Pub Date : 2023-03-26DOI: 10.17811/ebl.12.1.2023.85-90
V. Boitier
Using Hart (1979, 1985) and Mas-Colell (1984), I defend the idea that the standard ownership structure is somewhat problematic in general equilibrium models of monopolistic competition because profit maximization is not a justified objective of the firm. I then advocate that a solution to overcome this methodological issue is when ownership is disproportionally concentrated among households.
{"title":"Ownership structure and profit maximization in general equilibrium models of monopolistic competition","authors":"V. Boitier","doi":"10.17811/ebl.12.1.2023.85-90","DOIUrl":"https://doi.org/10.17811/ebl.12.1.2023.85-90","url":null,"abstract":"Using Hart (1979, 1985) and Mas-Colell (1984), I defend the idea that the standard ownership structure is somewhat problematic in general equilibrium models of monopolistic competition because profit maximization is not a justified objective of the firm. I then advocate that a solution to overcome this methodological issue is when ownership is disproportionally concentrated among households.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":" ","pages":""},"PeriodicalIF":0.9,"publicationDate":"2023-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47453324","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 : 2023-03-26DOI: 10.17811/ebl.12.1.2023.49-61
Juliane Sormain, Michael Ryan
This study examines the impact of sub-national healthcare infrastructure heterogeneity on the location choice of inward foreign direct investment (FDI). We do so by employing an augmented gravity model on Japanese firm-level FDI into European NUTS-2 regions during the period 2000-2017. Differences in each region's per capita number of hospital beds and practicing physicians highlight the healthcare infrastructure heterogeneity across Europe. Our negative binomial estimation results indicate that both hospital beds and practicing physicians significantly positively attract inward FDI, with physician density having the more significant impact. The findings are consistent with the hypothesis that the quality of local institutions is a determinant of FDI attraction.
{"title":"Regional healthcare infrastructure disparities and foreign direct investment into Europe","authors":"Juliane Sormain, Michael Ryan","doi":"10.17811/ebl.12.1.2023.49-61","DOIUrl":"https://doi.org/10.17811/ebl.12.1.2023.49-61","url":null,"abstract":"This study examines the impact of sub-national healthcare infrastructure heterogeneity on the location choice of inward foreign direct investment (FDI). We do so by employing an augmented gravity model on Japanese firm-level FDI into European NUTS-2 regions during the period 2000-2017. Differences in each region's per capita number of hospital beds and practicing physicians highlight the healthcare infrastructure heterogeneity across Europe. Our negative binomial estimation results indicate that both hospital beds and practicing physicians significantly positively attract inward FDI, with physician density having the more significant impact. The findings are consistent with the hypothesis that the quality of local institutions is a determinant of FDI attraction.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":" ","pages":""},"PeriodicalIF":0.9,"publicationDate":"2023-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46374101","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 : 2023-03-26DOI: 10.17811/ebl.12.1.2023.20-32
Ngo Thai Hung, Vo Xuan Vinh
This study analyzes asymmetric transmission from the COVID-19 pandemic to major foreign exchange markets from 2 January 2020 to 2 June 2022. This paper contributes to the literature by investigating how the impact of COVID-19 on currency markets co-moves across market conditions and investment horizons. The article uses the recently developed cross-quantilogram framework to achieve this, which quantifies the cross-quantile dependency across time series without any moment condition requirement. The findings demonstrate that changes in the total daily global confirmed cases of COVID-19 can forecast changes in the currency markets under all market circumstances. These findings have significant implications for global investors and policymakers.
{"title":"Asymmetric impact of the COVID-19 pandemic on foreign exchange markets: Evidence from an extreme quantile approach","authors":"Ngo Thai Hung, Vo Xuan Vinh","doi":"10.17811/ebl.12.1.2023.20-32","DOIUrl":"https://doi.org/10.17811/ebl.12.1.2023.20-32","url":null,"abstract":"This study analyzes asymmetric transmission from the COVID-19 pandemic to major foreign exchange markets from 2 January 2020 to 2 June 2022. This paper contributes to the literature by investigating how the impact of COVID-19 on currency markets co-moves across market conditions and investment horizons. The article uses the recently developed cross-quantilogram framework to achieve this, which quantifies the cross-quantile dependency across time series without any moment condition requirement. The findings demonstrate that changes in the total daily global confirmed cases of COVID-19 can forecast changes in the currency markets under all market circumstances. These findings have significant implications for global investors and policymakers.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":" ","pages":""},"PeriodicalIF":0.9,"publicationDate":"2023-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42618271","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 : 2023-03-26DOI: 10.17811/ebl.12.1.2023.75-84
Robert F. Maris, M. Cameron
Pets are an important part of many peoples’ lives, and provide mental, physical and emotional benefits. However, the costs of pet ownership have received little attention. We investigate the association between pet ownership and wage income using data from the 2018 General Social Survey. We hypothesise that pet ownership may negatively influence income by lowering labour mobility and positively influence income by garnering valuable psychosocial attributes. We analyse interactions between pet ownership and education, pet ownership and housing tenure, and pet ownership and race to further investigate the potential labour mobility channel. Overall, we find that pet ownership decreases wage income and that these negative effects are larger for groups where mobility effects are likely higher.
{"title":"The labour market trade-offs of pet ownership","authors":"Robert F. Maris, M. Cameron","doi":"10.17811/ebl.12.1.2023.75-84","DOIUrl":"https://doi.org/10.17811/ebl.12.1.2023.75-84","url":null,"abstract":"Pets are an important part of many peoples’ lives, and provide mental, physical and emotional benefits. However, the costs of pet ownership have received little attention. We investigate the association between pet ownership and wage income using data from the 2018 General Social Survey. We hypothesise that pet ownership may negatively influence income by lowering labour mobility and positively influence income by garnering valuable psychosocial attributes. We analyse interactions between pet ownership and education, pet ownership and housing tenure, and pet ownership and race to further investigate the potential labour mobility channel. Overall, we find that pet ownership decreases wage income and that these negative effects are larger for groups where mobility effects are likely higher.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":" ","pages":""},"PeriodicalIF":0.9,"publicationDate":"2023-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47110573","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 : 2023-03-26DOI: 10.17811/ebl.12.1.2023.91-96
O. Bajo‐Rubio, Burcu Berke
We revisit the role of government size and labour market institutions on macroeconomic volatility, for the case of the eurozone since the adoption of the euro, which can provide a more homogeneous setting to test for macroeconomic volatility. The behaviour of the volatility of inflation looked rather different from that of GDP. Neither government size nor labour market institutions seemed to affect the volatility of GDP, except when demographic factors were included into the estimated equation; whereas lower volatility of inflation was related to a lower share of non-prime age workers and lower wage volatility.
{"title":"Revisiting the effects of government size and labour market institutions on macroeconomic volatility: the case of the eurozone","authors":"O. Bajo‐Rubio, Burcu Berke","doi":"10.17811/ebl.12.1.2023.91-96","DOIUrl":"https://doi.org/10.17811/ebl.12.1.2023.91-96","url":null,"abstract":"We revisit the role of government size and labour market institutions on macroeconomic volatility, for the case of the eurozone since the adoption of the euro, which can provide a more homogeneous setting to test for macroeconomic volatility. The behaviour of the volatility of inflation looked rather different from that of GDP. Neither government size nor labour market institutions seemed to affect the volatility of GDP, except when demographic factors were included into the estimated equation; whereas lower volatility of inflation was related to a lower share of non-prime age workers and lower wage volatility.\u0000 ","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":" ","pages":""},"PeriodicalIF":0.9,"publicationDate":"2023-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45053646","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 : 2023-03-26DOI: 10.17811/ebl.12.1.2023.1-9
F. J. Delgado, E. Gonzalez
Editorial Note
编辑注意
{"title":"Editorial Note","authors":"F. J. Delgado, E. Gonzalez","doi":"10.17811/ebl.12.1.2023.1-9","DOIUrl":"https://doi.org/10.17811/ebl.12.1.2023.1-9","url":null,"abstract":"Editorial Note","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":" ","pages":""},"PeriodicalIF":0.9,"publicationDate":"2023-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46194951","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 : 2022-12-07DOI: 10.17811/ebl.11.4.2022.150-160
Maria Karadima, H. Louri
Following the financial and debt crises in the euro area and the global COVID pandemic, governments supported their economies by increasing borrowing and accumulating debt with ambiguous long-run effects on non-performing loans (NPLs). We empirically investigate the determinants of NPLs using quarterly (2003Q1-2020Q2) aggregate data for Greece and applying the autoregressive distributed lag (ARDL) bounds testing approach. We offer new policy-making relevant evidence by showing that government debt has a significant and positive long-term impact on NPLs irrespective of possible short-term dynamics that appear to provide a temporary relief. Fiscal balance, on the contrary, exerts a negative long-term effect justifying the quest for surpluses post-COVID.
{"title":"Government debt accumulation and non-performing loans: An ARDL bounds testing approach","authors":"Maria Karadima, H. Louri","doi":"10.17811/ebl.11.4.2022.150-160","DOIUrl":"https://doi.org/10.17811/ebl.11.4.2022.150-160","url":null,"abstract":"Following the financial and debt crises in the euro area and the global COVID pandemic, governments supported their economies by increasing borrowing and accumulating debt with ambiguous long-run effects on non-performing loans (NPLs). We empirically investigate the determinants of NPLs using quarterly (2003Q1-2020Q2) aggregate data for Greece and applying the autoregressive distributed lag (ARDL) bounds testing approach. We offer new policy-making relevant evidence by showing that government debt has a significant and positive long-term impact on NPLs irrespective of possible short-term dynamics that appear to provide a temporary relief. Fiscal balance, on the contrary, exerts a negative long-term effect justifying the quest for surpluses post-COVID.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":" ","pages":""},"PeriodicalIF":0.9,"publicationDate":"2022-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44393565","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 : 2022-12-07DOI: 10.17811/ebl.11.4.2022.34-142
D. Asteriou, K. Spanos
This paper investigates how the credit to private sector affects the impact of household debt on economic growth in 25 European Union countries over the period 1995-2018. The findings reveal that the positive effect of household debt on economic growth turns to negative with the onset of the 2008 global financial crisis (GFC) and beyond a certain point at around 58% of GDP, thus suggesting that their relationship is non-linear. Interestingly, the adverse effect subjects to the increased pressure of the credit to private sector when it is above 70%, and the pressure becomes even higher when the ratio is above 90%.
{"title":"Credit to private sector, household debt and economic growth: An empirical investigation of EU countries","authors":"D. Asteriou, K. Spanos","doi":"10.17811/ebl.11.4.2022.34-142","DOIUrl":"https://doi.org/10.17811/ebl.11.4.2022.34-142","url":null,"abstract":"This paper investigates how the credit to private sector affects the impact of household debt on economic growth in 25 European Union countries over the period 1995-2018. The findings reveal that the positive effect of household debt on economic growth turns to negative with the onset of the 2008 global financial crisis (GFC) and beyond a certain point at around 58% of GDP, thus suggesting that their relationship is non-linear. Interestingly, the adverse effect subjects to the increased pressure of the credit to private sector when it is above 70%, and the pressure becomes even higher when the ratio is above 90%.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":" ","pages":""},"PeriodicalIF":0.9,"publicationDate":"2022-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47671239","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 : 2022-12-07DOI: 10.17811/ebl.11.4.2022.172-179
Luis Orea, A. Álvarez
In this paper we argue that some empirical specifications may not be appropriate to estimate accurately the returns to human capital. In particular, we show that the inclusion in aggregate production functions of the ratio of skilled labor force over total labor force as a proxy for human capital may not be a good way to control for the heterogeneity of labor.
{"title":"Alternative specifications of human capital in production functions","authors":"Luis Orea, A. Álvarez","doi":"10.17811/ebl.11.4.2022.172-179","DOIUrl":"https://doi.org/10.17811/ebl.11.4.2022.172-179","url":null,"abstract":"In this paper we argue that some empirical specifications may not be appropriate to estimate accurately the returns to human capital. In particular, we show that the inclusion in aggregate production functions of the ratio of skilled labor force over total labor force as a proxy for human capital may not be a good way to control for the heterogeneity of labor.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":" ","pages":""},"PeriodicalIF":0.9,"publicationDate":"2022-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46141403","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 : 2022-12-07DOI: 10.17811/ebl.11.4.2022.143-149
Iraklis Apergis, N. Apergis
This study explores how the climate factor impacts the resilience of the US banking system. Using an extended sample of banks, spanning the period 2000-2020, the findings document a negative effect of this climate factor on banks’ resilience. They also highlight the role of climate risk over the post-global financial crisis period. The results could have a substantial value as climate conditions can serve as an early warning system for policymakers and regulators in detecting signs of weakness, calling for immediate actions to mitigate potential vulnerabilities of banks.
{"title":"Climate factor and banks’ resilience: Evidence from US banks","authors":"Iraklis Apergis, N. Apergis","doi":"10.17811/ebl.11.4.2022.143-149","DOIUrl":"https://doi.org/10.17811/ebl.11.4.2022.143-149","url":null,"abstract":"This study explores how the climate factor impacts the resilience of the US banking system. Using an extended sample of banks, spanning the period 2000-2020, the findings document a negative effect of this climate factor on banks’ resilience. They also highlight the role of climate risk over the post-global financial crisis period. The results could have a substantial value as climate conditions can serve as an early warning system for policymakers and regulators in detecting signs of weakness, calling for immediate actions to mitigate potential vulnerabilities of banks.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":" ","pages":""},"PeriodicalIF":0.9,"publicationDate":"2022-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48924280","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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