IS BITCOIN IMMUNE TO THE COVID-19 PANDEMIC?

This study examines how Bitcoin’s trading characteristics react to the COVID-19 pandemic, using detailed futures trading data from the Chicago Mercantile Exchange. The results show that volume-weighted Bitcoin futures return responds positively to the spikes of public interest. Meanwhile, the surges of pandemic information do not harm market quality. Volume, bid-ask spread, and trading frequency remain stable, indicating that the positive price reaction is not a result of a few small uninformed trades. Bitcoin's conditional beta on the S&P 500 index drops to near zero, while the conditional beta on gold more than doubles. These results indicate that traders have been using Bitcoin as a safe-haven asset after the pandemic outbreak.

Regional economic growth in India: convergence or divergence?

Purpose This paper aims to examine the convergence in per-capita income (measured as per-capita net state domestic product) of regions in India during the period 1990–1991 to 2017–2018. Two separate analyses have also been done for the sub-periods, i.e., 1990–1991 to 2003–2004 and 2004–2005 to 2017–2018, to find out the effect of the second phase of economic liberalization in India. Design/methodology/approach In a panel data study, the estimation of absolute and conditional beta (β)-convergence and sigma (σ)-convergence across 17 Indian regions have been done. To measure the dispersion of per-capita income across the regions in India, the standard deviation of logs, Gini coefficient, Mehran measure, Piesch measure, Kakwani measure and Theil index have been estimated. In addition to this, these indices have been regressed over time. Findings This study finds the presence of absolute and conditional β-convergence; the regions with low initial per-capita income have grown faster than the regions with high initial per-capita income. Further, this study finds that foreign direct investment (FDI) inflow and the availability of power enhance growth across regions. However, this study finds the presence of σ-divergence, which indicates that the economic inequality among the regions in India has widened over the periods, calling for policy interventions to promote growth in the backward regions through the promotion of FDI inflow and the availability of power. Originality/value This study highlights the rising economic inequality among the regions in India by analyzing the latest available data through appropriate econometric techniques.

Kajian Conditional Beta di Bursa Efek Indonesia

Penelitian ini mengkaji risiko sistematis pada dua periode pasar yang berbeda (bearish dan bullish) di Bursa Efek Indonesia (BEI), serta meneliti apakah terdapat perbedaan risiko sistematis pada kedua periode pasar tersebut. Data yang digunakan dalam penelitian ini adalah data harga saham penutupan harian saham terpilih dan penutupan harian Indeks Harga Saham Gabungan (IHSG) periode 2 Januari 2017 sampai dengan 30 Desember 2020, dengan data yang diperoleh dari Investing.com. Metode pengambilan sampel yang digunakan adalah metode purposive sampling dengan kriteria tidak pernah melakukan stock split, tidak pernah dihentikan sementara (suspensed), dan diperdagangkan secara aktif selama periode pengamatan, agar tidak terjadi bias. Sebanyak 20 saham ditemukan yang memenuhi kriteria tersebut. Hasil penelitian menunjukkan bahwa tidak ada perbedaan antara bull dan bear beta. Kemudian, tidak ada perbedaan antara periode keseluruhan dan bull atau bear beta. Temuan menyiratkan bahwa investor dan manajer portofolio dapat menggunakan semua periode beta sebagai proksi risiko sistematis mereka.

Human Development Equalization Issues Within the European Union

The establishment and enlargement of the European Union have been partly motivated by catching up on higher living standards of living. This study examines whether developmental convergence can be demonstrated among the NUTS 2 regions of the Union. The existence of convergence among the EU is generally approached from an economic perspective by using macroeconomic indicators. Although these metrics are suitable for comparing the performance of Member States, they are less reflective of each country's social well-being. Several analyses, usually based on mortality indicators, have been conducted in an attempt to characterize convergence from a social point of view. However, these calculations are usually limited to country-level convergence analyses with diseases and causes of death in their focus. Thus, this study applies a complex measure, the Human Development Index (HDI), to examine convergence at a regional level. For this purpose, the regional HDI is calculated and the existence of absolute and conditional beta convergence is assessed. Our calculations confirm convergence among EU regions over the period between 2006 and 2017, but the analysis also reveals divergent trends and various national characteristics that will call into question the long-term sustainability of equalization.

REGIONAL CONVERGENCE IN NORTH AFRICA REGIONS : PARAMETRIC AND NON PARAMETRIC APPROACHES

Attention to issues of inequality and convergence has become a topic of considerable interest in both developing and developed economies. The purpose of this paper is to study empirically the evolution of the disparities between more than 360 Maghreb regions considering spatial dependence and to explore a non-parametric approach for characterizing convergence of GDP per capita. This study utilizes growth theory as the theoretical foundation to explore the convergence hypothesis. The methodology consists of identifying the shape of the long-run spatial associations through the use of Markov chains which make it possible to derive a unique stationary distribution related to the transition matrix. The results of the analysis indicate the persistence of regional disparities and the importance of geography to explain the global convergence process with positive spatial spillover effects. The proportion of high-income regions surrounded by similar regions has significantly increased detrimentally to the other spatial associations. This non-parametric approach complements the standard parametric method (absolute and conditional beta-convergence) which shows that the slow convergence process can be accelerated by beneficial spatial interaction effects. These results have strong policy implications with regard to national and territorial policies in these countries.

Aceh Province Economic Convergence Determination

This study analyzes the occurrence of economic convergence between districts / cities in Aceh Province and looks at the factors that can accelerate the economic convergence. This study uses panel data from 23 districts / cities in Aceh Province for the period 2008-2018. The results found from this study are that there has been economic convergence, both sigma convergence and beta convergence, in Aceh Province. Factors that significantly influence economic convergence in Aceh Province are the average length of schooling, life expectancy, and the special autonomy fund. The time needed to get to half the convergence process is 4.10 years with the resulting conditional beta convergence rate of 16.89%.

Dynamic conditional betas and equity returns

Our study makes use of a new approach to estimate time-varyingbetas with an application of the corrected Dynamic Conditional Correlation (cDCC) model. Our empirical methodology encompasses an examination of predictive relations between equity return and different specifications of dynamic conditional beta, using cross-sectional regression analysis at both the portfolio and firm levels. Our main finding is a significant, positive relation between equity excess return and an interactive cross product term of dynamic conditional beta and market excess return ([Formula: see text]); suggesting that equity return is largely determined by an interaction effect between dynamic beta and market return.

Mediating Effects of Cohesion Policy and Institutional Quality on Convergence between EU Regions: An Examination Based on a Conditional Beta-Convergence Model with a 3-Way Multiplicative Term

The paper contributes to the existing literature on the EU’s Cohesion Policy outcomes by extending the conditional beta-convergence model with a 3-way multiplicative term to examine the mediating effects of the Cohesion Policy, institutional quality, and their interaction on regional convergence. The empirical analysis based on conditional slope coefficients and conditional standard errors provides evidence that both the mediating factors under consideration contribute positively to boosting regional convergence in the EU at the NUTS 2 and 3 disaggregation level, but with much bigger success over the 2007–2013 programming period compared to the previous one. Moreover, Cohesion Policy and institutional quality act as substituting rather than complementary mediating factors.