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Volume 33 (2023): Issue 1 (March 2023)

Volume 32 (2022): Issue 4 (December 2022)

Volume 32 (2022): Issue 3 (September 2022)

Volume 32 (2022): Issue 2 (June 2022)

Volume 32 (2022): Issue 1 (March 2022)

Volume 31 (2021): Issue 4 (December 2021)

Volume 31 (2021): Issue 3 (September 2021)

Volume 31 (2021): Issue 2 (June 2021)

Volume 31 (2021): Issue 1 (March 2021)

Volume 30 (2020): Issue 4 (December 2020)

Volume 30 (2020): Issue 3 (September 2020)

Volume 30 (2020): Issue 2 (June 2020)

Volume 30 (2020): Issue 1 (March 2020)

Volume 29 (2019): Issue 4 (December 2019)

Volume 29 (2019): Issue 3 (September 2019)

Volume 29 (2019): Issue 2 (June 2019)

Volume 29 (2019): Issue 1 (March 2019)

Volume 28 (2018): Issue 4 (December 2018)

Volume 28 (2018): Issue 3 (September 2018)

Volume 28 (2018): Issue 2 (June 2018)

Volume 28 (2018): Issue 1 (March 2018)

Volume 27 (2017): Issue 4 (December 2017)

Volume 27 (2017): Issue 3 (September 2017)

Volume 27 (2017): Issue 2 (June 2017)

Volume 27 (2017): Issue 1 (April 2017)

Volume 26 (2016): Issue 4 (November 2016)

Volume 26 (2016): Issue 3 (September 2016)

Volume 26 (2016): Issue 2 (June 2016)

Volume 26 (2016): Issue 1 (March 2016)

Volume 25 (2015): Issue 4 (November 2015)

Volume 25 (2015): Issue 3 (August 2015)

Volume 25 (2015): Issue 2 (July 2015)

Volume 25 (2015): Issue 1 (May 2015)

Journal Details
Format
Journal
eISSN
2285-3065
First Published
30 Mar 2015
Publication timeframe
4 times per year
Languages
English

Search

Volume 33 (2023): Issue 1 (March 2023)

Journal Details
Format
Journal
eISSN
2285-3065
First Published
30 Mar 2015
Publication timeframe
4 times per year
Languages
English

Search

5 Articles
Open Access

Oil Shock Impact Upon Energy Companies Investment Portfolios. Trends and Evolutions in the Energy Consumption Sector

Published Online: 06 Jan 2023
Page range: 1 - 27

Abstract

Abstract

In this article, we tackle the complex relationship between a triangle assessment: energy companies, investment portfolios, and the energy consumption sector. The first objective of this paper was to underline several important features of oil price evolution in the pandemic period, with a special focus both on the 2020 and 2022 periods, in order to reveal some aspects of new passengers’ cars registered, and some important energy sources worldwide. Second, it is highlighted several important features of energy-listed companies on the Bucharest Stock Exchange and of oil prices upon different operators. Third, we analyze important aspects of the influence of the crises regarding the energy industry and several important evolutions upon the stock market. The main findings of this study reveal the nexus between oil shock prices, the energy industry, and the stock market with an empirical focus on constructing an optimal investment portfolio’ by considering several consumption sectors. Future research on this topic will encounter consequently comparisons between several business models of different types of sectors.

Keywords

  • oil price
  • investment portfolios
  • energy companies
  • consumption sector
  • stock market
Open Access

Global Warming and Atmospheric Carbon: Is Carbon Sequestration a Myth or Reality?

Published Online: 06 Jan 2023
Page range: 28 - 56

Abstract

Abstract

Biotic and abiotic carbon sequestration currently seems to be the only viable tools at the disposal of mankind for mitigating greenhouse gas (GHG) emissions and thus a remedy for tackling global warming challenges. This study accesses the global carbon capture and storage (CCS) programme: the level of success in its implementation and its impact using panel data from eight countries, the majority of which have begun one or more operational CCS facilities. To achieve this objective, fifteen years period time series data was sourced for the eight selected countries based on data availability, namely the United States (US), the United Kingdom (UK), Canada, China, Australia, Norway, South Africa, and Nigeria; ranging from 1990 to 2015. The panel ARDL results show that the explanatory variables, global industrial production (LIP), Electricity production (LEP), Agricultural production (LAP), transportation (LTR), and energy supply (LES) have a long-run relationship with the dependent variable (LGHG emissions). While the short-run results show that none of the variables have a significant contribution to LGHG emissions. In the long-run results, LIP and LTR significantly contribute to the reduction of LGHG courtesy of the CCS programme while LEP, LAP, and LES contribute to a rise in the LGHG emission. The cross-sectional results show that all the variables have significant impacts on LGHG in all the sampled countries except Australia. Suggesting that, the CCS programme is viable for mitigating global warming and climate change and therefore should be considered by the various countries of the world.

Keywords

  • CO Capture
  • Industrial production
  • Electricity production
  • Agriculture production
  • Global Warming
  • Panel ARDL

JEL Classification

  • Q53
  • L7
  • L94
  • N5
  • Q54
  • C23
Open Access

Import Determinants and Potential Markets of Pakistan: An Application of PPML Gravity Model

Published Online: 06 Jan 2023
Page range: 57 - 73

Abstract

Abstract

The present study examines import determinants of Pakistan with the top 28 trade partners from 2002 to 2018. To achieve this objective, the augmented gravity model of trade has been applied by incorporating both time-variant and time-invariant variables. In addition, the analysis quantifies the impact of free trade agreements (FTA) signed by Pakistan with China and other trade partners. The results show that along with income and distance, FTA, common language, and common border plays an essential role in imports of Pakistan with its main trade partners. In addition to identifying trade determinants, the impact of adherence to a particular trade agreement was also examined. The results indicate that FTA signed by Pakistan with China and other trade partners has created trade opportunities for participating countries, highlighting the importance of trade liberalization for the long-run development of the country.

Keywords

  • Import flow
  • trade agreements
  • gravity model
  • panel data
  • PPML

JEL Classification

  • F0
  • F1
  • F69
  • C5
Open Access

The Role of Internalization of Discount Factor on Households’ Behavior Using DSGE Model

Published Online: 06 Jan 2023
Page range: 74 - 87

Abstract

Abstract

This study attempts to examine the behavior of households in the Iranian economy within the framework of a dynamic stochastic general equilibrium model with the changes made in the endogenous discount factor. To this end, this study will review the existing economic literature to introduce two dynamic stochastic general equilibrium models for the economy and define two scenarios: The first model is: the endogenous discount factor. The second model: the endogenous discount factor without internalization. Considering the second-order unconditional moments observed in the two models, we can say that the calculation of the equilibrium dynamics by solving the log-linear approximation associated with a set of equilibrium conditions provides obvious and defensible results. The predictions of both models indicate upward fluctuations in the consumption, output and investment variables. The model also predicts that the components of aggregate demand are in the direction of the trade cycle, and there is a correlation between the variables and GDP. Predicting the correlation of the model’s variables can be justified by the assumption of clear preferences and technologies. On the other hand, the main finding of this study is that in the second model, by changing the endogenous discount factor during the intermittent business cycles, the dynamic paths are almost the same. Still, the fluctuations and correlations of some components of aggregate demand will be different from the first model.

Keywords

  • Discount Factor
  • DSGE Model
  • Internalization
  • Behavior of Households

JEL Classification

  • B22
  • E61
  • F41
  • C11
Open Access

Does Financial Development, Globalisation and Institutional Quality Drive the Income Convergence in the Central and Eastern European Union Countries?

Published Online: 06 Jan 2023
Page range: 88 - 108

Abstract

Abstract

Central and Eastern European (CEE) countries are struggling with internal and external macroeconomic and social factors in their catching-up strategies to be closer, as economic wealth, to the Western developed European countries. In these ex-communist countries, institutional factors could be seen as critical for success in narrowing the income gap. The paper proposes an analysis of the impact of economic and financial development and globalization on the income gap in 11 Central and Eastern European (CEE) countries (Bulgaria, Croatia, Czechia, Estonia, Latvia, Lithuania, Poland, Romania, Slovak Republic and Slovenia) for the period of 1996 to 2019, taking into consideration institutional factors. The study analyses the variables: transition coefficient as a proxy for income gap, GDP per capita, KOF Financial Globalisation Index, Financial Development Index and World Bank Institutional Indicators in a panel approach methodology and estimation of FMOLS and DOLS equations. The paper’s findings show that all considered factors have a significant contribution to the income gap in the examined period of time. Economic and financial development, as well as institutional quality, is positively associated with the closing income gap, while globalization has a negative influence. It is also revealed the direction of the causality relationship between the considered variables: from economic and financial development, globalization and institutional quality to the income gap. These findings suggest some policy recommendations in support of the continuation of the European integration process.

Keywords

  • economic integration
  • economic development
  • financial development
  • globalization
  • financial development
  • institutional quality
  • panel data

JEL Classification

  • C33
  • E02
  • F15
  • F43
  • F63
  • F68
  • G00
5 Articles
Open Access

Oil Shock Impact Upon Energy Companies Investment Portfolios. Trends and Evolutions in the Energy Consumption Sector

Published Online: 06 Jan 2023
Page range: 1 - 27

Abstract

Abstract

In this article, we tackle the complex relationship between a triangle assessment: energy companies, investment portfolios, and the energy consumption sector. The first objective of this paper was to underline several important features of oil price evolution in the pandemic period, with a special focus both on the 2020 and 2022 periods, in order to reveal some aspects of new passengers’ cars registered, and some important energy sources worldwide. Second, it is highlighted several important features of energy-listed companies on the Bucharest Stock Exchange and of oil prices upon different operators. Third, we analyze important aspects of the influence of the crises regarding the energy industry and several important evolutions upon the stock market. The main findings of this study reveal the nexus between oil shock prices, the energy industry, and the stock market with an empirical focus on constructing an optimal investment portfolio’ by considering several consumption sectors. Future research on this topic will encounter consequently comparisons between several business models of different types of sectors.

Keywords

  • oil price
  • investment portfolios
  • energy companies
  • consumption sector
  • stock market
Open Access

Global Warming and Atmospheric Carbon: Is Carbon Sequestration a Myth or Reality?

Published Online: 06 Jan 2023
Page range: 28 - 56

Abstract

Abstract

Biotic and abiotic carbon sequestration currently seems to be the only viable tools at the disposal of mankind for mitigating greenhouse gas (GHG) emissions and thus a remedy for tackling global warming challenges. This study accesses the global carbon capture and storage (CCS) programme: the level of success in its implementation and its impact using panel data from eight countries, the majority of which have begun one or more operational CCS facilities. To achieve this objective, fifteen years period time series data was sourced for the eight selected countries based on data availability, namely the United States (US), the United Kingdom (UK), Canada, China, Australia, Norway, South Africa, and Nigeria; ranging from 1990 to 2015. The panel ARDL results show that the explanatory variables, global industrial production (LIP), Electricity production (LEP), Agricultural production (LAP), transportation (LTR), and energy supply (LES) have a long-run relationship with the dependent variable (LGHG emissions). While the short-run results show that none of the variables have a significant contribution to LGHG emissions. In the long-run results, LIP and LTR significantly contribute to the reduction of LGHG courtesy of the CCS programme while LEP, LAP, and LES contribute to a rise in the LGHG emission. The cross-sectional results show that all the variables have significant impacts on LGHG in all the sampled countries except Australia. Suggesting that, the CCS programme is viable for mitigating global warming and climate change and therefore should be considered by the various countries of the world.

Keywords

  • CO Capture
  • Industrial production
  • Electricity production
  • Agriculture production
  • Global Warming
  • Panel ARDL

JEL Classification

  • Q53
  • L7
  • L94
  • N5
  • Q54
  • C23
Open Access

Import Determinants and Potential Markets of Pakistan: An Application of PPML Gravity Model

Published Online: 06 Jan 2023
Page range: 57 - 73

Abstract

Abstract

The present study examines import determinants of Pakistan with the top 28 trade partners from 2002 to 2018. To achieve this objective, the augmented gravity model of trade has been applied by incorporating both time-variant and time-invariant variables. In addition, the analysis quantifies the impact of free trade agreements (FTA) signed by Pakistan with China and other trade partners. The results show that along with income and distance, FTA, common language, and common border plays an essential role in imports of Pakistan with its main trade partners. In addition to identifying trade determinants, the impact of adherence to a particular trade agreement was also examined. The results indicate that FTA signed by Pakistan with China and other trade partners has created trade opportunities for participating countries, highlighting the importance of trade liberalization for the long-run development of the country.

Keywords

  • Import flow
  • trade agreements
  • gravity model
  • panel data
  • PPML

JEL Classification

  • F0
  • F1
  • F69
  • C5
Open Access

The Role of Internalization of Discount Factor on Households’ Behavior Using DSGE Model

Published Online: 06 Jan 2023
Page range: 74 - 87

Abstract

Abstract

This study attempts to examine the behavior of households in the Iranian economy within the framework of a dynamic stochastic general equilibrium model with the changes made in the endogenous discount factor. To this end, this study will review the existing economic literature to introduce two dynamic stochastic general equilibrium models for the economy and define two scenarios: The first model is: the endogenous discount factor. The second model: the endogenous discount factor without internalization. Considering the second-order unconditional moments observed in the two models, we can say that the calculation of the equilibrium dynamics by solving the log-linear approximation associated with a set of equilibrium conditions provides obvious and defensible results. The predictions of both models indicate upward fluctuations in the consumption, output and investment variables. The model also predicts that the components of aggregate demand are in the direction of the trade cycle, and there is a correlation between the variables and GDP. Predicting the correlation of the model’s variables can be justified by the assumption of clear preferences and technologies. On the other hand, the main finding of this study is that in the second model, by changing the endogenous discount factor during the intermittent business cycles, the dynamic paths are almost the same. Still, the fluctuations and correlations of some components of aggregate demand will be different from the first model.

Keywords

  • Discount Factor
  • DSGE Model
  • Internalization
  • Behavior of Households

JEL Classification

  • B22
  • E61
  • F41
  • C11
Open Access

Does Financial Development, Globalisation and Institutional Quality Drive the Income Convergence in the Central and Eastern European Union Countries?

Published Online: 06 Jan 2023
Page range: 88 - 108

Abstract

Abstract

Central and Eastern European (CEE) countries are struggling with internal and external macroeconomic and social factors in their catching-up strategies to be closer, as economic wealth, to the Western developed European countries. In these ex-communist countries, institutional factors could be seen as critical for success in narrowing the income gap. The paper proposes an analysis of the impact of economic and financial development and globalization on the income gap in 11 Central and Eastern European (CEE) countries (Bulgaria, Croatia, Czechia, Estonia, Latvia, Lithuania, Poland, Romania, Slovak Republic and Slovenia) for the period of 1996 to 2019, taking into consideration institutional factors. The study analyses the variables: transition coefficient as a proxy for income gap, GDP per capita, KOF Financial Globalisation Index, Financial Development Index and World Bank Institutional Indicators in a panel approach methodology and estimation of FMOLS and DOLS equations. The paper’s findings show that all considered factors have a significant contribution to the income gap in the examined period of time. Economic and financial development, as well as institutional quality, is positively associated with the closing income gap, while globalization has a negative influence. It is also revealed the direction of the causality relationship between the considered variables: from economic and financial development, globalization and institutional quality to the income gap. These findings suggest some policy recommendations in support of the continuation of the European integration process.

Keywords

  • economic integration
  • economic development
  • financial development
  • globalization
  • financial development
  • institutional quality
  • panel data

JEL Classification

  • C33
  • E02
  • F15
  • F43
  • F63
  • F68
  • G00

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