Pub Date : 2020-07-17DOI: 10.1142/s2194565920500128
Lila J. Truett, Dale B. Truett
Portugal policy makers consider the motor vehicle industry to be critical to the country’s economy because of its potential to offer highly skilled job opportunities and incentives for innovation a...
葡萄牙的政策制定者认为，汽车行业对国家经济至关重要，因为它有潜力提供高技能的就业机会和激励创新。
{"title":"THE PORTUGUESE MOTOR VEHICLE INDUSTRY: AN IMPOSSIBLE DREAM?","authors":"Lila J. Truett, Dale B. Truett","doi":"10.1142/s2194565920500128","DOIUrl":"https://doi.org/10.1142/s2194565920500128","url":null,"abstract":"Portugal policy makers consider the motor vehicle industry to be critical to the country’s economy because of its potential to offer highly skilled job opportunities and incentives for innovation a...","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":"664 1","pages":"2050012"},"PeriodicalIF":0.7,"publicationDate":"2020-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77032159","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 : 2020-07-08DOI: 10.1142/s2194565920500074
Mohsen Bahmani‐Oskooee, A. Arize
Economic uncertainty and monetary uncertainty are two uncertainty measures that are said to affect the demand for money in any country and our region of interest, Africa, is no exception. In this p...
{"title":"ECONOMIC UNCERTAINTY, MONETARY UNCERTAINTY, AND THE DEMAND FOR MONEY IN AFRICA: AN ASYMMETRY ANALYSIS","authors":"Mohsen Bahmani‐Oskooee, A. Arize","doi":"10.1142/s2194565920500074","DOIUrl":"https://doi.org/10.1142/s2194565920500074","url":null,"abstract":"Economic uncertainty and monetary uncertainty are two uncertainty measures that are said to affect the demand for money in any country and our region of interest, Africa, is no exception. In this p...","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":"18 1","pages":"2050007"},"PeriodicalIF":0.7,"publicationDate":"2020-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89438323","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 : 2020-06-01DOI: 10.1142/s2194565920500116
Eda Orhun
This paper investigates the impact of the recent terrorist attacks on the Turkish banking sector. Specifically, an event study analysis is executed to estimate the abnormal returns of banks’ stocks in Turkey. According to the results, negative and significant abnormal returns were observed on the event dates of terrorist attacks, those of which especially occurred at international points and touristic places. The study continues with a regression analysis that looks into the cross-bank variation of abnormal returns by using important bank characteristics as predictors. The regression analysis exhibits that banks with higher leverage and larger size are prone to getting more negatively affected by the terrorist attack. On the other hand, banks with higher liquidity and higher income level are likely to have less negative abnormal returns.
{"title":"THE IMPACT OF TERRORISM ON TURKISH BANKS’ STOCKS AND CROSS-BANK VARIATION OF ABNORMAL RETURNS","authors":"Eda Orhun","doi":"10.1142/s2194565920500116","DOIUrl":"https://doi.org/10.1142/s2194565920500116","url":null,"abstract":"This paper investigates the impact of the recent terrorist attacks on the Turkish banking sector. Specifically, an event study analysis is executed to estimate the abnormal returns of banks’ stocks in Turkey. According to the results, negative and significant abnormal returns were observed on the event dates of terrorist attacks, those of which especially occurred at international points and touristic places. The study continues with a regression analysis that looks into the cross-bank variation of abnormal returns by using important bank characteristics as predictors. The regression analysis exhibits that banks with higher leverage and larger size are prone to getting more negatively affected by the terrorist attack. On the other hand, banks with higher liquidity and higher income level are likely to have less negative abnormal returns.","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":"2014 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87747791","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 : 2020-06-01DOI: 10.1142/s219456592050013x
Sidheswar Panda, Ruchi Sharma
In view of the technological advances made by emerging economies, we revisit the role of technological specializations of different economies in determining their exports. Employing revealed technological advantage (RTA) index and revealed symmetric technological advantage (RSTA) index, this study explores the technological specialization of countries in different fields and its contribution to high-technology exports. Technological specializations are operationalized using patent data and further analyzed in context of country’s exports data of 63 countries during 2000–2013. Using panel quantile regressions analysis, this paper finds that technological specialization determines the export performance of countries in different categories. We find that middle-income countries are among the top countries with respect to few fields of technological specializations. Hence, there is a need to change the perspective whereby developing countries are viewed as mere technological follower. This finding has an implication for the role of patents in technological specialization and export performance, both of which are important factors in international competitiveness.
{"title":"DOES TECHNOLOGICAL SPECIALIZATION SPUR HIGH-TECHNOLOGY EXPORTS? EVIDENCE FROM PANEL QUANTILE REGRESSIONS","authors":"Sidheswar Panda, Ruchi Sharma","doi":"10.1142/s219456592050013x","DOIUrl":"https://doi.org/10.1142/s219456592050013x","url":null,"abstract":"In view of the technological advances made by emerging economies, we revisit the role of technological specializations of different economies in determining their exports. Employing revealed technological advantage (RTA) index and revealed symmetric technological advantage (RSTA) index, this study explores the technological specialization of countries in different fields and its contribution to high-technology exports. Technological specializations are operationalized using patent data and further analyzed in context of country’s exports data of 63 countries during 2000–2013. Using panel quantile regressions analysis, this paper finds that technological specialization determines the export performance of countries in different categories. We find that middle-income countries are among the top countries with respect to few fields of technological specializations. Hence, there is a need to change the perspective whereby developing countries are viewed as mere technological follower. This finding has an implication for the role of patents in technological specialization and export performance, both of which are important factors in international competitiveness.","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":"63 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88366640","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 : 2020-05-14DOI: 10.1142/s2194565920500037
Joseph Pelzman
Iran has faced US sanctions in one form or another since its invasion of the US Embassy in Iran in 1979. The 2007-08 period marked the initiation of heightened international sanctions on Iran impos...
{"title":"THE SPILLOVER EFFECTS OF THE RE-IMPOSED UNITED STATES SANCTIONS ON IRAN ON MENA, THE PRC, RUSSIA, AND TURKEY","authors":"Joseph Pelzman","doi":"10.1142/s2194565920500037","DOIUrl":"https://doi.org/10.1142/s2194565920500037","url":null,"abstract":"Iran has faced US sanctions in one form or another since its invasion of the US Embassy in Iran in 1979. The 2007-08 period marked the initiation of heightened international sanctions on Iran impos...","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":"17 5 1","pages":"2050003"},"PeriodicalIF":0.7,"publicationDate":"2020-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81149496","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 : 2020-05-14DOI: 10.1142/s2194565920500062
Ismatilla Mardanov
The literature has extensively investigated the relationships between country economic and political institutions and human well-being. I assume that economic institutions can be the determinants o...
文献广泛调查了国家经济和政治制度与人类福祉之间的关系。我认为经济制度可以成为……的决定因素。
{"title":"POLITICAL AND ECONOMIC INSTITUTIONS AND HUMAN DEVELOPMENT: POST-COMMUNIST NATIONS","authors":"Ismatilla Mardanov","doi":"10.1142/s2194565920500062","DOIUrl":"https://doi.org/10.1142/s2194565920500062","url":null,"abstract":"The literature has extensively investigated the relationships between country economic and political institutions and human well-being. I assume that economic institutions can be the determinants o...","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":"45 1","pages":"2050006"},"PeriodicalIF":0.7,"publicationDate":"2020-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78489417","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 : 2020-05-14DOI: 10.1142/s2194565920500049
Azhar Iqbal, S. Seery
This study quantifies animal spirits by constructing an index using information from major sectors of the economy. The key drivers of the animal spirits are the monetary/fiscal policies and the sta...
{"title":"ANIMAL SPIRITS, ECONOMIC POLICIES AND BUSINESS CYCLES: THE THREE MUSKETEERS OF THE ECONOMIC WORLD","authors":"Azhar Iqbal, S. Seery","doi":"10.1142/s2194565920500049","DOIUrl":"https://doi.org/10.1142/s2194565920500049","url":null,"abstract":"This study quantifies animal spirits by constructing an index using information from major sectors of the economy. The key drivers of the animal spirits are the monetary/fiscal policies and the sta...","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":"41 1","pages":"2050004"},"PeriodicalIF":0.7,"publicationDate":"2020-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78632075","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 : 2020-05-14DOI: 10.1142/s2194565920500050
Augustin Ignatov
The European Union (EU) is the third largest energy market on the planet following China and USA, consuming more than 1.6 million tons of oil equivalent, this fact determining the community’s stren...
{"title":"ANALYSIS OF THE ENERGY SECURITY OF THE EUROPEAN UNION AND THE RELATED POLICY FRAMEWORK","authors":"Augustin Ignatov","doi":"10.1142/s2194565920500050","DOIUrl":"https://doi.org/10.1142/s2194565920500050","url":null,"abstract":"The European Union (EU) is the third largest energy market on the planet following China and USA, consuming more than 1.6 million tons of oil equivalent, this fact determining the community’s stren...","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":"53 1","pages":"2050005"},"PeriodicalIF":0.7,"publicationDate":"2020-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74822100","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 : 2020-03-24DOI: 10.21203/rs.3.rs-18365/v1
C. Nguyen, C. Schinckus, Dinh Su Thanh
The recent economic crisis re-emphasizes the importance of the economic fluctuations. This study investigates the role of shadow economy in combination with economic factors on the economic instability for 133 economies between 1991 and 2015. Using the system-GMM estimations, this paper shows that a larger shadow economy increases the fluctuations of GDP growth rate in relation to the size and the volatility of shadow economy. Notably, the shadow economy presents an inverted-U relationship with economic instability and this relationship is strongest for low- and lower-middle income economies. Our results identify two categories of drivers for economic fluctuations: the stabilizing factors (the labor force and the TFP) and the enhancing factors (capital investment, consumption, government spending, trade, and FDI inflows). Interestingly, exports increase economic fluctuations while imports decrease them. Finally, we discuss the differences in the determinants of economic instability across low, middle and high incomes countries. This study documented that shadow economy influences the economic fluctuations — our results actually confirm our hypothesis and the impact of shadow economy on the effectiveness of macroeconomic policies. The contribution of this paper is to show the extent to which the impact can affect the economic activities and how institutions can smooth this effect.
{"title":"ECONOMIC FLUCTUATIONS AND THE SHADOW ECONOMY: A GLOBAL STUDY","authors":"C. Nguyen, C. Schinckus, Dinh Su Thanh","doi":"10.21203/rs.3.rs-18365/v1","DOIUrl":"https://doi.org/10.21203/rs.3.rs-18365/v1","url":null,"abstract":"The recent economic crisis re-emphasizes the importance of the economic fluctuations. This study investigates the role of shadow economy in combination with economic factors on the economic instability for 133 economies between 1991 and 2015. Using the system-GMM estimations, this paper shows that a larger shadow economy increases the fluctuations of GDP growth rate in relation to the size and the volatility of shadow economy. Notably, the shadow economy presents an inverted-U relationship with economic instability and this relationship is strongest for low- and lower-middle income economies. Our results identify two categories of drivers for economic fluctuations: the stabilizing factors (the labor force and the TFP) and the enhancing factors (capital investment, consumption, government spending, trade, and FDI inflows). Interestingly, exports increase economic fluctuations while imports decrease them. Finally, we discuss the differences in the determinants of economic instability across low, middle and high incomes countries. This study documented that shadow economy influences the economic fluctuations — our results actually confirm our hypothesis and the impact of shadow economy on the effectiveness of macroeconomic policies. The contribution of this paper is to show the extent to which the impact can affect the economic activities and how institutions can smooth this effect.","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":"51 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2020-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79993504","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 : 2020-03-01DOI: 10.1142/s2194565920500013
L. Aghabarari, A. Rostom
This paper estimates the private sector credit cycles for most of the oil-importing and oil-exporting countries in the Middle East and North Africa. Credit cycles are the medium-term component in spectral analysis of real private sector credit growth. Besides, the paper estimates the credit cycles for several developed countries. The analysis finds substantial differences and rare similarities between credit cycles in the Middle East and North Africa and advanced countries. During 1964–2017, credit cycles in the Middle East and North Africa do not appear to be associated with GDP growth. They only explained a fraction of the growth in private sector credit, and they do not seem to be synchronized across oil-exporters and oil-importers.
{"title":"CREDIT CYCLES IN COUNTRIES IN THE MENA REGION — DO THEY EXIST? DO THEY MATTER?","authors":"L. Aghabarari, A. Rostom","doi":"10.1142/s2194565920500013","DOIUrl":"https://doi.org/10.1142/s2194565920500013","url":null,"abstract":"This paper estimates the private sector credit cycles for most of the oil-importing and oil-exporting countries in the Middle East and North Africa. Credit cycles are the medium-term component in spectral analysis of real private sector credit growth. Besides, the paper estimates the credit cycles for several developed countries. The analysis finds substantial differences and rare similarities between credit cycles in the Middle East and North Africa and advanced countries. During 1964–2017, credit cycles in the Middle East and North Africa do not appear to be associated with GDP growth. They only explained a fraction of the growth in private sector credit, and they do not seem to be synchronized across oil-exporters and oil-importers.","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":"9 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2020-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86263656","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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