Trade asymmetries in the Mediterranean basin

Konstantaras, Konstantinos; Philippas, Dionisis; Siriopoulos, Costas

doi:10.1016/j.jeca.2017.12.002

Cited by 10 publications

(4 citation statements)

References 27 publications

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“…The study also applied the Granger Causality test and found that there is no uni-directional or bi-directional causality between trade openness and economic growth or between the financial development index (FDI) and economic growth for the Indian economy. Through trade openness, Konstantaras et al (2018) found that the European Union's 1995 free trade initiatives display trade asymmetry between Middle Eastern and North African countries and their Northern counterparts, which becomes more asymmetric, ratifying Prebisch-Singer's empirical hypothesis. However, studies related to Pakistan's experience of trade openness show a positive association between economic growth and trade liberalization, for example, Jawaid (2014); Shahbaz (2012); and Hye (2012).…”

Section: Trade Openness and Economic Growthmentioning

confidence: 89%

Financial Structure, Misery Index, and Economic Growth: Time Series Empirics from Pakistan

Wang

Shah

Ali

et al. 2019

JRFM

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This study empirically analyzes the impact of the financial structure and misery index on economic growth in Pakistan. We adopted Autoregressive-Distributed Lag (ARDL) for a co-integration approach to the data analysis and used time series data from 1989 to 2017. We used GDP as the dependent variable; the Financial Development index (FDI) and misery index as the explanatory variables; and remittances, real interest, and trade openness as the control variables. The empirical results indicate the existence of a long-term relationship among the included variables in the model and the FD index, misery index, interest rate, trade openness, and remittances as the main affecting variables of GDP in the long run. The government needs appropriate reform in the financial sector and external sector in order to achieve a desirable level of economic growth in Pakistan. The misery index is constructed based on unemployment and inflation, which has a negative implication on the economic growth, and the government needs policies to reduce unemployment and inflation.

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Section: Trade Openness and Economic Growthmentioning

confidence: 89%

Financial Structure, Misery Index, and Economic Growth: Time Series Empirics from Pakistan

Wang

Shah

Ali

et al. 2019

JRFM

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“…The reasoning behind this seems quite obvious. For instance, Germany's exposure to Greece was about EUR 86.7 bn, i.e., 28% of its total borrowings [31][32][33] just before the economic crisis in 2014. The CDS premium between Greece and other countries, such as Germany, is interpreted as the last one used as a benchmark-and a risk-free benchmark as well.…”

Section: Introductionmentioning

confidence: 99%

Cross-Country Linkages and Asymmetries of Sovereign Risk Pluralistic Investigation of CDS Spreads

2022

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Credit Default Swap (CDS) spread is a realistic measure of credit risk. Changes in the spreads showcase changes in the underlying uncertainty or credit volatility regarding the credit risk, associated with the asset class. We use Multifractal Detrended Fluctuation Analysis (MF-DFA) to further investigate the presence of asymmetries and the difference between Greece and G7 countries in terms of credit risk. We have considered 2587 daily observations for each of the 48 CDS spreads. Hence, a total of 124,176 data points were under consideration across six yearly CDS categories of Greece and most of the G7 countries (Germany, USA, UK, Canada, Japan). The tenure of these CDS were 1 year, 2 years, 3 years, 5 years, 7 years, 10 years, 20 years, and 30 years. We have found that the Greek CDS spread movement is purely stochastic and anti-persistent, having practically no predictability at all. On the other hand, the remaining countries’ CDSs were highly predictable, showing a consistent long memory or long-range dependence, having embedded the bubble caused by herding. This is reflected in terms of flight-to-quality behavior and in estimates of CDS premiums for insurance against a default on government bonds.

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“…Cultural globalisation resulted in a strong acceleration of cultural diffusion and exchange. This acceleration, to a great extent, is driven by the expansion and liberalisation of market forces, often dominated by northern countries [6,7]. Also, political changes and disasters caused by human factors result in uncertainty, which makes a destination less appealing to potential tourists.…”

Section: Introductionmentioning

confidence: 99%

Preservation of the Mediterranean Identity: An Intra-City Analysis Towards a Macro-Regional Approach for the Characterisation of Urban Sustainability

et al. 2018

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Globalisation combined with high urbanisation trends affects not only the traditional pillars of sustainability (environment, society, and economy), but also local identity. Customs and traditions are fading away and alienation is the result of new lifestyles deriving mainly from high interaction between locals and foreigners (focus on tourism). Facing the challenge of characterising urban sustainability, reflection on special characteristics of the urban fabric that are affected (spatial dimension of sustainability) is not always considered. Even though a lot of research is dedicated to the characterisation of urban areas’ sustainability, the element of local, regional, and macro-regional identity seems not to be systematically incorporated. This work attempts to develop and test a methodological framework to identify and prioritise the common symbolic elements that constitute the identity of a group of cities and that need to be sustained. The study focuses on the Euro-Mediterranean region. A survey is addressed to 64 scientists from five cities: Dubrovnik, Genoa, Rhodes, Valencia, and Venice. “Urban structure” is revealed as the most important element that constitutes the “Mediterranean identity”. Moreover, the level of threat deriving from mass tourism on the “Mediterranean identity” is estimated. The survey provides insight into the definition of the spatial dimension of sustainability and the determination/weighting of the case-specific component of an integrated urban sustainability assessment tool.

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Trade asymmetries in the Mediterranean basin

Cited by 10 publications

References 27 publications

Financial Structure, Misery Index, and Economic Growth: Time Series Empirics from Pakistan

Financial Structure, Misery Index, and Economic Growth: Time Series Empirics from Pakistan

Cross-Country Linkages and Asymmetries of Sovereign Risk Pluralistic Investigation of CDS Spreads

Preservation of the Mediterranean Identity: An Intra-City Analysis Towards a Macro-Regional Approach for the Characterisation of Urban Sustainability

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