The Asymmetrical Effect of Polarization on Support for Independence: The Case of Catalonia

The article analyses the consequences of elite polarization at the mass level in the centre-periphery dimension. We analyse the rapid rise in support for independence in Catalonia, focusing on the role of party competition around the centre-periphery cleavage. We argue that mainstream actors’ adoption of centrifugal party strategies with respect to the national question produced a polarizing dynamic in the party system that eventually caused voters’ attitudes regarding the centre-periphery issue to harden. Indeed, we posit that this increase in mass polarization was a consequence of party agency that subsequently helped to drive attitudes regarding independence. To test this hypothesis, we measure centre-periphery polarization (as perceived by voters) by adopting two different perspectives—inter-party distances (horizontal polarization) and party-voter distances (vertical polarization)—and then run logistic regressions to explain support for independence. The findings show an asymmetrical effect on polarization. While the centrifugal strategy implemented by Catalan regionalist parties paved the way for a radicalization of voters on the Catalan nationalist side, among voters for non-regionalist parties, attitudes towards independence were initially less conditioned by this polarization. The results provide evidence of the political effects of elite polarization.

Mean- Adjusted Variance Model for Portfolio Optimization

This paper proposes an operational founded model for portfolio optimization. The procedure used is based on the redacting ofthe asymmetry impact of the variance. This is a new approach that givesassets more accurate risk measures. The risk adjustment is based on the measure of volatility skewness andthe goal here is to eliminate noisy risk.Moreover, we give our risk asymmetrical effect,according to the means of each asset.

TESTING FOR INDONESIAN AND VIET NAM PRICE TRANSMISSION IN THE UNITED STATES TUNA MARKETS

This study aims to analyze Indonesia and Viet Nam price transmission as the main exporters of frozen yellowfin tuna to the United States (US) assuming that the market structure is oligopoly. Using monthly time series data of Indonesia, Viet Nam and US frozen yellowfin tuna prices with harmonized system code 03034200 from January 2006 to December 2018 and analyzed through an Asymmetric Error Correction Model (AECM), this study finds that both prices of Indonesia and Viet Nam are integrated to the US prices. Additionally, there are two-way causality relationships between both exporting countries as well as Viet Nam and the US. The short-term price transmission of Viet Nam has an asymmetrical effect on Indonesian prices while on the long-term, the price transmission among three countries occurs symmetrically which indicates that a competitive international market exists. Indonesia’s policy in increasing its market share in the US is not independent, but it is influenced by the price of Viet Nam as its main competitor. The findings of this study are relevant to fill the gap in the literature by providing a supporting evidence regarding price transmission between two main exporters to the US frozen yellowfin tuna market.

Importance of Proper Monetary Liquidity: Sustainable Development of the Housing and Stock Markets

In this paper, we infer that when no excess monetary liquidity exists, people tend to invest available capital in assets associated with a high return or low risk. However, when excess monetary liquidity occurs, capital may successively boost asset markets, and the stock market wealth is thus likely to spill into housing markets, resulting in bubbles in these two markets and therefore in the unsustainable development of both the housing and stock markets. This paper uses relevant data from the United Kingdom from January 1991 to March 2020 to verify whether excess monetary liquidity is a crucial factor determining the relationship between the housing and stock markets. Continuous and structural changes are found to exist between housing price and stock price returns. This paper employs the time-varying coefficient method for estimation and determines that the influence of stock price returns on housing returns is dynamic, and an asymmetrical effect can occur according to whether excess monetary liquidity exists. An excessively loose monetary policy increases asset prices and can thus easily result in a mutual rise in asset markets. By contrast, when excess monetary liquidity does not exist, capital transfer among markets can prevent autocorrelation during excessive market investment and thereby aggravate market imbalance.

Asimetris Nilai Tukar Rupiah Terhadap Harga Saham Sektor Keuangan Periode 2013-2019

This paper examines the asymmetrical effect of the rupiah exchange rate on financial sector stock prices on the Indonesian stock exchange using the Non-Linear Autregressive Distributed Lag (NARDL) method with monthly data. Estimation results show that interest rates and exchange rates affect the movement of stock prices in the financial sector, there is a long-term relationship between the exchange rate with financial sector stock prices, our results also show the asymmetrical impact of exchange rate variables on financial sector stock prices, we also find when the exchange rate is positive (appreciation ) the effect is lower than when the exchange rate is negative (depreciation). Tulisan ini meneliti tentang efek asimetris kurs rupiah terhadap harga saham sektor keuangan di bursa efek Indonesia dengan menggunakan metode Non-Linier Autregressive Distributed Lag (NARDL) dengan data bulanan. Hasil estimasi menunjukkan bahwa suku bunga dan kurs berpengaruh terhadap pergerakan harga saham sektor keuangan, terdapat hubungan jangka panjang antara kurs dengan harga saham sektor keuangan, hasil kami juga menunjukkan dampak asimetris variabel kurs terhadap harga saham sektor keuangan, kami juga menemukan ketika kurs positif (apresiasi) pengaruhnya lebih rendah dibandingkan saat kurs negative (depresiasi).

Asymmetrical Pseudo-Extinction Phenomenon in the Illusory Line Motion

Illusory Line Motion (i.e., a static line, presented after a lateral cue, is perceived as movement in the opposite direction to the cue) has been used to study a phenomenon of perceptual asymmetry. We have demonstrated the presence of an illusion of leftward movement, even in the presence of bilateral symmetrical cues. We have classified this phenomenon as one of pseudo-extinction. The paradigm of the four experiments performed was always the same: a white line, briefly presented alone or preceded by one or two lateral cues (150 ms), was judged by a group of young participants to be moving either to one side or the other. The asymmetrical effect in the bilateral cue condition was observed with horizontal lines (Experiment 1 and 4), and not with vertical or oblique (Experiment 2 and 3). These results suggest that the effect is linked to the asymmetry of the horizontal spatial planum and the mechanisms of spatial attention. Experiment 4 verified whether the Illusory Line Motion involves the collicular pathway by using blue stimuli for the cues, which activate less the Superior Colliculus (SC), with negative results. We interpreted the asymmetrical pseudo-extinction phenomenon in terms of a right-space exogenous attention advantage.

A Study of Trade Imbalance in Eurozone

Although the trade balance of the Eurozone is close to equilibrium state, the member countries in the zone are facing continuous trade imbalance. This research assumes that the asymmetrical effect of nominal exchange rate of euro and domestic inflation on trade balance is the main reasons for trade imbalance of member states in the Eurozone. Paying great attention to the adjustment effect of domestic inflation on trade balance is an effective way to alleviate trade imbalance in member countries of the Eurozone.