scholarly journals The Samurai Bond: Credit Supply, Market Access, and Structural Transformation in Pre-War Japan

2020 ◽  
Vol 80 (2) ◽  
pp. 457-500
Author(s):  
Sergi Basco ◽  
John P. Tang
Keyword(s):  
Structural Transformation ◽  
Financial Crises ◽  
Regional Variation ◽  
Market Access ◽  
Economic Effects ◽  
Tertiary Sector ◽  
Credit Supply ◽  
Long Run ◽  
Redistributive Effects ◽  
Over Time

While credit supply growth is associated with exacerbating financial crises, its impact on long-run growth is unclear. Market access similarly has ambiguous economic effects over time. Using regional variation in bond payments to samurai and the introduction of railways in nineteenth century Japan, we find that together they are associated with persistent redistributive effects between regions and sectors. Areas with higher bond value and railway access experienced tertiary sector growth and primary sector shrinkage, with analogous results in sectoral labor shares. This interaction between credit supply and market access facilitated structural transformation but had little long-run net growth impact.

Market access, teff production, and fertilizer use over time

2018 ◽  
Author(s):  
International Food Policy Research Institute (IFPRI)
Keyword(s):  
Market Access ◽  
Fertilizer Use ◽  
Over Time

scholarly journals Financial Crises, Macroeconomic Variables, and Long-Run Risk: An Econometric Analysis of Stock Returns Correlations (2000 to 2019)

2021 ◽  
Vol 14 (3) ◽  
pp. 127
Author(s):  
Marco Tronzano
Keyword(s):  
Stock Returns ◽  
Risk Premium ◽  
Financial Crises ◽  
Stock Price ◽  
Financial Risk ◽  
Swiss Franc ◽  
Chinese Stock Market ◽  
Stock Market Index ◽  
Defensive Role ◽  
Long Run

This paper focuses on four major aggregate stock price indexes (SP 500, Stock Europe 600, Nikkei 225, Shanghai Composite) and two “safe-haven” assets (Gold, Swiss Franc), and explores their return co-movements during the last two decades. Significant contagion effects on stock markets are documented during almost all financial crises; moreover, in line with the recent literature, the defensive role of gold and the Swiss Franc in asset portfolios is highlighted. Focusing on a new set of macroeconomic and financial series, a significant impact of these variables on stock returns correlations is found, notably in the case of the world equity risk premium. Finally, long-run risks are detected in all asset portfolios including the Chinese stock market index. Overall, this empirical evidence is of interest for researchers, financial risk managers and policy makers.

scholarly journals A Central Element of Europe’s Football Ecosystem: Competitive Intensity in the “Big Five”

2021 ◽  
Vol 13 (6) ◽  
pp. 3097
Author(s):  
Fabio Wagner ◽  
Holger Preuss ◽  
Thomas Könecke
Keyword(s):  
Big Five ◽  
Central Element ◽  
Quantitative Approach ◽  
Competitive Intensity ◽  
Entrepreneurial Ecosystems ◽  
Long Run ◽  
The Future ◽  
European Football ◽  
Over Time

This study perceives professional European football as one of the most relevant event-related entrepreneurial ecosystems (EEs) worldwide. It also identifies a healthy sporting competition in the five most popular European football leagues (Spain, England, Germany, Italy, and France), the “big five,” as a key pillar for the functioning of this ecosystem. By applying a quantitative approach, competitive intensity (CI) is measured for all big five leagues for 21 seasons (1998/99 to 2018/19). The chosen method does not only convey an overall indication of the competitive health of the entire league but also provides detailed information on the four important sub-competitions (championship race, qualification for Champions League or Europa League, and the fight against relegation). In all five leagues, seasonal CI tends to decrease over time, and especially over the last decade. The main reason is a decline in the intensity of the championship race while all other sub-competitions show relatively robust CI values. Overall, it can be concluded that the competitive health of the big five is intact, but the dwindling CI of the championship races can harm the EE of professional European football in the long run. Accordingly, it should be closely monitored in the future.

scholarly journals Economic Impacts of Banning Subtherapeutic Use of Antibiotics in Swine Production

2002 ◽  
Vol 34 (3) ◽  
pp. 489-500 ◽  
Author(s):  
B. Wade Brorsen ◽  
Terry Lehenbauer ◽  
Dasheng Ji ◽  
Joe Connor
Keyword(s):  
Public Health ◽  
Bacterial Resistance ◽  
Antimicrobial Agents ◽  
Economic Effects ◽  
Swine Production ◽  
Livestock Feed ◽  
Long Run ◽  
Short Run ◽  
Public Health Officials ◽  
Growth Promotants

Public health officials and physicians are concerned about possible development of bacterial resistance and potential effects on human health that may be related to the use of antimicrobial agents in livestock feed. The focus of this research is aimed at determining the economic effects that subtherapeutic bans of antimicrobials would have on both swine producers and consumers. The results show that a ban on growth promotants for swine would be costly, totaling $242.5 million annually, with swine producers sharing the larger portion in the short run and consumers sharing the larger portion in the long run.

Long-Run Effects in Dynamic Systems: New Tools for Cross-Lagged Panel Models

2021 ◽  
pp. 109442812199322
Author(s):  
Ali Shamsollahi ◽  
Michael J. Zyphur ◽  
Ozlem Ozkok
Keyword(s):  
Recent Work ◽  
Dynamic Systems ◽  
Quantitative Methods ◽  
Simulated Dataset ◽  
Impulse Responses ◽  
Panel Models ◽  
Long Run ◽  
Short Run ◽  
User Friendly ◽  
Over Time

Cross-lagged panel models (CLPMs) are common, but their applications often focus on “short-run” effects among temporally proximal observations. This addresses questions about how dynamic systems may immediately respond to interventions, but fails to show how systems evolve over longer timeframes. We explore three types of “long-run” effects in dynamic systems that extend recent work on “impulse responses,” which reflect potential long-run effects of one-time interventions. Going beyond these, we first treat evaluations of system (in)stability by testing for “permanent effects,” which are important because in unstable systems even a one-time intervention may have enduring effects. Second, we explore classic econometric long-run effects that show how dynamic systems may respond to interventions that are sustained over time. Third, we treat “accumulated responses” to model how systems may respond to repeated interventions over time. We illustrate tests of each long-run effect in a simulated dataset and we provide all materials online including user-friendly R code that automates estimating, testing, reporting, and plotting all effects (see https://doi.org/10.26188/13506861 ). We conclude by emphasizing the value of aligning specific longitudinal hypotheses with quantitative methods.

An Evaluation of Mono-product Economies & examining the sine qua non for diversification - In West Asian Region

2021 ◽  
Vol 2 (2) ◽  
Author(s):  
Sushmita .
Keyword(s):  
Nuclear Energy ◽  
Renewable Energy Sources ◽  
The West ◽  
Capitalist System ◽  
Asian Region ◽  
Long Run ◽  
Asian Economies ◽  
On Line ◽  
Mode Of Development ◽  
Over Time

The discovery of oil in West Asia has contributed to its integration into the international capitalist system. The mono-commodity, oil, has brought tremendous wealth to West Asia. But a rising population and an ever growing demonstration effect, has caused imports to grow exorbitantly, with oil prices expected to fall, depicted explicitly by recent oil price drop, also over time as interest in climate change increases after RIO-20, and more options of renewable energy sources coming on line like Gas, Solar Energy, wind power and nuclear energy etc. the rentier mode of development followed by west Asian economies is clearly unsustainable. Further the oil producing nations are so over-specialized that they do not possess the necessary flexibility to shift their resources from one sector to another, or to develop substitution if and when the need arises. Moreover, the ability of oil producing countries to respond to deliberate or accidental economic measures taken abroad is limited. This paper theoretically analyses the standing of the West Asian mono product economies, their specific traits, benefits and disbenefit of current condition and looks into the case for diversification of West Asian Region. As diversification is a sine qua non in long Run for the sustainability of the West Asian economies.

scholarly journals Double Jeopardy: How Refugees Fare in One European Labor Market

2019 ◽  
Vol 10 (1) ◽  
Author(s):  
Dries Lens ◽  
Ive Marx ◽  
Sunčica Vujić
Keyword(s):  
Labor Market ◽  
Market Integration ◽  
Market Access ◽  
Labor Migrants ◽  
Long Run ◽  
Employment Rates ◽  
Labor Market Access ◽  
First Job ◽  
Work Histories ◽  
Longitudinal Dataset

AbstractThis paper examines the labor market trajectories of refugees who arrived in Belgium between 1999 and 2009. Belgium offers a relatively easy formal labor market access to refugees and other types of migrants but they face many other barriers in this strongly regulated and institutionalized labor market. Based on a longitudinal dataset that links respondents’ information from the Belgian Labor Force Survey with comprehensive social security data on their work histories, we estimate discrete-time hazard models to analyze refugees’ entry into and exit out of the first employment spell, contrasting their outcomes with family and labor migrants of the same arrival cohort. The analysis shows that refugees take significantly longer to enter their first employment spell as compared with other migrant groups. They also run a greater risk of exiting out of their first employment spell (back) into social assistance and into unemployment. The low employment rates of refugees are thus not only due to a slow integration process upon arrival, but also reflect a disproportional risk of exiting the labor market after a period in work. Our findings indicate that helping refugees into a first job is not sufficient to ensure labor market participation in the long run, because these jobs may be short-lived. Instead, our results provide clear arguments in favor of policies that support sustainable labor market integration.

scholarly journals Cross-Correlations in Meat Prices in Brazil: A Non-Linear Approach Using Different Time Scales

Economies ◽  
2021 ◽  
Vol 9 (4) ◽  
pp. 133
Author(s):  
Derick Quintino ◽  
José Telo da Gama ◽  
Paulo Ferreira
Keyword(s):  
Time Scales ◽  
Cross Correlation ◽  
Positive Association ◽  
Recent Period ◽  
Linear Approach ◽  
Long Run ◽  
Short Run ◽  
Cross Correlations ◽  
Over Time ◽  
Different Time Scales

Brazil is one of the world’s largest producers and exporters of cattle, chicken and swine. Therefore, co-movements of Brazilian meat prices are important for both domestic and foreign stakeholders. We propose to analyse the cross-correlation between meat prices in Brazil, namely, cattle, swine and chicken, including also in the analysis information from some commodities, namely maize, soya beans, oil, and the Brazilian exchange rate. Our sample covers the recent period which coincided with extensive macroeconomic and institutional changes in Brazil, from 2011 to 2020, and is divided in two periods: (i) presidential pre-impeachment (P1), occurring in August 2016, and; (ii) post-impeachment (P2). Our results indicate that in P1, only the prices of swine and chicken showed a positive and strong correlation over time, and that cattle showed some positive correlation with chicken only in the short run. In P2, there was also a positive and consistent correlation between swine and chicken, and only a positive association with swine and cattle in the long run. For more spaced time scales (days), the changes in the degree of correlation were significant only in the long run for swine and cattle.

scholarly journals On the evolution of corruption patterns in the post-communist countries

Equilibrium ◽  
2015 ◽  
Vol 10 (1) ◽  
pp. 33 ◽  
Author(s):  
Andrzej Cieślik ◽  
Łukasz Goczek
Keyword(s):  
Transition Probability ◽  
Transition Probability Matrix ◽  
Markov Transition Probability ◽  
Long Run ◽  
Markov Transition ◽  
Corruption Index ◽  
Communist Countries ◽  
Control Of Corruption ◽  
Over Time

In this paper, we study the evolution of corruption patterns in 27 post-communist countries during the period 1996-2012 using the Control of Corruption Index and the corruption category Markov transition probability matrix. This method allows us to generate the long-run distribution of corruption among the post-communist countries. Our empirical findings suggest that corruption in the post-communist countries is a very persistent phenomenon that does not change much over time. Several theoretical explanations for such a result are provided.

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