Topic
Spillover effect
About: Spillover effect is a research topic. Over the lifetime, 7869 publications have been published within this topic receiving 167367 citations.
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TL;DR: In this article, the authors developed a state-dependent sensitivity value-at-risk (SDSVaR) approach that enables them to quantify the direction, size, and duration of risk spillovers among financial institutions as a function of the state of financial markets.
Abstract: In this paper, we develop a state-dependent sensitivity value-at-risk (SDSVaR) approach that enables us to quantify the direction, size, and duration of risk spillovers among financial institutions as a function of the state of financial markets (tranquil, normal, and volatile). Within a system of quantile regressions for four sets of major financial institutions (commercial banks, investment banks, hedge funds, and insurance companies) we show that while small during normal times, equivalent shocks lead to considerable spillover effects in volatile market periods. Commercial banks and, especially, hedge funds appear to play a major role in the transmission of shocks to other financial institutions. Using daily data, we can trace out the spillover effects over time in a set of impulse response functions and find that they reach their peak after 10 to 15 days.
101 citations
TL;DR: In this article, an extension of the panel smooth transition regression (PSTR) model with nonlinear and dynamic features was introduced to simultaneously investigate the direct and spillover influences at work in FDI inflows and CO2 discharges.
100 citations
TL;DR: In this article, the authors empirically tested whether developing countries' linkages with more CO2 and SO2-efficient economies contribute to domestic improvements in CO 2 and SO 2-efficiency.
Abstract: Arguments about the "positive" influence of growing transnational linkages have typically focused on their role in diffusing environmentally-superior innovations which help to raise countries' environment-efficiency. The present article empirically tests these claims by examining whether developing countries' linkages with more CO2 and SO2-efficient economies contribute to domestic improvements in CO2 and SO2-efficiency. Our large-N, statistical findings caution against some of the efficiency-oriented optimism voiced by supporters of globalization. Although imports ties with more pollution-efficient countries are found to spillover into improved domestic CO2 and SO2-efficiency, neither transnational linkages via exports, inward foreign direct investment (FDI) nor telephone calls appear to have any influence on domestic pollution-efficiency.
100 citations
TL;DR: This paper showed that monetary policy divergence vis-a-vis the U.S. has larger spillover effects in emerging markets than advanced economies, and that emerging markets' monetary policy actions designed to limit exchange rate volatility can be counterproductive.
Abstract: I show that monetary policy divergence vis-a-vis the U.S. has larger spillover effects in emerging markets than advanced economies. The monetary policy of the U.S. affects domestic credit costs in other countries through its effect on global investors’ risk perceptions. Capital flows in and out of emerging market economies are particularly sensitive to fluctuations in such risk perceptions and have a direct effect on local credit spreads. Domestic monetary policy is ineffective in mitigating this effect as the pass-through of policy rate changes into short-term interest rates is imperfect. This disconnect between short rates and monetary policy rates is explained by changes in risk perceptions. A key policy implication of my findings is that emerging markets’ monetary policy actions designed to limit exchange rate volatility can be counterproductive.
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100 citations
TL;DR: In this article, the authors present an overview of the burgeoning literature on business improvement districts (BID) by highlighting its historical underpinnings, identifying the economic and political factors that explain its transnational proliferation, and demonstrating how the model varies within and across nations.
Abstract: This article presents an o verview of the burgeoning literature on business improvement districts (BID) by highlighting its historical underpinnings, identifying the economic and political factors that explain its transnational proliferation, and demonstrating how the model varies within and across nations. It also provides a balanced review of the key debates associated with this relatively new urban revitalization strategy by asking the following questions: Are BIDs democratic? Are BIDs accountable? Do BIDs create wealth-based inequalities in the delivery of public services? Do BIDs create spillover effects? Do BIDs over-regulate public space?
100 citations