This paper looks at the effects of the trade wars that followed 2014 events in Ukraine on Belarus. The estimation of the model predicts the increase in trade flow through Belarus and thereby the increase in its tariff revenue. Because of the ban on imports imposed by Russian Federation, its tariff revenue declined. Being a part of Eurasian Customs Union (EACU), Belarus needs to participate in the tariff revenue redistribution. The need to participate in the tariff revenue redistribution and the decline in the tariff revenue of Russian Federation led to the decrease in the after-redistribution tariff revenue of Belarus and its welfare. This paper estimates the decrease in the welfare of Belarus. Also, it evaluates the change in the redistribution schedule of EACU that Belarus should argue for.
{"title":"Effects of Trade Wars on Belarus","authors":"Aleksandr Vashchilko","doi":"10.3790/AEQ.63.1.81","DOIUrl":"https://doi.org/10.3790/AEQ.63.1.81","url":null,"abstract":"This paper looks at the effects of the trade wars that followed 2014 events in Ukraine on Belarus. The estimation of the model predicts the increase in trade flow through Belarus and thereby the increase in its tariff revenue. Because of the ban on imports imposed by Russian Federation, its tariff revenue declined. Being a part of Eurasian Customs Union (EACU), Belarus needs to participate in the tariff revenue redistribution. The need to participate in the tariff revenue redistribution and the decline in the tariff revenue of Russian Federation led to the decrease in the after-redistribution tariff revenue of Belarus and its welfare. This paper estimates the decrease in the welfare of Belarus. Also, it evaluates the change in the redistribution schedule of EACU that Belarus should argue for.","PeriodicalId":36978,"journal":{"name":"Applied Economics Quarterly","volume":"63 1","pages":"81-96"},"PeriodicalIF":0.0,"publicationDate":"2017-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43078754","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}
Increasing price levels, high price volatility and the suspicion of collusive behavior are important topics of public debates on competition in retail gasoline markets in many countries. Several governments and competition authorities introduced fuel price regulations in form of restrictions on the frequencies of fuel price changes per day. We present empirical evidence of the effects of fuel price regulation in Austria and Western Australia using difference-indifferences methods to estimate treatment effects of the implementation of such pricing rules. Our estimates provide evidence that fuel price levels in Austria decreased after implementation of regulation. However, we cannot find robust significant effects of regulation on fuel price levels in Western Australia.
{"title":"Does Unrestricted Public School Choice Increase Racial Segregation? Evidence from a Natural Experiment in New Orleans","authors":"A. Enami","doi":"10.3790/AEQ.63.3.275","DOIUrl":"https://doi.org/10.3790/AEQ.63.3.275","url":null,"abstract":"Increasing price levels, high price volatility and the suspicion of collusive behavior are important topics of public debates on competition in retail gasoline markets in many countries. Several governments and competition authorities introduced fuel price regulations in form of restrictions on the frequencies of fuel price changes per day. We present empirical evidence of the effects of fuel price regulation in Austria and Western Australia using difference-indifferences methods to estimate treatment effects of the implementation of such pricing rules. Our estimates provide evidence that fuel price levels in Austria decreased after implementation of regulation. However, we cannot find robust significant effects of regulation on fuel price levels in Western Australia.","PeriodicalId":36978,"journal":{"name":"Applied Economics Quarterly","volume":"63 1","pages":"275-294"},"PeriodicalIF":0.0,"publicationDate":"2017-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45386657","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}
Abstract The paper presents an empirical investigation of the hypothesis that the Post-Keynesian (PK) view of structuralist endogeneity continues to explain the interest rate movements following the Great Recession of 2007–2009. We test the hypothesis by analyzing monthly data from the U.S. economy covering the period 2009:07 to 2016:05 using the unrestricted vector autoregressive (VAR) model and the Granger causality tests. The findings from our paper support the structuralist PK view, which indicates the importance of the interest rate channel of monetary transmission. JEL classifications: E52, E58
{"title":"Monetary Transmission: Testing the Post-Keynesian View After the Great Recession","authors":"Osama D. Sweidan","doi":"10.3790/AEQ.63.3.233","DOIUrl":"https://doi.org/10.3790/AEQ.63.3.233","url":null,"abstract":"Abstract The paper presents an empirical investigation of the hypothesis that the Post-Keynesian (PK) view of structuralist endogeneity continues to explain the interest rate movements following the Great Recession of 2007–2009. We test the hypothesis by analyzing monthly data from the U.S. economy covering the period 2009:07 to 2016:05 using the unrestricted vector autoregressive (VAR) model and the Granger causality tests. The findings from our paper support the structuralist PK view, which indicates the importance of the interest rate channel of monetary transmission. JEL classifications: E52, E58","PeriodicalId":36978,"journal":{"name":"Applied Economics Quarterly","volume":"63 1","pages":"233-257"},"PeriodicalIF":0.0,"publicationDate":"2017-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42166631","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}
With the introduction of new unit root tests, old theories receive a renewed attention. Quantile unit root test and Purchasing Power Parity (PPP) is no exception. However, we take an additional step and combine the quantile unit root test with smooth unknown multiple breaks through a Fourier expansion and test the PPP hypothesis in each of the 23 OECD countries. The new test yields support for the PPP in most countries in the sample, bringing us closer to solving the PPP puzzle.
{"title":"The Fourier Quantile Unit Root Test with an Application to the PPP Hypothesis in the OECD","authors":"Mohsen Bahmani‐Oskooee, T. Chang, O. Ranjbar","doi":"10.3790/AEQ.63.3.295","DOIUrl":"https://doi.org/10.3790/AEQ.63.3.295","url":null,"abstract":"With the introduction of new unit root tests, old theories receive a renewed attention. Quantile unit root test and Purchasing Power Parity (PPP) is no exception. However, we take an additional step and combine the quantile unit root test with smooth unknown multiple breaks through a Fourier expansion and test the PPP hypothesis in each of the 23 OECD countries. The new test yields support for the PPP in most countries in the sample, bringing us closer to solving the PPP puzzle.","PeriodicalId":36978,"journal":{"name":"Applied Economics Quarterly","volume":"63 1","pages":"295-317"},"PeriodicalIF":0.0,"publicationDate":"2017-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49309310","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}
Increasing price levels, high price volatility and the suspicion of collusive behavior are important topics of public debates on competition in retail gasoline markets in many countries. Several governments and competition authorities introduced fuel price regulations in form of restrictions on the frequencies of fuel price changes per day. We present empirical evidence of the effects of fuel price regulation in Austria and Western Australia using difference-in-differences methods to estimate treatment effects of the implementation of such pricing rules. Our estimates provide evidence that fuel price levels in Austria decreased after implementation of regulation. However, we cannot find robust significant effects of regulation on fuel price levels in Western Australia.
{"title":"Less pain at the pump? The effects of regulatory interventions in retail gasoline markets","authors":"R. Dewenter, Ulrich Heimeshoff, Hendrik Lüth","doi":"10.3790/AEQ.63.3.259","DOIUrl":"https://doi.org/10.3790/AEQ.63.3.259","url":null,"abstract":"Increasing price levels, high price volatility and the suspicion of collusive behavior are important topics of public debates on competition in retail gasoline markets in many countries. Several governments and competition authorities introduced fuel price regulations in form of restrictions on the frequencies of fuel price changes per day. We present empirical evidence of the effects of fuel price regulation in Austria and Western Australia using difference-in-differences methods to estimate treatment effects of the implementation of such pricing rules. Our estimates provide evidence that fuel price levels in Austria decreased after implementation of regulation. However, we cannot find robust significant effects of regulation on fuel price levels in Western Australia.","PeriodicalId":36978,"journal":{"name":"Applied Economics Quarterly","volume":"63 1","pages":"259-274"},"PeriodicalIF":0.0,"publicationDate":"2017-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41411114","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 study has two objectives, both of which seek to provide insights into factors that influenced the voter participation rate in general elections in the US in recent years. The principal objective of this study is to proffer and then empirically investigate the following hypothesis: the voter participation rate of registered voters is reduced by greater state size (in squares miles) because, other things held the same, greater state size increases the transactions costs of voting for many of those persons who prefer to cast a ballot in person rather than by mail. A focus on this variable is unique in the literature. The secondary general objective of this study is to identify other factors that influenced the voter participation rate in recent years. The study adopts a state-level panel dataset and reports both Cross-section Random-effects estimations and dynamic panel estimations (Panel GMM estimates) for the first four US Presidential elections years of the 21st century, i.e., 2000, 2004, 2008, and 2012. After allowing for a variety of variables in the model, it is found that a 10,000 square mile greater size for a state in turn implies 0.148%-0.156% lower voter turnout, whereas a 100,000 square mile greater state size implies a 1.48%-1.56% lower voter turnout. Furthermore, the study finds that the voter participation rate of registered voters was an increasing function of six other factors: the unemployment rate, the percent of the population that earned a high school diploma or more, election competitiveness, median family income, and the percentage of the population that was either Afro-American/black or Hispanic/Latin.
{"title":"Panel Data Analysis of the Impact of Larger State Size/Land Area on Voter Turnout in US Presidential Elections: 2000, 2004, 2008, and 2012","authors":"R. Cebula","doi":"10.3790/AEQ.63.3.319","DOIUrl":"https://doi.org/10.3790/AEQ.63.3.319","url":null,"abstract":"This study has two objectives, both of which seek to provide insights into factors that influenced the voter participation rate in general elections in the US in recent years. The principal objective of this study is to proffer and then empirically investigate the following hypothesis: the voter participation rate of registered voters is reduced by greater state size (in squares miles) because, other things held the same, greater state size increases the transactions costs of voting for many of those persons who prefer to cast a ballot in person rather than by mail. A focus on this variable is unique in the literature. The secondary general objective of this study is to identify other factors that influenced the voter participation rate in recent years. The study adopts a state-level panel dataset and reports both Cross-section Random-effects estimations and dynamic panel estimations (Panel GMM estimates) for the first four US Presidential elections years of the 21st century, i.e., 2000, 2004, 2008, and 2012. After allowing for a variety of variables in the model, it is found that a 10,000 square mile greater size for a state in turn implies 0.148%-0.156% lower voter turnout, whereas a 100,000 square mile greater state size implies a 1.48%-1.56% lower voter turnout. Furthermore, the study finds that the voter participation rate of registered voters was an increasing function of six other factors: the unemployment rate, the percent of the population that earned a high school diploma or more, election competitiveness, median family income, and the percentage of the population that was either Afro-American/black or Hispanic/Latin.","PeriodicalId":36978,"journal":{"name":"Applied Economics Quarterly","volume":"63 1","pages":"319-340"},"PeriodicalIF":0.0,"publicationDate":"2017-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44442001","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}
Abstract This paper examines the trade-off between per-capita CO2 emissions and per-capita GDP in Australia using data for the last five decades. It has estimated the national CO2 emissions from energy sources for 1961–2012, based on the consumption of disaggregated energy categories. This study applies recent advances of econometric techniques and complements the conventional co-integration tests with the non-linear approach. The subsequent error correction model is formulated using an ARDL approach based on alternative lag section criteria. The empirical evidence presented in the paper indicates the existence of an inverted U-shape relationship between per-capita CO2 emissions and per-capita GDP in Australia. Related policy implications are discussed. JEL Classifications: Q5; O4; C22
{"title":"Trade-Off Between CO2 Emissions and Income: Is There any Evidence of an Environmental Kuznets Curve in Australia?","authors":"Md Shahiduzzaman,, Khorshed Alam","doi":"10.3790/AEQ.63.2.211","DOIUrl":"https://doi.org/10.3790/AEQ.63.2.211","url":null,"abstract":"Abstract This paper examines the trade-off between per-capita CO2 emissions and per-capita GDP in Australia using data for the last five decades. It has estimated the national CO2 emissions from energy sources for 1961–2012, based on the consumption of disaggregated energy categories. This study applies recent advances of econometric techniques and complements the conventional co-integration tests with the non-linear approach. The subsequent error correction model is formulated using an ARDL approach based on alternative lag section criteria. The empirical evidence presented in the paper indicates the existence of an inverted U-shape relationship between per-capita CO2 emissions and per-capita GDP in Australia. Related policy implications are discussed. JEL Classifications: Q5; O4; C22","PeriodicalId":36978,"journal":{"name":"Applied Economics Quarterly","volume":"63 1","pages":"211-231"},"PeriodicalIF":0.0,"publicationDate":"2017-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48823501","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 note uses the newly available Exporter and Importer Dynamics Database for Germany to investigate the links between trade dynamics, trade costs and market size. It shows results for the dynamics of Germany’s goods trade as a whole, and for trade with two of the most important partner countries, namely France and China. Furthermore, it reports results from the first empirical study that searches for links between measures of trade dynamics (entry, exit and survival rates, and share of entrants in total exports and imports) in destination countries of exports and countries of origin of imports on the one hand and characteristics of these countries (distance to Germany, difficulty of foreign trade, and market size) on the other hand.
{"title":"Trade Dynamics, Trade Costs and Market Size: First Evidence from the Exporter and Importer Dynamics Database for Germany","authors":"J Wagner","doi":"10.3790/AEQ.63.2.137","DOIUrl":"https://doi.org/10.3790/AEQ.63.2.137","url":null,"abstract":"This note uses the newly available Exporter and Importer Dynamics Database for Germany to investigate the links between trade dynamics, trade costs and market size. It shows results for the dynamics of Germany’s goods trade as a whole, and for trade with two of the most important partner countries, namely France and China. Furthermore, it reports results from the first empirical study that searches for links between measures of trade dynamics (entry, exit and survival rates, and share of entrants in total exports and imports) in destination countries of exports and countries of origin of imports on the one hand and characteristics of these countries (distance to Germany, difficulty of foreign trade, and market size) on the other hand.","PeriodicalId":36978,"journal":{"name":"Applied Economics Quarterly","volume":"63 1","pages":"137-159"},"PeriodicalIF":0.0,"publicationDate":"2017-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43170737","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 study examines the long-run relationship between domestic saving and investment and takes a country-by-country account of the mobility of capital and integration of international financial markets. The analysis is carried out for a comprehensive set of 24 OECD countries. The study finds support for the cointegrating relationship between domestic saving and investment for a number of countries. The slope parameter of saving remains well above zero for most countries. The support for cointegration between domestic saving and investment suggests the sustainability of current account deficits and the solvency of intertemporal budget constraint. The degree of capital mobility and the integration of financial markets vary across countries. The reliance on domestic saving in the countries with low to moderate mobility of capital underlines the need to accelerate domestic saving to finance the accumulation of capital and keep the current account imbalances in sustainable bounds. The investment in the countries with high mobility of capital is financed by a world pool of capital. The major concerns for the countries with high mobility of capital are the vulnerability to the speculative (systematic or stochastic) expectations (rational or irrational) of international investors, sustainability of current account deficits, adequacy of foreign exchange reserves, and the stability of the financial system.
{"title":"Financial Market Integration and the Mobility of Capital: Evidence from the OECD Countries","authors":"T. Singh","doi":"10.3790/AEQ.63.1.1","DOIUrl":"https://doi.org/10.3790/AEQ.63.1.1","url":null,"abstract":"This study examines the long-run relationship between domestic saving and investment and takes a country-by-country account of the mobility of capital and integration of international financial markets. The analysis is carried out for a comprehensive set of 24 OECD countries. The study finds support for the cointegrating relationship between domestic saving and investment for a number of countries. The slope parameter of saving remains well above zero for most countries. The support for cointegration between domestic saving and investment suggests the sustainability of current account deficits and the solvency of intertemporal budget constraint. The degree of capital mobility and the integration of financial markets vary across countries. The reliance on domestic saving in the countries with low to moderate mobility of capital underlines the need to accelerate domestic saving to finance the accumulation of capital and keep the current account imbalances in sustainable bounds. The investment in the countries with high mobility of capital is financed by a world pool of capital. The major concerns for the countries with high mobility of capital are the vulnerability to the speculative (systematic or stochastic) expectations (rational or irrational) of international investors, sustainability of current account deficits, adequacy of foreign exchange reserves, and the stability of the financial system.","PeriodicalId":36978,"journal":{"name":"Applied Economics Quarterly","volume":"63 1","pages":"1-47"},"PeriodicalIF":0.0,"publicationDate":"2017-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45620539","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}
Determinants of default risk of banks in emerging economies have so far received inadequate attention in the literature. Using panel data techniques, this paper seeks to study the determinants bank asset quality and profitability using robust data sets for the period from 1997-2009. The findings of the study reveal some interesting inferences contrary to the established perceptions. Priority sector credit has been found to be not significant in affecting the NPAs contrary to the general perception and similar is the case with that of rural branches implying that aversion to rural credit is a falsely founded perception. Bad debts are dependent more on the performance of the industry than other sectors of the economy. Public sector banks have shown significant performance in containing bad debts private banks have continued to be stable in containing the bad debts as they have better risk management procedures and technology, which definitely allows them to finish up with lower levels of NPAs. Further, investigating the effect of determinants on profitability it is established that while capital adequacy and investment activity significantly affect the profitability of commercial banks apart from other accepted determinants of profitability, asset size has no significant impact on profitability.
{"title":"Determinants of Bank Asset Quality and Profitability: An Empirical Assessment","authors":"Vighneswara Swamy","doi":"10.3790/aeq.63.1.97","DOIUrl":"https://doi.org/10.3790/aeq.63.1.97","url":null,"abstract":"Determinants of default risk of banks in emerging economies have so far received inadequate attention in the literature. Using panel data techniques, this paper seeks to study the determinants bank asset quality and profitability using robust data sets for the period from 1997-2009. The findings of the study reveal some interesting inferences contrary to the established perceptions. Priority sector credit has been found to be not significant in affecting the NPAs contrary to the general perception and similar is the case with that of rural branches implying that aversion to rural credit is a falsely founded perception. Bad debts are dependent more on the performance of the industry than other sectors of the economy. Public sector banks have shown significant performance in containing bad debts private banks have continued to be stable in containing the bad debts as they have better risk management procedures and technology, which definitely allows them to finish up with lower levels of NPAs. Further, investigating the effect of determinants on profitability it is established that while capital adequacy and investment activity significantly affect the profitability of commercial banks apart from other accepted determinants of profitability, asset size has no significant impact on profitability.","PeriodicalId":36978,"journal":{"name":"Applied Economics Quarterly","volume":"63 1","pages":"97-135"},"PeriodicalIF":0.0,"publicationDate":"2017-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43831434","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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