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In the context of the gradual intensification of the Russia-Ukraine conflict and the continuous spread of the COVID-19 pandemic, this paper concentrates on the impact of global extreme events such as the COVID-19 pandemic and the Russia-Ukraine conflict on the risk spillovers among major international financial markets. First, to measure the impact of the extreme events the on the volatility spillovers among major international financial markets in the time-frequency domain, we combine the TVP-VAR-based connectedness method and BK frequency connectedness approach and focus on the total, directional, and net volatility spillovers. Second, the network visualization method is applied to outline the structural change in the risk contagion, paths, and roles among international financial markets during different periods of global extreme events. The empirical results indicate that the risk spillovers (total, directional, and net spillovers) among international financial markets and the roles played by each market in the process of risk contagion have changed significantly in different periods of global extreme events. Furthermore, volatility spillovers among international financial markets are driven mainly by the high-frequency component (short-term spillovers) during the full sample time. However, the effects of the extreme events also persist in the medium and long terms. Our findings may help understand the dynamics among international financial markets under extreme shocks and provide significant implications for portfolio managers, investors, and government agencies in times of extreme events. [ FROM AUTHOR] Copyright of Discrete Dynamics in Nature & Society is the property of Hindawi Limited and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full . (Copyright applies to all s.)
ABSTRACT
PurposeThe goal of the paper is to examine the dynamics between innovation, market structure and trade performance. Firstly, the author first investigates the effects of innovation on trade performance. Secondly, the author then examines how market structure affect trade by classifying industries based on their innovation intensity.Design/methodology/approachThe author uses a detailed level data set of eight OECD countries in a panel of 17 industries from the STAN and ANBERD Database. The author employs both a pooled regression and a two-stage quantile regression analysis. The author first investigates the effects of innovation at the aggregate level, and then the author assesses the effects at the disaggregated or firm level.FindingsThe author finds that at the aggregate level, innovation and market size have a positive and significant effect on competitivity in most of the specifications. However, innovation is negatively associated with trade performance in the case of bilateral trade between Spain and the Netherlands. Also, the sectoral analysis provides evidence that the innovation-trade nexus depends on technological classification. The author shows that: (1) the effect of innovation activity on trade performance economic performance is lower for the high technology and high concentration (HTHC) market compared to the low technology (LT) market;(2) the impact of innovation on economic performance is ambiguous for firms in the high technology and low concentration (HTLC) market.Research limitations/implicationsAlthough the database provides a rich data set on industrial data, it fails to provide innovation output such as patent data which may underestimate the innovation activities of firms that do not have a separate R&D records. In the current context of subdue economic growth these research results have important policy implications. Firstly, the positive impact of innovation on trade performance strengthens its role for sustainable development. The negative coefficient on innovation is an indication that research intensity in some cases has not been able to create a new demand capable to boost economic performance.Practical implicationsThe market classification analysis provides new evidence that innovation in the LT market has the potential to enhance competition. Secondly, market size supports industries that are competing in the international market. Policy makers must therefore put in place incentives to encourage firms to grow in size if they want to remain globally competitive.Social implicationsSustainable development can be supported through investment in research and development in the low technology sector.Originality/valueThe study is the first as far as the author knows, to examine the impact of innovation on bilateral trade performance using industry level data from OECD countries. Secondly, the author complements the existing literature by examining how innovation activities (classified as high technological intensive or low technological intensive) affect trade performance.
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Mediante el análisis de la estructura productiva de México en 1980 y 2013, este trabajo explora si el estímulo al mercado interno puede complementar el dinamismo del sector externo a fin de alcanzar un proceso de crecimiento continuo y de desarrollo en una economía altamente integrada al mercado internacional. La metodología empleada es una extensión del modelo insumo-producto y el análisis de redes;en particular, el concepto de sectores verticalmente integrados es relevante para llegar a las conclusiones. Los resultados demuestran que el estímulo al mercado interno puede ser una estrategia complementaria al fomento del sector exportador para impulsar el crecimiento y el desarrollo económico.Alternate :By analyzing Mexico's productive structure in the 1980s and 2013, this paper explores whether promoting the domestic market may complement the dynamism of the external sector and achieve a process of sustained growth and development for an economy highly integrated into the international market. The methodology applied is an extension of the input-output model and network analysis;in particular, the concept of vertically integrated sectors is a major feature to reach conclusions. The results show that stimulating the domestic market can be a complementary strategy for promoting the export sector to boost growth and economic development.
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Mobile devices are ubiquitous in the lives of modern consumers, who use them for information‐seeking and purchasing activities, fostering the emergence of m‐commerce. This trend has been exacerbated by the COVID‐19 pandemic, which has boosted m‐commerce growth in both developed and developing countries. Hence, there is a need for cross‐cultural research concerning the factors affecting behavioural intentions. Drawing upon the hedonic information systems model, we measure the impact of utilitarian factors on satisfaction, repurchase intention, and eWOM through the mediation of enjoyment across two countries characterized by different stages of m‐commerce readiness and culture: China and Italy. Findings suggest that the impact of utilitarian factors on satisfaction is stronger among Italian users than Chinese users. On the contrary, for Chinese users, who use their mobile phones as a primary device to shop online, the mediation effect of enjoyment on satisfaction and eWOM is stronger. With this study, we contribute to cross‐cultural research in m‐commerce and provide guidelines to mobile retailers operating in diverse international markets.
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Before the advent of the Russia-Ukraine war, Nigeria has been consistently experiencing short falls in meeting the OPEC quotas in the international market for crude oil. As one of the major players in this market, the persistent short falls could orchestrate price dynamics in the international oil market. Meanwhile, continuous rise in Covid-19 cases in 2020 in Nigeria led to the closure of the economic activities in the country, of which could spell doom for both the local and the global aggregate demand and supply of crude oil. Against this backdrop this study utilized the susceptible-infected-recovered (SIR) model to research the influence of Covid-19 cases in Nigeria on global crude oil prices, utilizing information from the relevant sources from the period of 1st March, 2020 to 30th June, 2022. Consequently, this study's conclusions include the following;the confirmed cases and the death cases of Covid-19 in Nigeria had positively induced the global crude oil prices, though not in a significant way. Whereas, the Covid-19 recovery cases in Nigeria had negatively and significantly induced global crude oil prices. However, none of the variables is causally related to one another. From these findings, it is strategic to enunciate that any time the policymakers in OPEC wish to ensure stability in the prices of crude oil in the international market, the Nigerian government in particular and other crude oil exporting countries should take a pragmatic step in curbing the emergence of new waves of Covid-19 cases in their countries.
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Water heating in Pakistan and its neighboring countries predominantly relies on inefficient, natural gas-wasting water heaters whose mechanical design has remained largely unmodified since their inception in the 1960s. The inefficiency of these water heaters has added much to the woes of depleting gas reserves of the region, leading to a widening demand-supply gap. Pakistan is facing its worst ever natural gas crisis due to a COVID-19 hit economy that cannot carry the burden of expensive imports, especially during the Russo-Ukrainian conflict that has sent the gas prices soaring in the international market. We respond to this challenge with a sense of urgency by proposing a solution that minimizes the wastage of natural gas in water heating, which consumes about half the gas supplied to residential consumers in the country. Our solution replaces the mechanical control of the water heater with an IoT-inspired, electrical retrofit design combining hardware and software for smart control through user-defined schedules or machine learning, while solving several challenges that arise from replacing a mechanical control system with an electrical one. Empirical results demonstrate 70% reduction in consumption. © 2022 ACM.
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India ranks as the world’s second largest producer of textiles and clothing after China, and is the sixth largest exporter of textiles and clothing in international markets. Its textile and clothing industry is long established, extensive and wide ranging, and the industry fulfils a vital role in India’s economy—not least in terms of employment opportunities and export earnings. Moreover, it remains one of the country’s most important industrial sectors, even though the Indian economy is expanding rapidly and shifting impressively towards high-tech manufacturing and service sectors. In fact, the textile and clothing industry continues to represent India’s largest manufacturing activity, and in 2021/22 it accounted for about 7% of the country’s industrial production, 2% of its gross domestic product (GDP) and 10% of its national export earnings. Also, the industry provides direct employment for around 45 mn people, many of them females. In addition, an estimated 100 mn people are employed in indirect activities—notably in the agricultural sector. The importance of the textile and clothing industry to India’s economy is recognised by the Indian government in its provision of substantial assistance and support. The textile and clothing industry also benefits from India’s huge domestic market, reflecting the fact that the country has a population of 1.39 bn people. Furthermore, this market is growing. Admittedly, the value of the market fell in 2020/21 alone, from US$106 bn to US$75 bn, reflecting the impact of the COVID-19 pandemic. But by 2025/26 it is forecast to increase to US$190 bn, in line with growing prosperity and a continuously growing population. © Textiles Intelligence Limited 2022.
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Global trends influence the approaches and mindset for using natural resources and technological capacities. Participatory scenario methods have proven useful in long-term foresight. However, country-level foresight studies often ignore the broader trends affecting international markets and setting frames for economic development. This study envisions which global trends could occur and how the resulting European policies might affect the Finnish forest sector’s development in 2040. We applied a Futures Wheel approach, where stakeholder groups consisting of policy-, economic- and social sustainability-, technology-, and climate sustainability -experts in the field of forestry and interlinking industries created three future scenarios in a workshop: (1) biodiversity and regulated economy, (2) circular economy, and (3) era of social connection. The scenarios assumed growing resource scarcity as a result of climate change, as well as over-consumption and increasing inequality problems globally. Thus, European-level policies focused on the circular economy and resource-use restrictions. Finnish industries should invest in wood-based side stream and waste utilization to increase added value and decrease virgin wood uses to succeed in these scenarios. However, this would require investments in non-wood energy sources to release these secondary wood flows from energy uses.
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Die internationale Kreuzfahrt wurde durch COVID 19 noch stärker als der Tourismus allgemein getroffen. Die unklare und auch wechselhafte Lage und Entwicklung von COVID 19 und der entsprechenden staatlichen Reaktionen erzwang 2020 und 2021 starke und kurzfristige Anpassungen der Kreuzfahrtreedereien bei der Durchführung von Kreuzfahrten. Dies führte 2020 und 2021 zu starken Rückgängen und Änderungen und so u.a. zu einem stark wachsenden Finanzierungsbedarf, womit sich insgesamt verschiedene ernste Herausforderungen für die Kreuzfahrtindustrie ergaben. Dies und die Charakteristik eines stark wettbewerbsorientierten Wachstumsmarktes veränderte die Lage und den Markt der Kreuzfahrtindustrie weltweit stark und wird auch über die Corona Zeit hinausreichen. Der vorliegende Artikel befasst sich mit den Veränderungen der Rahmenbedingungen sowie den wesentlichen Folgen und Herausforderungen für die Kreuzfahrtindustrie, die aus diesen Veränderungen folgten. Kernthemen sind die Finanzen, das Marketing sowie die Nachhaltigkeit, wobei ein Schwerpunkt auf den deutschen Kreuzfahrtmarkt gelegt wird. International Cruise Markets are demolished by COVID 19 even stronger than tourism in general. The unclear and fast changing situation and development of COVID 19 and the corresponding governmental measures forced the cruise industry to massive changes in operations during 2020 and 2021. This led to a high decrease of cruise activities and therefore earnings and a high increase of financial needs during 2020 and 2021 and therefore to severe challenges for cruise industry finances. This and its nature as a highly competitive growth market strongly changed the situation and market of cruise industry worldwide. The paper presents the changes in 2020 and 2021 and the main results and challenges for the cruise industry, which followed from those developments. Main fields of interest are finances, marketing and sustainability of cruising with a focus on german cruise market. [ FROM AUTHOR] Copyright of TW: Zeitschrift fuer Tourismuswissenschaft is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full . (Copyright applies to all s.)
ABSTRACT
The COVID-19 pandemic, the regulation of real estate, and external uncertainties are the core variables in the recent evolution of China’s financial risks, and overall planning and structural deployment are the key guarantees for China’s financial stability. From an aggregate perspective, China’s systemic financial risk tended to ease overall in 2021, but remained high. The risk profile of China’s financial system in 2021 presented five important features. First, the macro leverage ratio fell slightly, but exposed the hidden dangers of balance sheet recession. Second, there was a certain blockage in the transmission of financial system liquidity to the real economy. Third, the fragility of the financial system was further exposed, the bond default balance reached a new high, the structural differentiation of bonds between state-owned and private enterprises became prominent, and private enterprise default became more serious. Fourth, the contagion effect of domestic cross-market financial risks remained significant. Fifth, the international political and economic situation was volatile, and spillover effects such as the rising prices of raw materials, the inauguration of a new US administration, and the shift of the Federal Reserve’s monetary policy were significantly strengthened. In terms of key risk areas, the risks of the real estate market, hidden government debt, and small- and medium-sized domestic banks were quite prominent. in 2022, pandemic prevention and control, economic recovery, and structural upgrading will remain the main themes of China’s development. China’s financial risks are generally under control, but the country will still face major risks such as a high macro leverage ratio, tight market liquidity, increasing debt vulnerability, significant spillover effects, and rising volatility in the international market.
ABSTRACT
Bu çalışmanın amacı, temel finans teorilerinden Etkin Piyasalar Hipotezi ve Davranışsal Finans Teorisinin Covid-19 döneminde uluslararası pay piyasalarında test edilmesidir. Bu kapsamda çalışmada toplam vaka sayısı açısından dünya ölçeǧinde ilk altı sırada bulunan ülkelere ilişkin 31.12.2019 - 01.07.2021 tarihleri arası günlük ve haftalık pay piyasası verileri ve Google Trends "Covid19" terimine yönelik haftalık arama sayıları verileri (Koronavirüs Korku Endeksi) kullanılmıştır. Etkin Piyasalar Hipotezinin geçerliliǧi Koşu (Run) Testi ile test edilirken, pay piyasalarındaki davranışsal etkilerin belirlenebilmesi için Dumitrescu & Hurlin (2012) Panel Nedensellik Analizinden yararlanılmıştır. Çalışma bulguları, Etkin Piyasalar Hipotezinin ABD ve Brezilya dışındaki ülkelerde pay piyasası getirileri için zayıf formda kabul edildiǧini göstermiştir. Bunun yanı sıra davranışsal etkilerin test edilmesi için gerçekleştirilen Panel Nedensellik Analizi sonuçları, Koronavirüs Korku Endeksinin tüm ülkelerde pay fiyatlarındaki deǧişimin nedeni olduǧunu ortaya koymuştur.Alternate :The purpose of this study is to test the Efficient Market Hypothesis and Behavioral Finance Theory which are among the main finance theories, in international stock markets during the Covid19 period. In this context, daily and weekly stock market data between 31.12.2019-01.07.2021 for the countries that are in the top six in the world in terms of a total number of cases and weekly search numbers for the term "Covid19" from Google Trends (Coronavirus Fear Index) were used. While the validity of the Efficient Market Hypothesis was tested with the Run Test, Dumitrescu & Hurlin (2012) Panel Causality Analysis was used to determine the behavioral effects in the stock markets. The study findings showed that the Efficient Market Hypothesis was accepted in weak form for stock market returns in countries other than the USA and Brazil. In addition, the results of the Panel Causality Analysis carried out to test the behavioral effects revealed that the Coronavirus Fear Index was the reason for the changes in stock prices in all countries.
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International markets and digital technologies are considered among the factors affecting business innovation. The emergence and deployment of digital technologies in emerging markets increase the innovation potential in businesses. Companies with an entrepreneurial orientation also strengthen their innovation capabilities. The present study aimed to investigate the impact of international markets and new digital technologies on business innovation in emerging markets, and to estimate the mediating effect of entrepreneurial orientation on this relationship. The present research was applied research in terms of aim and descriptive survey in terms of data collection method and quantitative in terms of the type of collected data. A standard questionnaire was to collect data. The study’s statistical population consisted of all companies providing business services in Tehran, Iran. To analyse the data, the structural equation modelling method with partial least squares method and Smart PLS-3 Software was used. The results revealed that international markets and digital technologies are positively associated with innovation. They also revealed that when a company’s entrepreneurial orientation increases, the digital technologies and international markets will be more involved in mutual relationships.
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The closure of borders and traditional commerce due to the COVID-19 pandemic is expected to have a lasting financial impact. We determine whether the growth in COVID-19 affected index prices by examining equity markets in five regional epicentres, along with a 'global' index. We also investigate the impact of COVID-19 after controlling for investor sentiment, credit risk, liquidity risk, safe-haven asset demand and the price of oil. Despite controlling for these traditional market drivers, the daily totals of COVID-19 cases nevertheless explained index price changes in Spain, Italy, the United Kingdom and the United States. Similar results were not observed in China, the origin of the virus, nor in the 'global' index (MSCI World). Our results suggest that early interventions (China) and the spatiotemporal nature of pandemic epicentres (World) should be considered by governments, regulators and relevant stakeholders in the event of future COVID-19 'waves' or further extreme societal disruptions.