scholarly journals Business cycle synchronization among member countries of Eurozone during the process of European integration

2007 ◽  
Vol 55 (6) ◽  
pp. 75-90
Author(s):  
Svatopluk Kapounek ◽  
Lubor Lacina
Keyword(s):  
Time Series ◽  
Business Cycles ◽  
Business Cycle ◽  
European Integration ◽  
Empirical Analysis ◽  
Integration Process ◽  
Business Cycle Synchronization ◽  
The Impact ◽  
The Empirical Analysis ◽  
Qualitative Changes

The paper deals with the correlation of the business cycles between the Eurozone member states in the period 1957–2003. The analysed period is divided into the four parts (1959–1972, 1973–1985, 1986–1994, 1995–2003), which correspond to integration waves and relate approximately to the European integration process. The empirical analysis is based on the time series correlation. The authors discuss the impact of the EC enlargements on the business cycles correlation as well as on qualitative changes in the interaction between the states.

Application of filters to analysis of business cycles and business cycle synchronization of Poland with European countries

2017 ◽  
Vol 62 (10) ◽  
pp. 5-18
Author(s):  
Krzysztof Beck
Keyword(s):  
Time Series ◽  
Business Cycles ◽  
Business Cycle ◽  
Euro Area ◽  
Price Level ◽  
European Countries ◽  
Business Cycle Synchronization ◽  
Quarterly Data ◽  
Real Gdp ◽  
The Business Cycle

The aim of this paper is to present the importance of business cycle synchronization between Poland and other European countries. The Hodrick- Prescott and Christiano-Fitzgerald filters were used in the research. They were applied to extract cyclical components from quarterly time series of real GDP of 33 European countries basing on the Eurostat’s quarterly data on nominal GDP and price level in the years 2002—2016. The application of filters proved that, in case of some countries (e.g. Greece), the economic crisis led not only to a drop of GDP but also to a break in the trend. Moreover, the results indicate that most European countries overcame the crisis at the end of 2015. The business cycle synchronization of Poland with euro area countries is slowly increasing.

scholarly journals INTRODUCTION TO “SPECIAL ISSUE ON THE EMPIRICAL ANALYSIS OF BUSINESS CYCLES, FINANCIAL MARKETS, AND INFLATION: ESSAYS IN HONOR OF CHARLES NELSON”

2013 ◽  
Vol 19 (4) ◽  
pp. 723-727
Author(s):  
Chang-Jin Kim ◽  
James Morley ◽  
Jeremy Piger
Keyword(s):  
Time Series ◽  
Time Series Analysis ◽  
Business Cycles ◽  
Financial Markets ◽  
Empirical Analysis ◽  
Deep Understanding ◽  
Conventional Wisdom ◽  
Special Issue ◽  
Financial Variables ◽  
The Empirical Analysis

Time series analysis of macroeconomic and financial variables requires a deep understanding of many econometric pitfalls if an empirical researcher hopes to avoid making spurious inferences. This understanding is the hallmark of Charles Nelson's research over four decades and it develops out of a healthy skepticism about “conventional wisdom,” yet a pragmatic belief that, despite the econometric hurdles, it is possible to learn from data. The papers in this special issue build on Charles Nelson's research legacy to address many important empirical questions related to business cycles, financial markets, and inflation, always with respect for the data, but wary of spurious inferences.

ICT SMEs, Performance, Absorptive Capacity and Transformative Capacity

2019 ◽  
Vol 118 (3) ◽  
pp. 178-188
Author(s):  
Yeon-Sung Cho ◽  
Kyung-Il Khoe
Keyword(s):  
Firm Performance ◽  
Market Orientation ◽  
Empirical Analysis ◽  
Absorptive Capacity ◽  
Latent Variables ◽  
Equation Modeling ◽  
Transformative Capacity ◽  
The Impact ◽  
The Empirical Analysis ◽  
Innovative Capacity

This study intends to integrate the relationship of market orientation, innovative capacity and firm performance to Information and Communication Technology(ICT) SMEs. The purpose of this study is to identify the role of absorptive capacity and transformative capacity that affect the performance of ICT SMEs. Hypotheses were established between five latent variables. A total of six hypotheses were established including the moderated effects of absorptive capacity and transformative capacity. Of the data collected after the survey, 112 valid surveys were selected as the final sample, except for 17 questionnaires with high non - response and insincere response. The empirical analysis of this study used smartpls3.0, Partial Least Squares (PLS), a variance-based structural equation modeling. The empirical analysis of this study revealed that the impact of market orientation on innovative capacity was significant. Moreover, the innovative capacity had a positive effect on the performance of ICT SMEs. In addition, the absorptive activity had a positive moderated effect between the market orientation and the innovative capacity. On the other hand, the transformative capacity showed a positive moderated effect in relation to innovative capacity and firm performance. Our empirical results have demonstrated the importance of knowledge based capacity in the ICT SMEs.

Capital Structure and Earnings per Share: An Empirical Analysis of Indian Corporate Sector

2015 ◽  
Vol 5 (3) ◽  
Author(s):  
Harvinder Singh Mand ◽  
Manjit Singh
Keyword(s):  
Capital Structure ◽  
Empirical Analysis ◽  
Corporate Sector ◽  
Independent Variables ◽  
Earnings Per Share ◽  
Panel Data Regression ◽  
Data Regression ◽  
The Impact ◽  
The Relationship ◽  
The Empirical Analysis

This paper intends to measure the impact of capital structure on EPS (earnings per share) in Indian corporate sector. Fifteen control variables along with capital structure have been selected to know their impact on EPS. Panel data regression has been applied to establish the relationship among dependent and independent variables. It is found from the empirical analysis that the relation of capital structure with EPS has been statistically insignificant in Indian corporate sector among all specific industries except telecommunication industry. The results are consistent with Modigliani-Miller approach.

scholarly journals The Impact of Top Management’s Support on the Collaboration of Green Supply Chain Participants and Environmental Performance

2020 ◽  
Vol 12 (21) ◽  
pp. 9090
Author(s):  
Jungeun Lee ◽  
Hye-Young Joo
Keyword(s):  
Supply Chain ◽  
Empirical Analysis ◽  
Environmental Performance ◽  
Green Supply Chain ◽  
Top Management ◽  
Direct Impact ◽  
Theoretical Mechanism ◽  
The Impact ◽  
The Empirical Analysis

The purpose of this study is to determine whether the support of top management significantly improves the level of environmental collaboration with participating companies upstream and downstream of the green supply chain and the impact on environmental performance. The results of the empirical analysis of 301 companies that are establishing a green supply chain are as follows. First, top management’s support positively affects the level of collaboration with suppliers and customers in the green supply chain. Secondly, support from top management has a direct impact on the company’s environmental performance. Thirdly, the environmental collaboration of participating companies partially plays a mediation role between the support of top management and the environmental performance. This study has significance in that it analyzes the theoretical mechanism of top management’s support for environmental collaboration with participating companies, leading to environmental performance, and draws implications.

scholarly journals Monetary integration issues in Latin America: A multivariate assessment

2008 ◽  
Vol 55 (3) ◽  
pp. 279-308
Author(s):  
Jean-Pierre Allegret ◽  
Alain Sand-Zantman
Keyword(s):  
Latin America ◽  
Exchange Rate ◽  
Business Cycles ◽  
Latin American ◽  
Monetary Union ◽  
Monetary Integration ◽  
Integration Process ◽  
Common Shocks ◽  
The Impact ◽  
Latin American Countries

This paper assesses the monetary consequences of the Latin-American integration process. Over the period 1991-2007, we analyze a sample of five Latin-American countries focusing on the feasibility of a monetary union between L.A. economies. To this end, we study the issue of business cycle synchronization with the occurrence of common shocks. First, we assess the international disturbances influence on the domestic business cycles. Second, we analyze the impact of the adoption of different exchange rate regimes on the countries' responses to shocks. .

scholarly journals Business Cycles in Algerian Economy: A Bayesian DSGE Approach

2018 ◽  
Vol 2 (1) ◽  
pp. 72-100
Author(s):  
Abdelsalam BOUKHEROUFA
Keyword(s):  
Time Series ◽  
Business Cycles ◽  
Business Cycle ◽  
Equilibrium Model ◽  
Government Spending ◽  
Aggregate Demand ◽  
Dynamic Stochastic General Equilibrium ◽  
Business Cycle Fluctuations ◽  
Output Fluctuations ◽  
Dynamic Stochastic

The main objective of this paper is to highlight the most important shocks that drives the business cycles in the Algerian economy. Using Bayesian estimation techniques, we estimate a dynamic stochastic general equilibrium model (DSGE) using four time series of the Algerian macroeconomics. Through this estimated model, which succeeded in capturing the dynamics of the Algerian economy data, we found three main results: First, the main causes of business cycle fluctuations in the Algerian economy are aggregate demand shocks. Second, the of government spending shock play the most important role in output fluctuations. Third, empirical results show evidences of procyclical in government spending policies.

scholarly journals FINANCIAL CRISIS AND LOCAL BANKS: A REVIEW OF BANK-FIRM RELATIONSHIPS IN ITALY

2017 ◽  
Vol 14 (3) ◽  
pp. 249-258 ◽  
Author(s):  
Andrea Quintiliani
Keyword(s):  
Financial Crisis ◽  
Empirical Analysis ◽  
Research Question ◽  
Banking System ◽  
Relationship Lending ◽  
Critical Elements ◽  
Risk Return ◽  
The Impact ◽  
The Relationship ◽  
The Empirical Analysis

This paper focuses on bank-firm relationship in an economic deeply changing environment. The objectives of the paper are two-fold: to understand, compared to the overall banking system, if the lending activities and economic-financial performances of Italian local banks have changed after the outbreak of the financial crisis; and to understand what are the conditions that allow to develop a model of a local bank capable of supporting the development routes of SMEs, by an appropriate risk/return profile. In order to answer the first research question, the paper presented an empirical analysis, covering the period 2007-2011, of Italian Cooperative Credit Banks (a particular category of local banks) compared with the system of bank groups with operability spread over much of the Italian territory and not. The empirical comparative analysis has the aim to see the effects of the crisis on the relationship bank-firm through the reading of the impact on the dynamics of lending and on the profiles of structure, riskiness, profitability and efficiency of the banks under examination. In order to provide an answer to the second research question, the paper provides some insight of evolutionary nature reflection in the bank-firm relationship. In accordance with the doctrinal postulates of the relationship lending the empirical analysis shows how the financial then real crisis has not induced Cooperative Credit Banks to restrict credit to local firms. The survey evidences have however highlighted some critical elements that are reflected inevitably on the local bank’s risk-return profile. Based only on quantitative data of statement, the empirical analysis represents a limit in this kind of research. This paper is useful to stimulate the debate of experts as well as to focus on the studies of local banks in particular in the light of their anti-cyclic role. Even if abounding in subjects about local banks and relationship lending literature faces only marginally the effects of global crisis on business profiles of local banks.

scholarly journals Business cycle synchronization of a small open EU-candidate country’s economy with the EU economy

2018 ◽  
Vol 65 (5) ◽  
pp. 609-631 ◽  
Author(s):  
Vladimir Filipovski ◽  
Predrag Trpeski ◽  
Jane Bogoev
Keyword(s):  
Business Cycles ◽  
Business Cycle ◽  
Candidate Country ◽  
Economic Policies ◽  
Large Magnitude ◽  
Euro Zone ◽  
The Republic ◽  
High Degree ◽  
The Impact ◽  
The Eu

The objectives of this paper are to empirically identify business cycles in a small open EU-candidate country such as the Republic of Macedonia and to assess the degree of synchronization of the country?s business cycle with the cycle of the EU economy. Towards the first objective, we apply linear and non-linear methods for delineating the production gap cycle in the Macedonian economy. As for the second objective, we apply autoregressive methods to assess the size and speed of cyclical adjustment of the Macedonian economy to output shocks to the Euro-zone economy. The results of our analysis suggest a high degree of synchronization of the Macedonian business cycles with the cycles of the EU economy. Also, the shocks in economic activity in the Euro-zone economy are transmitted almost instantaneously, and with a large magnitude, to the Macedonian economy. Finally, the impact of the Euro-zone output contraction is less pronounced than the impact of the Euro-zone output expansion, suggesting an impact of the country?s autonomous countercyclical economic policies.

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