Pub Date : 2022-01-21DOI: 10.17811/ebl.11.1.2022.16-23
S. Faria, Sofia Gouveia, J. Rebelo
The computation of productive efficiency provides key insights for firm managers and policymakers towards improvements in the competitiveness of businesses and industries, namely those that observe firm heterogeneity and high competition, as is the case of wine. Benefiting from Portuguese wineries panel data, this research measures firms’ productive efficiency, decomposing it into transient and persistent. Results allow us to conclude that wineries can boost overall performance through better input management and long-term policies, such as improvements in market regulation and public firm support.
{"title":"Transient and persistent efficiency: an application to Portuguese wineries","authors":"S. Faria, Sofia Gouveia, J. Rebelo","doi":"10.17811/ebl.11.1.2022.16-23","DOIUrl":"https://doi.org/10.17811/ebl.11.1.2022.16-23","url":null,"abstract":"The computation of productive efficiency provides key insights for firm managers and policymakers towards improvements in the competitiveness of businesses and industries, namely those that observe firm heterogeneity and high competition, as is the case of wine. Benefiting from Portuguese wineries panel data, this research measures firms’ productive efficiency, decomposing it into transient and persistent. Results allow us to conclude that wineries can boost overall performance through better input management and long-term policies, such as improvements in market regulation and public firm support.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2022-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46925135","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 : 2022-01-21DOI: 10.17811/ebl.11.1.2022.24-32
F. Busato, B. Chiarini, Gianluigi Cisco, M. Ferrara
Global warming represents a "hot" topic in our current daily life. This paper builds up and simulates a dynamic stochastic general equilibrium (DSGE) model in the spirit of Nordhaus (2008) while investigating consumers' behavior in a context where economic and environmental issues interact. The paper suggests that households do not care about global warming as much as they should. Even if households make pro-environmental consumption choices, their investment decisions focus on the economic aspect mainly. Therefore, households' propensity to consume clean products is not sufficient to produce benefits to the environment.
{"title":"Do people really care about global warming?","authors":"F. Busato, B. Chiarini, Gianluigi Cisco, M. Ferrara","doi":"10.17811/ebl.11.1.2022.24-32","DOIUrl":"https://doi.org/10.17811/ebl.11.1.2022.24-32","url":null,"abstract":"Global warming represents a \"hot\" topic in our current daily life. This paper builds up and simulates a dynamic stochastic general equilibrium (DSGE) model in the spirit of Nordhaus (2008) while investigating consumers' behavior in a context where economic and environmental issues interact. The paper suggests that households do not care about global warming as much as they should. Even if households make pro-environmental consumption choices, their investment decisions focus on the economic aspect mainly. Therefore, households' propensity to consume clean products is not sufficient to produce benefits to the environment.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2022-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49624359","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 : 2022-01-21DOI: 10.17811/ebl.11.1.2022.7-15
Thadeu Gasparetto, Á. Barajas
Previous research evidence some negative effects after league relegations. However, these works focused only on domestic league figures, overlooking that football clubs play in simultaneous tournaments. Therefore, the effects of relegation in a domestic league on those simultaneous championships remain unclear. Our dataset comprises twenty men’s Brazilian State Championships from 2013 to 2017. Panel Data Ordinary Least Squares models are employed as econometric techniques. The results suggest that the promotions to the second tier of the Brazilian League increase both attendance and revenues of clubs while relegations impact them negatively. Nonetheless, the promotion to the top tier produces no significant increase, which may indicate a potential adverse demand effect. Further research may inspect whether it happens in European football.
{"title":"Economic effects of promotion and relegation in parallel competitions","authors":"Thadeu Gasparetto, Á. Barajas","doi":"10.17811/ebl.11.1.2022.7-15","DOIUrl":"https://doi.org/10.17811/ebl.11.1.2022.7-15","url":null,"abstract":"Previous research evidence some negative effects after league relegations. However, these works focused only on domestic league figures, overlooking that football clubs play in simultaneous tournaments. Therefore, the effects of relegation in a domestic league on those simultaneous championships remain unclear. Our dataset comprises twenty men’s Brazilian State Championships from 2013 to 2017. Panel Data Ordinary Least Squares models are employed as econometric techniques. The results suggest that the promotions to the second tier of the Brazilian League increase both attendance and revenues of clubs while relegations impact them negatively. Nonetheless, the promotion to the top tier produces no significant increase, which may indicate a potential adverse demand effect. Further research may inspect whether it happens in European football.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2022-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44590711","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 : 2022-01-21DOI: 10.17811/ebl.11.1.2022.33-40
C. Pattichis
Tax revenue elasticities are an important parameter in the management of the revenue side of the government budget as they provide information about the impact of economic growth on tax revenues and fiscal sustainability. A growing number of empirical studies have estimated such elasticities or buoyancies for different countries using various methods. This paper follows a novel approach of deriving tax revenue elasticities that are consistent with a balanced budget for six Central and Eastern European countries using data over the period 1995-2019. These derived elasticities were then compared to actual estimates reported in other studies. The main conclusion from this comparison is that, for most cases considered, tax revenues were responsive enough to economic growth to support fiscal sustainability.
{"title":"Are tax revenue elasticities consistent with a balanced government budget? An analysis and implications for six CEE countries","authors":"C. Pattichis","doi":"10.17811/ebl.11.1.2022.33-40","DOIUrl":"https://doi.org/10.17811/ebl.11.1.2022.33-40","url":null,"abstract":"Tax revenue elasticities are an important parameter in the management of the revenue side of the government budget as they provide information about the impact of economic growth on tax revenues and fiscal sustainability. A growing number of empirical studies have estimated such elasticities or buoyancies for different countries using various methods. This paper follows a novel approach of deriving tax revenue elasticities that are consistent with a balanced budget for six Central and Eastern European countries using data over the period 1995-2019. These derived elasticities were then compared to actual estimates reported in other studies. The main conclusion from this comparison is that, for most cases considered, tax revenues were responsive enough to economic growth to support fiscal sustainability.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2022-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48145232","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 : 2021-12-09DOI: 10.17811/ebl.10.4.2021.408-415
A. Ajmi, S. Akadiri
In this paper, we investigate the validity and usefulness of the symbolic transfer entropy (STE) test for longitudinal data by examining causality relationships among foreign direct investment, energy consumption, globalization and economic growth respectively, between the periods 1970-2015 using Organization for Economic Co-operation and Development (OECD) countries as a case study. Also, a comparison to validate or contrast with other existing studies results generated using other forms of causality test is given. Our findings suggest that the STE causality test is suitable approach for our OECD panel of countries.
{"title":"Energy consumption, economic growth, foreign direct investment and globalization causality nexus in OECD countries: a symbolic transfer entropy analysis","authors":"A. Ajmi, S. Akadiri","doi":"10.17811/ebl.10.4.2021.408-415","DOIUrl":"https://doi.org/10.17811/ebl.10.4.2021.408-415","url":null,"abstract":"In this paper, we investigate the validity and usefulness of the symbolic transfer entropy (STE) test for longitudinal data by examining causality relationships among foreign direct investment, energy consumption, globalization and economic growth respectively, between the periods 1970-2015 using Organization for Economic Co-operation and Development (OECD) countries as a case study. Also, a comparison to validate or contrast with other existing studies results generated using other forms of causality test is given. Our findings suggest that the STE causality test is suitable approach for our OECD panel of countries.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2021-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45787136","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 : 2021-12-09DOI: 10.17811/ebl.10.4.2021.394-402
E. C. Cagli, Pınar Evrim Mandaci
This paper examines information transmission between Bitcoin derivatives and spot exchanges using 15-minutes interval data over May 2016 - September 2020. We employ a novel econometric framework with Fourier approximation, taking structural shifts in causal linkages, on the prices, returns, and volatilities of BitMEX, the derivatives market, and five other major spot exchanges, Coinbase, Bitstamp, Kraken, CEX.io, and Poloniex. Overall, the results provide robust evidence of information flow between the derivatives and spot exchanges, implying the markets react to new information simultaneously. The results are of importance for investors conducting portfolio allocation exercises and risk management strategies.
{"title":"Information transmission between bitcoin derivatives and spot markets: high-frequency causality analysis with Fourier approximation","authors":"E. C. Cagli, Pınar Evrim Mandaci","doi":"10.17811/ebl.10.4.2021.394-402","DOIUrl":"https://doi.org/10.17811/ebl.10.4.2021.394-402","url":null,"abstract":"This paper examines information transmission between Bitcoin derivatives and spot exchanges using 15-minutes interval data over May 2016 - September 2020. We employ a novel econometric framework with Fourier approximation, taking structural shifts in causal linkages, on the prices, returns, and volatilities of BitMEX, the derivatives market, and five other major spot exchanges, Coinbase, Bitstamp, Kraken, CEX.io, and Poloniex. Overall, the results provide robust evidence of information flow between the derivatives and spot exchanges, implying the markets react to new information simultaneously. The results are of importance for investors conducting portfolio allocation exercises and risk management strategies.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2021-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49380129","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 : 2021-12-09DOI: 10.17811/ebl.10.4.2021.336-341
Todd Gabe, A. Crawley
This paper examines the effects of the COVID-related Stay-at-Home order on hospitality sales and automobile traffic counts in the State of Maine, USA. Empirical results show that the Stay-at-Home order did not have a statistically significant impact on either measure of state economic activity. Instead, households adjusted their behavior as a result of COVID-19 in advance of the Stay-at-Home order. This is an important public policy issue given the large health and economic impacts of the pandemic, and widespread use of Stay-at-Home orders. Even beyond the COVID pandemic, however, the extent to which people respond to government restrictions is important for policy development and implementation.
{"title":"Effects of the COVID-related stay-at-home order on hospitality sales and automobile traffic counts: evidence from the State of Maine, USA","authors":"Todd Gabe, A. Crawley","doi":"10.17811/ebl.10.4.2021.336-341","DOIUrl":"https://doi.org/10.17811/ebl.10.4.2021.336-341","url":null,"abstract":"This paper examines the effects of the COVID-related Stay-at-Home order on hospitality sales and automobile traffic counts in the State of Maine, USA. Empirical results show that the Stay-at-Home order did not have a statistically significant impact on either measure of state economic activity. Instead, households adjusted their behavior as a result of COVID-19 in advance of the Stay-at-Home order. This is an important public policy issue given the large health and economic impacts of the pandemic, and widespread use of Stay-at-Home orders. Even beyond the COVID pandemic, however, the extent to which people respond to government restrictions is important for policy development and implementation.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2021-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42401872","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 : 2021-12-09DOI: 10.17811/ebl.10.4.2021.403-407
L. Pérez, Álvaro Muñiz
Using panel data information from The WLA Global Lottery Data Compendium this paper estimates aggregate demand functions for lottery tickets in order to examine variation in the income elasticity of lottery tickets worldwide. The analysis uses a panel data quantile regression approach. The estimated elasticities are compared across income quartiles and world regions. The results provide evidence that a significant variation in the income elasticities across both geographic areas and the income distribution exists. Also, a clear heterogeneity in the incidence of lottery expenditures is observed. Overall, it is found that lottery is a normal good.
{"title":"The income elasticity of lottery revisited: a worldwide perspective","authors":"L. Pérez, Álvaro Muñiz","doi":"10.17811/ebl.10.4.2021.403-407","DOIUrl":"https://doi.org/10.17811/ebl.10.4.2021.403-407","url":null,"abstract":"Using panel data information from The WLA Global Lottery Data Compendium this paper estimates aggregate demand functions for lottery tickets in order to examine variation in the income elasticity of lottery tickets worldwide. The analysis uses a panel data quantile regression approach. The estimated elasticities are compared across income quartiles and world regions. The results provide evidence that a significant variation in the income elasticities across both geographic areas and the income distribution exists. Also, a clear heterogeneity in the incidence of lottery expenditures is observed. Overall, it is found that lottery is a normal good.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2021-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41531385","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 : 2021-12-09DOI: 10.17811/ebl.10.4.2021.359-368
P. Vu, Phung Bao Ngoc Van
This paper investigates the relationship between a country’s national culture and the level of aid it grants to other countries. We rely on Hofstede’s culture framework to quantify national culture and find that national culture and aid are significantly related. Specifically, we show that countries having high power distance, high masculinity and high uncertainty avoidance cultures appear to refrain from engaging in foreign assistance programmes. On the other hand, high individualistic-culture countries tend to provide greater levels of foreign aid. Overall, the results imply that national culture matters in shaping the donation behaviour of aid providers.
{"title":"National culture and the distribution of foreign aid","authors":"P. Vu, Phung Bao Ngoc Van","doi":"10.17811/ebl.10.4.2021.359-368","DOIUrl":"https://doi.org/10.17811/ebl.10.4.2021.359-368","url":null,"abstract":"This paper investigates the relationship between a country’s national culture and the level of aid it grants to other countries. We rely on Hofstede’s culture framework to quantify national culture and find that national culture and aid are significantly related. Specifically, we show that countries having high power distance, high masculinity and high uncertainty avoidance cultures appear to refrain from engaging in foreign assistance programmes. On the other hand, high individualistic-culture countries tend to provide greater levels of foreign aid. Overall, the results imply that national culture matters in shaping the donation behaviour of aid providers.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2021-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45690422","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 : 2021-12-09DOI: 10.17811/ebl.10.4.2021.349-358
Matheus Koengkan, J. Fuinhas, I. Vieira
This article investigates the impact of trade openness on the consumption of fossil fuels for a panel of fourteen LAC countries over the period from 1990 to 2014. To this end, a PARDL model in unrestricted error-correction form is estimated. The results of the model regression point indicate that the impact of economic growth and elasticity of trade openness are statistically significant at the 1% level and contribute to increased consumption of fossil fuels in the LAC countries. However, the impact and elasticity of consumption of renewable energy are statistically significant at 1% and 5% levels and thus contribute to decreasing consumption of fossil fuels.
{"title":"Measuring the effect of trade liberalisation on the consumption of non-renewable energy sources in Latin America & the Caribbean Countries","authors":"Matheus Koengkan, J. Fuinhas, I. Vieira","doi":"10.17811/ebl.10.4.2021.349-358","DOIUrl":"https://doi.org/10.17811/ebl.10.4.2021.349-358","url":null,"abstract":"This article investigates the impact of trade openness on the consumption of fossil fuels for a panel of fourteen LAC countries over the period from 1990 to 2014. To this end, a PARDL model in unrestricted error-correction form is estimated. The results of the model regression point indicate that the impact of economic growth and elasticity of trade openness are statistically significant at the 1% level and contribute to increased consumption of fossil fuels in the LAC countries. However, the impact and elasticity of consumption of renewable energy are statistically significant at 1% and 5% levels and thus contribute to decreasing consumption of fossil fuels.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2021-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44092944","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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