Journal•ISSN: 0003-6846
Applied Economics
Taylor & Francis
About: Applied Economics is an academic journal published by Taylor & Francis. The journal publishes majorly in the area(s): Economics & Applied economics. It has an ISSN identifier of 0003-6846. Over the lifetime, 10752 publications have been published receiving 234051 citations.
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TL;DR: In this paper, the authors revisited the saving and investment nexus as postulated by Feldstein and Horioka (1980) and found that the saving investment correlation for China is estimated over the periods 1952-1998 and 1952-1994, the latter culminating in a fixed exchange rate regime.
Abstract: The saving and investment nexus as postulated by Feldstein and Horioka (FH) (1980) is revisited. The saving investment correlation for China is estimated over the periods 1952-1998 and 1952-1994, the latter culminating in a period of fixed exchange rate regime. Amongst the key results, it is found that saving and investment are correlated for China for both the period of the fixed exchange rate and the entire sample period. With high saving-investment correlation, the results suggest that the Chinese economy is in conformity with the FH hypothesis. This is a valid outcome, for in China capital mobility was fairly restricted over the 1952-1994 period as indicated by the relatively low foreign direct investment.
2,757 citations
TL;DR: This article developed an index of globalization covering its three main dimensions: economic integration, social integration, and political integration, using panel data for 123 countries in 1970-2000 and analyzed empirically whether the overall index and sub-indexes constructed to measure the single dimensions affect economic growth.
Abstract: The study develops an index of globalization covering its three main dimensions: economic integration, social integration, and political integration. Using panel data for 123 countries in 1970–2000 it is analysed empirically whether the overall index of globalization as well as sub-indexes constructed to measure the single dimensions affect economic growth. As the results show, globalization indeed promotes growth. The dimensions most robustly related with growth refer to actual economic flows and restrictions in developed countries. Although less robustly, information flows also promote growth whereas political integration has no effect.
2,208 citations
TL;DR: In this paper, the authors examined the role of tourism in the Spanish long-run economic development and confirmed the tourism-led growth hypothesis through cointegration and causality testing.
Abstract: This paper examines the role of tourism in the Spanish long-run economic development. The tourism-led growth hypothesis is confirmed through cointegration and causality testing. The results indicate that, at least, during the last three decades, economic growth in Spain has been sensible to persistent expansion of international tourism. The increase of this activity has produced multiplier effects over time. External competitivity has also been proved in the model to be a fundamental variable for Spanish economic growth. From the empirical analysis it can be inferred the positive effects on income that government policy, in the adequacy of supply as well as in the promotion of tourist activity, may bring about.
1,225 citations
TL;DR: In this paper, the authors studied BitCoin price formation by considering both the traditional determinants of currency price, e.g., market forces of supply and demand, and digital currencies specific factors such as BitCoin attractiveness for investors and users.
Abstract: This is the first article that studies BitCoin price formation by considering both the traditional determinants of currency price, e.g., market forces of supply and demand, and digital currencies specific factors, e.g., BitCoin attractiveness for investors and users. The conceptual framework is based on the Barro (1979) model, from which we derive testable hypotheses. Using daily data for five years (2009–2015) and applying time-series analytical mechanisms, we find that market forces and BitCoin attractiveness for investors and users have a significant impact on BitCoin price but with variation over time. Our estimates do not support previous findings that macro-financial developments are driving BitCoin price in the long run.
750 citations
TL;DR: In this article, the effects of oil price shocks on the real economic activity of the main industrialized countries are assessed empirically using both linear and non-linear models, including three approaches employed in the literature, namely, the asymmetric, scaled and net specifications.
Abstract: This study assesses empirically the effects of oil price shocks on the real economic activity of the main industrialized countries. Multivariate VAR analysis is carried out using both linear and non-linear models. The latter category includes three approaches employed in the literature, namely, the asymmetric, scaled and net specifications. Evidence of a non-linear impact of oil prices on real GDP is found. In particular, oil price increases are found to have an impact on GDP growth of a larger magnitude than that of oil price declines, with the latter being statistically insignificant in most cases. Among oil importing countries, oil price increases are found to have a negative impact on economic activity in all cases but Japan. Moreover, the effect of oil shocks on GDP growth differs between the two oil exporting countries in the sample, with the UK being negatively affected by an oil price increase and Norway benefiting from it.
629 citations