Time–frequency dependency of financial risk and economic risk: evidence from GreeceJournal of Economic Structures - Tập 8 Số 1 - 2019
Derviş Kırıkkaleli
Abstract
This study aims to shed some light on the one of the most popular phenomena in the economics and finance literature—nexus between economic growth and financial development—for the case of Greece over 1990Q1 to 2018Q4 within the framework of risk. In other words, this study investigates the causal link between financial risk and economic risk in Greece using wavelet coherence tests while answering the following questions: (i) does financial risk lead to economic risk in Greece and/or does economic risk lead to financial risk in Greece, and (ii) if so, why? The wavelet coherence approach allows the study to capture the long-run and short-run causal linkages among the time series variables since the approach combines time and frequency domain causalities. The findings from wavelet coherence supports the Schumpeter hypothesis since the findings proves that there is unidirectional causality from financial risk to economic risk in Greece (i) between 1995 and 1998; (ii) between 2003 and 2013; (iii) between 2013 and 2017 at different frequency levels. The findings clearly reveal how financial risk is important predictor for economic risk in Greece over the period of 1990–2018.
Analysis of households’ vulnerability to food insecurity and its influencing factors in East Hararghe, EthiopiaJournal of Economic Structures - Tập 8 - Trang 1-17 - 2019
Million Sileshi, Reuben Kadigi, Khamaldin Mutabazi, Stefan Sieber
Previous studies on food insecurity in many developing countries, including Ethiopia, have mainly focused on current food insecurity, lacking the ex-ante analysis. An understanding of household vulnerability to food insecurity is critically important to inform the formulation of policies and strategies to enhance food security and reduce vulnerability to food insecurity among smallholder farmers. This paper analyses vulnerability to food insecurity of farming households using the vulnerability as expected poverty (VEP) approach. The paper is based on cross-section data collected from a sample of 408 households in East Hararghe, Ethiopia, selected using a multi-stage sampling procedure. The factors which influenced vulnerability to food insecurity were analyzed using the Feasible General Least Squares regression model. The results of analysis indicate that vulnerability to food insecurity increased with the age of household head (P < 0.1), and family size (P < 0.01). It decreased with access to improved seeds (P < 0.01), adoption of soil and water conservation (P < 0.01), size of cultivated land (P < 0.1), and access to credits (P < 0.1). Based on the intensity of their vulnerability, households were grouped as chronic food insecure (24.27%), transient food insecure (11.77%), highly vulnerable-food secure (18.38%), and low vulnerable-food secure (45.59%). Overall, about 54% of households were categorized as vulnerable to food insecurity. These included households who were food insecure at the time of the survey (36.02%) and those who were categorized as transient food secure group (18.38%). These findings imply that food insecurity policies and interventions in developing countries should focus not only on households that are currently food insecure, but also on those categorized as transient food insecure or households that are more likely to be food insecure in the near future.
Analysis of red pepper marketing: evidence from northwest EthiopiaJournal of Economic Structures - Tập 8 - Trang 1-14 - 2019
Abebe Birara Dessie, Tigabu Dagnew Koye, Abebe Dagnew Koye, Asmamaw Alemu Abitew
Red pepper is the world’s second important vegetable ranking after tomatoes. It is the most common spice type which is produced for both commercial and consumption purposes due to its great role in flavoring, food coloring and source of vitamins and minerals. It is also an important cash crop for households and 68% production is for commercial purpose in Amhara region of Ethiopia. However, empirical evidence is lacking on market chain of red pepper in northwest Ethiopia. Therefore, this research was attempted to analyze the market chain of red pepper and the factors that determine the supply of red pepper to the market. Primary data were collected through a semi-structured interview’s schedule administered on 385 red pepper producers and 47 traders selected using simple random sampling technique. Moreover, the survey was supplemented by using secondary data, focus group discussions and key informant interviews. Furthermore, combinations of data analysis methods such as the descriptive and econometrics model were used for data analysis. The producers’ survey result revealed that 92.47% of red pepper output was supplied to the market. Moreover, the main receivers of red pepper output were district wholesalers, district retailers and district assemblers (collectors) who possess 60.2%, 13.25% and 10.25%, respectively. This implies that district wholesalers took the lion share across the red pepper market channels. The remaining amount were traded by rural retailer and district urban wholesalers (about 12.12%). Furthermore, the multiple linear regression model result revealed that various policy-relevant variables such as access to extension (p < 0.1), yield (p < 0.01), experience (p < 0.1), off-farm income (p < 0.05) and market price (p < 0.01) influenced the marketable supply of red pepper significantly. Generally, red pepper is one of the most important spice which is mainly produced for commercial purpose yet various production and marketing constraints negatively influenced. Therefore, spice producers, development agents, agricultural experts, research institutions, the Ethiopian government and partner organizations should give special attention for extension service, introducing productive and disease-resistant pepper varieties and infrastructure development to enhance the production and commercial value of red pepper at national and international levels.
Phân tích so sánh các ảnh hưởng của các yếu tố thể chế và Giả thuyết Piketty về bất bình đẳng: chứng cứ từ một tập hợp các quốc gia Dịch bởi AI Journal of Economic Structures - Tập 9 - Trang 1-28 - 2020
Ali Sarkhosh-Sara, Khadije Nasrollahi, Karim Azarbayjani, Rasul Bakhshi Dastjerdi
Có nhiều báo cáo về việc điều tra ảnh hưởng của các yếu tố thể chế và Giả thuyết Piketty đối với bất bình đẳng thu nhập; tuy nhiên, các ảnh hưởng của cả hai yếu tố dường như được nghiên cứu riêng rẽ. Chúng tôi giả định rằng tự do kinh tế được nhìn nhận như một cải cách hoặc sự bóp méo thể chế có ảnh hưởng tương đối lớn hơn đến bất bình đẳng so với các lực tác động đến sự phân hóa thu nhập do Thomas Piketty giới thiệu. Bài báo này xem xét lại mối quan hệ giữa bất bình đẳng thu nhập và (r−g) và khám phá vai trò của tự do kinh tế như một chỉ số thể chế trong việc giải thích mối quan hệ này. Căn cứ vào dữ liệu bất bình đẳng mới nhất từ Cơ sở Dữ liệu Bất bình đẳng Thế giới (WID) và Chỉ số Bất bình đẳng Thu nhập Thế giới Chuẩn hóa (SWIID) cho 82 quốc gia trong giai đoạn 2000–2017, một mô hình bất bình đẳng được ước tính để nắm bắt rõ rệt tác động tương tác giữa (r−g) và tự do kinh tế. Khẳng định rằng tự do kinh tế ảnh hưởng đến bất bình đẳng theo hình thức phi tuyến, chúng tôi cũng tìm thấy bằng chứng rằng (r−g) làm tăng bất bình đẳng trong ngắn hạn, cho thấy rằng những người nắm giữ vốn từ trước có tỷ lệ thu nhập lớn hơn. Tuy nhiên, tác động của (r−g) không mạnh bằng tác động của tự do kinh tế và không có ý nghĩa ở các quốc gia có bất bình đẳng cao. Điều này ngụ ý rằng các yếu tố thể chế đóng vai trò quan trọng hơn so với Giả thuyết Piketty trong bối cảnh bất bình đẳng cao. Hơn nữa, các biến liên quan đến lạm phát, tỷ lệ tiết kiệm gộp, độ mở thương mại và tỷ lệ thất nghiệp đã cho thấy là các yếu tố dương và có ý nghĩa nhất quán nhất, trong khi các biến liên quan đến GDP bình quân đầu người, chi tiêu chính phủ, lợi tức tài nguyên thiên nhiên và doanh thu thuế có tác động tiêu cực và có ý nghĩa đến các ước lượng cơ bản.
#bất bình đẳng #tự do kinh tế #Giả thuyết Piketty #yếu tố thể chế #phân tích so sánh
The Samuelson macroeconomic model as a singular linear matrix difference equationJournal of Economic Structures - - 2020
Fernando Ortega, María Filomena Lopes de Barros
AbstractIn this paper, we revisit the famous classical Samuelson’s multiplier–accelerator model for national economy. We reform this model into a singular discrete time system and study its solutions. The advantage of this study gives a better understanding of the structure of the model and more deep and elegant results.
CO2 emissions from service sectors in Ecuador: an analysis using input–output subsystemsJournal of Economic Structures - Tập 12 Số 1
Edwin Buenaño, Emilio Padilla, Vicent Alcántara
AbstractEcuador is one of the most megadiverse countries in the world and a pioneer in establishing some regulations to take care of its environment. Despite this, its levels of pollution and environmental deterioration are higher than those of neighboring countries. A better understanding of the pollution channels of a subsystem such as services, which increasingly occupies a more relevant place in the economy and many of its activities tend to go unnoticed as a source of pollution, allows the development of mitigation strategies that could be analyzed and adopted for similar contexts. We estimated direct and indirect emissions for the 71 economic activities of Ecuador and applied an input–output subsystem analysis, breaking down the generation of total CO2 emissions (direct and indirect) of the 18 activities that make up the services subsystem into 6 sources. Total emissions of the services subsystem were a third of the emissions for the year 2018. Although it is known that transport is a well-known relevant actor in overall CO2 emissions, our decomposition provides a clearer view of the direct and indirect pollution channels of other relevant service sectors. We detect several service sectors with an insignificant level of direct CO2 emissions and a high level of total emissions. This is the case of trade services, real estate services, services provided by professionals, telecommunications or the government public administration. These sectors induce the generation of emissions from other sectors inside and outside the services subsystem. The results inform the design of policies to mitigate CO2 emissions in Ecuador.
Interactive aspects of producers and waste-disposal firms out of a market boundaryJournal of Economic Structures - Tập 5 - Trang 1-29 - 2016
Eiji Hosoda
This paper examines how environmentally friendly production and disposal of waste are promoted by interaction between producers and disposal firms out of a market boundary. Utilizing the dual nature of price and quantity systems, I show that the concept of natural price or production price can be applied to constructing a sustainable economy, where production and waste disposal are made with a relatively small environmental burden. I demonstrate that such a sustainable economy can be created by extended producer responsibility.
A new identification method of economic large shocks in the input–output framework: application to the COVID-19Journal of Economic Structures - Tập 12 - Trang 1-14 - 2023
Ali Elguellab, Elhadj Ezzahid, Hicham Baddi
The COVID-19 pandemic has had a significant and unprecedented impact on the global economy, affecting both supply and demand in various industries. The literature on the pandemic has mainly focused on evaluating its real-time impact, using input–output analysis as a toolset. However, this paper aims to identify the magnitude of the large shock after observing its impacts on the economy. The proposed methodology adopts the main assumptions usually made in input–output analysis and focuses on the short term, assuming no significant changes in structures and prices. The approach is based on the technique of hypothetical extraction, which is generalized to consider the possibility of a shock simultaneously impacting all industries. Applying this approach to the Moroccan economy to identify the COVID-19 shock at the sectoral level, it appears that the most significant negative shocks were experienced by three industries, namely tourism, transport and mechanical industries, metallurgical, electrical. This is largely due to the nature of these industries, which are more sensitive to production constraints imposed to limit the spread of the pandemic. The results also show that other branches of activity have been severely impacted via the indirect channel of inputs rather than directly by the shock of the pandemic.
