Economics Commons^™

Cognitive Abilities And Individual Earnings In Hybrid Continuous Double Auctions, Yan Peng, Jason Shachat, Lijia Wei, S. Sarah Zhang

ESI Working Papers

We study the influence of cognitive abilities, in particular reaction time, trader intuition (Theory of Mind), and cognitive reflection abilities, on human participants’ individual earnings when competing alongside algorithmic traders in continuous double auctions. In balanced markets, where each human trader has an algorithmic trader clone with the same valuations or costs, faster human reaction time significantly improves trading performance, while Theory of Mind can be detrimental to human trading performance, particularly for sellers. For unbalanced markets with humans and algorithmic traders on opposite sides of the market, the effects of cognitive abilities depend on trader role as well as …

Spillover Effects Of Capital Controls: A Critical Review And New Agenda For The Future Directions, Biswajit Panigrahi, K.P Prabheesh

Bulletin of Monetary Economics and Banking

This study tries to undertake a critical review of the spillover effects of capital controls and their welfare implications. We provide a synthesis of the literature on both the theoretical and empirical literature on the spillover effects of capital controls. Furthermore, the role of similar economies (geographical region, and economic characteristics), direction-specific capital controls, global financial crisis (GFC), asset-specific capital controls and the compositional effect of capital flows are discussed to explore the degree and extent of spillover effects of capital controls policy. Similarly, the welfare implications of capital controls depend on the policy motive behind the imposition of capital …

Cost Of Capital And Climate Risk In The Indonesian Bonds Market, Maulana Harris Harris Muhajir

Bulletin of Monetary Economics and Banking

This study analyzes the impact of climate risk, cost of capital, and macroeconomic variables on the Indonesian bond market, focusing on non-ESG aware and ESG-aware bonds. Using a regression analysis, we found that the cost of capital has a significant negative effect on bond yields, highlighting the importance of policymakers focusing on initiatives that can lower the cost of capital for investors. Inflation rate was also found to have a significant positive effect on non-ESG aware bonds, which is a unique feature of the Indonesian bond market. We found that ESG-aware bond yields were negatively significant, indicating that investors are …

Does Inflation Targeting Anchor Inflation Expectations In India? Evidences From Surveys Of Household And Professional Forecasters, Irfan Ali Kc

Bulletin of Monetary Economics and Banking

This study examines whether inflation targeting (IT) anchors household and professional forecasters expectations in India. It investigates whether food and non-food inflation affect anchoring inflation expectations differently. Primarily, the results indicate significant decreases in the level and variability of expectations. Further, it provides evidence of successful anchoring for professional forecasters' and household expectations. However, it also found food inflation assist anchoring of expectations, while the non-food inflation doesn't. The results suggest the central bank to emphasize more on non-food inflation for better anchoring prospects. Additionally, the study identifies food inflation as the primary contributor to headline inflation variability.

The Impact Of Social Media On Customer Behavior – Evidence From Lebanon, Nada Jabbour Al Maalouf, Jean Elia, Chadia Sawaya, Fawzy Boutros

Arab Economic and Business Journal

Purpose: This study investigates the impact of social media advertising on customer behavior; specifically its impact on customer decision-making through social proof, customer perceptions of brands, and customer loyalty. No studies tackled this topic in Lebanon and this gap was the main motive behind this study.

Method: A quantitative deductive method was employed and a questionnaire was sent to Lebanese customers to achieve the objective of the study. The final sample obtained is 147.

Findings: The findings revealed a positive correlation between social media usage, customer decision-making, customer attitudes and perceptions toward brands, and customer loyalty. The study's findings …

Firm-Level Political Risk And The Cash Flow Sensitivity Of Cash, Hui Liang James, Hongxia Wang, Nilakshi Borah

Finance and Economics

We examine the impact of firm-level political risk on the cash flow sensitivity of cash. Using a large sample of U.S. firms from 2003 to 2018, we find that the cash flow sensitivity of cash decreases in political uncertainty and the impact of political risk is asymmetric to cash flow types (positive versus negative). Intensified political uncertainty induces positive/negative cash flow firms to reduce savings out of cash flows to finance investment opportunities/terminate unprofitable projects to retrieve cash. The results are robust to various model specifications, alternative variable definitions, and the control for non-political risks. In addition, we show that …

Covid-19 And Labor Shortage In France: Exploring The Contribution Of Tunisian Migrant Workers In Bridging The Labor Shortage, Sana Gasmi

Theses and Dissertations

This thesis employed a qualitative approach, combining both desk research and in-depth interviews with 11 participants: nine Tunisian migrant workers and two Tunisian migrant experts. The thesis examined labor shortage in France during the pandemic and the extent to which Tunisian migrant workers managed to bridge the labor shortage relying on the Segmented Labor market theory which was originally developed by Piore (1979), and the two concepts: System Effects and Systemic Resilience. Findings indicate that the COVID-19 pandemic unveiled several weaknesses in the French labor market system including the acute labor shortage. Faced by labor shortage, France turned to migrant …

Análisis De Capacidades Para La Activación De Sistemas Agroalimentarios Localizados: El Caso Del Cacao De La Provincia De Occidente (Boyacá, Colombia), Nubia Yolanda Rodríguez Pinzón, Yesid Aranda Camacho

Equidad y Desarrollo

Los sistemas territoriales de innovación (STI) requieren plantearse acciones que conduzcan a fortalecer capacidades de los actores locales a fin de activar sistemas agroalimentarios localizados (SIAL). El objetivo de la investigación ha sido evaluar las capacidades para la gestión del conocimiento (GC) que pueden condicionar la activación de los SIAL. Se diseñó un modelo multicriterio y se sometió a estimación con expertos, y en su evaluación se empleó un experimento de elección con el propósito de evaluar las capacidades para la GC de actores vinculados a SIAL de cacao de la Provincia de Occidente de Boyacá, Colombia. El bajo desempeño …

Interviews In Global Catholic Studies: Matthew Eggemeier And Peter Fritz, Mathew N. Schmalz, Matthew Eggemeier, Peter Joseph Fritz

Journal of Global Catholicism

No abstract provided.

The Double Bond Of Catholic Abolition: Christianity, Chattel Slavery, And Racial Capitalism, Elayne Oliphant

Journal of Global Catholicism

The reign of the first Pope to originate in the former colonies of the modern Euro-Christian empires calls us into awareness of the layers of interconnection between the Roman Catholic Church and the long “wake” (Sharpe 2016) of 1492. As anthropologists, I argue, our studies of Catholic practices must be informed by a detailed awareness of this history. I offer a broad historical view of how the Roman Catholic Church participated and, at times, led the way in initiating the trans-Atlantic system of Black chattel slavery and colonial expropriation in Euro-Christian Empires. As a scholar of Catholicism in France, I …

The Missionary And The Pea: An Anthropological Study Of The French Mep Economy, Michel Chambon

Journal of Global Catholicism

This paper discusses how the French missionaries of the Missions Etrangères de Paris (MEP) are linking humans and material objects to support their religious agenda. Revisiting the long history of this organization in Hong Kong and Thailand, but also its distinct recruitment and assignment policies, I highlight how these Catholic missionaries rely on their French cultural background to interconnect people and goods. While theological principles and political pragmatism shape their functioning, I argue that their economy is distinctively rooted in the French notion of terroir –the taste of place— an embodied relation to land that acts as a cultural mechanism …

From Canonical Law To Offshore Finance: Confessing To Priests And Bankers In Luxembourg, Samuel Weeks

Journal of Global Catholicism

In this article, I address two recurring tendencies that I heard during a recent period of research on banking secrecy in Luxembourg. First, my banker interviewees frequently mentioned personal transgressions for why many of their clients hide assets “offshore.” The wrongdoings my interlocutors cited included not only clients’ tax evasion, bankruptcy, and avoidance of liability – but also divorce, adultery, and the existence of out-of-wedlock children. Second, with a similar frequency, my interviewees drew parallels between the secrecy laws covering bankers and those afforded to other professionals in the country. Article 458 of Luxembourg’s Penal Code, dating from the nineteenth …

Assessing Energy Mutual Funds: Performance, Risks, And Managerial Skills, Davinder K. Malhotra, Srinivas Nippani

School of Business Faculty Papers

This study investigates the risk-adjusted performance of energy equity mutual funds across a 23-year period, employing the Cumulative Wealth Index (CWI) to gauge their long-term performance relative to benchmark indices. Despite inherent volatility due to the energy sector’s cyclical nature, these funds consistently outperformed benchmarks based on monthly returns, showcasing resilience amid market fluctuations. However, challenges emerged during the COVID-19 pandemic, with notable improvements post-vaccination. Utilizing a multi-factor model, the research highlights the interconnectivity of energy equity mutual funds with broader market movements and systemic factors. Despite their primary focus on the energy sector, these funds exhibit sensitivity to larger …

Justice, Inclusion, And Incentives, Ghislain Herman Demeze-Jouatsa, Roland Pongou, Jean-Baptiste Tondji

Economics and Finance Faculty Publications and Presentations

How does justice affect individual incentives and efficiency in a political economy? We show that elementary principles of distributive justice guarantee the existence of a self-enforcing contract whereby agents non-cooperatively choose their inputs and derive utility from their pay. Chief among these principles is that your pay should not depend on your name, and a more productive individual should not earn less. We generalize our analysis to incorporate inclusivity, ensuring basic pay to unproductive agents, implemented through progressive taxation and redistribution. Our findings show that without redistribution, any self-enforcing agreement may be inefficient, but a minimal level of redistribution guarantees …

Terminology Related To Ocean And Coastal Economic Activity, Nicole Leboeuf, Ralph F. Rayner, Carl Gouldman, Zack Baize, Monica Grasso, Brittany Croll, Kate Quigley

Journal of Ocean and Coastal Economics

This communication paper considers the definition and usage of terms describing ocean and coastal economic activity and the provision of the ocean data, information and knowledge needed to support its evolution and development.

Coordinated And Uncoordinated Punishment In A Team Investment Game, Vicente Calabuig, Natalia Jiménez-Jiménez, Gonzalo Olcina, Ismael Rodriguez-Lara

ESI Publications

Coordinated punishment occurs when punishment requires a specific number of punishers to be effective, otherwise, no damage will be inflicted on the target. While societies often rely on this punishment device, its benefits are unclear compared to uncoordinated punishment, where punishment decisions are substitutes. In this paper, we compare the efficacy of coordinated and uncoordinated punishment in a team investment game with two investors and one allocator. Our findings indicate that coordinated punishment results in higher levels of cooperation and reciprocity, as measured by the levels of joint investment and the return by allocators. Importantly, this does not translate into …

Post Covid-19 Recovery In Mountain West Metros, Zachary Walusek, Vanessa Booth, Annie Vong, Caitlin J. Saladino, William E. Brown Jr.

Economic Development & Workforce

This fact sheet examines data on the economic effects of the COVID-19 pandemic and recession on Mountain West metros. The original report includes data on economic activity, labor market, and real estate trends.

Economic Effects Of Pandemic On Us And Indian Economies With Policy Actions In 2019-2023: A Comparative Analysis, Kishore Kukarni Dr., Amitabh S. Dutta

International Review of Business and Economics

COVID 19 pandemic that started in February/March 2019, with happenings in Yuwan, China spread like a wildfire all over the world. All countries faced one of the worst economic challenges in recent centuries if not ever in the history of the mankind. Early predications were so severe and devastating that some forecasters predicted a death-toll of 100 million all over the world, as the virus was not only spreading fast but also had no solution for its serious fatal effects. It was evident that the patients were dying before getting any effective treatments and many of them were elderly individuals. …

Research On Integration Of Innovation Chain, Industrial Chain, Fund Chain, And Talent Chain, Changhong Nie, Feijie Zhao, Chuan Li, Tong Chen

Bulletin of Chinese Academy of Sciences (Chinese Version)

Promoting the integrated development of innovation chain, industrial chain, capital chain, and talent chain is of great significance to the high-quality development of the economy, and its essence is to reduce the various barriers faced by the flow of innovation elements across organizational boundaries, improve the allocation efficiency, better stimulate the main role of enterprises in scientific and technological innovation, and enhance the overall efficiency of the national innovation system. This study analyzes “four chain” integration and puts forward the following suggestions. First, promote the systematic layout and systematic implementation of scientific and technological innovation policies. Second, explore the construction …

The H.C. Carey School Of U.S. Currency Doctors: A "Subtle Principle" And Its Progeny, Stephen Meardon

Economics Department Working Paper Series

Henry C. Carey led a school of post-Civil War U.S. currency doctors prescribing an “elastic currency,” expanding and contracting according to commercial needs. The problem for the Careyites was reconciling elasticity, which implied inconvertibility with gold, with the related aim of decentralized financial power. Careyite currency doctors included, among others, Wallace P. Groom, editor of the New York Mercantile Journal, and Henry Carey Baird, Carey’s own nephew and inheritor of his mantle. Their prescribed reform of the banking system featured a financial innovation that would remove superfluous currency from circulation while supplying what was needed. The innovation was an …