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A New Chapter in Value Chain Connections between China and Europe: Are Advanced Services a New Area of Chinese Influence in European Manufacturing? 中欧价值链联系的新篇章:先进服务业是中国影响欧洲制造业的新领域吗?
IF 1.2 Q2 Economics, Econometrics and Finance Pub Date : 2023-12-15 DOI: 10.11130/jei.2023.38.4.571
Ewa Cieślik
One way to mark the presence of Chinese companies in Europe is the servicification of manufacturing with advanced services such as information and communication (ICT). Therefore, the article aims to identify the intensification of the influx of Chinese ICT services in the manufacturing of European economies, especially regarding industries dealing with transport equipment and computers, electronic and electrical equipment. A key research question going forward is: whether technological developments in China affect the country's servicification links with European manufacturing in advanced services. Applying input-output models, the study confirmed that China is more intensively servicing manufacturing in Europe with its ICT services, and the intensity of this servitization increases with the stronger position of a value-added country in GVCs.
中国公司在欧洲存在的一个标志是利用信息和通信(ICT)等先进服务将制造业服务化。因此,本文旨在确定中国信息和通信技术服务涌入欧洲经济体制造业的加剧程度,尤其是涉及运输设备、计算机、电子和电气设备的行业。未来的一个关键研究问题是:中国的技术发展是否会影响该国与欧洲先进服务制造业的服务化联系。研究运用投入产出模型证实,中国的信息和通信技术服务正在更密集地服务于欧洲的制造业,而且这种服务化的强度随着增值国在全球价值链中的地位越强而增加。
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引用次数: 0
Symmetric and Asymmetric Effects of Exchange Rate Changes on Stock Prices in Fragile Five Economies: Analysis of the Global Crisis and Pandemic Period 汇率变动对脆弱的五个经济体股票价格的对称和不对称影响:全球危机和大流行时期的分析
IF 1.2 Q2 Economics, Econometrics and Finance Pub Date : 2023-12-15 DOI: 10.11130/jei.2023.38.4.646
Işıl Erem Ceylan, Fatih Ceylan
This study examined the symmetric and asymmetric effects of exchange rate changes on stock prices in the economies of India, Indonesia, Brazil, South Africa, and Turkey, collectively known as the "Fragile Five" due to their similar economic dynamics in light of the global financial crisis and pandemic period. The study uses monthly data from July 2000 to July 2022, and panel autoregressive distributive lag and panel nonlinear autoregressive distributive lag models to investigate the effects of exchange rate changes on stock prices in the Fragile Five economies. Prior to the global financial crisis, exchange rate changes have both long- and short-term asymmetric effects on stock prices in the Fragile Five economies. However, after the global financial crisis, exchange rate changes have both short- and long-term asymmetric and symmetric effects. Similarly, exchange rate changes also have asymmetric effects on stock prices during the COVID-19 period.
本研究考察了汇率变动对印度、印度尼西亚、巴西、南非和土耳其等经济体股票价格的对称和非对称影响,由于这些经济体在全球金融危机和大流行时期的经济动态相似,因此被统称为 "脆弱五国"。本研究使用 2000 年 7 月至 2022 年 7 月的月度数据,以及面板自回归分布滞后模型和面板非线性自回归分布滞后模型,研究汇率变动对 "脆弱五国 "经济体股票价格的影响。在全球金融危机之前,汇率变动对 "脆弱五国 "的股票价格具有长期和短期的不对称影响。然而,在全球金融危机之后,汇率变动既有短期和长期的非对称效应,也有对称效应。同样,在 COVID-19 期间,汇率变动对股票价格也有非对称影响。
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引用次数: 0
An Alternative Approach to Assess the Impacts of Countercyclical Fiscal Policy in Developing Countries 评估发展中国家反周期财政政策影响的另一种方法
IF 1.2 Q2 Economics, Econometrics and Finance Pub Date : 2023-09-15 DOI: 10.11130/jei.2023.38.3.439
Van Hieu Nguyen, Thai Hong Le
In the current literature, theoretical, and empirical studies present varying implications regarding the effectiveness of countercyclical fiscal policy in stabilizing the economy. While most studies suggest that countercyclical fiscal policy stimulates or inhibits economic growth, others document insignificant impact. However, these existing studies solely analyze the impulse of fiscal policy to the economy without distinguishing whether the impulse factor originates from within or outside the economy. Therefore, we aim to explore the effectiveness of countercyclical fiscal policy within an alternative framework that discerns the origin of the impulse factor and revisits the impacts of countercyclical policy in developing countries. Our theoretical framework argues that the countercyclical fiscal policy only makes sense if it is conducted with external debt or other external instruments. Employing the dataset that covers 201 countries over the 1990-2020 periods, we document evidence for the use of countercyclical fiscal policy in developing countries.
在目前的文献中,理论和实证研究对反周期财政政策在稳定经济方面的有效性提出了不同的含义。虽然大多数研究表明反周期财政政策刺激或抑制经济增长,但也有研究表明其影响微不足道。然而,这些现有的研究仅仅分析了财政政策对经济的冲击,而没有区分刺激因素是来源于经济内部还是外部。因此,我们的目标是在另一个框架内探索反周期财政政策的有效性,该框架识别了冲动因素的起源,并重新审视了反周期政策在发展中国家的影响。我们的理论框架认为,反周期财政政策只有在借助外债或其他外部工具的情况下才有意义。利用涵盖1990-2020年期间201个国家的数据集,我们记录了发展中国家使用反周期财政政策的证据。
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引用次数: 0
Does Economic Freedom Improve FDI Inflows in Sub-Saharan Africa? 经济自由是否改善了撒哈拉以南非洲的外国直接投资流入?
IF 1.2 Q2 Economics, Econometrics and Finance Pub Date : 2023-09-15 DOI: 10.11130/jei.2023.38.3.383
Ibrahima Dia, H. A. Ondoa
The objective of this study is to investigate the effect of economic freedom on foreign direct investment (FDI) in Sub-Saharan Africa (SSA). To this end, we employed a panel data analysis across 41 countries over the period 2000-2020. We used a two-stage least squares (2SLS) estimation method to address potential endogeneity issues. We found that economic freedom plays a crucial role in enhancing FDI inflows in SSA. Specifically, the results suggest that certain dimensions of economic freedom, such as the size of government and the legal system and property rights. Have a positive effect on FDI inflows in SSA. Conversely, components or dimensions like sound money and regulation have a negative impact. Freedom to trade has a positive sign on FDI. Regardless, these effects are statistically insignificant. Based on these outcomes, SSA countries should prioritize consolidating public spending on infrastructure development and enhancing the quality of investments in human capital formation. Additionally, strengthening the legal framework by ensuring the rule of law and a functional justice system that effectively safeguards the rights of investors is also necessary.
本研究的目的是调查经济自由对撒哈拉以南非洲外国直接投资的影响。为此,我们对2000-2020年期间41个国家的面板数据进行了分析。我们使用两阶段最小二乘(2SLS)估计方法来解决潜在的内生性问题。我们发现,经济自由在增加SSA的外国直接投资流入方面发挥着至关重要的作用。具体而言,研究结果表明,经济自由的某些维度,如政府规模、法律制度和产权。对撒哈拉以南非洲的外国直接投资流入产生积极影响。相反,健全的货币和监管等组成部分或维度会产生负面影响。贸易自由对外国直接投资有积极的影响。无论如何,这些影响在统计上是微不足道的。根据这些成果,撒哈拉以南非洲国家应优先整合基础设施发展方面的公共支出,并提高人力资本形成方面的投资质量。此外,通过确保法治和有效保障投资者权利的有效司法系统来加强法律框架也是必要的。
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引用次数: 0
Analysis of Citizens' Preference for a Single Currency: The Case of the Economic and Monetary Community of Central Africa 公民对单一货币的偏好分析:以中非经济货币共同体为例
IF 1.2 Q2 Economics, Econometrics and Finance Pub Date : 2023-09-15 DOI: 10.11130/jei.2023.38.3.411
Mathieu Juliot Mpabe Bodjongo
This study explored the level of support for a single currency among citizens of the Economic and Monetary Community of Central Africa member countries. It also identified the factors that explain this support. The results of the probit model applied to Afrobarometer 2021 data highlight the influence of certain factors (the country's economic situation, citizens' living conditions, internet access, place of residence, perception of the evolution of corruption, and the effectiveness of subregional institutions) in explaining citizens' support for a single currency. In particular, when comparing Cameroonian and Gabonese citizens, this study determined that the factors of support are not entirely comparable.
本研究探讨了中非经济和货币共同体成员国公民对单一货币的支持程度。它还确定了解释这种支持的因素。应用于Afrobarometer 2021数据的probit模型的结果突出了某些因素(国家的经济状况、公民的生活条件、互联网接入、居住地、对腐败演变的看法以及次区域机构的有效性)在解释公民对单一货币的支持方面的影响。特别是,在比较喀麦隆和加蓬公民时,这项研究确定支持因素并不完全可比。
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引用次数: 0
Pass-Through Effects of the East African Community Common External Tariffs on Kenya's Domestic Prices 东非共同体共同对外关税对肯尼亚国内价格的传递效应
IF 1.2 Q2 Economics, Econometrics and Finance Pub Date : 2023-09-15 DOI: 10.11130/jei.2023.38.3.466
Justine Ongeri Mogendi, T. Nganga, Laura Nelima Barasa
This study offers an empirical microlevel analysis of the pass-through effects of the East African Community Common External Tariff on consumer prices in Kenya. Using data from the Kenya Integrated Household Budget Surveys conducted in 2005 and 2015, this research employs a fixed-effects model to estimate pass-through equations. The analysis focuses on consumer prices for agricultural and manufactured goods. It also considers household residential classifications, distinguishing between rural and urban areas, and it investigates the impact of border proximity and transportation costs on the pass-through effect. The findings show that manufactured goods have a significant pass-through effect. A 1% change in tariffs results in a 0.84% change in consumer prices for manufactured goods. However, the pass-through effects for agricultural goods were incomplete, suggesting that markets for manufactured goods are more competitive in Kenya. The study also found that pass-through effects vary depending on proximity to borders and the urban-rural divide.
本研究对东非共同体对外共同关税对肯尼亚消费者价格的传递效应进行了微观实证分析。本研究利用2005年和2015年进行的肯尼亚综合家庭预算调查的数据,采用固定效应模型来估计传递方程。分析的重点是农产品和制成品的消费价格。它还考虑了家庭住宅分类,区分了农村和城市地区,并调查了边境附近和交通成本对过境效应的影响。研究结果表明,制成品具有显著的传递效应。关税1%的变化导致制成品的消费价格变化0.84%。然而,农产品的传递效应并不完全,这表明肯尼亚的制成品市场更具竞争力。研究还发现,过境效应因边境附近和城乡差距而异。
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引用次数: 0
Inflation Threshold in the Context of Structural Breaks: Evidence from Egypt Using the Logistic Smooth Transition Regression Approach 结构性突破背景下的通货膨胀阈值:来自埃及的证据——使用Logistic平稳过渡回归方法
IF 1.2 Q2 Economics, Econometrics and Finance Pub Date : 2023-09-15 DOI: 10.11130/jei.2023.38.3.496
Mohamed Maher
The disparities in structure and nature of developing economies, in terms of their level of development, yield mixed results on the linear/nonlinear relationship between inflation and real GDP (i.e., the inflation threshold), which should be revisited. No study examined the effects of inflation on real GDP in Egypt, particularly after the 2011 revolution and the November 2016 exchange rate floating. This study empirically investigates the inflation threshold in Egypt over the period 1976-2019. In other words, it seeks to determine the optimal level of an inflation rate such that beyond it, inflation becomes a destructive element to economic growth. To this end, the logistic smooth transition regression (LSTR) has been performed. Considering structural breaks, this study checked the stationarity of the variables with the Kapetanios unit root test. Results of the LSTR technique highlight a statistically significant positive relationship between inflation and GDP growth in the lower regime at 9.32%. Beyond this threshold, inflation harms GDP growth, indicating an asymmetric relationship between the two variables. Such a specified estimated inflation threshold could assist monetary authorities in setting their inflation target to be below that threshold. This study recommends that policymakers restrict inflation and keep it below the estimated threshold, considering that inflation in the Egyptian economy is derived from the aggregate supply, demand factors and the production apparatus's inelasticity.
发展中经济体在结构和性质上的差异,就其发展水平而言,在通货膨胀与实际国内生产总值(即通货膨胀阈值)之间的线性/非线性关系上产生了喜忧参半的结果,应该重新审视这一关系。没有研究考察通货膨胀对埃及实际GDP的影响,特别是在2011年革命和2016年11月汇率浮动之后。本研究对1976-2019年间埃及的通货膨胀阈值进行了实证调查。换言之,它试图确定通货膨胀率的最佳水平,这样,超过这个水平,通货膨胀就会成为经济增长的破坏性因素。为此,进行了逻辑平稳过渡回归(LSTR)。考虑到结构断裂,本研究用Kapetanios单位根检验检验了变量的平稳性。LSTR技术的结果突出表明,在9.32%的较低水平下,通货膨胀与GDP增长之间存在统计学上显著的正相关关系。超过这一阈值,通货膨胀会损害GDP增长,表明这两个变量之间存在不对称关系。这样一个特定的估计通胀阈值可以帮助货币当局将通胀目标设定在该阈值以下。这项研究建议政策制定者限制通货膨胀,并将其保持在估计的阈值以下,因为埃及经济的通货膨胀源于总供应、需求因素和生产设备的不弹性。
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引用次数: 0
The OIC's Intra-Bloc and Extra-Bloc Trade: How Effective are the FTAs? 伊斯兰会议组织集团内和集团外贸易:自由贸易协定的效果如何?
IF 1.2 Q2 Economics, Econometrics and Finance Pub Date : 2023-09-15 DOI: 10.11130/jei.2023.38.3.360
Amjad Masood, Junaid Ahmed, Fatima Olanike Kareem
The present study evaluates the role of Free Trade Agreements (FTAs) in facilitating trade for the Organization of Islamic Cooperation (OIC) member countries. We used the structural gravity model and the Poisson pseudo-maximum likelihood estimator to examine annual bilateral trade from 2000 to 2019. We find that FTAs have a positive impact, which is more pronounced in the case of the intra-OIC trade. Furthermore, the findings show that the quality of governance in the source country influences the adjustment of the exporting process in response to the entry of an FTA. The majority of OIC countries currently have poor governance. Therefore, improving the governance conditions would encourage trade, particularly for the extra-bloc exports.
本研究评估了自由贸易协定在促进伊斯兰合作组织成员国贸易方面的作用。我们使用结构引力模型和泊松伪最大似然估计量来检验2000年至2019年的年度双边贸易。我们发现,自由贸易协定具有积极影响,这在伊斯兰会议组织内部贸易中更为明显。此外,研究结果表明,来源国的治理质量会影响出口程序的调整,以应对自由贸易协定的加入。大多数伊斯兰会议组织国家目前治理不善。因此,改善治理条件将鼓励贸易,特别是对欧盟以外的出口。
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引用次数: 0
Where Does Value-Added Flow in Gross Exports, Mr. Newton? Global Supply Chains and New Regionalization's Effects in the Asia-Pacific 牛顿先生,附加值在出口总额中流向何处?全球供应链与新区域化对亚太地区的影响
IF 1.2 Q2 Economics, Econometrics and Finance Pub Date : 2023-09-15 DOI: 10.11130/jei.2023.38.3.335
Dušan Steinhauser
The New Trade Theory proposes that participating in global supply chains (GVCs) enhances productivity and economies of scale. However, recent events like the COVID-19 pandemic and Ukraine crisis have exposed the vulnerabilities of GVCs to global risks. This study investigates the relationship between gross exports and the domestic value-added content of such exports, considering various factors, including labor productivity, especially in Belt and Road Initiative countries (A-P Belt and Road Initiative [BRI]). We analyze the role of GVCs using cross-sectional and panel data from the 2021 OECD Trade in Value-Added. Over the period from 2009 to 2018, we observed that countries with increasing productivity exported goods, services, and value-added to other countries experiencing similar productivity. Our findings indicate that export concentration contributes to increased value-added exports. However, we could not validate the effects of R&D spending, the real effective exchange rate, foreign direct investment inflows, and A-P BRI membership contributions using the difference-in-differences method.
新贸易理论提出,参与全球供应链(GVCs)可以提高生产率和规模经济。然而,最近发生的新冠肺炎大流行和乌克兰危机等事件暴露了全球价值链在全球风险面前的脆弱性。本研究考虑了包括劳动生产率在内的各种因素,特别是在“一带一路”倡议国家(A-P Belt and Road Initiative [BRI]),研究了出口总额与国内出口增加值之间的关系。我们利用经合组织2021年增值贸易的横断面和面板数据分析了全球价值链的作用。在2009年至2018年期间,我们观察到,生产率不断提高的国家向生产率相似的国家出口商品、服务和附加值。结果表明,出口集中度对出口附加值的提高有促进作用。然而,我们无法使用差中差方法验证研发支出、实际有效汇率、外国直接投资流入和A-P BRI成员贡献的影响。
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引用次数: 0
Effects of Punica granatum L. peel extract supplementation on body weight, cardiac function, and haematological and biochemical parameters in an animal model of metabolic syndrome. 补充石榴皮提取物对代谢综合征动物模型的体重、心脏功能以及血液和生化指标的影响。
IF 2.7 Q3 ECONOMICS Pub Date : 2023-06-16 eCollection Date: 2023-06-01 DOI: 10.2478/jvetres-2023-0031
Joanna Niewiadomska, Ewa Kumiega, Michał Płóciennik, Jacek Gajek, Agnieszka Noszczyk-Nowak

Introduction: Metabolic syndrome (MetS) is a cluster of pathological conditions well described in humans but still investigated insufficiently in animals. A novel approach in its management is the utilisation of nutrients from natural sources. Recent studies suggested that phenolic compounds from pomegranate peel could be a promising dietary intervention for MetS. This study evaluated the potency of polyphenol-rich pomegranate peel extract (EPP) in mitigating some MetS components in an animal model.

Material and methods: Zucker diabetic fatty rats (with an fa/fa missense mutation in the Lepr leptin receptor gene) and their healthy counterparts (fa/+) as controls were fed a high-calorie diet to induce MetS and supplemented with EPP at two doses: 100 mg/kg body weight (b.w.) and 200 mg/kg b.w. The extract was administered for eight weeks. The rats' body weights were monitored twice per week, and blood samples were taken before EPP administration after four weeks and eight weeks of study. Echocardiography measurement was performed at the beginning and at the end of the study.

Results: The extract restrained the dynamic of weight gain. A cardioprotective effect of the highest dose of EPP supplementation was manifested in a relative decrease in heart rate and improved mid-fractional shortening, representing myocardial contractility. No improvement in fasting blood glucose or lipid profile was observed.

Conclusion: Pomegranate peel extract possesses beneficial health properties that could be useful in dietary intervention in MetS. However, its bioavailability still requires further investigation in clinical trials in humans and animals suffering from endocrine and metabolic disorders.

简介代谢综合征(MetS)是一组病理症状,在人类身上已有详细描述,但在动物身上的研究仍然不足。管理代谢综合征的一种新方法是利用天然来源的营养物质。最近的研究表明,石榴皮中的酚类化合物可能是治疗 MetS 的一种很有前景的膳食干预措施。本研究评估了富含多酚的石榴皮提取物(EPP)在动物模型中减轻 MetS 某些成分的功效:材料:扎克糖尿病脂肪大鼠(Lepr 瘦素受体基因有 fa/fa 错义突变)和健康大鼠(fa/+)作为对照,喂食高热量饮食诱导 MetS,并补充两种剂量的 EPP:提取物的剂量分别为 100 毫克/千克体重(b.w.)和 200 毫克/千克体重(b.w.),连续给药八周。每周监测两次大鼠的体重,并在研究四周和八周后,在服用 EPP 前采集血液样本。在研究开始和结束时进行超声心动图测量:结果:提取物抑制了体重增加的动力。补充最高剂量的 EPP 对心脏的保护作用表现在心率的相对降低和代表心肌收缩力的中分缩短的改善。空腹血糖或血脂状况没有得到改善:结论:石榴皮提取物具有有益健康的特性,可用于 MetS 的饮食干预。然而,其生物利用度仍需在患有内分泌和代谢紊乱的人类和动物的临床试验中进一步研究。
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引用次数: 0
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Journal of Economic Integration
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