Journal of Economic Asymmetries最新文献_第3页

Monetary alignment or divergence? - Exchange rates and economic dynamics in non-euro European countries 货币政策趋同还是分化？-非欧元欧洲国家的汇率和经济动态

Q1 Economics, Econometrics and Finance

Journal of Economic Asymmetries

Pub Date : 2025-11-01 Epub Date: 2025-05-13 DOI: 10.1016/j.jeca.2025.e00421

Apostolos Kiohos , Nikolaos Stoupos

The far-reaching impacts of the euro's introduction in 1999 have reshaped Europe's monetary landscape, extending integration even to non-euro economies. The primary aim of this paper is to examine whether the non-euro European economies are monetarily linked to the Euro Area. Using economic indicators from nine European countries, alongside the Eurozone, and employing SVECM models, this research assesses the degree of monetary integration. The empirical findings strongly indicate that the economies of Poland, Romania, Sweden and Norway have been positively bound and highly integrated with the Eurozone since the euro's launch. Moreover, the economies of Czechia and Hungary have demonstrated a steady and increasing level of monetary integration with the Eurozone over time. In contrast, the economies of Iceland, Switzerland, and the UK exhibit monetary divergence from the Eurozone. Based on these findings, the research proposes that Poland and Romania may need to explore the possibility of joining the Euro Area, while Norway and Sweden may (re)consider their stance on potential EU or EMU membership, respectively. The results underscore that the creation of the Eurozone and the circulation of the euro have played a significant role in facilitating and advancing monetary integration across Europe.

1999年欧元的引入产生了深远的影响，重塑了欧洲的货币格局，甚至将一体化扩展到了非欧元经济体。本文的主要目的是考察非欧元区的欧洲经济体是否与欧元区有货币联系。本研究使用来自9个欧洲国家和欧元区的经济指标，并采用SVECM模型来评估货币一体化程度。实证研究结果强烈表明，自欧元启动以来，波兰、罗马尼亚、瑞典和挪威的经济与欧元区有着积极的联系和高度的融合。此外，随着时间的推移，捷克和匈牙利的经济与欧元区的货币一体化水平稳步上升。相比之下，冰岛、瑞士和英国的经济表现出与欧元区的货币差异。基于这些发现，研究建议波兰和罗马尼亚可能需要探索加入欧元区的可能性，而挪威和瑞典可能（重新）考虑他们对潜在的欧盟或欧洲货币联盟成员的立场。结果强调，欧元区的创建和欧元的流通在促进和推进整个欧洲的货币一体化方面发挥了重要作用。

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引用次数: 0

Unveiling the asymmetry through NARDL approach: Do geopolitical risks impact green bonds? 通过NARDL方法揭示不对称性：地缘政治风险会影响绿色债券吗？

Q1 Economics, Econometrics and Finance

Journal of Economic Asymmetries

Pub Date : 2025-11-01 Epub Date: 2025-11-12 DOI: 10.1016/j.jeca.2025.e00443

Minu Kumari, Anil Kumar Sharma

This study examines the interplay between RGB and GPR, spanning from 2014 to 2023. Through the application of the Non-linear Autoregressive Distributed Lag (NARDL) model to monthly data, we shed light on both the short and long-run influence of global GPR on GB. Our findings reveal that GPR adversely affects green bonds, casting doubt on their capabilities as effective hedging tools. Moreover, in the realm of short-term analysis, green bonds emerge as a temporary safe haven. Furthermore, this study scrutinizes the GPR from the United States and India on RGB to analyze the effects of GPRs from developed and emerging economies on RGB. It is observed that in the short run, both positive and negative geopolitical risks from the US and India influence RGB. However, in the long run, only negative shocks from Indian geopolitical risk significantly affect RGB. Interestingly, asymmetry in the case of Indian GPR appears only over the long term, whereas LUSGPR displays asymmetric effects in both short- and long-run dynamics. This study holds value for both existing and prospective participants in the GB market, as well as for policymakers and regulatory institutions involved in guiding the development of the green bond market.

本研究考察了2014年至2023年期间RGB和GPR之间的相互作用。通过对月数据的非线性自回归分布滞后（NARDL）模型的应用，揭示了全球探地雷达对GB的短期和长期影响。我们的研究结果表明，GPR对绿色债券产生不利影响，使人们怀疑它们作为有效对冲工具的能力。此外，在短期分析领域，绿色债券成为了暂时的避风港。此外，本研究还考察了美国和印度的GPR对RGB的影响，以分析发达经济体和新兴经济体的GPR对RGB的影响。可以观察到，短期内，来自美国和印度的正面和负面地缘政治风险都会影响RGB。然而，从长期来看，只有来自印度地缘政治风险的负面冲击才会显著影响RGB。有趣的是，印度探地雷达的不对称性只出现在长期，而LUSGPR在短期和长期动态中都表现出不对称效应。本研究对国库券市场的现有和潜在参与者，以及参与指导绿色债券市场发展的政策制定者和监管机构都有价值。

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引用次数: 0

Does economic convergence diverge along the income distribution? Evidence from a decile-based analysis 经济趋同是否沿着收入分配而分化？来自十分位数分析的证据

Q1 Economics, Econometrics and Finance

Journal of Economic Asymmetries

Pub Date : 2025-11-01 Epub Date: 2025-05-02 DOI: 10.1016/j.jeca.2025.e00419

Marco Amendola

This paper contributes to the literature on economic convergence by exploring an overlooked aspect: the potential heterogeneity of convergence processes across different segments of the income distribution. While previous analyses have typically focused on per capita income or GDP, this study adopts a more granular perspective by examining convergence at per capita income deciles. Drawing on data from 25 countries spanning 1980 to 2019, the analysis reveals a distinct pattern of divergence in the convergence process: higher-income deciles exhibit stronger convergence than lower-income ones, with this divergence widening in recent decades. These findings highlight the uneven nature of economic convergence, demonstrating that reducing cross-country income disparities is especially challenging for low-income groups — those most in need of improved well-being and economic catch-up.

本文通过探索一个被忽视的方面来为经济趋同的文献做出贡献：在收入分配的不同部分之间，趋同过程的潜在异质性。虽然以前的分析通常集中在人均收入或GDP上，但这项研究通过考察人均收入十分位数的趋同，采用了更细致的视角。根据1980年至2019年25个国家的数据，该分析揭示了趋同过程中的一种明显的差异模式：高收入十分位数比低收入十分位数表现出更强的趋同，近几十年来这种差异不断扩大。这些发现突出了经济趋同的不平衡性质，表明减少跨国收入差距对低收入群体尤其具有挑战性，这些群体最需要改善福祉和经济赶超。

引用次数: 0

Unraveling asymmetric connectedness: Board diversity, green energy and climate change combat: An asymmetry in economic dynamics 揭开不对称连接：董事会多样性，绿色能源和气候变化斗争：经济动态的不对称

Q1 Economics, Econometrics and Finance

Journal of Economic Asymmetries

Pub Date : 2025-11-01 Epub Date: 2025-08-05 DOI: 10.1016/j.jeca.2025.e00431

Muhammad Nawaz , Kamran Mohy-ud-Din , Syed Muhammad Salman , Salah Ud Din Ahmad , Muhammad Ishaq Bhatti

This paper examines the role of Board Diversity in advancing environmental stewardship, with a particular emphasis on climate change mitigation. It utilizes a panel dataset of 5412 firm-year observations from 451 publicly listed firms within the S&P 1500 index covering 2012–2023. Paper constructs asymmetric indices to capture the dynamics of board gender diversity and renewable energy utilization. It employs GMM-based quantile model to estimate parameters. The empirical findings reveal a consistently positive association between board gender diversity and the deployment of renewable energy across various quantiles of the distribution, Diverse cultural backgrounds among directors enhance such projects, but foreign nationalities may impede them. It is observed that the U.S. listed firms benefit from workforce diversity in climate opportunities. Women in top management boost renewable energy initiatives, yet U.S. directors' skills show no climate impact, suggesting room for improvement. The study show the critical role of diversity in climate mitigation and renewable energy, emphasizing the urgency and importance of the issue for effective climate action.

本文探讨董事会多样性在推进环境管理方面的作用，特别强调减缓气候变化。它使用了一个面板数据集，其中包括5412家公司的年度观察结果，这些公司来自标准普尔1500指数中的451家上市公司，涵盖2012年至2023年。本文构建了非对称指数来捕捉董事会性别多样性和可再生能源利用的动态。采用基于gmm的分位数模型对参数进行估计。实证研究结果显示，董事会性别多样性与可再生能源的部署在分布的各个分位数之间始终存在正相关关系，董事文化背景的多样性促进了这些项目，但外国国籍可能会阻碍它们。可以观察到，美国上市公司受益于劳动力多样性的气候机会。高层管理中的女性推动了可再生能源倡议，但美国董事的技能没有显示出对气候的影响，这表明还有改进的空间。该研究显示了多样性在减缓气候变化和使用可再生能源方面的关键作用，强调了这一问题对采取有效气候行动的紧迫性和重要性。

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引用次数: 0

Product market power, informational asymmetries and stock liquidity: Evidence from Indian firms 产品市场力量、信息不对称与股票流动性：来自印度公司的证据

Q1 Economics, Econometrics and Finance

Journal of Economic Asymmetries

Pub Date : 2025-11-01 Epub Date: 2025-07-02 DOI: 10.1016/j.jeca.2025.e00429

Tinu Iype Jacob , Sunil Paul

This study investigates the impact of product market power on stock liquidity against the backdrop of rising market power and global financial market integration. It also explores the nonlinearities associated with this relationship. In addition, we examine the interaction of firm size and leverage with market power and how it shapes the market power–stock liquidity relationship. The study uses a firm-year panel of 865 NSE-listed firms from India over the period 2011–2021, and employs panel regression techniques to analyze these. Product market power is measured using price-cost markups, and stock liquidity is captured using the inverse of the illiquidity ratio and share turnover. The analysis indicates an inverted U-shaped relationship between product market power and stock liquidity. Results also highlight the role of informational asymmetries and strategic opacity in this relationship. Further, the asymmetric role of leverage and firm size in the influence of product market power on stock liquidity is confirmed. The impact of product market power on stock liquidity and the moderating/mediating influence of informational asymmetries and leverage can have significant implications for the design of policies by the firms and authorities that monitor the competitiveness of markets.

本研究探讨在市场力上升及全球金融市场整合的背景下，产品市场力对股票流动性的影响。它还探讨了与这种关系相关的非线性。此外，我们研究了企业规模和杠杆与市场力量的相互作用，以及它如何塑造市场权力-股票流动性关系。该研究使用了2011-2021年期间印度865家nse上市公司的公司年面板，并采用面板回归技术对其进行分析。产品市场力量是用价格成本加成来衡量的，股票流动性是用非流动性比率和股票周转率的倒数来衡量的。分析表明，产品市场支配力与股票流动性呈倒u型关系。结果还强调了信息不对称和战略不透明在这种关系中的作用。进一步证实了杠杆和企业规模在产品市场支配力对股票流动性影响中的不对称作用。产品市场力量对股票流动性的影响以及信息不对称和杠杆的调节/中介影响，对监测市场竞争力的公司和当局设计政策具有重大影响。

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引用次数: 0

Is fiscal countercyclicality growth enhancing? Evidence from developing countries over the period 1990–2019 财政逆周期增长增强了吗？来自发展中国家1990-2019年的证据

Q1 Economics, Econometrics and Finance

Journal of Economic Asymmetries

Pub Date : 2025-11-01 Epub Date: 2025-05-05 DOI: 10.1016/j.jeca.2025.e00416

Sami Kallal

The objective of this paper is to analyze the time-varying effect of improving fiscal countercyclicality on growth for a sample of 35 developing countries over the period 1990–2019. By estimating a time-varying coefficient for fiscal countercyclicality, incorporated as a variable in a panel model, we first examine how the public debt ratio and electoral motivations influence the ability to adopt countercyclical policies. Secondly, we show that greater countercyclicality positively affects economic growth and contributes to reducing the output gap, particularly during recessions, by channeling production towards its potential path. Finally, our findings are confirmed across two sub-samples, demonstrating a positive effect on growth before the 2008 crisis and a reduction in the output gap both before and after the crisis. The effect is stronger in the sub-sample characterized by high income, low debt, and strong control of corruption, suggesting that the effectiveness of countercyclical policies depends on macroeconomic and institutional factors.

Countercyclical fiscal management should therefore be given greater consideration by fiscal policymakers in developing countries, both upstream and downstream.

本文的目的是分析1990年至2019年期间35个发展中国家改善财政逆周期性对经济增长的时变效应。通过估计财政逆周期的时变系数，并将其作为一个变量纳入面板模型，我们首先研究了公共债务比率和选举动机如何影响采取逆周期政策的能力。其次，我们表明，更大的反周期效应会对经济增长产生积极影响，并有助于减少产出缺口，特别是在经济衰退期间，通过将生产引导至潜在路径。最后，我们的研究结果在两个子样本中得到了证实，表明在2008年危机前对经济增长有积极影响，在危机前后都缩小了产出缺口。在高收入、低债务和严格控制腐败的子样本中，这种效应更强，这表明逆周期政策的有效性取决于宏观经济和制度因素。因此，发展中国家上下游的财政政策制定者都应更多地考虑反周期财政管理。

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引用次数: 0

Fuel price effects on motor vehicle collisions: Evidence from Greece 燃油价格对机动车碰撞的影响：来自希腊的证据

Q1 Economics, Econometrics and Finance

Journal of Economic Asymmetries

Pub Date : 2025-11-01 Epub Date: 2025-09-08 DOI: 10.1016/j.jeca.2025.e00435

Andreas Psarras , Theodore Panagiotidis , Andreas Andronikidis

This study examines the relationship between petrol prices and vehicle collisions using Greek data from 2012 to 2021. Generalized autoregressive conditional heteroscedasticity models are employed for daily motor vehicle collisions. Our analysis reveals that petrol prices have a significant impact on vehicle collisions. Fatal vehicle collisions decrease during relatively high petrol prices, whereas light-injury vehicle collisions increase. No significant relationship was found between severe-injury vehicle collisions and fuel prices. We also analyze daily data on motorcycle vehicle collisions and find a positive relationship between these accidents and fuel prices. When considering models with lagged fuel prices, our results indicate that in all cases, vehicle collisions decrease during periods of increasing fuel prices. These findings suggest that policies targeting motorcycling safety are particularly necessary during times of rising fuel prices.

本研究使用希腊2012年至2021年的数据来研究汽油价格与车辆碰撞之间的关系。采用广义自回归条件异方差模型对日常机动车碰撞进行分析。我们的分析表明，汽油价格对车辆碰撞有重大影响。在相对较高的汽油价格期间，致命的车辆碰撞减少，而轻伤车辆碰撞增加。严重伤害车辆碰撞与燃料价格之间没有显著关系。我们还分析了摩托车碰撞的日常数据，发现这些事故与燃料价格之间存在正相关关系。当考虑燃油价格滞后的模型时，我们的结果表明，在所有情况下，车辆碰撞在燃油价格上涨期间减少。这些发现表明，在燃油价格上涨时期，针对摩托车安全的政策尤为必要。

引用次数: 0

Causal links between public debt and inflation in sub-Saharan African countries 撒哈拉以南非洲国家公共债务与通货膨胀之间的因果关系

Q1 Economics, Econometrics and Finance

Journal of Economic Asymmetries

Pub Date : 2025-11-01 Epub Date: 2025-09-25 DOI: 10.1016/j.jeca.2025.e00438

Akingbade U. Aimola, Nara Monkam

This study aims to investigate and compare both symmetric and asymmetric causal relationships between public debt and inflation across a panel of 14 sub-Saharan African countries over the period 1990 to 2021. It also examines trends in Country Policy and Institutional Assessment (CPIA) scores, particularly in the domains of debt policy and the efficiency of revenue mobilization. The analysis employs Konya's (2006) symmetric bootstrap panel causality test and an asymmetric approach developed by Yılancı and Aydın (2017), which builds on Granger and Yoon (2002) and Konya's methodology. The results reveal notable nonlinearity and considerable cross-country variation. Under the symmetric specification, causality from public debt to inflation is found in only four countries. However, when asymmetry is incorporated, this number increases to twelve. Similarly, while causality from inflation to debt is observed in four countries using the symmetric model, the asymmetric framework reveals evidence in eleven countries. These findings contribute to literature by offering a comparative perspective on the debt-inflation nexus. Moreover, the results indicate the presence of cross-sectional dependence across the panel and confirm country-specific heterogeneity. The analysis of CPIA indicators also points to varied levels of institutional capacity in public debt management and revenue mobilization across the region. Notably, Kenya's top performance in revenue mobilisation suggests that robust institutional frameworks can enhance the predictive relationship between increase public debt levels and inflation. The study's findings carry significant implications for fiscal and monetary policy in sub-Saharan Africa.

本研究旨在调查和比较1990年至2021年期间14个撒哈拉以南非洲国家公共债务与通货膨胀之间的对称和非对称因果关系。它还审查了国家政策和机构评估（CPIA）得分的趋势，特别是在债务政策和收入调动效率领域。该分析采用了Konya（2006）的对称引导面板因果检验和Yılancı和Aydın（2017）开发的不对称方法，该方法基于Granger和Yoon（2002）以及Konya的方法。结果显示出显著的非线性和相当大的跨国变化。在对称规范下，从公共债务到通货膨胀的因果关系只存在于四个国家。然而，如果考虑到不对称性，这个数字就会增加到12。同样，虽然使用对称模型在四个国家观察到通货膨胀与债务之间的因果关系，但不对称框架在11个国家显示了证据。这些发现通过提供债务与通胀关系的比较视角，为文献做出了贡献。此外，结果表明横断面依赖性在整个小组中存在，并证实了国家特异性异质性。对CPIA指标的分析还指出，整个地区在公共债务管理和收入动员方面的机构能力水平各不相同。值得注意的是，肯尼亚在收入动员方面的最佳表现表明，健全的制度框架可以增强公共债务水平上升与通胀之间的预测关系。这项研究的发现对撒哈拉以南非洲的财政和货币政策具有重要意义。

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引用次数: 0

The asymmetric impact of fiscal decentralization on ecological footprint-accounting for methodological refinements and globalization facets 财政分权对生态足迹的不对称影响——方法改进和全球化方面的核算

Q1 Economics, Econometrics and Finance

Journal of Economic Asymmetries

Pub Date : 2025-06-01 Epub Date: 2025-01-08 DOI: 10.1016/j.jeca.2024.e00400

Atrayee Choudhury , Sohini Sahu

In the wake of global climate change, this study tries to reconcile the competing evidence on the fiscal decentralization–environmental sustainability nexus by examining the impact of the regional authority index, a comprehensive index of decentralization, on ecological footprint - a novel and composite indicator of environmental sustainability. Using novel econometric techniques to account for potential asymmetry and endogeneity issues, such as the dynamic panel threshold methodology, and quantile techniques, on a sample of 53 countries over two decades, we find robust evidence that the effect is non-linear and conditional on the degree of fiscal decentralization. Decentralization exerts a favourable impact on ecological footprint in lower regime countries owing to positive externalities, while the adverse impact of the same is observed in higher regime countries due to the “race to the bottom” phenomenon. Furthermore, the mediating channels of political and financial globalization weaken the positive externalities spillover, whereas social and cultural globalization mitigates the “race to the bottom” effect, addressing the on-going debate about the trade-off between globalization and environmental sustainability. The effective mitigation of climate change impacts under sub-national governance is thus conditioned by an optimal mix of decentralization policies at the ground level, backed by global exchange of socio-cultural policies promoting ecological awareness.

在全球气候变化的背景下，本研究试图通过考察区域权力指数（分权的综合指数）对生态足迹（一种新的环境可持续性综合指标）的影响，来调和财政分权与环境可持续性关系的竞争性证据。使用新的计量经济学技术来解释潜在的不对称性和内质性问题，如动态面板阈值方法和分位数技术，在53个国家的20年样本中，我们发现了强有力的证据，表明这种影响是非线性的，并且取决于财政分权的程度。由于正外部性，权力下放对较低制度国家的生态足迹产生了有利影响，而在较高制度国家，由于“逐底竞争”现象，权力下放对生态足迹产生了不利影响。此外，政治和金融全球化的中介渠道削弱了正外部性溢出效应，而社会和文化全球化则缓解了“竞底”效应，解决了关于全球化与环境可持续性之间权衡的持续争论。因此，在次国家治理下有效缓解气候变化影响的条件是，在基层实行权力下放政策的最佳组合，并辅之以促进生态意识的社会文化政策的全球交流。

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引用次数: 0

Factors influencing asymmetries in Saudi Arabia's housing market 影响沙特阿拉伯住房市场不对称的因素

Q1 Economics, Econometrics and Finance

Journal of Economic Asymmetries

Pub Date : 2025-06-01 Epub Date: 2025-03-10 DOI: 10.1016/j.jeca.2025.e00412

Amirouche Chelghoum , Fayçal Boumimez , Mouyad Alsamara

The article aims to examine the determinants of the asymmetries in the housing prices index (HPI) in 13 Saudi Arabian administrative regions. The authors employ a panel Vector Auto-regressions during the period 2014Q1-2023Q4 to measure the role of speculative and fundamental determinants in HPI growth across 13 regions. Furthermore, we use Least Square Dummy Variable method for the period 2015–2021 to analyze the asymmetry impact of region-specific determinants (economic, demographic, urbanization, geographic, and cultural variables) on HPI growth in 13 admirative regions. The results from the panel VAR model show that the reginal house prices growth is determined by the backward-speculative component (HPI's past values), the forward-looking speculation (Consumer Confidence Index), and the fundamentals variables (oil prices, employment, real estate loans, regional inflation, money supply, and building cost index). Furthermore, cross-section analysis using LSDV method reveals that the asymmetries in the HPI growth across 13 administrative regions is determined by the region-specific variables. These include backward-looking behavior, inflation, labor participation, population, health services quality, household size, inverse land supply, seaside density, temperature, and culture density. This study offers three key contributions to the literature. First, to the best of the author's knowledge, this is the first study that analyzes the asymmetries across Saudi Arabian regional housing markets. Second, while most studies focus on backward-looking speculation, overlooking forward-looking speculative factor, this analysis includes both. Third, the climate, geographical, and cultural determinants are largely ignored by the literature but this study incorporates these variables in the cross-section analysis.

本文旨在研究13个沙特阿拉伯行政区域的住房价格指数（HPI）不对称的决定因素。作者在2014年第一季度至2023q4年期间采用面板向量自回归来衡量13个地区HPI增长中投机和基本决定因素的作用。此外，我们使用2015-2021年期间的最小二乘虚拟变量方法分析了13个令人满意地区的特定区域决定因素（经济、人口、城市化、地理和文化变量）对HPI增长的不对称影响。面板VAR模型的结果表明，地区房价增长是由后向投机成分（HPI的过去值）、前瞻性投机成分（消费者信心指数）和基本面变量（油价、就业、房地产贷款、地区通货膨胀、货币供应量和建筑成本指数）决定的。此外，利用LSDV方法进行的横截面分析表明，13个行政区域HPI增长的不对称性是由区域特定变量决定的。这些因素包括向后看的行为、通货膨胀、劳动力参与、人口、卫生服务质量、家庭规模、反向土地供应、海滨密度、温度和文化密度。本研究为文献提供了三个关键贡献。首先，据作者所知，这是第一个分析沙特阿拉伯地区住房市场不对称性的研究。其次，大多数研究关注的是回溯性投机，而忽略了前瞻性投机因素，而本分析同时包含了这两种因素。第三，气候、地理和文化因素在很大程度上被文献所忽视，但本研究将这些变量纳入了截面分析。

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引用次数: 0