Displaying from 1 to 10 of 84 available piece of news category "Article"
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Migration response to an immigration shock: evidence from Russia’s aggression against Ukraine
This article examines the impact of the massive and unexpected inflow of Ukrainians that resulted from Russia's aggression in 2014 on local migration patterns in Poland. For identification, I use an instrumental variable approach drawing on unique historical data on the forced resettlement of Ukrainians in Poland after World War II. The results show that the regional inflow of immigrants, while crowding out internal in-migration, decreases both internal and international out-migration of the local population. I provide supportive evidence that the decrease in out-migration is due to an enlargement of local labor markets.
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Sanctuary policies and the mortgage market behavior in the U.S.
This paper examines the impact of sanctuary policies on the financial inclusion of Hispanics in the U.S. mortgage market. By reducing local cooperation with federal immigration authorities, sanctuary policies reduce the risk of deportation and signal local acceptance of irregular immigrants and their families. This reduction in uncertainty for Hispanic borrowers and profit-maximizing lenders influences decision-making in financial markets.
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The Environmental Challenge in Aviation: Can Airport Charges Be Part of the Solution?
Aviation is becoming a major contributor to greenhouse gas emissions and generates local pollution with harmful health effects. This paper studies the effects of airport charges by means of a theoretical setup and an empirical application. The equilibrium analysis identifies how airport charges affect fares, frequencies, and aircraft emissions. The welfare analysis concludes that frequencies are excessive when the damage caused by emissions is severe. Finally, our model explores mechanisms for revenue-neutral airports to compensate rises in emission charges by lowering non-emission charges to generate incentives for airlines to renew their fleets. The empirical analysis concludes that NOx-emission charges have a modest effect on fares and frequencies as compared to per-passenger and per-flight charges. Although only emission charges spur the use of newer aircraft, they should be much higher than their actual values to play a relevant role in contributing to a more sustainable aviation.
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Asymmetry in Inflation Persistence under Inflation Targeting
This study empirically documents that inflation is significantly more persistent when it is below the Central Bank's target than otherwise, in five inflation targeting countries (Australia, New Zealand, Sweden, United States and the Euro-Area). We use a threshold autoregressive model to test for this asymmetry in inflation persistence; above and below some estimated threshold. We find that the threshold estimates are reasonable in light of a central bank's announced inflation target. Theoretically, we postulate that this phenomenon occurs because while forming their expectations, agents pay attention to recent observations asymmetrically along the business cycle. It is shown that a New Keynesian model with adaptive learning and an adaptive gain can explain the asymmetry in inflation persistence. Due to relatively larger forecasting errors, agents tend to put more weight on recent events in periods of high inflation, forcing inflation persistence to deteriorate. Our empirical evidence supports the theoretical findings that inflationary periods are associated with larger forecasting errors.
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Financial inclusion and women economic empowerment in Ghana
Although the impact of micro-credit and direct cash transfers on women's economic empowerment has been extensively studied, the impact of having access to a bank account remains relatively understudied. This paper uses a detailed national representative dataset of female household heads in Ghana to analyze the relation between access to formal and informal financial accounts and women's economic empowerment. Using propensity score matching, our results elicit that women who have a financial account are more likely to be employed and tend to have higher income. The results are mainly driven by ownership of a formal account (i.e., in a commercial bank) while the impact of informal account ownership is not statistically significant. Thus, our findings call for higher promotion of formal banking, particularly among women in rural and poorer areas where financial inclusion is lower.
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Digitalisation and high-growth enterprises in Europe
The profound implications that digital technologies have for business dynamism and the competitive environment have raised the attention of policymakers and scholars. This paper examines the link between digitalisation and firm growth and investigates whether high-growth enterprises (HGEs) invest and adopt digital technologies differently than non-HGEs. Using the European Investment Bank Investment Survey and Generalised Least Squares as well as random-effects probit models, we find strong complementarities between different digitalisation indicators. Furthermore, firms investing in digitalisation are more likely to exhibit rapid employment, sales and labour productivity growth. Our results also highlight the heterogeneous nature of the digitalisation process and its relationship with firm performance.
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Sustainability, Local Environmental Behaviour and Firm Location Decisions
This paper uses Mercantile Register data to analyse the location decisions of firms in Catalan municipalities (between 2010 and 2019). Using count data panel estimations, we focus on local sustainability characteristics. The identification of the location patterns and the effects of local environmental policies on firms belonging to different sustainability industries constitute a contribution to the empirical location literature.
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Locaction dynamics of coworking spaces in China: insights fron Beijing metropolitan
The article explores the location dynamics of coworking spaces in Beijing, China, answering three key questions: Where are these spaces located, what determines their location, and what role do creative industry specialization, variety, and government incentives play? Using a count data model applied to data collected in 2022, the findings reveal that most coworking spaces, largely promoted by public authorities, cluster in the city center where knowledge-intensive and creative industries are highly diverse. Beijing's semi-polycentric urban structure shapes coworking location dynamics by forming local hubs of activity. Additionally, the study finds that creative industry specialization and diversity are crucial factors, while government facilities and incentives also play a significant role in determining the locations of these coworking spaces.
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Do online attention and sentiment affect cryptocurrencies’ correlations?
This study explores the daily patterns in major cryptocurrencies and how they relate to online investor behavior. The research reveals interesting connections between cryptocurrency correlations and the attention and sentiment expressed by investors on digital platforms.
The findings show that increased public attention to cryptocurrencies tends to strengthen the relationships between different digital currencies. However, the overall sentiment or mood of investors has an even more significant and negative impact on cross correlations.
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Time-frequency co-movements between commodities and global economic policy uncertainty
This study explores how economic uncertainty, driven by factors like political and health crises, influences various commodity prices.
Commodities, like metals, food, and energy, are becoming increasingly popular investments due to their low correlation with other assets, offering diversification benefits for portfolios. This research is unique because it examines a broad range of commodities (precious metals, food, etc.) across a long time period (1997-2022), encompassing major crises.
The study uses advanced techniques to analyze these relationships in detail. It goes beyond traditional methods by employing a tool called "wavelet analysis" to uncover how these connections change over time and across different frequencies. This provides a richer understanding of how commodity prices move together and how quickly they react to uncertainty.
