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Showing papers in "Panoeconomicus in 2020"


Journal ArticleDOI
TL;DR: In this article, the Toda-Yamamoto-augmented Granger causality method is applied to analyze the relationship between FDI inflows and CO2 emissions by employing annual data from 1974 to 2011 to determine whether the pollution haven hypothesis is valid in Turkey.
Abstract: The relationship between FDI inflows and carbon dioxide (CO2) emissions is still one of the most important topics among both environmentalists and economists. In this study, the Toda-Yamamoto-augmented Granger causality method is applied to analyze the relationship between FDI inflows and CO2 emissions by employing annual data from 1974 to 2011 to determine whether the pollution haven hypothesis is valid in Turkey. The results of the causality test indicated that FDI inflows and CO2 emissions have a short-run univariate causal relationship, with positive causality moving from CO2 emissions to FDI inflows. One direction effect of CO2 emissions on FDI inflows supports the pollution haven hypothesis in Turkey. Key words: FDI Inflows, CO2 Emissions, TY-VAR Causality, Turkey. JEL: O10, F13, Q56, C22. Da li je hipoteza raja za zagađenje (PHH) validna u Turskoj? Rezime: Odnos između priliva SDI i emisije ugljen-dioksida (CO2) jos uvek je jedna od najvažnijih tema i ekologa i ekonomista. U radu je primenjen prosireni Toda-Yamamoto metod Grejndžerove uzrocnosti za analizu odnosa između priliva SDI i emisije CO2 koriscenjem godisnjih podataka od 1974. do 2011. godine, kako bi se utvrdilo da li je hipoteza raja za zagađenje validna u Turskoj. Rezultati testa uzrocnosti pokazali su da prilivi SDI i emisije CO2 imaju kratkorocnu univarijantnu uzrocno-posledicnu vezu, s pozitivnom uzrocnoscu koja se krece od emisije CO2 ka prilivima SDI. Jednosmerno delovanje emisije CO2 na prilive SDI podržava hipotezu raja za zagađenje u Turskoj. Kljucne reci: prilivi SDI, emisija CO2, TY-VAR uzrocnost, Turska.

23 citations


Journal ArticleDOI
TL;DR: In this article, the authors test the income-expenditure hypothesis for eighty-one of Turkey's provinces for the period 1992 to 2013 using panel data analysis, and they provide strong support for the validity of Wagner's law and Keynes' hypothesis for Turkey.
Abstract: Wagner’s law and Keynes’ hypothesis has long been debated in economics. In this paper, we test the income-expenditure hypothesis for eighty-one of Turkey’s provinces for the period 1992 to 2013 using panel data analysis. For this purpose, the validity of these hypotheses is tested by applying recent panel cointegration and causality techniques, allowing for cross-sectional dependence and heterogeneity between regions. Under the presence of cross-sectional dependence and heterogeneity, the level of integration of the variables was tested by means of the cross-sectionally augmented Dickey-Fuller test, the presence of long-run relationship of the variables was tested with the Westerlund-Edgerton Lagrange multiplier bootstrap test, long-run cointegration coefficients were estimated with the Eberhardt-Bond panel augmented mean group method, and finally causality relationship was defined by the Dumitrescu-Hurlin test. The results of this study provide strong support for the validity of Wagner’s law and Keynes’ hypothesis for Turkey. Key words: Wagner’s law, Public expenditures, Economic growth, Cointegration, Granger causality. JEL: C23, E60, E62, H50, H72

13 citations


Journal ArticleDOI
TL;DR: This paper showed that when the main drivers of economic growth are technology and means of transportation, inequality is mostly between countries (higher global inequality), while when the major drivers of economy growth are labour (and related factors such as human capital, skills, knowledge exploitation), then inequalities are mostly within countries (high national inequality).
Abstract: The objective of this paper is to show that there is a trade-off between global inequality (between countries) and national inequality (within countries). We observed that when the former declines, the latter increases. Empirically, it is possible to observe a shift from higher global inequality to lower global inequality levels (and higher national inequality levels) since the last quarter of the previous century. From a historical perspective, my thesis is that when the main drivers of economic growth are technology and means of transportation, inequality is mostly between countries (higher global inequality). In contrast, when the main driver of economic growth is labour (and related factors such as human capital, skills, knowledge exploitation), then inequality is mostly within countries (higher national inequality). Limitations of data availability did not allow for testing these historical trends. However, the trends of global and national inequalities over the last three to four decades confirm such a thesis. Key words: Global inequality, Income inequality, Capital accumulation, Technological progress, Labour. JEL: I14, D31, F6, F43, E24.

13 citations


Journal ArticleDOI
TL;DR: In this paper, the authors examined the relationship between political stability and economic growth in 17 Middle East and North Africa (MENA) countries and found that political stability is a key determinant variable of economic growth.
Abstract: This article examines the nexus between democracy and economic growth while taking into account the role of political stability, using dynamic panel data model estimated by means of the Generalized Method of Moments (GMM) over the period 1998 to 2011 for 17 Middle East and North Africa (MENA) countries. Our empirical results showed that there is a bidirectional causal relationship between democracy and economic growth. Moreover, it was found that the effect of democracy on economic growth depends on the political stability. The results also indicated that there is important complementarity between political stability and democracy. In fact, political stability is a key determinant variable of economic growth. Eventually, democracy and political stability, taken together, have a positive and statistically significant effect on economic growth. This finding suggests that, if accompanied by a stable political system, democracy can contribute to the economic growth of countries. Thus, the MENA governments should use policies to promote political stability in the region. Key words: Political stability, Democracy, Economic growth, MENA countries. JEL: C33, F68, O11, O43, P16, P26. Ekonometrijska studija o ulozi politicke stabilnosti na odnos između demokratije i ekonomskog rasta Rad ispituje vezu između demokratije i ekonomskog rasta uzimajuci u obzir ulogu politicke stabilnosti, upotrebom dinamickog panel modela ocenjenog pomocu metoda uopstenih momenata (GMM) tokom perioda od 1998. do 2011. godine za 17 zemalja Bliskog istoka i severne Afrike (MENA). Nasi empirijski rezultati su pokazali da postoji dvosmerna uzrocna veza između demokratije i ekonomskog rasta. Osim toga, utvrđeno je da efekat demokratije na ekonomski rast zavisi od politicke stabilnosti. Rezultati takođe ukazuju da postoji znacajna komplementarnost između politicke stabilnosti i demokratije. U stvari, politicka stabilnost je kljucna odrednica promenljive ekonomskog rasta. Konacno, demokratija i politicka stabilnost, uzeti zajedno, imaju pozitivan i statisticki znacajan uticaj na ekonomski rast. Ovaj nalaz ukazuje na to da, ako je povezana sa stabilnim politickim sistemom, demokratija može da doprinese privrednom rastu zemalja. Dakle, vlade MENA zemalja treba da koriste politike da promovisu politicku stabilnost u regionu. Kljucne reci: politicka stabilnost, demokratija, ekonomski rast, MENA zemlje.

11 citations


Journal ArticleDOI
TL;DR: In this article, the authors analyzed the determinant elements of the evolution of labour income share, measured by the size of compensation of employees as a percentage of GDP in twenty European economies.
Abstract: The paper analyses the determinant elements of the evolution of labour income share, measured by the size of compensation of employees as a percentage of GDP in twenty European economies In doing so, special attention is paid to the impact of employment protection legislation Our study’s results show that the evolution of labour income share is explained by the economic growth, the growth of employment and unemployment rates, and the growth of real wages Regarding employment protection, only employment protection for temporary workers matters Our results shows that stricter provisions on the use of fixed-term and temporary agency contracts have a positive impact on the growth of the labour sharesKey words: Employment protection legislation, Labour markets, Labour income share, Income distributionJEL: C33, E24, E25, F66

9 citations


Journal ArticleDOI
TL;DR: In this paper, the authors provided new evidence on the relationship between life expectancy and economic growth using the recently developed dynamic panel threshold estimator, which indicated the existence of a non-linear relationship.
Abstract: This study contributes to economic growth literature by providing new evidence on the relationship between life expectancy and economic growth utilising the recently developed dynamic panel threshold estimator. The sample of this study contains a total of 112 developed and developing countries covering the period from 1981 to 2010. The findings indicate the existence of a non-linear relationship between life expectancy and economic growth. In particular, life expectancy is useful for economic growth but only up to a certain threshold level; any further increase in longevity above the threshold would adversely affect growth. These findings emphasise the role of demographic transition in explaining the relationship between health and economic growth.

8 citations


Journal ArticleDOI
TL;DR: In this article, the authors investigate empirically how governance institutions mediate the link between financial development and inequality and reveal that financial development is pro-inequality; however, the strength of the relationship is attenuated in contexts with stricter control of corruption, better regulatory quality, political stability and rule of law.
Abstract: The paper investigates empirically how governance institutions mediate the link between financial development and inequality. To this aim, we assemble a dataset of 48 developed and developing countries for the period 1996-2014. Results, obtained by means of instrumental variables dynamic panel data models, reveal that financial development is pro-inequality; however, the strength of the relationship is attenuated in contexts with stricter control of corruption, better regulatory quality, political stability and rule of law. Institutional domains less directly related to the market economy – political voice and accountability and government effectiveness – do not play any mediating role.Keywords: Financial development, Income inequality, Governance institutions.JEL: G00, G28, O15, O16,

8 citations


Journal ArticleDOI
TL;DR: In this paper, the authors considered the impact of military outlays on economic stance in several states in Central Europe and attempted to search the long and short-range causality between defence spending and economic growth in the Visegrad countries through analysing general values (total spending approach), as well as outlay distribution in the defence sector (spending division approach).
Abstract: This paper aims to consider the impact of military outlays on economic stance in several states in Central Europe. Therefore, we attempted to search the long- and short-range causality between defence spending and economic growth in the Visegrad countries through analysing general values (total spending approach), as well as outlay distribution in the defence sector (spending division approach). To do so, we first presented the theoretical aspect of the problem, as well as the trends in military spending of the considered states since 1993. Second, we reviewed international results of empirical examinations in this area. Then we examined causalities among variables on the grounds of VAR methodology. We did not validate the long-term causality between defence spending and economic growth in the Visegrad countries. Nonetheless, we confirmed several short-term relationships in both empirical approaches. JEL: E62, H60, F52, C22. Keywords: Military expenditure, Distribution, Economic development, Causality, Cointegration.

7 citations


Journal ArticleDOI
TL;DR: Based on the annual balanced panel data and the spatial panel data model, this paper determined the presence of absolute and conditional beta (β) convergence of per capita total electricity consumption across the provinces of Turkey between 1986 and 2013.
Abstract: The issue of convergence has been discussed in many theoretical and empirical studies. Because per capita electricity consumption is considered as an indication of economic development, this study aims to determine the presence of “absolute and conditional beta (β) convergence” of per capita total electricity consumption across the provinces of Turkey between 1986 and 2013. This work is the first investigation of electricity consumption convergence in Turkey. Based on the annual balanced panel data and the spatial panel data model, our findings indicate absolute β convergence of per capita electricity consumption across the provinces of Turkey. We conclude that regional policies are successful in reducing regional disparities in per capita electricity consumption among the provinces of Turkey. However, other indicators of economic development should be examined to determine the overall convergence. Key words: Convergence, Electricity consumption per capita, Spatial panel data model, Turkey. JEL: C50, Q41, R10. Konvergencija potrosnje elektricne energije u Turskoj: Analiza prostornih panel podataka O pitanju konvergencije je raspravljano u mnogim teorijskim i empirijskim radovima. S obzirom da se potrosnja elektricne energije po glavi stanovnika smatra pokazateljem ekonomskog razvoja, ovaj rad ima za cilj da utvrdi prisustvo „apsolutne i uslovne beta (β) konvergencije“ ukupne potrosnje elektricne energije po glavi stanovniku u provincijama Turske između 1986. i 2013. godine. Ovaj rad prvi istražuje konvergencije potrosnje elektricne energije u Turskoj. Na osnovu godisnjih uravnoteženih panel podataka i modela prostornih panel podataka, nasi rezultati pokazuju apsolutnu β konvergenciju potrosnje elektricne energije po glavi stanovnika u svim pokrajinama Turske. Zakljucujemo da su regionalne politike uspesne u smanjenju regionalnih razlika u potrosnji elektricne energije po glavi stanovnika u pokrajinama Turske. Međutim, za utvrđivanje ukupne konvergencije trebalo bi ispitati i druge pokazatelje ekonomskog razvoja. Kljucne reci: konvergencija, potrosnja elektricne energije po glavi stanovnika, model prostornih panel podataka, Turska.

7 citations


Journal ArticleDOI
TL;DR: In this paper, the effects of flexibility in the labour market on workers' monetary poverty in 15 European countries in the time span 2005-2016 were analyzed using dynamic panel data and the generalized method of moments model.
Abstract: The aim of this paper is to analyse the effects of flexibility in the labour market on workers’ monetary poverty in 15 European countries in the time span 2005–2016 We estimate how the labour market regulation index (LMRI) affects workers’ monetary poverty through two empirical exercises: in the first one, we use an autoregressive distributed lag model and, in the second one, the generalized method of moments model The results suggest that greater flexibility of the labour market is positively correlated with greater monetary poverty among employed people The result does not change significantly when introducing the effect of the economic crisis and the interaction effect between the economic crisis and the LMRI Therefore, we conclude that the outcome should be considered to be noticeable whatever the macroeconomic conditions occurring in the labour marketKey words: Labour market, Flexibility, Poverty, Dynamic panel dataJEL: C20, I30, J50

6 citations


Journal ArticleDOI
TL;DR: In this paper, the authors provided an explanation of income dynamics in the post-transition EU countries from the perspective of institutional changes and found robust evidence of the relationship between income shares and institutional reforms.
Abstract: This paper provides an explanation of income dynamics in the post-transition EU countries from the perspective of institutional changes As a result of seemingly-unrelated regressions analysis on panel data from 1990-2014, we find robust evidence of the relationship between income shares and institutional reforms The impact of reforms on the top and below-average income shares is negative, whereas this effect on above above-average income share is positive Decline of income share for the richest class during the post-transitional period can be attributed to the loss of privileges associated with the existence of an institutional vacuum in the first years of transition Although transition increased wages for workers at the end of income distribution, the job losses had a stronger effect than wage increase, so the overall effect on income share of this group is negative The winners of reforms appear as the workers with above-average income, whose skills are complementary to the changes instituted by transition to market economy and integration in the EUKey words: Institutional changes, Income inequality, European Union, Post-transition countriesJEL: D63, O15, P30

Journal ArticleDOI
TL;DR: In this paper, an error correction model for both world and regional data on trade and income using data from the World Bank for the period 1970-2017 has been proposed for the purpose of testing whether this is a structural phenomenon or not.
Abstract: This paper furthers and updates the research on the nature of the so-called global trade slowdown. Not only do we explain and discuss the determinants of this phenomenon, but we also offer an empirical description of the recent evolution of trade and trade elasticity. With the purpose of testing whether this is a structural phenomenon or not, we build an Error Correction Model for both world and regional data on trade and income using data from the World Bank for the period 1970-2017. World, OECD and Asian countries trade elasticity figures show a remarkable reduction after the hyperglobalization period (1986-2001), opposed to those of Latin America where trade volume has not stagnated so much. This slowdown might have major consequences for any country, but especially for those which have relied more intensively on trade as an engine for growth.Keywords: Global trade, Trade-income elasticity, ECM. JEL: C22, F15.

Journal ArticleDOI
TL;DR: In this paper, the authors take the concept of the economics of deforestation to analyse the consumption of firewood in Ecuador during 2018 and identify poor rural populations as being at risk, since the incomplete burning of fire wood generates emissions of CO2 that can reach levels that are harmful to their health.
Abstract: We take the concept of the economics of deforestation to analyse the consumption of firewood in Ecuador during 2018 We identify poor rural populations as being at risk, since the incomplete burning of firewood generates emissions of CO2 that can reach levels that are harmful to their health We calculate that 95% of the impacts associated with the consumption of firewood are concentrated in rural areas, most of them in poverty conditions: the deforestation of 5,935 hectares, the emission of 1,31738 Gg of CO2 and 9458 Gg of CO due to the consumption of 78208 Gg of firewood We suggest an energy policy based on solidarity to reduce health risks for these communities, which in turn will enable other impacts to be mitigated However, it will be necessary to include specific policies for commercial, industrial and productive uses of firewood, where about 65% of firewood consumption and its impacts are concentrated

Journal ArticleDOI
TL;DR: In this paper, the authors explored the short-term and long-term effects of the fiscal deficit along with other macroeconomic variables on the deteriorating trade deficit of Pakistan from 1980 to 2018 by using time series estimation techniques.
Abstract: This study is an attempt to explore the short-term and long-term effects of the fiscal deficit along with other macroeconomic variables on the deteriorating trade deficit of Pakistan from 1980 to 2018 by using time series estimation techniques. The result of the autoregressive distributed lag (ARDL) bounds testing approach and error correction term revealed the existence of cointegration among variables of interest. The estimated long-run and short-run results of the ARDL approach showed a significant positive effect of fiscal deficit on Pakistan's trade deficit in the short-run, whereas a significant adverse effect is observed in the long-run. The findings validated the twin deficit hypothesis in the short-run, whereas twin divergence proposition is observed in the long run. The study suggests prudent fiscal and monetary policies to make macroeconomic conditions favorable for the development and competitiveness of domestic production sectors engaged in the international trade. Keywords: Trade deficit, Fiscal deficit, Granger causality, ARDL, Pakistan. JEL: E62, F14, H62

Journal ArticleDOI
TL;DR: In this paper, the authors analyzed the relationship between financing constraints and firms' R&D activity using a rich and comprehensive firm-level balance sheet and income statement data set of manufacturing firms in Turkey for the period 1996 to 2013.
Abstract: We analyze the relationship between financing constraints and firms' R&D activity using a rich and comprehensive firm-level balance sheet and income statement data set of manufacturing firms in Turkey for the period 1996 to 2013. Using a firm-specific, time-varying financing constraints index, we find that financing constraints have a negative relationship with firms' R&D activity, after controlling for other determinants of R&D such as firm size, capital intensity and export market participation. Key words: R&D investment, financing constraint, credit constraint, internal funds, cash flow, Turkey. JEL: G30, G32, L20, O31, C33, E22.

Journal ArticleDOI
TL;DR: In this article, the authors proposed a theoretical framework to identify the fundamentals of house prices and decompose house prices into cyclical and bubble components, and applied the vector error correction model and other econometric techniques to testify the theoretical framework with data of seven Chinese cities from 2008M01 to 2017M12.
Abstract: House prices in the main cities of China have been rising to historically high levels. Unsustainable growth of housing prices might cause financial crises and damage the whole economy. This research aims to detect whether bubbles dominate China’s real estate market. It begins by systematically analysing the features of China’s real estate sector, followed by proposing a theoretical framework to identify the fundamentals of house prices and decompose house prices into cyclical and bubble components. It then applies the vector error correction model and other econometric techniques to testify the theoretical framework with data of seven Chinese cities from 2008M01 to 2017M12. The main findings of this research include the following four parts. Firstly, the residential housing market of Shanghai was exposed to the irrational bubble issue, but the rest six cities examined were at safe positions. Secondly, both long-run and short-run relationships between economic fundamentals and house prices have been verified. Thirdly, economic regulations also have significant effects on house prices. Finally, this research suggests that the root cause of the high housing prices in major cities in China is due to the excessive capital injection into the residential property market. Key words: China, House prices, Housing bubbles, Political adjustment, Real estate market, Macroeconomics.JEL: G15, G21, R11, R21, R31. Postoje li neracionalni mehuri pod visokim cenama stambenog smestaja u vecim gradovima Kine? Cene kuca u glavnim gradovima Kine popele su se na istorijski visoke nivoe. Neodrživi rast cena stanova mogao bi izazvati finansijske krize i naneti stetu ekonomiji kao celini. Ovo istraživanje ima za cilj da utvrdi da li mehuri dominiraju kineskim tržistem nekretnina. Pocinjemo sistematskom analizom karakteristika kineskog sektora nekretnina, nakon cega predlažemo teorijski okvir za identifikaciju osnova cena kuca i dekompoziciju cena kuca na ciklicne komponente i mehure. Zatim primenjujemo model vektorske korekcije gresaka i druge ekonometrijske tehnike za proveru teorijskog okvira sa podacima o sedam kineskih gradova od 2008M01 do 2017M12. Glavni rezultati ovog istraživanja ukljucuju sledeca cetiri dela. Prvo, tržiste stambenih stanova u Sangaju bilo je izloženo problemu iracionalnih mehura, ali ostalih sest pregledanih gradova bilo je na sigurnim pozicijama. Drugo, provereni su i dugorocni i kratkorocni odnosi između ekonomskih osnova i cena kuca. Trece, ekonomski propisi takođe imaju znacajan uticaj na cene kuca. Konacno, ovo istraživanje sugerise da je glavni uzrok visokih cena stanova u vecim gradovima Kine rezultat prevelikog ulaganja kapitala na tržistu nekretnina. Kljucne reci: Kina, cene kuca, mehuri na tržistu nekretnina, politicko prilagođavanje, tržiste nekretnina, makroekonomija.

Journal ArticleDOI
TL;DR: In this paper, the authors examined the Brexit spillovers upon the European Union Member States (MS) (EU-27) and the UK through two fundamental freedoms of regional integration: goods and services (international trade), and capital (foreign investment, FDI).
Abstract: This study examines the Brexit spillovers upon the European Union Member States (MS) (EU-27) and the UK through two fundamental freedoms of regional integration: goods and services (international trade), and capital (foreign investment, FDI). We have applied cluster analysis and structural equation modelling on a strongly balanced panel of EU-27 and the UK. Both techniques explore two scenarios that focus on the performances achieved by the EU-MS in terms of GDP per capita and GDP growth, under the impact of trade and FDI, before and after the Brexit (1995-2019 and 2020-2025 periods). Our results show that the UK’s economy will be affected both related to GDP growth and GDP per capita levels, particularly on the short run. The EU-27 impact largely differs across countries and types of international activities, being decisively influenced through the FDI relations. Overall, the spillovers induced by international flows are positive, but significantly diminished after the Brexit. Key words: Brexit, Trade, Foreign direct investment, Econometric procedures, European Union. JEL: F15, F21, F43, F47.

Journal ArticleDOI
TL;DR: In this paper, the effect of market and liquidity risks on corporate bond pricing in Turkey, an emerging market, and in Europe was investigated, and it was shown that corporate bond returns have exposure to liquidity factors and not to market factors in both settings.
Abstract: This paper investigates the effect of market and liquidity risks on corporate bond pricing in Turkey, an emerging market, and in Europe. Results show that corporate bond returns have exposure to liquidity factors and not to market factors in both settings. Corporate bonds issued in Turkey have significant exposure to fluctuations in benchmark treasury bond liquidity and corporate bond market liquidity; while corporate bonds issued in Eurozone have exposure to equity market liquidity and are sensitive to fluctuations in a 10-year generic government bond liquidity. The total estimated liquidity risk premium is 0.7% per annum for Turkish “A” and above graded corporate bonds, and 1.08% for the last investment grade level (BBB-) long term bonds. For Eurozone, the total liquidity risk premium is 0.27% for investment grade 5-10 year term bonds, 1.05% for high-yield 1-5 year term bonds and 1.02% for high-yield 5-10 year term category. Key words: Corporate bond, Liquidity risk, Credit spread, Risk premium. JEL: G12, G13.


Journal ArticleDOI
Yen-Ling Lin1
TL;DR: The authors explored higher education expansion as a possible cause of class stagnation by adopting the Human Development Index as a comprehensive indicator of individual social status, and determined dynamic mobility by observing the case of Taiwan, where higher education was expanded in 1994.
Abstract: Social class stagnation is a current topic of concern. The stagnation of generational mobility could result in society losing its ability to enhance individuals’ social status. This study explored higher education expansion as a possible cause of class stagnation by adopting the Human Development Index as a comprehensive indicator of individual social status, and determined dynamic mobility by observing the case of Taiwan, where higher education was expanded in 1994. Pseudo-panel data were obtained from the Family Income and Expenditure Survey. Our results indicate that rapid higher education expansion has a negative impact on social mobility for the generation who enters the labor market after the expansion starting point.Key words: Social class, Education expansion, Pseudo-panel data.JEL: J62, O15, I25 Generacija stagnacije: Procena uticaja prosirenja visokog obrazovanja na socijalnu mobilnost iz perspektive TajvanaStagnacija socijalne klase je aktuelna tema. Stagnacija generacijske mobilnosti može rezultirati time da drustvo izgubi sposobnost poboljsanja socijalnog statusa pojedinaca. Ova studija istraživala je sirenje visokog obrazovanja kao moguceg uzroka stagnacije klasa primenom indeksa razvoja coveka kao sveobuhvatnog pokazatelja socijalnog statusa pojedinca, i utvrdila dinamicku mobilnost posmatrajuci slucaj Tajvana, gde je visoko obrazovanje prosireno 1994. godine. Pseudo-panel podaci su dobijeni iz Ankete porodicnih prihoda i rashoda. Nasi rezultati pokazuju da brza ekspanzija visokog obrazovanja negativno utice na socijalnu mobilnost generacije koja ulazi na tržiste rada nakon pocetne tacke sirenja. Kljucne reci: socijalna klasa, prosirenje obrazovanja, podaci pseudo-panela, razlika u razlici.

Journal ArticleDOI
TL;DR: In this article, the authors used the VECM-BEKK-MGARCH method to model the volatility transmission between the markets of gasoline, exchange rates, and the hazelnut market for the period of 21.07.2005-20.3.2018.
Abstract: The study used the VECM–BEKK–MGARCH method to model the volatility transmission between the markets of gasoline, exchange rates, and the hazelnut market for the period of 21.07.2005-20.3.2018. The suitability of the VECM–BEKK–MGARCH method was confirmed by statistical testing. The changes in hazelnut prices were not affected by the changes in the prices or final values in the other two sectors (Granger causality). Moreover, the Granger causality tests revealed that, while the change in the gasoline market was not affected by the other two markets, the change in the exchange rates market was affected by the other two markets. Furthermore, especially the volatilities (long–term uncertainties) of the markets were affected by both their own short– and long–term volatilities and other sectors’ short– and long–term volatilities. It was shown that the long–term swings in these three markets were affected by the cross-interaction in the markets. Additionally, as opposed to the case in the positive news, it was observed that pieces of negative news about the markets affected the markets. Keywords: Exchange Rate, Energy Market, Hazelnut Market, Turkey, VECM–BEKK–MARCH.JEL: Q11, Q13, Q14, G17, G18 .

Journal ArticleDOI
TL;DR: In this article, the authors analyzed the distribution of Brazilian wages in the period of economic growth with income distribution and found that wage differences within occupational categories are greater than wage differences between occupational categories.
Abstract: This paper analyses in detail the distribution of Brazilian wages in the period of economic growth with income distribution Brazil presents a high structural heterogeneity that generates high wage inequality, and it is shown that wage differences within occupational categories are greater than wage differences between occupational categories Higher GDP growth followed by an incomes policy that raised low wages reduced wage differences especially within occupational categories rather than wage differences between occupational categories Key words: Income distribution, Wage distribution, EmploymentJEL: E24, O15

Journal ArticleDOI
TL;DR: In this article, a post-recession vector autoregression analysis revealed that the reserves' creation of the European Central Bank (ECB) until 2015 had an impact on the perceived credit risk that was either statistically insignificant or opposite to the expected one.
Abstract: Post Great Recession vector autoregression analysis revealed that the reserves’ creation of the European Central Bank (ECB) until 2015 had an impact on the perceived credit risk that was either statistically insignificant or opposite to the expected one. The ECB’s unconventional measures returned the real GDP growth merely to an equilibrium of nil growth. In the United States, unconventional balance sheet policies of the Federal Reserve System (the Fed) significantly increased the real GDP by between 3.2% and 5.3% and reduced the initial rise of the perceived credit risk. We argue that the plausible reason for the discrepancy between the Fed and the ECB’s outcomes were the contrasting goals of both central banks. The major conclusion is that creation of money by the central bank may support the economy after a crisis, but it cannot deliver long-run prosperity. The positive effects of balance sheet policies were found to be short-lasting. Key words: Unconventional monetary policy, Quantitative easing, Transmission mechanism, Uncertainty and growth, Central bank’s money creation. JEL: E31, E40, E58

Journal ArticleDOI
TL;DR: In this article, the authors analyzed the effectiveness of the environmental taxes and emissions trading in achieving cleaner production, that is, higher production per unit of emissions in the European Union (EU).
Abstract: The goal of this paper is to analyze the effectiveness of the environmental taxes and emissions trading in achieving cleaner production, that is, higher production per unit of emissions in the European Union (EU). The hypothesis of the paper is that the combined use of taxes and emission permits yields synergistic benefits in addition to their individual contributions. The paper uses panel analysis on the EU27 data from 2005 to 2012. The analysis does not robustly find positive effects from the interaction of these policy instruments, but it confirms that there are no negative ones. Additional interesting results are that, on average, (i) the effects of both instruments on production cleanliness are more beneficial at the regulated industries than at the national level, (ii) emissions trading is more effective than taxes, (iii) both instruments are more effective in the EU15 than in the EU12, and (iv) crisis did not significantly affect production cleanliness in the EU.Key words: Effectiveness, Production cleanliness, Policy mix, Environmental taxes, EU ETS, Panel.JEL: E60, H20, Q50.

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TL;DR: In this paper, the authors examine the impact of austerity policies on gender inequality in Mexico and Brazil and discuss the need to reconcile public expenditure with a development strategy that actually includes a gender perspective.
Abstract: This article examines the impact of austerity policies on gender inequality in Mexico and Brazil More specifically, it seeks to discuss the need to reconcile public expenditure with a development strategy that actually includes a gender perspective The feminization of poverty is of particular interest, as it is the basis upon which we try to outline the socioeconomic conditions in which Mexican and Brazilian women live with regards to progress, setbacks, and challenges Thus, a brief explanation of the term austerity is provided with the purpose of reflecting on the limitations and opportunities that public expenditure might have in terms of gender inequality Then, basic economic statistics concerning the dynamics of economic growth and public expenditure are included and certain key variables revolving around gender gaps in both countries are examined Finally, we offer a diagnosis of the consequences of poverty on the female population in order to identify the leeway that public expenditure focused on gender should have for the most vulnerable population sector The purpose is to promote development policies based on greater equality In summary, as a result of the study, we observe that public expenditure intended at fighting against poverty (female-male) had considerable success in the case of Brazil, but not in the case of Mexico However, in both countries, the recent deepening of austerity policies could limit the efforts of public expenditure on the feminization of poverty in particular, and on gender inequalities in generalKey words: Austerity, Public expenditure, Gender, Brazil, MexicoJEL: E60, H53, I30, J16


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TL;DR: In this paper, the authors analyzed Okun's Law for Spain using regional data and found that panel data techniques provided notably more stable estimates than time series techniques applied to the same regional data.
Abstract: This paper analyzes Okun’s Law for Spain using regional data. The results confirm a very high Okun coefficient for Spain, with a high degree of regional heterogeneity. Furthermore, we find that panel data techniques provide notably more stable estimates than time series techniques applied to the same regional data. Finally, the results reveal a remarkable degree of regional heterogeneity in cyclical asymmetry in Okun’s Law for the Spanish case. Keywords: Unemployment; Okun’s Law; Economic Cycles; Regional Growth. JEL: E24, E32, R11.

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TL;DR: In this article, the authors investigate the cause behind rising Target2 imbalances since early 2015, coinciding with the implementation of a quantitative easing program by the ECB and reveal that through quantitative easing, the ECB has helped to clean up banks' balance sheets and indirectly funded government spending.
Abstract: The aim of this paper is to investigate the cause behind rising Target2 imbalances since early 2015, coinciding with the implementation of a quantitative easing program by the ECB. Two facts have captured our attention. Firstly, the official explanation of rising Target2 imbalances, offered by the ECB, is not convincing because it does not fit the empirical evidence available for Italy and Spain. Further, our alternative interpretation reveals that through quantitative easing, the ECB has helped to clean up banks’ balance sheets and has indirectly funded government spending. Secondly, those who spoke out against the risks of rising Target2 imbalances in 2011-12, now remain silent on this issue, despite the fact that some of the presumed risks during the first wave of rising imbalances still hold. We interpret this silence as an implicit acceptance that the risks put forward in 2011-12 are offset by reform fatigue and anti-euro sentiments in the Euro Zone.Key words: Target2, Public sector purchase programme, Euro Zone crisis.JEL: E42, E58, F34, F36, F45.

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TL;DR: In this paper, the deceleration in the increase in adult women participation rate occurred in the presence of a significant number of women from low income and low participation rates, while in households with higher income levels the participation rate of adult women reached a very high level.
Abstract: Between 2004 and 2013, Brazilian economy experienced economic growth with improvement in income distribution. In this context, the reduction of the participation of young people continued and it was accompanied by lower participation of adult men and deceleration in increase of adult women’s participation. The good performance of the labour market increased the income of households in which women participated in economic activity. Despite the improvement, in 2013, the number of households with low socioeconomic status in which adult women faced difficulties to participate in economic activity remained significant. Thus, the deceleration in the increase in adult women participation rate occurred in the presence of a significant number of women from low income and low participation rates, while in households with higher income levels the participation rate of adult women reached a very high level.Key words: Gender, Labour market, Socioeconomic inequality.JEL: J10.

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TL;DR: In this article, the authors used the Blanchard and Quah (BQ) decomposition for a sample from 1975:05 to 2018:08, two sets of models are estimated: models for inflationary shocks and models for oil price shocks.
Abstract: Unlike previous studies, the current study uses oil price and inflationary shocks to assess the feasibility of actualizing the ECOWAS Vision 2020, which is aimed at creating a monetary union. With the help of the Blanchard and Quah (BQ) decomposition for a sample from 1975:05 to 2018:08, two sets of models are estimated: models for inflationary shocks and models for oil price shocks. It is found that although the vision is a mirage, the creation of a common currency can serve as a shock absorber against the negative spillovers of global and regional inflationary shocks. The study also finds that oil price shocks lead to appreciation of the currency for the oil exporting country Nigeria, while Nigeria, The Gambia and Ghana stand out in their responses to oil price shocks. The study recommends that these countries cannot be part of the Vision and that more coordination among ECOWAS members is needed before this Vision can be actualised.Keywords: Monetary union, Optimal currency area, ECOWAS, WAEMU, SVAR, BQ decomposition.JEL: C13, E31, E52, E58, F33, F42.