Pub Date : 2024-05-22DOI: 10.17811/ebl.13.2.2024.58-67
Tiago Trancoso, Sofia Gomes
This study employs a time-varying parameter vector autoregressive (TVP-VAR) model to investigate infla- tion propagation and spillovers among twelve major Consumer Price Index (CPI) components across eleven euro area countries from 1999 to 2023. We uncover empirical regularities in the transmission channels of inflation, noting Transport and Clothing and Footwear as primary shock transmitters, whereas Communi- cation, Alcohol and Tobacco consistently absorb shocks. These insights, consistent across various contexts and countries, contribute to understanding inflation persistence and households’ inflation experiences in the Euro area.
{"title":"How does inflation propagate among CPI components? Evidence from the euro area","authors":"Tiago Trancoso, Sofia Gomes","doi":"10.17811/ebl.13.2.2024.58-67","DOIUrl":"https://doi.org/10.17811/ebl.13.2.2024.58-67","url":null,"abstract":"\u0000 \u0000 \u0000This study employs a time-varying parameter vector autoregressive (TVP-VAR) model to investigate infla- tion propagation and spillovers among twelve major Consumer Price Index (CPI) components across eleven euro area countries from 1999 to 2023. We uncover empirical regularities in the transmission channels of inflation, noting Transport and Clothing and Footwear as primary shock transmitters, whereas Communi- cation, Alcohol and Tobacco consistently absorb shocks. These insights, consistent across various contexts and countries, contribute to understanding inflation persistence and households’ inflation experiences in the Euro area. \u0000 \u0000 \u0000","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2024-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141110934","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}
Pub Date : 2024-05-22DOI: 10.17811/ebl.13.2.2024.68-81
Oscar Claveria
This study examines the relationship between human development and the redistributive effect of taxes and government transfers in 30 European over the period 1990-2021 by means of a fixed-effects panel model. Overall, the analysis suggests that increases in redistribution lead to an increase of development. The coefficient for a one-period lag is also found to be positive and significant, suggesting that the effects of redistributive policies show some persistence. When replicating the experiment for different European regions, the greatest impact of redistributive measures is found in Northern Europe, as opposed to Southern Europe, where the impact on development is not found to be significant.
{"title":"Redistribution and human development: evidence from Europe","authors":"Oscar Claveria","doi":"10.17811/ebl.13.2.2024.68-81","DOIUrl":"https://doi.org/10.17811/ebl.13.2.2024.68-81","url":null,"abstract":"This study examines the relationship between human development and the redistributive effect of taxes and government transfers in 30 European over the period 1990-2021 by means of a fixed-effects panel model. Overall, the analysis suggests that increases in redistribution lead to an increase of development. The coefficient for a one-period lag is also found to be positive and significant, suggesting that the effects of redistributive policies show some persistence. When replicating the experiment for different European regions, the greatest impact of redistributive measures is found in Northern Europe, as opposed to Southern Europe, where the impact on development is not found to be significant.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2024-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141113413","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}
Pub Date : 2024-05-22DOI: 10.17811/ebl.13.2.2024.104-111
John Thornton, Chrysoivalantis Vasilakis
We identify the optimal level of financial development for income inequality in a panel of countries employing a non-linear panel Generalized Method of Moments approach. The impact of financial development is statistically significant above and below the optimal level, but its impact on income inequality is not asymmetric, with the costs of financial ‘under-development’ being greater than those for ‘over-development’.
{"title":"The impact of finance on income inequality: a threshold analysis","authors":"John Thornton, Chrysoivalantis Vasilakis","doi":"10.17811/ebl.13.2.2024.104-111","DOIUrl":"https://doi.org/10.17811/ebl.13.2.2024.104-111","url":null,"abstract":"We identify the optimal level of financial development for income inequality in a panel of countries employing a non-linear panel Generalized Method of Moments approach. The impact of financial development is statistically significant above and below the optimal level, but its impact on income inequality is not asymmetric, with the costs of financial ‘under-development’ being greater than those for ‘over-development’.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2024-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141110578","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}
Pub Date : 2024-05-22DOI: 10.17811/ebl.13.2.2024.82-90
Daniel de Abreu Pereira Uhr, Felipe Weizenmann, Julia Gallego Ziero Uhr
We examine the effect of the Economic Adjustment Programme for Ireland on the country’s per capita income. We are the first to provide empirical analysis on the importance of the program to Irish economic recovery post-financial crisis. We employ the synthetic control approach with bias correction with World Bank Opendata and Irish Central Statistics Office data from 2000 to 2019. Our results indicate that the EAP had a positive and statistically significant impact on Ireland’s per capita income, with an average effect of 5,626.27 US$. These conclusions are robust to a placebo test and the Synthetic Difference in Difference estimator.
{"title":"The impact of the Economic Adjustment Programme for Ireland: a synthetic control approach","authors":"Daniel de Abreu Pereira Uhr, Felipe Weizenmann, Julia Gallego Ziero Uhr","doi":"10.17811/ebl.13.2.2024.82-90","DOIUrl":"https://doi.org/10.17811/ebl.13.2.2024.82-90","url":null,"abstract":"We examine the effect of the Economic Adjustment Programme for Ireland on the country’s per capita income. We are the first to provide empirical analysis on the importance of the program to Irish economic recovery post-financial crisis. We employ the synthetic control approach with bias correction with World Bank Opendata and Irish Central Statistics Office data from 2000 to 2019. Our results indicate that the EAP had a positive and statistically significant impact on Ireland’s per capita income, with an average effect of 5,626.27 US$. These conclusions are robust to a placebo test and the Synthetic Difference in Difference estimator.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2024-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141108398","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}
Pub Date : 2024-05-22DOI: 10.17811/ebl.13.2.2024.91-103
Orlando Gomes
An optimal growth model is devised and subject to dynamic analysis. The model is a standard intertemporal utility maximization framework, with a one-dimensional constraint characterizing the pace of productivity growth. In this setting, knowledge acquisition depends not only on the investment in the adoption of existing technologies, but also on the pre-determined shape of the world’s productivity distribution. The configuration of the distribution will determine the probability of successful imitation and, therefore, the extent in which the economy might approach the world’s technology frontier. The dynamic analysis points to the formation of a saddle-path stable equilibrium. The type of distribution is decisive in defining the exact location of the stable trajectory and of the equilibrium point.
{"title":"The world’s productivity distribution and optimal knowledge absorption","authors":"Orlando Gomes","doi":"10.17811/ebl.13.2.2024.91-103","DOIUrl":"https://doi.org/10.17811/ebl.13.2.2024.91-103","url":null,"abstract":"An optimal growth model is devised and subject to dynamic analysis. The model is a standard intertemporal utility maximization framework, with a one-dimensional constraint characterizing the pace of productivity growth. In this setting, knowledge acquisition depends not only on the investment in the adoption of existing technologies, but also on the pre-determined shape of the world’s productivity distribution. The configuration of the distribution will determine the probability of successful imitation and, therefore, the extent in which the economy might approach the world’s technology frontier. The dynamic analysis points to the formation of a saddle-path stable equilibrium. The type of distribution is decisive in defining the exact location of the stable trajectory and of the equilibrium point.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2024-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141112894","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}
Pub Date : 2024-01-20DOI: 10.17811/ebl.13.1.2024.20-28
Nazif Durmaz, Tairu Jie
This paper examines the relationship between Mexican money demand and three economic factors: real income, inflation rate and exchange rate, and the relationship between exchange rate and money demand is the most concerned. Using the quarterly data of Mexico from 2000 to 2022, we explore whether the exchange rate will symmetrically affect the demand for money in the short and long term. The results show that in the long run, the impact of real income and inflation rate on money demand is the same as the conjecture, both are positive. However, the present paper does not find an asymmetric effect of the exchange rate, possibly due to the lack of research data or the short time span.
{"title":"Money demand in Mexico: a nonlinear ARDL approach","authors":"Nazif Durmaz, Tairu Jie","doi":"10.17811/ebl.13.1.2024.20-28","DOIUrl":"https://doi.org/10.17811/ebl.13.1.2024.20-28","url":null,"abstract":"This paper examines the relationship between Mexican money demand and three economic factors: real income, inflation rate and exchange rate, and the relationship between exchange rate and money demand is the most concerned. Using the quarterly data of Mexico from 2000 to 2022, we explore whether the exchange rate will symmetrically affect the demand for money in the short and long term. The results show that in the long run, the impact of real income and inflation rate on money demand is the same as the conjecture, both are positive. However, the present paper does not find an asymmetric effect of the exchange rate, possibly due to the lack of research data or the short time span. ","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2024-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139611032","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 adds to the existing literature by examining the macroeconomic, political and institutional determinants of tax policy cyclicality conditional on financial development. We find that an increase in trade and financial openness leads to pro-cyclical VAT and counter-cyclical CIT rate response in high financially developed economies, while an increase in financial openness is associated with counter-cyclical VAT and PIT responses when the levels of financial development are low. A high public debt ratio leads to a counter-cyclical VAT rate response in economies with low financial development. Political power and fiscal institutions are factors that affect the tax policy cyclicality only in less financially developed economies.
{"title":"Tax policy cyclicality and financial development","authors":"Christos Chrysanthakopoulos, Athanasios Tagkalakis","doi":"10.17811/ebl.13.1.2024.48-57","DOIUrl":"https://doi.org/10.17811/ebl.13.1.2024.48-57","url":null,"abstract":"This paper adds to the existing literature by examining the macroeconomic, political and institutional determinants of tax policy cyclicality conditional on financial development. We find that an increase in trade and financial openness leads to pro-cyclical VAT and counter-cyclical CIT rate response in high financially developed economies, while an increase in financial openness is associated with counter-cyclical VAT and PIT responses when the levels of financial development are low. A high public debt ratio leads to a counter-cyclical VAT rate response in economies with low financial development. Political power and fiscal institutions are factors that affect the tax policy cyclicality only in less financially developed economies.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2024-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139610533","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}
Pub Date : 2024-01-20DOI: 10.17811/ebl.13.1.2024.39-47
Nicholas Apergis
This study identifies the contributions of global factors in determining eurozone inflation. The analysis makes use of an augmented Phillips curve model of inflation, as well as panel data estimates. The findings document the importance of such factors in forecasting inflation, thus, confirming the substantial role of external factors in eurozone inflation. The findings survived certain model specifications. Therefore, monetary, and fiscal policymakers should explicitly consider both domestic and global conditions to anchor inflation expectations in forming specific strategies for taming inflation expectations.
{"title":"Eurozone inflation: fresh projections from global factors","authors":"Nicholas Apergis","doi":"10.17811/ebl.13.1.2024.39-47","DOIUrl":"https://doi.org/10.17811/ebl.13.1.2024.39-47","url":null,"abstract":"This study identifies the contributions of global factors in determining eurozone inflation. The analysis makes use of an augmented Phillips curve model of inflation, as well as panel data estimates. The findings document the importance of such factors in forecasting inflation, thus, confirming the substantial role of external factors in eurozone inflation. The findings survived certain model specifications. Therefore, monetary, and fiscal policymakers should explicitly consider both domestic and global conditions to anchor inflation expectations in forming specific strategies for taming inflation expectations.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2024-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139610501","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}
Pub Date : 2024-01-20DOI: 10.17811/ebl.13.1.2024.12-19
Zhunwoo Kim, Ohsung Kwon
The influence of external private investment (EPI) in public R&D is well-known, however, research has yet to understand the significance of it on the success of R&D. We expand upon existing literature by focusing on the effect of EPI in conducting public R&D, and more specifically, suggesting the moderating role of EPI on the commercialisation success with 472 samples from Korean manufacturing firms. Our findings address that EPI positively moderates the relationship between the amount of government fund, the difference of technology readiness level before and after R&D, and the commercialisation success. As a result, this research contributes to a managerial perspective; concluding that public R&D with EPI is both more successful and rewarding.
{"title":"The moderating role of external private investment on government-sponsored commercialisation R&D","authors":"Zhunwoo Kim, Ohsung Kwon","doi":"10.17811/ebl.13.1.2024.12-19","DOIUrl":"https://doi.org/10.17811/ebl.13.1.2024.12-19","url":null,"abstract":"The influence of external private investment (EPI) in public R&D is well-known, however, research has yet to understand the significance of it on the success of R&D. We expand upon existing literature by focusing on the effect of EPI in conducting public R&D, and more specifically, suggesting the moderating role of EPI on the commercialisation success with 472 samples from Korean manufacturing firms. Our findings address that EPI positively moderates the relationship between the amount of government fund, the difference of technology readiness level before and after R&D, and the commercialisation success. As a result, this research contributes to a managerial perspective; concluding that public R&D with EPI is both more successful and rewarding.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2024-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139610575","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}
Pub Date : 2023-12-15DOI: 10.17811/ebl.12.4.2023.296-305
Valentino Parisi, Margarida M. Pinheiro
PhD holders play an important role in exploring new research areas relevant to the development of knowledge-based economies, and the investment in PhD education is seen as part of a strategy for tomorrows’ society, with doctorates historically being absorbed by an academic career dedicated to teaching and research. However, these days are gone, and the number of PhD holders is far beyond the academic vacancies available. The present study aims at estimating the probability of PhD holders to work in research intensive sectors in Italy. We use data available from the National Institute of Statistics to estimate a probit model with the Heckman correction for the sample selection bias. The study has political consequences related to PhD holders career orientation.
{"title":"PhD holders propensity to work in research-intensive sectors: evidence from Italy","authors":"Valentino Parisi, Margarida M. Pinheiro","doi":"10.17811/ebl.12.4.2023.296-305","DOIUrl":"https://doi.org/10.17811/ebl.12.4.2023.296-305","url":null,"abstract":"PhD holders play an important role in exploring new research areas relevant to the development of knowledge-based economies, and the investment in PhD education is seen as part of a strategy for tomorrows’ society, with doctorates historically being absorbed by an academic career dedicated to teaching and research. However, these days are gone, and the number of PhD holders is far beyond the academic vacancies available. The present study aims at estimating the probability of PhD holders to work in research intensive sectors in Italy. We use data available from the National Institute of Statistics to estimate a probit model with the Heckman correction for the sample selection bias. The study has political consequences related to PhD holders career orientation.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2023-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138999118","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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