{"title":"Analysis of Comovement Between China's Commodity Futures and World Crude Oil Prices","authors":"Tianding Zhang, Song Zeng, Jiejun Li","doi":"10.18267/j.pep.847","DOIUrl":"https://doi.org/10.18267/j.pep.847","url":null,"abstract":"","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":" 561","pages":""},"PeriodicalIF":0.7,"publicationDate":"2023-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138960567","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"CAT Bonds: A Suitable Systemic Approach for Handling Catastrophic Risks in the Czech Republic?","authors":"Petra Tisová, Eva Ducháčková, Bohumil Stádník","doi":"10.18267/j.pep.844","DOIUrl":"https://doi.org/10.18267/j.pep.844","url":null,"abstract":"","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":" 7","pages":""},"PeriodicalIF":0.7,"publicationDate":"2023-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138962778","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Effects of Demographic Change on Economic Growth: A Panel ARDL Approach for Selected OECD Countries","authors":"Hakki Çiftçi, C. Bilgin, Handan Kaynar Bilgin","doi":"10.18267/j.pep.846","DOIUrl":"https://doi.org/10.18267/j.pep.846","url":null,"abstract":"","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":"123 17","pages":""},"PeriodicalIF":0.7,"publicationDate":"2023-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138959023","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We study convergence and club formation of housing prices in European countries using several measures of housing prices. We employ correlations, innovative trend and gap approaches, and cointegration analysis to study the long-term development of housing prices and their reactions to crises. We find that housing prices in European countries do not converge and their development since the creation of the monetary union has differed. The most prominent examples are the differences between Southern European countries heavily affected by the Global Financial Crisis and the rest of the countries. Our analysis reveals several country clubs with similar growth patterns and reaction to crises which do not necessarily follow the traditional division between old and new EU member states. Our findings are in line with the literature, which finds that housing prices in the EU do not converge overall, and housing prices do not co-move in general, but only within smaller subgroups, which may be regionally dispersed.
{"title":"European Housing Prices Through the Lens of Trends","authors":"Ales Melecky, Daniel Paksi","doi":"10.18267/j.pep.840","DOIUrl":"https://doi.org/10.18267/j.pep.840","url":null,"abstract":"We study convergence and club formation of housing prices in European countries using several measures of housing prices. We employ correlations, innovative trend and gap approaches, and cointegration analysis to study the long-term development of housing prices and their reactions to crises. We find that housing prices in European countries do not converge and their development since the creation of the monetary union has differed. The most prominent examples are the differences between Southern European countries heavily affected by the Global Financial Crisis and the rest of the countries. Our analysis reveals several country clubs with similar growth patterns and reaction to crises which do not necessarily follow the traditional division between old and new EU member states. Our findings are in line with the literature, which finds that housing prices in the EU do not converge overall, and housing prices do not co-move in general, but only within smaller subgroups, which may be regionally dispersed.","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":"17 5","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136262334","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Son Tran, Dat Nguyen, Khuong Nguyen, Canh Nguyen, Liem Nguyen
Using a macro-level dataset covering 173 countries from 2000 to 2020, this study is the first attempt to examine how income diversification and market concentration are related to bank stability. Firstly, we document that bank stability is positively related to revenue diversification, suggesting that banks are more stable when they are more engaged in non-traditional activities. Secondly, market concentration is positively associated with bank stability, in line with the concentration-stability hypothesis that banks in a highly concentrated banking system are more likely to be more stable. Thirdly, we show that market concentration modifies the link between revenue diversification and bank stability. Specifically, it is shown that diversified banks are more stable in a more concentrated environment compared to those on a less concentrated market. These results are robust to multiple regression specifications with different proxies for bank stability and income diversification.
{"title":"Income Diversification, Market Structure and Bank Stability: A Cross-country Analysis","authors":"Son Tran, Dat Nguyen, Khuong Nguyen, Canh Nguyen, Liem Nguyen","doi":"10.18267/j.pep.843","DOIUrl":"https://doi.org/10.18267/j.pep.843","url":null,"abstract":"Using a macro-level dataset covering 173 countries from 2000 to 2020, this study is the first attempt to examine how income diversification and market concentration are related to bank stability. Firstly, we document that bank stability is positively related to revenue diversification, suggesting that banks are more stable when they are more engaged in non-traditional activities. Secondly, market concentration is positively associated with bank stability, in line with the concentration-stability hypothesis that banks in a highly concentrated banking system are more likely to be more stable. Thirdly, we show that market concentration modifies the link between revenue diversification and bank stability. Specifically, it is shown that diversified banks are more stable in a more concentrated environment compared to those on a less concentrated market. These results are robust to multiple regression specifications with different proxies for bank stability and income diversification.","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":"130 9","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136262704","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The objective of the paper is to investigate the relationship between education and employment level in 27 member countries of OECD over the period 1998-2019. To achieve this, the paper first analyses the effect of the number of graduates from upper secondary, post-secondary and tertiary education programmes. Additionally, the paper constructs an education index which covers graduates from upper secondary, post-secondary and tertiary education programmes. After calculating distribution of graduates using the standard deviation method, the paper employs two-step system GMM developed by Arellano and Bover (1995) and Blundell and Bond (1998). The findings show that graduates from upper secondary, post-secondary and tertiary education, as well as the distribution of graduates, have a positive effect on employment, respectively. It is expected that policymakers consider the effect of graduates from different education levels on employment to design substantial education and employment strategies.
本文的目的是调查1998-2019年期间经合组织27个成员国的教育与就业水平之间的关系。为此，本文首先分析了高中、专上和高等教育课程毕业生人数的影响。此外，本文还构建了一个涵盖高中、专上和高等教育课程毕业生的教育指数。在使用标准差法计算毕业生分布后，本文采用了Arellano and Bover(1995)和Blundell and Bond(1998)开发的两步制GMM。研究结果表明，高中学历、大专学历和大学学历的毕业生，以及毕业生的分布，分别对就业有积极的影响。期望政策制定者考虑不同教育水平的毕业生对就业的影响，设计实质性的教育和就业策略。
{"title":"Education and Employment: Evidence from Selected OECD Countries","authors":"Müzeyyen Merve Şerifoğlu","doi":"10.18267/j.pep.839","DOIUrl":"https://doi.org/10.18267/j.pep.839","url":null,"abstract":"The objective of the paper is to investigate the relationship between education and employment level in 27 member countries of OECD over the period 1998-2019. To achieve this, the paper first analyses the effect of the number of graduates from upper secondary, post-secondary and tertiary education programmes. Additionally, the paper constructs an education index which covers graduates from upper secondary, post-secondary and tertiary education programmes. After calculating distribution of graduates using the standard deviation method, the paper employs two-step system GMM developed by Arellano and Bover (1995) and Blundell and Bond (1998). The findings show that graduates from upper secondary, post-secondary and tertiary education, as well as the distribution of graduates, have a positive effect on employment, respectively. It is expected that policymakers consider the effect of graduates from different education levels on employment to design substantial education and employment strategies.","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136263896","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Symmetric and Asymmetric Dynamics of Output Gap and Inflation Relation for Turkish Economy","authors":"Burhan Biçer, Almila Burgac Cil","doi":"10.18267/j.pep.842","DOIUrl":"https://doi.org/10.18267/j.pep.842","url":null,"abstract":"","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136318294","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study accounts for the nexus between financial development and intra-trade relationships using nine Regional Comprehensive Economic Partnership (RCEP) countries with the extraction of data from secondary sources spanning between 1990 and 2021. The following are the con- clusions drawn from the study: exchange rate, interest rate and inflation rate, which are criti- cal macroeconomic variables, represent unfavourable factors that suppress the intra-trade rela- tionships within the RCEP region. In light of the above, this study recommends that any time the policymakers in RCEP countries desire better intra-trade relationships within RCEP countries, they should implement a unified monetary policy that will stimulate interest rate, exchange rate and inflation rate in such a way that the intra-trade relationships will be enhanced among the RCEP countries.
{"title":"Financial Development and Intra-trade Relationships: Evidence from Panel Analysis of Regional Comprehensive Economic Partnership Countries","authors":"Chen Yan, Leilei Zhang","doi":"10.18267/j.pep.841","DOIUrl":"https://doi.org/10.18267/j.pep.841","url":null,"abstract":"This study accounts for the nexus between financial development and intra-trade relationships using nine Regional Comprehensive Economic Partnership (RCEP) countries with the extraction of data from secondary sources spanning between 1990 and 2021. The following are the con- clusions drawn from the study: exchange rate, interest rate and inflation rate, which are criti- cal macroeconomic variables, represent unfavourable factors that suppress the intra-trade rela- tionships within the RCEP region. In light of the above, this study recommends that any time the policymakers in RCEP countries desire better intra-trade relationships within RCEP countries, they should implement a unified monetary policy that will stimulate interest rate, exchange rate and inflation rate in such a way that the intra-trade relationships will be enhanced among the RCEP countries.","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136262329","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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