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Asymmetric connectedness among the G7 REITs market: How important are oil returns, climate policy uncertainty, and geopolitical risks? 七国集团房地产投资信托基金市场之间的不对称联系:石油回报、气候政策不确定性和地缘政治风险有多重要?
IF 1.2 Q3 ECONOMICS Pub Date : 2025-01-27 DOI: 10.1016/j.rie.2025.101043
Obaika M. Ohikhuare, Oluwatomisin J. Oyewole
This paper examines how global factors influence the asymmetric connectedness among G7 REITs markets. It hypothesizes that bearish markets may exhibit higher connectedness than bullish markets because people react more to losses than gains. Using the extended TVP-VAR model, the study estimates connectedness indexes under three market conditions across three samples: pre-crisis, crisis, and full sample. The findings reveal that REIT markets are more connected in bearish conditions than in bullish ones, even when connectedness was heightened during crises. Additionally, the study reveals that market conditions can alter risk and opportunity spillover structures among G7 REITs, making assets considered safe in one market risky in another, especially during crises. We further explain how geopolitical risks and climate policy uncertainty drive crude oil returns and how they collectively influence G7 REITs' connectedness. To achieve this, we employed both causality-in-quantile and quantile regression techniques. We found that these factors have a heterogeneous impact on total connectedness across market conditions, samples, and quantiles, offering valuable insights for policymakers and investors.
本文研究了全球因素对七国集团REITs市场不对称连通性的影响。它假设看跌市场可能比看涨市场表现出更高的连通性,因为人们对损失的反应大于对收益的反应。利用扩展的tpv - var模型,本研究估计了三种市场条件下的连通性指数,包括三个样本:危机前、危机后和完整样本。研究结果显示,房地产投资信托基金市场在看跌时的关联度高于看涨时,即使在危机期间关联度有所提高。此外,研究表明,市场条件可以改变七国集团房地产投资信托基金之间的风险和机会溢出结构,使得在一个市场中被认为安全的资产在另一个市场中具有风险,尤其是在危机期间。我们进一步解释地缘政治风险和气候政策的不确定性如何推动原油回报,以及它们如何共同影响G7 REITs的连通性。为了实现这一点,我们采用了分位数因果关系和分位数回归技术。我们发现,这些因素对不同市场条件、样本和分位数的总连通性有异质影响,为政策制定者和投资者提供了有价值的见解。
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引用次数: 0
The effect of a skilled workforce on price levels 熟练劳动力对价格水平的影响
IF 1.2 Q3 ECONOMICS Pub Date : 2025-01-27 DOI: 10.1016/j.rie.2025.101035
Roni Frish
This paper builds on Clague's argument that countries with skilled workers have lower costs for producing nontradable services, leading to a lower price level. It formalizes this idea in a model and validates it empirically using data from 95 countries over five decades. The analysis shows a significant negative effect of workforce education on the price level, confirming the Clague effect. However, this effect has diminished in the last two decades, likely due to skill-intensive services becoming more tradable through international e-commerce. The study highlights omitted variable bias in Balassa-Samuelson hypothesis tests, as they often exclude workforce skill level, which affects price level and productivity.
本文建立在克拉格的论点之上,即拥有熟练工人的国家生产非贸易服务的成本较低,从而导致较低的价格水平。它将这一想法形式化在一个模型中,并使用来自95个国家50年来的数据对其进行了实证验证。分析显示劳动力教育对价格水平有显著的负向影响,证实了克拉格效应。然而,这种影响在过去二十年中已经减弱,可能是由于技术密集型服务通过国际电子商务变得更加可交易。该研究强调了巴拉萨-萨缪尔森假设检验中遗漏的变量偏差,因为它们通常排除了影响价格水平和生产率的劳动力技能水平。
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引用次数: 0
The intergenerational transmission of health during childhood 童年期健康的代际传递
IF 1.2 Q3 ECONOMICS Pub Date : 2025-01-27 DOI: 10.1016/j.rie.2025.101029
Kunz Modeste Mbenga Bindop, Benjamin Fomba Kamga
Health during childhood is a key determinant of future outcomes. However, some children start life in an unfavourable situation just because of their family inheritance. This study analyses mother's health effect on their offspring's health aged 0–12 years, and the interaction between mothers’ health and education in the child's health production. By using an original instrument and applying an endogenous multivariate probit to the last two “Enquêtes Camerounaises Auprès des Ménages” (ECAM 3 and 4), the study reveals an intergenerational transmission of health during childhood life and the complementarity of mothers' health and educational capital in the production of health for their children. Although inequalities in health decrease with the mother's educational level, there are thresholds beyond which this effect fade due to the potential excessive participation of women in the labour market. The fall in this phenomenon in the older cohort (6 to 12 years) reveals the importance for the most educated mothers to make a more altruistic trade-off between economic work and childcare in the first five years of their offspring's lives. However, the self-assessed use of healthcare by children reported by parents could be a limitation inherent to the quality of the data used in the Cameroonian context.
儿童时期的健康状况是决定未来结果的关键因素。然而,有些孩子仅仅因为他们的家庭遗传而在不利的情况下开始生活。本研究分析了母亲健康对0 ~ 12岁子代健康的影响,以及母亲健康与教育在子代健康生产中的交互作用。通过使用一种原始工具,并对最后两个“ Enquêtes Camerounaises aupr des msamnages ” (ECAM 3和4)应用一种内生的多变量概率,该研究揭示了儿童时期健康的代际传递,以及母亲的健康和教育资本在为子女提供健康方面的互补性。虽然健康方面的不平等随着母亲受教育程度的提高而减少,但由于妇女可能过度参与劳动力市场,超过一定的阈值,这种影响就会消失。这一现象在年龄较大的年龄组(6至12岁)中有所下降,这表明受教育程度最高的母亲在子女出生后的头5年里,在经济工作和照顾孩子之间做出更无私的权衡是很重要的。然而,父母报告的儿童对医疗保健使用情况的自我评估可能是喀麦隆所使用数据质量固有的限制。
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引用次数: 0
Examining the role of environmental tax, green innovation, and digital financial inclusion for energy transition: Evidence from OECD countries 考察环境税、绿色创新和数字普惠金融在能源转型中的作用:来自经合组织国家的证据
IF 1.2 Q3 ECONOMICS Pub Date : 2025-01-26 DOI: 10.1016/j.rie.2025.101034
Thai Hong Le, Minh Lam Mai, Mai Quynh Thi Nguyen, Anh Phuong Nguyen, Chi Phuong Do
This research aims to examine the influence of environmental tax, green innovation, and digital financial inclusion on energy transition in OECD countries during the period from 1994 to 2020. Results from the panel quantile regression analysis reveal that environmental tax positively influences the energy transition at the lower and middle quantiles whilst financial inclusion is positively associated with energy transition across all quantiles. Our results also show a positive relationship between green innovation and energy transition, though the lack of significant coefficients across all quantiles suggests a disparity between green innovation and immediate energy transition outcomes. Our findings highlight the need for regulatory agencies to design a flexible and fair environmental tax system, particularly in applying taxes according to the pollution intensity of different energy sources.
本研究旨在考察1994 - 2020年期间环境税、绿色创新和数字普惠金融对经合组织国家能源转型的影响。面板分位数回归分析的结果显示,环境税对中低分位数的能源转型有积极影响,而金融包容性与所有分位数的能源转型呈正相关。我们的研究结果还表明,绿色创新与能源转型之间存在正相关关系,尽管在所有分位数中缺乏显著的系数,表明绿色创新与直接能源转型结果之间存在差异。我们的研究结果强调,监管机构需要设计一个灵活和公平的环境税收制度,特别是在根据不同能源的污染强度征收税收方面。
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引用次数: 0
Re-assessment of sustainability of current account deficit in India: Insights from threshold cointegration and NARDL analysis 印度经常账户赤字可持续性的再评估:来自阈值协整和NARDL分析的见解
IF 1.2 Q3 ECONOMICS Pub Date : 2025-01-25 DOI: 10.1016/j.rie.2025.101039
Lingaraj Mallick
I examine the sustainability of CAD by employing both linear and threshold cointegration (Enders and Siklos, 2001) and Engle-Granger (1987) from the period 1960 to 2019. Results of the threshold and Engle-Granger cointegration confirm long-run equilibrium association between exports and imports indicating strong presence of sustainability of CAD in India. This reveals that after certain threshold level of current account deficit i.e., 3%, both export and import have different speed of adjustment towards long-run and their adjustment is asymmetric in nature. These results reveal that after certain threshold level of current account deficit, there should be systematic policy to adjust short-run behaviour of imports to bring back to the long-run for sustainability of current account deficit in India. The policy makers should consider the nonlinear behaviour of current account deficit while formulating any policy prescription towards sustainability of current account deficit in India. The export sector has to be encouraged and the import sector has to be restricted by implementing tight import restricted policies. Further, based on the threshold cointegration and asymmetric error correction mechanism, after estimated threshold, both exports and imports react differently to short-run positive and negative shocks. However, sufficient condition of intertemporal budget constraint is not satisfied by NARDL method. Overall findings conclude that CAD in India is weakly sustainable. Following the empirical results some policy suggestions are suggested.
从1960年到2019年,我通过采用线性和阈值协整(Enders and Siklos, 2001)和Engle-Granger(1987)来检验CAD的可持续性。阈值和恩格尔-格兰杰协整的结果证实了出口和进口之间的长期均衡关联,表明印度CAD的可持续性很强。这表明,在一定的经常账户赤字阈值水平(即3%)之后,出口和进口都有不同的长期调整速度,其调整本质上是不对称的。这些结果表明,在一定的经常账户赤字阈值水平之后,应该有系统的政策来调整进口的短期行为,以使印度的经常账户赤字回到长期的可持续性。政策制定者在制定印度经常账户赤字可持续性政策处方时,应考虑经常账户赤字的非线性行为。必须鼓励出口部门,并通过执行严格的进口限制政策来限制进口部门。此外,基于阈值协整和非对称误差修正机制,在估计阈值后,出口和进口对短期正冲击和负冲击的反应不同。然而,该方法不满足跨期预算约束的充分条件。总体结果表明,印度CAD的可持续性较弱。根据实证结果,提出了政策建议。
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引用次数: 0
Does free pre-kindergarten increase birth rates? Preliminary evidence from Vermont 免费的学前教育能提高出生率吗?来自佛蒙特州的初步证据
IF 1.2 Q3 ECONOMICS Pub Date : 2025-01-25 DOI: 10.1016/j.rie.2025.101040
Masanori Kuroki
This study investigates the impact of Vermont's Act 166 of 2014, which established universal pre-kindergarten, on birth rates among women aged 20–44. Contrary to the expectation of increased fertility, no meaningful increase in total, first, or subsequent birth rates was observed after program implementation. This aligns with existing research suggesting limited effectiveness of pronatalist policies. However, subsequent birth rates in Vermont declined at a slower rate than first birth rates compared to a synthetic control group, hinting at a potential positive influence on existing parents' decisions to have additional children.
这项研究调查了佛蒙特州2014年第166号法案对20-44岁女性出生率的影响,该法案建立了普遍的学前教育。与提高生育率的预期相反,在计划实施后,没有观察到总出生率、首次出生率或后续出生率有意义的增加。这与现有研究一致,表明生育政策的有效性有限。然而,与合成对照组相比,佛蒙特州的后续出生率下降速度比首次出生率慢,这暗示了对现有父母决定生育更多孩子的潜在积极影响。
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引用次数: 0
Natural resources abundance and Income Inequality: Time series evidence from India 自然资源丰富与收入不平等:来自印度的时间序列证据
IF 1.2 Q3 ECONOMICS Pub Date : 2025-01-13 DOI: 10.1016/j.rie.2025.101027
Nitish Kumar , Kundan Kumar
This study examines how the abundance of natural resources influences income inequality in India for the period 1971 to 2020. The study employs the Lee and Strazicich unit root test to identify structural break in the data, the Bayer-Hanck test of Co-integration and, methods for example FMOLS, DOLS and CRR to estimate long run coefficient. Further, to determine the direction of causality among the variables, Pairwise Granger Causality Tests is used. The results of Bayer-Hanck test for Co-integration confirms the presence of long-run association among variables. Empirical results show that income inequality is positively and significantly related with natural resources, urbanization, digitalization and physical capital, while it is negatively associated with human capital. The Granger Causality test reveals a bidirectional causal relation between natural resources and digitalization, whereas a unidirectional causal relationship is observed from human capital and physical capital to income inequality. The result of this study recommends policymakers, addressing income inequality in India requires effective and equitable allocation of resources, ensuring digital inclusion of its citizens, economic integration, promoting sustainable urban development and investment in both human and physical capital.
本研究考察了1971年至2020年期间印度自然资源的丰富程度如何影响收入不平等。本研究采用Lee and Strazicich单位根检验来识别数据中的结构断裂,采用bayer - hank协整检验,采用FMOLS、DOLS、CRR等方法估计长期系数。此外,为了确定变量之间的因果关系方向,使用了成对格兰杰因果关系检验。协整的bayer - hank检验结果证实变量之间存在长期关联。实证结果表明,收入不平等与自然资源、城市化、数字化和物质资本呈显著正相关,与人力资本呈负相关。格兰杰因果检验表明,自然资源与数字化之间存在双向因果关系,而人力资本和物质资本与收入不平等之间存在单向因果关系。这项研究的结果建议政策制定者,解决印度的收入不平等问题需要有效和公平的资源分配,确保其公民的数字包容,经济一体化,促进可持续的城市发展以及人力和物质资本投资。
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引用次数: 0
From globalization to glocalization: Cultural interdependence as a source of FDI motivation 从全球化到全球本土化:文化相互依存是FDI动因的来源
IF 1.2 Q3 ECONOMICS Pub Date : 2025-01-12 DOI: 10.1016/j.rie.2025.101024
Suparna Chakraborty , Miao Grace Wang , M. C. Sunny Wong
In this paper, we explore the agglomeration effect of culture on foreign direct investment (FDI). Using data on US FDI to 74 host countries from 1984 to 2017, our analysis shows a negative effect of bilateral cultural distance on US FDI to a host, consistent with previous studies. Central to our research is the application of a higher-order spatial model, which enables us to examine correlations of FDI across various hosts along both geographical and cultural dimensions. We find that US FDI across culturally similar host nations move together. Specifically, our results show that US FDI in a host may rise by 0.25% with every 1% increase in US FDI in other hosts that are culturally similar to the host of interest. Such results are robust to a battery of sensitivity checks, such as controlling for spatial correlation of geographically proximate hosts. Further, the agglomeration effects also display significant variations across industries.
本文探讨了文化对外商直接投资的集聚效应。利用1984年至2017年美国对74个东道国的FDI数据,我们的分析显示,双边文化距离对美国对东道国的FDI产生了负面影响,这与之前的研究结果一致。我们研究的核心是应用高阶空间模型,该模型使我们能够从地理和文化两个维度检查不同东道国之间的FDI相关性。我们发现,在文化相似的东道国,美国的FDI是一起移动的。具体来说,我们的研究结果表明,美国对一个东道国的直接投资可能会增加0.25%,而美国对其他东道国的外国直接投资每增加1%,而这些东道国与感兴趣的东道国文化相似。这样的结果对一系列敏感性检查是稳健的,例如控制地理上邻近宿主的空间相关性。此外,产业间的集聚效应也存在显著差异。
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引用次数: 0
On the return distributions of a basket of cryptocurrencies and subsequent implications 关于一篮子加密货币的回报分布及其影响
IF 1.2 Q3 ECONOMICS Pub Date : 2025-01-11 DOI: 10.1016/j.rie.2025.101028
Christoph J. Börner, Ingo Hoffmann, Lars M. Kürzinger, Tim Schmitz
This study evaluates the risk associated with capital allocation in cryptocurrencies (CCs) using a basket of 27 CCs and the CC index EWCI-. We apply basic statistical tests to model the body distribution of CC returns. Consistent with prior research, the stable distribution (SDI) is the most suitable model for the body distribution. However, due to less favorable properties in the tail area for high quantiles, the generalized Pareto distribution is employed. A combination of both distributions is utilized to calculate Value at Risk and Conditional Value at Risk, revealing distinct risk characteristics in two subgroups of CCs.
本研究使用一篮子27个加密货币和加密货币指数EWCI-来评估与加密货币(CC)资本配置相关的风险。我们应用基本的统计检验来模拟CC收益的主体分布。与以往的研究一致,稳定分布(SDI)模型是最适合的体分布模型。然而,由于高分位数尾部区域的特性不太好,因此采用广义Pareto分布。两种分布的组合被用来计算风险值和条件风险值,揭示了两个cc亚组中不同的风险特征。
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引用次数: 0
Application of the estimation of multiple effect size to frontier efficiency meta-regression of agriculture in Ghana 多重效应量估计在加纳农业前沿效率元回归中的应用
IF 1.2 Q3 ECONOMICS Pub Date : 2025-01-11 DOI: 10.1016/j.rie.2025.101026
Justice G. Djokoto , Akua Agyeiwaa-Afrane , Charlotte Badu-Prah , Ferguson K. Gidiglo , Francis Y. Srofenyoh , Kofi Aaron A-O. Agyei-Henaku
We applied a method of estimating multiple effect sizes to agricultural efficiency data in Ghana. We used multi-efficiency data from 195 publications and 345 observations and fitted it to ordinary least squares regression to illustrate how the model works. The data is unique in the meta-regression efficiency space, containing all efficiency measures. We depart from existing frontier efficiency meta-regression by estimating the combined effect sizes of technical efficiency and other dimensions of frontier efficiency. We extended the single effect size estimation model to a multiple effect size estimation model. The application of the data showed that the strongest differences related to profit efficiency, the meta-regression of which has never been published. The average of the arithmetic means should not be considered as the overall efficiency, rather, the combined effect size in frontier efficiency meta-regression models.
我们对加纳的农业效率数据应用了一种估计多重效应大小的方法。我们使用了来自195篇出版物和345次观测的多效率数据,并将其拟合到普通最小二乘回归中,以说明模型是如何工作的。数据是唯一的元回归效率空间,包含所有的效率措施。我们从现有的前沿效率元回归出发,估计了技术效率和其他前沿效率维度的综合效应大小。我们将单效应量估计模型扩展到多效应量估计模型。数据的应用表明,最大的差异与利润效率有关,其元回归从未发表过。在前沿效率元回归模型中,算术均值的平均值不应被视为整体效率,而应被视为综合效应大小。
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引用次数: 0
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Research in Economics
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