scholarly journals Does Economic Policy Uncertainty Matter for Healthcare Expenditure in China? A Spatial Econometric Analysis

2021 ◽  
Vol 9 ◽  
Author(s):  
Pu Bai ◽  
Yixuan Tang ◽  
Weike Zhang ◽  
Ming Zeng
Keyword(s):  
Economic Policy ◽  
Healthcare Expenditure ◽  
Spatial Clustering ◽  
Spillover Effects ◽  
Policy Uncertainty ◽  
Spatial Effects ◽  
Economic Policy Uncertainty ◽  
Spatial Spillover ◽  
Eastern Area ◽  
Spatial Spillover Effects

A growing body of research has documented the determinants of healthcare expenditure, but no known empirical research has focused on investigating the spatial effects between economic policy uncertainty (EPU) and healthcare expenditure. This study aims to explore the spatial effects of EPU on healthcare expenditure using the panel data of 29 regions in China from 2007 to 2017. Our findings show that healthcare expenditure in China has the characteristics of spatial clustering and spatial spillover effects. Our study also shows that EPU has positive spatial spillover effects on healthcare expenditure in China; that is, EPU affects not only local healthcare expenditure but also that in other geographically close or economically connected regions. Our study further indicates that the spatial spillover effects of EPU on healthcare expenditure only exist in the eastern area. The findings of this research provide some key implications for policymakers in emerging markets.

Connectedness Among Economic Policy Uncertainties: Evidence from the Time and Frequency Domain Perspectives

2020 ◽  
Vol 8 (5) ◽  
pp. 401-433
Author(s):  
Jinxin Cui ◽  
Huiwen Zou
Keyword(s):  
Economic Policy ◽  
Financial Crisis ◽  
Spillover Effects ◽  
The United States ◽  
Practical Significance ◽  
Policy Uncertainty ◽  
The Novel ◽  
Short Term ◽  
Economic Policy Uncertainty ◽  
Crisis Period

AbstractThis paper investigates the frequency connectedness among economic policy uncertainties of G20 countries using the novel frequency connectedness proposed by Barunik and Krehlik (2018) which can depict the dynamic connectedness not only over time but also across different frequencies. The empirical results obtained in this paper demonstrate that, firstly, the connectedness among economic policy uncertainties is significant, and the spillover effects during the financial crisis and the post-financial crisis period are stronger than the pre-financial crisis period. Secondly, the United States, France, and Australia are the main net-transmitters of the economic policy uncertainty spillovers while Brazil, Italy, Mexico, and Russia act as the main net-recipients of the spillovers. Thirdly, the major international events may significantly enhance the spillover transmissions of economic policy uncertainty among different countries, thus increasing the magnitude of the total connectedness. Finally, the economic policy uncertainty spillovers are mainly transmitted in the short term, i.e., 1∼4 months instead of longer time horizons in terms of the magnitude of the frequency connectedness measures. The findings of this paper not only have profound theoretical and practical significance but also provide several significant implications for the policymakers, supervision agents, international traders, and various investors.

Mixed frequency domain spillover effect of international economic policy uncertainty on stock market

Kybernetes ◽  
2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Shuzhen Zhu ◽  
Xiaofei Wu ◽  
Zhen He ◽  
Yining He
Keyword(s):  
International Economic ◽  
Economic Policy ◽  
Stock Market ◽  
Frequency Domain ◽  
Time Domain ◽  
Spillover Effect ◽  
Spillover Effects ◽  
Policy Uncertainty ◽  
Content Type ◽  
Economic Policy Uncertainty

Purpose The purpose of this paper is to construct a frequency-domain framework to study the asymmetric spillover effects of international economic policy uncertainty on China’s stock market industry indexes. Design/methodology/approach This paper follows the time domain spillover model, asymmetric spillover model and frequency domain spillover model, which not only studies the degree of spillover in time domain but also studies the persistence of spillover effect in frequency domain. Findings It is found that China’s economic policy uncertainty plays a dominant role in the spillover effect on the stock market, while the global and US economic policy uncertainty is relatively weak. By decomposing realized volatility into quantified asymmetric risks of “good” volatility and “bad” volatility, it is concluded that economic policy uncertainty has a greater impact on stock downside risk than upside risk. For different time periods, the sensitivity of long-term and short-term spillover economic policy impact is different. Among them, asymmetric high-frequency spillover in the stock market is more easily observed, which provides certain reference significance for the stability of the financial market. Originality/value The originality aims at extending the traditional research paradigm of “time domain” to the research perspective of “frequency domain.” This study uses the more advanced models to analyze various factors from the static and dynamic levels, with a view to obtain reliable and robust research conclusions.

Economic policy uncertainty spillover effects on sectoral equity returns of New Zealand

2020 ◽  
Vol 44 (4) ◽  
pp. 670-686
Author(s):  
Faruk Balli ◽  
Hatice O. Balli ◽  
Mudassar Hasan ◽  
Russell Gregory-Allen
Keyword(s):  
Economic Policy ◽  
New Zealand ◽  
Spillover Effects ◽  
Equity Returns ◽  
Policy Uncertainty ◽  
Economic Policy Uncertainty

scholarly journals Economic Policy Uncertainty and Stock Market Spillovers: Case of Selected CEE Markets

Mathematics ◽  
2020 ◽  
Vol 8 (7) ◽  
pp. 1077 ◽  
Author(s):  
Tihana Škrinjarić ◽  
Zrinka Orlović
Keyword(s):  
Economic Policy ◽  
Stock Market ◽  
Spillover Effects ◽  
Policy Uncertainty ◽  
Market Returns ◽  
Stock Market Returns ◽  
Economic Policy Uncertainty ◽  
Dynamic Estimation ◽  
International Investors ◽  
First Time

Rising political and economic uncertainty over the world affects all participants on different markets, including stock markets. Recent research has shown that these effects are significant and should not be ignored. This paper estimates the spillover effects of shocks in the economic policy uncertainty (EPU) index and stock market returns and risks for selected Central and Eastern European markets (Bulgaria, Czech Republic, Estonia, Hungary, Lithuania, Poland, Croatia, Slovakia and Slovenia). Based on rolling estimations of the vector autoregression (VAR) model and the Spillover Indices, detailed insights are obtained on the sources of shock spillovers between the variables in the system. Recommendations are given based on the results both for policymakers and international investors. The contribution of the paper consists of the dynamic estimation approach, alongside allowing for the feedback relationship between the variables of interest, as well as examining the mentioned spillovers for the first time for majority of the observed countries.

scholarly journals Asymmetric Risk Spillover Networks and Risk Contagion Driver in Chinese Financial Markets: The Perspective of Economic Policy Uncertainty

Complexity ◽  
2021 ◽  
Vol 2021 ◽  
pp. 1-10
Author(s):  
Zongxin Zhang ◽  
Ying Chen ◽  
Weijie Hou
Keyword(s):  
Economic Policy ◽  
Real Estate ◽  
Financial Markets ◽  
Financial Risk ◽  
Positive Impact ◽  
Spillover Effect ◽  
Spillover Effects ◽  
Policy Uncertainty ◽  
Economic Policy Uncertainty ◽  
The Impact

The global financial market shocks have intensified due to the COVID-19 epidemic and other impacts, and the impacts of economic policy uncertainty on the financial system cannot be ignored. In this paper, we construct asymmetric risk spillover networks of Chinese financial markets based on five sectors: bank, securities, insurance, diversified finance, and real estate. We investigate the complexity of the risk spillover effect of Chinese financial markets and the impact of economic policy uncertainty on the level of network contagion of financial risk. The study yields three findings. First, the cross-sectoral risk spillover effects of Chinese financial markets are asymmetric in intensity. The bank sector is systemically important in the risk spillover network. Second, the level of risk stress in the real estate sector has increased in recent years, and it plays an important role in the path of financial risk contagion. Third, Economic policy uncertainty has a significant positive impact on the level of network contagion of financial risk of Chinese financial markets.

scholarly journals Research on the Time-Frequency Spillover Effect of High-Frequency Stock Price and Economic Policy Uncertainty

2021 ◽  
Vol 2021 ◽  
pp. 1-18
Author(s):  
Shuzhen Zhu ◽  
Zhen He ◽  
Suxue Wang
Keyword(s):  
Economic Policy ◽  
Hong Kong ◽  
Stock Market ◽  
Frequency Domain ◽  
High Frequency ◽  
Spillover Effects ◽  
Policy Uncertainty ◽  
Economic Policy Uncertainty ◽  
Time Frequency ◽  
Hong Kong Stock Market

Through the construction of wavelet coherence analysis and frequency-domain spillover framework, this paper makes a comparative study of the volatility spillover effects of international economic policy uncertainty (EPU) on China’s Shanghai and Hong Kong stock market from a time-frequency perspective. To fully reflect the international EPU, this paper selects China, the United States, Australia, and the United Kingdom and uses the monthly EPU index of these countries and regions. China chooses China’s EPU index and Hong Kong’s EPU index. At the same time, the 5-minute high-frequency volatility of the Shanghai Composite Index (SSEC) and the Hang Seng Index (HSI) is selected to represent the Shanghai and Hong Kong’s stock market, respectively. It is found that there are obvious differences between the EPU and the dependence of the stock market in time domain and frequency domain, and the lead-lag relationship between them has time-varying characteristics. Static and dynamic spillover effects play a dominant role in the analysis of medium- and long-term spillover effects. In particular, the EPU and the risk spillover of the Hong Kong stock market are stronger than those of the Shanghai stock market, and the dynamic frequency-domain net risk spillover between them has frequency characteristics, and there are two-way and asymmetric risk spillovers. This provides a certain reference for policy makers to improve the safety management of financial markets and for market investors to optimize their portfolios.

scholarly journals IMPACTS OF EDUCATIONAL FACTORS ON ECONOMIC GROWTH IN REGIONS OF CHINA: A SPATIAL ECONOMETRIC APPROACH

2015 ◽  
Vol 23 (6) ◽  
pp. 827-847 ◽  
Author(s):  
Kangjuan LV ◽  
Anyu YU ◽  
Siyi GONG ◽  
Maoguo WU ◽  
Xiaohong XU
Keyword(s):  
Economic Growth ◽  
Capital Investment ◽  
Cumulative Effect ◽  
Spillover Effects ◽  
Spatial Effects ◽  
Estimation Model ◽  
Spatial Spillover ◽  
Economic Output ◽  
Spatial Spillover Effects ◽  
Educational Factors

This paper investigates the impacts of educational factors on economic growth across 31 provinces during 1996 and 2010 in China. A spatial panel estimation model is applied to study the impacts of education on economic growth taking into account the spatial spillover effects in Feder model and the cumulative effect. The results reveal that (1) educational factors are significantly spatially autocorrelated. Educational factors have spatial spillover effects. Regional differences of education impacts still exist. (2) Average schooling year has a more positive effect on economic output than capital investment and labor force. Basic education might play a more important role in economic growth. (3) Education sector also benefits non-education sectors on economic growth if “spatial effects of economic shocks” are considered. Some policies that may enhance education development and their impacts on economic growth are proposed.

scholarly journals Spatial spillover effects of capital factor agglomeration on the urban industrial structure upgrading in China: Based on panel data of 284 prefecture-level cities

PLoS ONE ◽  
2021 ◽  
Vol 16 (10) ◽  
pp. e0258758
Author(s):  
Maosheng Ran ◽  
Cheng Zhao
Keyword(s):  
Panel Data ◽  
Spatial Econometrics ◽  
Urban Governance ◽  
Industrial Structure ◽  
Spatial Relationship ◽  
Spillover Effects ◽  
Spatial Effects ◽  
Spatial Agglomeration ◽  
Spatial Spillover ◽  
Spatial Spillover Effects

The spatial agglomeration of capital factors has become an important force affecting regional economic development and industrial structure. Investigating the spatial relationship of capital factor agglomeration is a key way to accelerate the upgrading of urban industrial structure and realize sustainable development. Based on the panel data of 284 cities in China from 2008 to 2017, we use the theoretical framework of spatial econometrics and estimate the spatial effects of capital factor agglomeration on the upgrading of urban industrial structure. Both the global Moran index and the local Moran scatter chart present that the agglomeration of capital factors and the upgrading index of urban industrial structure shows the characteristics of spatial agglomeration. The results reveal that the agglomeration of capital factors can significantly promote the upgrading of the industrial structure of local and surrounding cities. Still, the spatial spillover effect is not significant. We then explore the possible factors that limit the spatial spillover effects of capital agglomeration. Using the results of the paper, we provide policy suggestions for strengthening urban industrial construction and optimizing the urban governance model.

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