The multi-scale analysis of dynamic transmission volatility of carbon prices

in Economics Bulletin (2022)

The implementation of the EU ETS in 2005 led to the establishment of a price that enables manufacturers to realize the impact of their activities on the environment clean. There are no items this day ... [more ▼]

The implementation of the EU ETS in 2005 led to the establishment of a price that enables manufacturers to realize the impact of their activities on the environment clean. There are no items this day, since the creation of the European carbon market, which has focused on analyzing volatility transmission between different investment horizons. The purpose of this paper is to fill this gap in the literature. we analyze the volatility of the price of carbon quota (EUA), by studying linear and nonlinear causal relationships of wavelet components between the different volatilities we captured at different time scales. we initially decomposed the EUA price volatility at different time-frequency intervals using a wavelet approach. Our study will be to examine whether the volatility is transmitted from the high-frequency structure of the carbon price in the low frequency. Our results show an intra-structural dependence on carbon price volatility. We detect instability in the volatility of carbon and observe the existence of a bidirectional relationship from high-frequency traders to low-frequency traders. Our study showed that high-frequency shocks yield carbon price can have a significant impact beyond their Frontiers and touch the low-frequency structure associated with long-term traders Keywords: Carbon market, EU ETS, Wavelet, time-scale, Granger Causality. [less ▲]

Implications of loan portfolio concentration in Cambodia

in Economics Bulletin (2017), 37(1), 282-296

This paper explores how the composition of banks' loan portfolios affect banks operating in Cambodia. The implications of loan portfolio concentration has begun to attract attention in recent years ... [more ▼]

This paper explores how the composition of banks' loan portfolios affect banks operating in Cambodia. The implications of loan portfolio concentration has begun to attract attention in recent years. However, existing studies remain focus on developed or emerging countries because data in other developing countries are lacking. In this paper, we fill this gap by investigating the effects of loan portfolio concentration on Cambodian banks' return. We find that sectoral diversification is positively related to banks' returns. In addition, foreign banks and commercial banks are less affected by loan concentration than their counterparts. [less ▲]

Tax Mobilization in Sub-Saharan Africa: The Impact of Tax and Business Law Reforms

in Economics Bulletin (2016), 36(3), 1805-1810

This paper contributes to measuring the influence of business (and tax) law reforms on sub-Saharan African countries tax mobilization ability. Relying on a new business law reform indicator, our results ... [more ▼]

This paper contributes to measuring the influence of business (and tax) law reforms on sub-Saharan African countries tax mobilization ability. Relying on a new business law reform indicator, our results validate the significant impact of corporate law modernization on governmental revenue, and unearth a complementary effect between business and tax law reforms. [less ▲]

Frictional unemployment, labor market institutions, and endogenous economic growth

in Economics Bulletin (2009), 29(2), 1127-1138

For a given set of labor market institutions, the rate of frictional unemployment depends on the evolution of the pool of job-seekers. Unemployment rises with the growth rate of labor supply that is ... [more ▼]

For a given set of labor market institutions, the rate of frictional unemployment depends on the evolution of the pool of job-seekers. Unemployment rises with the growth rate of labor supply that is proportionate to the rate of population growth. If economic growth is semi-endogenous, the steady-state growth rate depends positively on the rate of population growth. This suggests a trade-off between growth and unemployment: a faster growing economy has a higher unemployment rate. As a consequence, faster growth may not be desirable from a welfare point of view. We make this point in a parsimonious setting where semi-endogenous growth derives from the division of labor and the associated gains from specialization. [less ▲]

An Extended Solow Growth Model with Emigration: Transitional Dynamics and Skills Complementarity

in Economics Bulletin (2007), 6(35), 1-11

In this paper we develop an extended Solow growth model with skilled labor emigration which aggregates different labor types from strict complementarity to perfect substitution. Except in two particular ... [more ▼]

In this paper we develop an extended Solow growth model with skilled labor emigration which aggregates different labor types from strict complementarity to perfect substitution. Except in two particular cases, balanced growth paths can only be attained asymptotically. We therefore derive an analytical characterization of the transitional dynamics of the model. We are thus able to study the impact of labor elasticity of substitution on the time pattern of per capita income in the country that experiences brain drain. Simulations show that the shape of per capita trajectory depends crucially on the degree of complementarity (substitutability) between labor skills. Given that no income trajectory dominates the others, there is room for policy issues by influencing the elasticity of substitution (Klump and Preissler, 2000). [less ▲]

Measuring Agglomeration Forces in a Financial Center

in Economics Bulletin (2006), 18(3), 1-9

Basing on Scitovsky’s (1954) definition of external economies and applying the method of Caballero and Lyons (1990) to macro data of Luxembourg services industry, we find significant agglomeration forces ... [more ▼]

Basing on Scitovsky’s (1954) definition of external economies and applying the method of Caballero and Lyons (1990) to macro data of Luxembourg services industry, we find significant agglomeration forces between financial intermediaries (downstream industry) on the one hand and business services and computer industry (upstream industries) on the other. [less ▲]

Malthus and Solow - a note on closed-form solutions

in Economics Bulletin (2004), 10(6), 1-6

Recently, Jones (2002 and Barro and Sala-í-Martin (2004) pointed out that the neoclassical growth model with a Cobb-Douglas technology has a closed-form solution. This note makes a similar remark for the ... [more ▼]

Recently, Jones (2002 and Barro and Sala-í-Martin (2004) pointed out that the neoclassical growth model with a Cobb-Douglas technology has a closed-form solution. This note makes a similar remark for the Malthusian model: I develop and characterize a closed-form solution. Moreover, I emphasize structural similarities between the Malthusian and the neoclassical model if the dynamic behavior is governed by a Bernoulli differential equation. [less ▲]