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Showing papers on "Spillover effect published in 2018"


Journal ArticleDOI
TL;DR: In this article, the spatial effects of economic globalization on CO2 emissions in a panel of 83 countries over the period 1985-2013 were investigated, and the spatial panel method was applied to address the problems of spatial dependency and the spillover effect among neighboring countries.

328 citations


Journal ArticleDOI
TL;DR: In this article, the authors adopt a systemic time-series approach to study connectedness in both returns and volatility in the carbon-energy system, and a rolling-windows method is used to show the dynamic features.

218 citations


Journal ArticleDOI
TL;DR: In this article, the authors analyzed the economic impact of the German high-speed rail (HSR) connecting Cologne and Frankfurt, which provides plausibly exogenous variation in access to surrounding economic mass, and found a causal effect of about 8.5% on average of the HSR on the GDP of three counties with intermediate stops.
Abstract: We analyze the economic impact of the German high-speed rail (HSR) connecting Cologne and Frankfurt, which provides plausibly exogenous variation in access to surrounding economic mass. We find a causal effect of about 8.5% on average of the HSR on the GDP of three counties with intermediate stops. We make further use of the variation in bilateral transport costs between all counties in our study area induced by the HSR to identify the strength and spatial scope of agglomeration forces. Our most careful estimate points to an elasticity of output with respect to market potential of 12.5%. The strength of the spillover declines by 50% ever 30 minutes of travel time, diminishing to 1% after about 200 minutes. Our results further imply an elasticity of per-worker output with respect to economic density of 3.8%, although the effects seem driven by worker and firm selection.

199 citations


Journal ArticleDOI
TL;DR: In this article, the authors investigated the volatility spillovers and co-movements among oil prices and stock prices of major oil and gas corporations over the period between 18th June 2001 and 1st February 2016.

182 citations


Journal ArticleDOI
TL;DR: In this article, the impact of factor market distortion on the green total factor productivity (GTFP) of China's economy has been investigated, and the authors suggest that the Chinese government should reduce the control of the factor market as much as possible, leaving the factor resources allocation to the market to promote an innovation-driven development and an energy-saving and environment-friendly economy in China.

173 citations


Journal ArticleDOI
TL;DR: In this paper, the authors focus on the transmission channel of uncertainty between developed economies, examining potential spillover effects between the U.S., the E.U. and Canada.

171 citations


Posted Content
TL;DR: This paper showed that an increase in the adult survival rate of 10 percentage points is associated with a 91 percent increase in labor productivity and added a strong argument for investments in population health over and above the direct welfare benefits of good health.
Abstract: There are two prominent methods to assess the effects of health on economic growth The first is based on the estimated returns on health by means of Mincer wage regressions that are aggregated to derive the macroeconomic effects of population health The second approach is based on the estimation of a generalized aggregate production function that decomposes human capital into its different components, in particular, population health While the overwhelming majority of studies based on both methods indicates a positive effect of health on economic growth, the size of the effect is still subject to intensive debate We show that, after appropriately controlling for potential spillover effects of population health at the aggregate level, the point estimate of the macroeconomic effect of health is remarkably close to the one found by aggregating the microeconomic effects Specifically, an increase in the adult survival rate of 10 percentage points is associated with a 91 percent increase in labor productivity This effect is sizable and adds a strong argument for investments in population health over and above the direct welfare benefits of good health

168 citations


Journal ArticleDOI
TL;DR: In this paper, the authors investigated the realised volatility connectedness of US crude oil futures and five China's agricultural commodity futures using connectedness measures and high-frequency data, and showed that market interdependence has increased for negative volatility relative to positive volatility, implying that volatility transmission has a leverage effect across markets.

157 citations


Journal ArticleDOI
TL;DR: A multi-host model for pathogen transmission between species inhabiting intact and converted habitat is developed, finding that the risk of spillover is highest at intermediate levels of habitat loss provides important guidance for conservation and public health policy.
Abstract: Pathogen spillover from wildlife to domestic animals and humans, and the reverse, has caused significant epidemics and pandemics worldwide. Although pathogen emergence has been linked to anthropogenic land conversion, a general framework to disentangle underlying processes is lacking. We develop a multi-host model for pathogen transmission between species inhabiting intact and converted habitat. Interspecies contacts and host populations vary with the proportion of land converted; enabling us to quantify infection risk across a changing landscape. In a range of scenarios, the highest spillover risk occurs at intermediate levels of habitat loss, whereas the largest, but rarest, epidemics occur at extremes of land conversion. This framework provides insights into the mechanisms driving disease emergence and spillover during land conversion. The finding that the risk of spillover is highest at intermediate levels of habitat loss provides important guidance for conservation and public health policy.

156 citations


Journal ArticleDOI
15 Apr 2018-Energy
TL;DR: In this article, the authors employed the method introduced by Diebold and Yilmaz (2012) which constructs the spillover index by variance decomposition of the prediction error and revealed the asymmetric spillover effect between two types of markets in return and volatility series.

141 citations


Journal ArticleDOI
TL;DR: The authors employ an asymmetric multivariate VAR-GARCH model to study spillover effects between Bitcoin and energy and technology companies and find unilateral return and volatility spillovers and bidirectional shock influences.

Journal ArticleDOI
TL;DR: In this paper, the impact of uncertainties on energy prices was explored by measuring four types of Delta conditional value-at-risk (CoVaR) using six time-varying copulas.

Journal ArticleDOI
TL;DR: In this article, the effects of both indigenous R&D and technology spillovers in the formation of FDI and trade on carbon intensity were investigated in depth by utilizing both linear and nonlinear analyses.

Journal ArticleDOI
TL;DR: In this article, the influence of neighboring urbanization in terms of the spatial dependence of PM2.5 concentrations was explored using spatial regression models that set urbanization and natural indicators as core and controlling variables, respectively, and the results showed natural controlling factors were statistically significant; their inclusion in the regression model improved the reliability of estimation.

Journal ArticleDOI
TL;DR: In this paper, a special feature on telecoupling is presented, which includes 16 articles that explore diverse tele-couplings including trade, migration, tourism, information exchange, and transnational product certification schemes.
Abstract: Telecoupling refers to socioeconomic and environmental interactions between distant coupled human and natural systems, and has become more extensive and intensive in the globalized era. The integrated framework of telecoupling examines flows of information, energy, matter, people, organisms, and other things such as financial capital and goods and products around the globe. It pinpoints causes and effects arising from engagement of diverse agents in the global sphere. This first special feature on telecoupling includes 16 articles that explore diverse telecouplings including trade, migration, tourism, information exchange, and transnational product certification schemes. Here we synthesize the articles by describing eight overarching lessons learned. These include the impact of physical, social, and institutional distance on telecouplings, key roles of agents and their inter-relationships, and the important function of telecoupling in enhancing information signals over long distances. Several lessons directly apply to global sustainability challenges, such as the importance of recognizing trade-offs between local and global sustainability and the need for multi-level management and governance solutions. We also suggest five areas of future research to help propel this nascent field forward and further cement its applicability to addressing global sustainability challenges.


Journal ArticleDOI
01 Nov 2018-Energy
TL;DR: In this article, the authors investigated the effect of urban agglomeration economies on industrial energy efficiency and found that the free-riders and race-to-the-bottom effect of industrial aggregation on industrial efficiency exceeds the demonstration and synergistic effects.

Journal ArticleDOI
TL;DR: In this paper, the authors take a look at recent substantive and methodological developments in FDI spillover analysis, which have brought some more optimistic results with regard to FDI's spillover effects, and can help in further development in this field.
Abstract: Empirical analyses of knowledge spillovers from foreign direct investment (FDI) offer mixed results; they find positive, neutral and negative FDI spillover effects. This lack of evidence mainly comes from the results of firm-level panel data analysis. This is important since this approach seems to be the most appropriate for estimating FDI spillovers. The paper takes a look at recent substantive and methodological developments in FDI spillover analysis, which have brought some more optimistic results with regard to FDI spillovers, and can help in further development in this field. The main substantive development relates to the introduction of a broad variety of sources of firm heterogeneity (foreign affiliates as well as local firms) in the analysis. Others include differentiation between vertical (inter-industry) and horizontal (intra-industry) spillovers, and host country absorptive capacity for knowledge spillovers. Methodological developments relate to distinguishing between technological/knowledge and productivity spillovers, improvement of modelling and estimation methods, and an increased amount and quality of data.

Journal ArticleDOI
TL;DR: The most widely used spillover parameters reported in the empirical literature into a standard notation are classified and standardizing spillover parameter nomenclature and articulating the causal inference assumptions required to estimate spillovers are described.
Abstract: Many public health interventions provide benefits that extend beyond their direct recipients and impact people in close physical or social proximity who did not directly receive the intervention themselves. A classic example of this phenomenon is the herd protection provided by many vaccines. If these 'spillover effects' (i.e. 'herd effects') are present in the same direction as the effects on the intended recipients, studies that only estimate direct effects on recipients will likely underestimate the full public health benefits of the intervention. Causal inference assumptions for spillover parameters have been articulated in the vaccine literature, but many studies measuring spillovers of other types of public health interventions have not drawn upon that literature. In conjunction with a systematic review we conducted of spillovers of public health interventions delivered in low- and middle-income countries, we classified the most widely used spillover parameters reported in the empirical literature into a standard notation. General classes of spillover parameters include: cluster-level spillovers; spillovers conditional on treatment or outcome density, distance or the number of treated social network links; and vaccine efficacy parameters related to spillovers. We draw on high quality empirical examples to illustrate each of these parameters. We describe study designs to estimate spillovers and assumptions required to make causal inferences about spillovers. We aim to advance and encourage methods for spillover estimation and reporting by standardizing spillover parameter nomenclature and articulating the causal inference assumptions required to estimate spillovers.

Journal ArticleDOI
TL;DR: In this article, the authors model the multivariate tail dependence structure and spillover effects across energy commodities such as crude oil, natural gas, ethanol, heating oil, coal and gasoline using canonical vine (C-vine) copula and c-vine conditional Value-at-Risk (CoVaR) to analyze the risk reduction and diversification potential of carbon assets for energy commodities.

Journal ArticleDOI
TL;DR: In this article, the impact of knowledge spillovers on output per worker at the industry level using a primal production function approach was analyzed, and the importance of horizontal and vertical foreign direct investment (FDI) in knowledge spillover was highlighted.
Abstract: This study analyzes the impact of knowledge spillovers on output per worker at the industry level using a primal production function approach. The article makes three different contributions to the international spillovers literature: (1) it identifies trade related spillovers under alternative assumptions regarding the information transferred through imports; (2) it explores the importance of horizontal and vertical foreign direct investment (FDI) in knowledge spillovers; and (3) it looks at how institutional factors determine the impact of FDI-related spillovers on productivity. The main findings of the study are: (1) international knowledge spillover is an important driver of industry output per worker, and the magnitude of this spillover effect varies with alternative assumptions about the information content embodied in imports, while high technology industries benefit significantly more from import-related knowledge spillovers; and (2) the gains from FDI spillovers are primarily horizontal, but when institutional factors are considered, countries with stronger protection of intellectual property rights and a high “ease of doing business” tend to experience a substantial increase in the effectiveness of both horizontal and vertical FDI-related spillovers

Journal ArticleDOI
TL;DR: Findings have clear policy implications: the government should be gradually reducing the labor-based FDI inflow or increasing stringency of environmental regulation in order to reduce or eliminate the negative spillover effect of the Labor- based FDI.
Abstract: This study examines the spillover effects of foreign direct investment (FDI) on green technology progress rate (as measured by the green total factor productivity). The analysis utilizes two measures of FDI, labor-based FDI and capital-based FDI, and separately investigates four sets of industry classifications—high/low discharge regulation and high/low emission standard regulation. The results indicate that in the low discharge regulation and low emission standard regulation industry, labor-based FDI has a significant negative spillover effect, and capital-based FDI has a significant positive spillover effect. However, in the high-intensity environmental regulation industry, the negative influence of labor-based FDI is completely restrained, and capital-based FDI continues to play a significant positive green technological spillover effects. These findings have clear policy implications: the government should be gradually reducing the labor-based FDI inflow or increasing stringency of environmental regulation in order to reduce or eliminate the negative spillover effect of the labor-based FDI.

Journal ArticleDOI
TL;DR: Wang et al. as discussed by the authors measured China's carbon productivity and analyzed the effect of foreign trade on carbon productivity through applying spatial lag model with the data of 30 provinces from 2000 to 2014.

Journal ArticleDOI
TL;DR: An evolving network model of credit risk contagion in the credit risk transfer CRT market is introduced and provides a theoretical framework for considering credit risk spreads in an evolving network context, which is greatly relevant for credit risk management.
Abstract: We introduce an evolving network model of credit risk contagion in the credit risk transfer CRT market. The model considers the spillover effects of infected investors, behaviors of investors and regulators, emotional disturbance of investors, market noise, and CRT network structure on credit risk contagion. We use theoretical analysis and numerical simulation to describe the influence and active mechanism of the same spillover effects in the CRT market. We also assess the reciprocal effects of market noises, risk preference of investors, and supervisor strength of financial market regulators on credit risk contagion. This model contributes to the explicit investigation of the connection between the factors of market behavior and network structure. It also provides a theoretical framework for considering credit risk contagion in an evolving network context, which is greatly relevant for credit risk management.

Journal ArticleDOI
TL;DR: Wang et al. as mentioned in this paper applied a proposed spillover index of high-dimensional generalized VAR framework to explore housing price spillovers among 69 large and medium-sized Chinese cities from July 2005 to June 2015.

Journal ArticleDOI
TL;DR: In this article, the authors used the telecoupling framework to evaluate the spillover effects of two supply chain agreements implemented in the Amazon biome as examples and evaluated their spillover effect to the Cerrado.
Abstract: Diverse conservation efforts have been expanding around the globe, even under the stress of increasing agricultural production. A striking example is the supply-chain agreements put upon the Amazon forest which had reduced deforestation by 80% from the early 2000s (27,772 km2) to 2015 (6207 km2). However, evaluation of these conservation efforts usually focused on the impacts within the Amazon biome only, while the effects that spill over to other areas (e.g., displacement of environmental pressure from one area to another) were rarely considered. Ignoring spillover effects may lead to biased or even wrong conclusions about the effectiveness of these conservation efforts because the hidden cost outside the target area of conservation may offset the achievement within it. It is thus important to assess the spillover effects of these supply-chain agreements. In this study, we used the two supply-chain agreements (i.e., Soy Moratorium and zero-deforestation beef agreement) implemented in the Amazon biome as examples and evaluated their spillover effects to the Cerrado. To achieve a holistic evaluation of the spillover effects, we adopted the telecoupling framework in our analysis. The application of the telecoupling framework includes the interactions between distant systems and extends the analytical boundaries beyond the signatory areas, which fill the gap of previous studies. Our results indicate that the supply-chain agreements have significantly reduced deforestation by half compared to projections within the sending system (i.e., Para State in the Amazon, which exports soybeans and other agricultural products), but at the cost of increasing deforestation in the spillover system (i.e., a 6.6 time increase in Tocantins State of the Cerrado, where deforestation was affected by interactions between the Amazon and other places). Our study emphasizes that spillover effects should be considered in the evaluation and planning of conservation efforts, for which the telecoupling framework works as a useful tool to do that systematically.

Journal ArticleDOI
TL;DR: In this article, the authors examined the financial connectedness via return and volatility spillovers between Brazil, Russia, India, China and South Africa (BRICS) and three global bond market indices represented by the United States of America (USA), European Monetary Union (EMU), and Japan for the period 01 January 1997 to 27 July 2016 (weekly data).

Journal ArticleDOI
TL;DR: For instance, behavioral spillover as discussed by the authors has been used to test whether behavior change resulting from an intervention affects subsequent similar behaviors in a group of individuals in the same setting, and to test the effect of behavioral change on subsequent similar behaviours.
Abstract: Psychological studies testing behavioral spillover—the notion that behavior change resulting from an intervention affects subsequent similar behaviors—has resulted in conflicting findings in the en...

Journal ArticleDOI
TL;DR: In this paper, the environmental effects of financial market development (FMD), foreign direct investment (FDI), and trade openness on the CO2 emissions per capita along with the environmental Kuznets curve (EKC) hypothesis in six East Asian countries from 1991-2014.
Abstract: This paper aspires to examine the environmental effects of financial market development (FMD), foreign direct investment (FDI), and trade openness on the CO2 emissions per capita along with the environmental Kuznets curve (EKC) hypothesis in six East Asian countries from 1991–2014. For this purpose, spatial econometrics is applied to consider the spillover effects from neighboring countries. The results of the study corroborate the spillover effects from neighboring countries’ CO2 emissions per capita, FMD, FDI, and trade openness, and the EKC hypothesis is proven true in this region. Local FDI inflows, trade openness, and energy intensity are found to be responsible for local environmental degradation. Local FMD has an insignificant environmental effect, but neighboring countries’ FMD has contributed to the local CO2 emissions per capita. Further, positive (negative) environmental spillover effects are found from neighboring countries’ FDI (trade openness).

Journal ArticleDOI
TL;DR: In this article, the authors introduce firm and worker heterogeneity into a model of innovation driven endogenous growth and study the determination of growth and income inequality in both the closed and open economy, as well as the spillover effects of policy in one country to outcomes in others.
Abstract: We introduce firm and worker heterogeneity into a model of innovation†driven endogenous growth Individuals who differ in ability sort into either a research activity or a manufacturing sector Research projects generate new varieties of a differentiated product Projects differ in quality and the resulting technologies differ in productivity In both sectors, there is a complementarity between firm quality and worker ability We study the co†determination of growth and income inequality in both the closed and open economy, as well as the spillover effects of policy in one country to outcomes in others