From education to democracy: evidence from long-run time-varying estimates

2017 ◽  
Vol 64 (4) ◽  
pp. 313-325
Author(s):  
Nicholas Apergis ◽  
James E. Payne
Keyword(s):  
Time Varying ◽  
Long Run ◽  
Run Time

scholarly journals Liquidity connectedness in cryptocurrency market

2022 ◽  
Vol 8 (1) ◽  
Author(s):  
Mudassar Hasan ◽  
Muhammad Abubakr Naeem ◽  
Muhammad Arif ◽  
Syed Jawad Hussain Shahzad ◽  
Xuan Vinh Vo
Keyword(s):  
Time Horizon ◽  
Frequency Domain Analysis ◽  
Time Varying ◽  
Medium Term ◽  
Liquidity Shocks ◽  
Time Frequency ◽  
Time Horizons ◽  
Long Run ◽  
Short Run ◽  
Run Time

AbstractWe examine the dynamics of liquidity connectedness in the cryptocurrency market. We use the connectedness models of Diebold and Yilmaz (Int J Forecast 28(1):57–66, 2012) and Baruník and Křehlík (J Financ Econom 16(2):271–296, 2018) on a sample of six major cryptocurrencies, namely, Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Ripple (XRP), Monero (XMR), and Dash. Our static analysis reveals a moderate liquidity connectedness among our sample cryptocurrencies, whereas BTC and LTC play a significant role in connectedness magnitude. A distinct liquidity cluster is observed for BTC, LTC, and XRP, and ETH, XMR, and Dash also form another distinct liquidity cluster. The frequency domain analysis reveals that liquidity connectedness is more pronounced in the short-run time horizon than the medium- and long-run time horizons. In the short run, BTC, LTC, and XRP are the leading contributor to liquidity shocks, whereas, in the long run, ETH assumes this role. Compared with the medium term, a tight liquidity clustering is found in the short and long terms. The time-varying analysis indicates that liquidity connectedness in the cryptocurrency market increases over time, pointing to the possible effect of rising demand and higher acceptability for this unique asset. Furthermore, more pronounced liquidity connectedness patterns are observed over the short and long run, reinforcing that liquidity connectedness in the cryptocurrency market is a phenomenon dependent on the time–frequency connectedness.

scholarly journals Extended and conditional versions of the PASTA property

1990 ◽  
Vol 22 (2) ◽  
pp. 510-512 ◽  
Author(s):  
Dieter König ◽  
Volker Schmidt
Keyword(s):  
Stochastic Processes ◽  
Point Processes ◽  
Long Run ◽  
Run Time

Two types of conditions are discussed ensuring the equality between long-run time fractions and long-run event fractions of stochastic processes with embedded point processes. Modifications of this equality statement are considered.

scholarly journals Multi-Horizon Dependence between Crude Oil and East Asian Stock Markets and Implications in Risk Management

Energies ◽  
2020 ◽  
Vol 13 (2) ◽  
pp. 294 ◽  
Author(s):  
Xiaojing Cai ◽  
Shigeyuki Hamori ◽  
Lu Yang ◽  
Shuairu Tian
Keyword(s):  
Risk Management ◽  
Crude Oil ◽  
Stock Markets ◽  
East Asian ◽  
Tail Dependence ◽  
Dependence Structure ◽  
Time Varying ◽  
Risk Hedging ◽  
Long Run ◽  
East Asian Stock Markets

This paper examines the dynamic dependence structure of crude oil and East Asian stock markets at multiple frequencies using wavelet and copulas. We also investigate risk management implications and diversification benefits of oil-stock portfolios by calculating and comparing risk and tail risk hedging performance. Our results provide strong evidence of time-varying dependence and asymmetric tail dependence between crude oil and East Asian stock markets at different frequencies. The level and fluctuation of their dependencies increase as time scale increases. Furthermore, we find the time-varying hedging benefits differ at investment horizons and reduced over the long run. Our results suggest that crude oil could be used as a hedge and safe haven against East Asian stock markets, especially in the short- and mid-term.

A Dry-Borohydride/Injected-Hydrogen-Peroxide Fuel Cell

2010 ◽  
Author(s):  
George H. Miley ◽  
Nie Luo ◽  
Kyu-Jung Kim
Keyword(s):  
Hydrogen Peroxide ◽  
Fuel Cell ◽  
Ionic Conduction ◽  
Average Power ◽  
Cathode Side ◽  
Auxiliary Power ◽  
Long Run ◽  
H2o2 Solution ◽  
Run Time ◽  
Robotic Vehicle

The design and testing of a 20-W (average power with short pulses to 45W) prototype fuel cell is presented. This cell is intended as an auxiliary power supply for a small robotic vehicle. The energy density exceeds 300 Watt-hour/kg. This cell is essentially a dry-borohydride/injected-hydrogen-peroxide fuel cell. This enables extremely long shelf life prior to use. The anode utilizes dry NaBH4 for storage while the cathode chamber is empty during storage. The initiation of cell operation is done by injection of the oxidizer, an aqueous H2O2 solution (stored in a separate container) to the cathode side of the fuel cell. The ionic conduction required for membrane operation is initially helped by the H2O content from the H2O2 solution. Once the electrochemical reaction starts, more water is generated as the reaction product and this continues to maintain a good ionic conductance over the run time of the cell. Continued operation is done with auxiliary fuel tanks to maintain very long run time when required. Once a run is over, the cell can be drain, flushed clean and returned to storage waiting for the next mission. The experimental details of such a cell stack are described in this paper.

On the convergence of evolution processes with time-varying mutations and local interaction

2001 ◽  
Vol 38 (2) ◽  
pp. 301-323 ◽  
Author(s):  
Hsiao-Chi Chen ◽  
Yunshyoung Chow
Keyword(s):  
Nash Equilibrium ◽  
Dynamic System ◽  
Convergence Rates ◽  
Evolutionary Model ◽  
Coordination Game ◽  
Local Interaction ◽  
Mutation Rates ◽  
Time Varying ◽  
Long Run ◽  
Long Run Equilibrium

This paper analyzes players’ long-run behavior in an evolutionary model with time-varying mutations under both uniform and local interaction rules. It is shown that a risk-dominant Nash equilibrium in a 2 × 2 coordination game would emerge as the long-run equilibrium if and only if mutation rates do not decrease to zero too fast under both interaction methods. The convergence rates of the dynamic system under both interaction rules are also derived. We find that the dynamic system with local matching may not converge faster than that with uniform matching.

Long-run-time performance characteristics of a line-selected 2-kHz F 2 laser for optical microlithography

2001 ◽  
Author(s):  
Georg Soumagne ◽  
Shinji Nagai ◽  
Naoto Hisanaga ◽  
Shinobu Nanzai ◽  
Yoshinori Ochiishi ◽  
...  
Keyword(s):  
Performance Characteristics ◽  
Time Performance ◽  
Long Run ◽  
Run Time

scholarly journals COVID-19 and output in Japan

2021 ◽  
Author(s):  
Daisuke Fujii ◽  
Taisuke Nakata
Keyword(s):  
Policy Response ◽  
Time Varying ◽  
State Of Emergency ◽  
Unique Role ◽  
Varying Parameters ◽  
Output Loss ◽  
Long Run ◽  
Time Varying Parameters ◽  
Short Run ◽  
Model Based Analysis

AbstractWe build a tractable SIR-macro-model with time-varying parameters and use it to explore various policy questions such as when to lift the state of emergency (SOE). An earlier departure from the SOE results in smaller output loss and more deaths in the short run. However, if the SOE is lifted too early, the number of new cases will surge and another SOE may need to be issued in the future, possibly resulting in both larger output loss and more deaths. That is, the tradeoff between output and infection that exists in the short run does not necessarily exist in the long run. Our model-based analysis—updated weekly since January 2021, frequently reported by media, and presented to policymakers on many occasions—has played a unique role in the policy response to the COVID-19 crisis in Japan.

scholarly journals EXAMINING THE SOURCES OF SOVEREIGN RISK FOR SOUTH AFRICA: A TIME VARYING FLEXIBLE LEAST SQUARES APPROACH

2021 ◽  
Vol 9 (1) ◽  
pp. 29-45
Author(s):  
Sheunesu Zhou ◽  
Keyword(s):  
Economic Growth ◽  
Least Squares ◽  
South African ◽  
Government Debt ◽  
Yield Spread ◽  
Time Varying ◽  
Sovereign Risk ◽  
Bond Yield ◽  
Long Run ◽  
Flexible Least Squares

This paper analyzes the determinants of the South African long-term sovereign bond yield spread using 10-year bond yield spread. We employ the Auto-Regressive Distributed Lag and Flexible Least Squares techniques to demonstrate the impact of macroeconomic and financial variables on the yield spread. Our results show that the short-term interest rate is positively related to the bond yield spread both in the short and long run. We also establish a long-run positive influence of government debt on the bond yield spread whilst on the other hand, economic growth, the nominal effective exchange rate, stock market returns and bank credit all have a negative impact on the bond yield spread in the long run. We examine the time varying coefficient of government debt and reveal that the long-run impact of government debt has varied over the period under analysis. Time varying coefficients capture some important periods in the history of the South African economy, indicatingthat underlying economic conditions and exogenous shocks influence the determination of sovereign risk. Our results imply the need for synchronization of fiscal and monetary policy. In addition, economic policy should address economic growth and macroeconomic instability to complement deleveraging efforts aimed at curbing sovereign credit risk.

scholarly journals The Time-Varying Nature of Reits

2018 ◽  
Vol 26 (1) ◽  
pp. 26-38
Author(s):  
Bing Zhu
Keyword(s):  
Real Estate ◽  
Time Varying ◽  
Property Market ◽  
True Nature ◽  
Optimal Weights ◽  
Long Run ◽  
Asset Portfolio ◽  
Asset Class ◽  
Informational Environment

Abstract This paper investigates changes in the nature of REITs by estimating the time-varying long-run relationship among securitized real estate, direct real estate, and stock performance. The informational environment of U.S. REITs has matured gradually since their introduction. As more information on this asset class has become available, the “true” nature of REITs has thus become more apparent. We find that the long-term elasticity of direct real estate total returns on REIT total returns has increased since 1980, and became significant at the beginning of the 1990s, while the elasticity of general equity total returns remained insignificant. During the 2000s, the underlying property market was able to predict nearly 30% of REIT variance in the long term. Consequently, ignoring changes in the “nature” of REITs may lead to an underestimation of the influence from the underlying property market, and misspecification of the optimal weights in the long-term inter-asset portfolio.

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