by the core countries and the old member states.
{"title":"Testing for Inflation Convergence Among European Union Countries: A Panel Approach","authors":"Maria Tsafa-Karakatsanidou, Stilianos Fountas","doi":"10.3790/AEQ.64.1.17","DOIUrl":"https://doi.org/10.3790/AEQ.64.1.17","url":null,"abstract":"This paper attempts to test for inflation convergence in a sample of twenty-four European Union countries. To tackle this issue, first- and second-generation panel unit root and stationarity tests are employed so as to provide evidence of inflation convergence before and after the launch of the single currency, the euro. We also test for and then allow for cross-sectional dependence. In general, the findings reveal that conditional inflation convergence exists for all panels under study. The estimation of half lives shows that the evidence for faster speed of convergence applies for the new member states followed by the core countries and the old member states.","PeriodicalId":36978,"journal":{"name":"Applied Economics Quarterly","volume":"64 1","pages":"17-37"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70168754","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Dimitris Kenourgios, D. Dimitriou, Aristeidis Samitas
This paper investigates the spread of the Global Financial Crisis (GFC) and the Eurozone Sovereign Debt Crisis (ESDC) to different market capitalization segments across countries and regions. Specifically, it tests for capitalization-specific contagion across both crises and their phases by examining large, medium and small capitalization indices of G-20 equity markets. The analysis across stable and the two crisis periods shows the existence of a stronger largecap transmission channel for the majority of countries. On the other hand, the contagion dynamics across the phases of the two crises do not provide a clear pattern of a specific cap size-based contagion across all markets. However, there is evidence that the Pacific region and the three cap groups of some individual markets of different regions are less severely affected. Further, all three cap groups of developed markets are mostly affected during the last phase of the ESDC, while emerging and frontier markets show a more diverse pattern of contagion across the phases of both crises. Finally, the Lehman Brothers’ collapse triggers a dramatic increase of the infection rate, while the ESDC seems to be more contagious than the GFC.
{"title":"Global Crises and Contagion: Does the Capitalization Size Matter?","authors":"Dimitris Kenourgios, D. Dimitriou, Aristeidis Samitas","doi":"10.3790/aeq.64.1.39","DOIUrl":"https://doi.org/10.3790/aeq.64.1.39","url":null,"abstract":"This paper investigates the spread of the Global Financial Crisis (GFC) and the Eurozone Sovereign Debt Crisis (ESDC) to different market capitalization segments across countries and regions. Specifically, it tests for capitalization-specific contagion across both crises and their phases by examining large, medium and small capitalization indices of G-20 equity markets. The analysis across stable and the two crisis periods shows the existence of a stronger largecap transmission channel for the majority of countries. On the other hand, the contagion dynamics across the phases of the two crises do not provide a clear pattern of a specific cap size-based contagion across all markets. However, there is evidence that the Pacific region and the three cap groups of some individual markets of different regions are less severely affected. Further, all three cap groups of developed markets are mostly affected during the last phase of the ESDC, while emerging and frontier markets show a more diverse pattern of contagion across the phases of both crises. Finally, the Lehman Brothers’ collapse triggers a dramatic increase of the infection rate, while the ESDC seems to be more contagious than the GFC.","PeriodicalId":36978,"journal":{"name":"Applied Economics Quarterly","volume":"64 1","pages":"39-57"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70168795","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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