Search results for "USA"

A free press is bad news for corruption

2003

Abstract This paper tests the proposition that a free press may be a powerful control on corruption. We find evidence of a significant relationship between more press freedom and less corruption in a large cross-section of countries. This result is robust to specification and sample and the relationship is not sensitive to the choice of a particular measure of corruption or of press freedom. Furthermore we present evidence which suggests that the direction of causation runs from higher press freedom to lower corruption.

Survival causal patterns of social and commercial entrepreneurial initiatives in Spain

2021

This research aims at analysing the influence of a holistic configuration of factors related to industry and the characteristics of the entrepreneur and the business, on the survival of social and commercial entrepreneurial initiatives in both, new and consolidated companies. The sample ranges from 2,851 to 2,109 firms, according to the period considered, and has been obtained from the reports of the projects submitted to the Assistance Programme to Young Entrepreneurs, promoted by the Valencian Institute of Youth. Other sources of information have been the Institute’s own reports and the Chambers of Commerce. A configurational analysis is performed using the Fuzzy-Set Qualitative Comparati…

Cities, hinterlands and agglomeration shadows: Spatial developments in Finland during 1880–2004

2010

Abstract This paper analyzes long-term spatial developments in Finland by focusing on two predictions of the new economic geography (NEG) models: the increasing persistence of locational patterns and the rising dominance of growth centers. The empirical analysis is based on regional population data from 1880 to 2004. The results support the hypotheses. Evolutions in rank and rank-size distributions during the processes of industrialization and urbanization suggest increasing persistence of regional structures. The analysis of causal processes between population centers and their hinterlands shows that these regions grew hand-in-hand in the pre-war period, whereas agglomeration shadows start…

Excessive Focus on Risk? Non-performing Loans and Efficiency of Microfinance Institutions

2021

Causal flows between oil and forex markets using high-frequency data: Asymmetries from good and bad volatility

2019

The file attached to this record is the author's final peer reviewed version. The Publisher's final version can be found by following the DOI link. This paper investigates the causal linkages in volatility between crude oil prices and six major bilateral exchange rates against the U.S. dollar in the time-frequency space using high-frequency intraday data. Special attention is paid to the potential asymmetries in the causal effects between oil and forex markets. The wavelet-based Granger causality method proposed by Olayeni (2016) is applied to quantify the causal relations in the time and frequency domains simultaneously. Moreover, the realized semivariance approach of Barndoff-Nielsen et a…

Real wages-employment relationship in Finnish manufacturing: a VAR approach

1991

Granger's concept of causality and the vector autoregressive(VAR) technique is used to investigate the real wages-employment relationship in Finnish manufacturing. The stationarity of the time series is examined and a number of co-integration tests for the adequacy of a pure VAR specification performed. The results using a bivariate VAR model based on a lag structure determined by Akaike's information criterion suggests that real wages Granger-cause employment. The slight non-constancy of the model suggests, however, that the conclusion concerning the nature of the real wages-emploment relationship should be treated with causion.

Is the tourism–economic growth nexus time-varying? Bootstrap rolling-window causality analysis for the top 10 tourist destinations

2017

This article explores the time-varying causal nexus between tourism development and economic growth for the top 10 tourist destinations in the world, namely China, France, Germany, Italy, Mexico, t...

Aggregate uncertainty and sectoral productivity growth: The role of credit constraints

2016

Abstract We show that an increase in aggregate uncertainty—measured by stock market volatility—reduces productivity growth more in industries that depend heavily on external finance. The mechanism at play is that during periods of high uncertainty, firms that are credit constrained switch the composition of investment by reducing productivity-enhancing investment—such as on ICT capital—which is more subject to liquidity risks (Aghion et al., 2010). The effect is larger during recessions, when financing constraints are more likely to be binding, than during expansions. Our statistical method—a difference-in-difference approach using productivity growth of 25 industries from 18 advanced econo…

The Influence of Oil Price on Renewable Energy Stock Prices: An Analysis for Entrepreneurs

2020

Abstract This study investigates the relationship between oil price fluctuations and renewable energy stock returns using daily data on Brent crude oil prices and global renewable energy stock market indices between 29 November 2010 and 18 February 2020. The investigation is based on the existing evidence on positive correlations between stock prices and oil prices, but it also considers the shift from non-renewable to renewable sources of energy. A two-stage GARCH(1,1) model and a Granger causality test were applied. Our results show that volatility clustering is present in the renewable energy companies‘ stock prices, but, oil price volatility does not seem to induce any significant effec…

Un nuovo caso di spontaneizzazione incipiente: Lagunaria patersonia (Andrews) G. Don (Malvaceae) in Sicilia

2015

In questa nota si riporta l’incipiente processo di naturalizzazione in Sicilia di Lagunaria patersonia (Andrews) G. Don, un albero australiano sempreverde di media grandezza appartenente alla famiglia delle Malvaceae.