查看更多>>摘要：? 2022 Elsevier LtdRecent literature extensively studies the safe-haven properties of different asset classes in crisis periods. The magnitude of the economic policy uncertainty index (EPU) and the geopolitical risk (GPR) increases significantly during extreme crisis periods such as covid crisis, but the earlier literature ignores how both risk measures impact on different asset classes during severe economic downturns. In this paper, we contribute by examining the hedging and safe-haven properties of gold, oil, equities, and foreign exchange rates against the United States (US) EPU and GPR by utilizing OLS regression, quantile regression and the quantile connectedness approach for pre-covid (October 1, 2013–March 10, 2020) and post-covid data (March 11, 2020–August 27, 2021). OLS results suggest that only the stock market has positive risk premium for both uncertainty measures. With quantile regression analysis for the pre-covid period, we find that asset returns provide no hedge (hedge) across bearish (bullish) market conditions. Importantly, safe-haven properties suggest that gold is a safe-haven asset at the extreme stress condition (at higher level of USEPU shocks). Other assets also exhibit safe-haven characteristics during extreme uncertain periods with heterogeneity in safe-haven effectiveness across bearish to bullish markets. With the post-covid data, we show that S&P500 stocks and EURO hedge EPU and GPR in bullish market condition, while Oil, S&P500, Great Britain Pound, EURO, Japanese Yen display safe-haven properties at the 99% quantile of USEPU. Specifically, gold lost its safe-haven features during covid. Interestingly, results from quantile connectedness suggest that selected asset returns have the potential to diversify against uncertainty measures considering low volatility transmissions between them across the lower and higher quantiles. Our findings are important for investors and asset managers who aim to hedge EPU and GPR during the stress period.
查看更多>>摘要：? 2022 Elsevier LtdThe paper aims at studying the financialization of commodities during coronavirus pandemic, thereafter referred as COVID19 and comparing the same with global financial crisis, thereafter referred as GFC. The connectedness among energy commodities particularly after 2020 was found strong, the effect is medium in case of metals and least in case of agriculture commodities. The findings proved that the financialization of commodities during COVID 19 was much strong as compared to GFC. An investigation of comparative analysis of financialization in developed countries and developing countries is also made, which indicates that connectedness is strong in developed countries as compared to developing countries. The findings reveal the effects were less significant from 2010 to 2019. Gold has significant effect with stock market during COVID 19 and GFC period, marking it a safe haven asset during crisis. Overall, the findings cast doubt on the hedging properties of energy commodities. The finding also indicates the COVID 19 had a deeper impact as compared to GFC.
查看更多>>摘要：? 2022 Elsevier LtdThe current study investigates volatility in natural resource commodity prices in the case of the US. Particularly, this study focused on the rarely explained indicators of natural resources, including palladium, platinum, and silver price volatility, from February 28, 2012, to March 18, 2020. Since the Covid-19 pandemic creates havoc in the global economic system, that creates uncertainty in the natural resources market. Therefore, the period of the Covid-19 pandemic is also considered in the empirical investigation. This study uses the traditional autoregressive conditional heteroscedasticity (ARCH) approach, which reveals that the ARCH effect is valid in the mentioned variables in both the pre and post Covid-19 pandemic periods. Besides, this study also employed the threshold generalized autoregressive conditional heteroscedasticity (TGARCH) and exponential generalized autoregressive conditional heteroscedasticity (EGARCH) models to analyze shock asymmetry. The estimated outcomes asserted that platinum and silver prices are more sensitive to negative shocks such as the Covid-19 pandemic. However, positive shocks play a more influential role in palladium price volatility. Thus, the shock asymmetry is valid for all three metallic resources. Based on the empirical findings, this study suggests implementing price ceiling policies. Besides, metallic resources hedging and the imposition of strong regulations in the financial market could help reduce volatility in natural resources.
查看更多>>摘要：? 2022 Elsevier LtdThe prevalence of uncertainty is evident in natural resources and financial markets almost every period. However, the global financial crisis and the recent Covid-19 pandemic is considered the most distressful event that disturbs the global economic and financial performance. In such crises, natural resource (mineral) prices also fluctuate as a result of demand and supply shocks. Identifying volatility in metallic resource prices is now the time's need, which consequently leads to implementing appropriate policies for recovery of the global markets. In this sense, the current study analyzed these two period from August 21, 2007, to December 31, 2009 (global financial crisis) and from January 01, 2019, to September 17, 2021 (Covid-19 pandemic). The empirical results obtained via threshold generalized autoregressive conditional heteroscedasticity (TGARCH) and exponential autoregressive conditional heteroscedasticity (EGARCH) model asserted that volatility exists in metallic resource prices in both the crises periods. Concerning the global financial cristhe metallic resource prices were more volatile in 2008, while such priwere are highly volatile during the Covid-19 pandemic peak year (2020). Additionally, volatility in metallic resources is found higher in the Covid-19 pandemic, relative to global financial crisis. Based on the empirical results, this study suggests the appropriate policy measures that could help tackle the issue of metallic resource price volatility.
查看更多>>摘要：? 2022 Elsevier LtdUsing dynamic panel threshold kink model approach, this paper measures the threshold level of political competition maximizing economic growth in the provinces of Iran during the years 2000–2019 and analyzes the moderation role of political competition in functioning of the resource curse hypothesis. Our results show that various indicators of political competition have a threshold effect on economic growth and the nonlinear relationship between political competition and economic growth is confirmed as U-shaped, based on which political competition above the threshold level leads to more economic growth. We also find that political competition affects the functioning of resource curse hypothesis in the provinces of Iran by moderating the effect of oil revenues on economic growth. Considering the spatial effects in the dynamic panel threshold kink regression model, which has been modeled for the first time in the provinces of Iran, has led to the robustness of the research findings. Our findings support the positive and significant effect of political competition on economic growth in countries with natural resources.
Ali A.Ramakrishnan S.Faisal F.Ghazi H Sulimany H....
12页
查看更多>>摘要：? 2022 The AuthorsThis study examines the impact of natural resources rents on the stock market and the role of institutional quality in managing resource revenues in shaping the stock market development utilizing data from 1991 to 2019 for G-7 economies. The current study employed the latest econometric techniques to exploit the moderating role of institutional quality in this nexus. The current study applied panel unit root with structural breaks to the envisaged variable. The results confirm the unique order of integration among the variables. Further, the Westerlund Panel cointegration is used that confirmed the long-run relationship among the variables. The long-run elasticities have been identified using the dynamic system GMM. This study found a positive effect of resources rent on the stock market and moderating role of institutional quality in enhancing the stock market resource blessing. Finally, Dumitrescu-Hurlin Causality analysis for possible causation is applied. The results depict that there is bidirectional causality between stock market development and economic growth, and moderating variable. This study recommends that since the stock market and banking system operate differently, a trade-off policy concerning institutional quality is needed to efficiently channel the windfall revenues through the financial system to protect the interest of different stakeholders. With the reinforcement and implementation of the efficient institutional framework, the natural resource revenues can further support stock market development.
查看更多>>摘要：? 2022 Elsevier LtdRecently the large fluctuation of nickel futures price makes the nickel trade price become the focus of policymakers' attention. Affected by resource endowment and resource demand, the trade role of a country affects its pricing power in the international market. The impact is across the whole industry chain. Using the panel regression model and complex network model, this paper analyses the evolution trend of trade position for countries participating in nickel product trade from 2000 to 2019 from the perspective of the industry chain, and examines the impact of changes in the country's trade role on its trade prices. Finally, the pricing power of typical countries is quantified and visualized. The study found: (i) The trade market of nickel products shows a prosperous trend and the Asian factors play an important role. (ii) The trade role of the country has a significant cross-influence on trade prices in all links of the industrial chain. (iii) The trading role of the state in the upstream nickel ore and the downstream stainless steel affect the trade price of the whole industry chain through the pass-through effect of prices in the industry chain. (iv) China, the United States, India, and the industrialized nations of Europe already have terms of trade that affect prices. This research will help governments understand the role of the country in the trade of nickel products and the impact on market prices. In addition, it also provides theoretical support for policymakers to formulate trade policies and strategies.
查看更多>>摘要：? 2022 Elsevier LtdThis paper aims to examine the dynamic spillovers between oil price shocks, stock market returns and investor sentiment in the US and Vietnam during the period 2010–2020. To this aim, we consider a financial network consisting of three above variables in a time-varying parameter vector autoregression (TVP-VAR)-based spillover framework. Our results show a moderate interdependence among the variables in our networks. Further, the relationship between oil price, stock market returns and investor sentiment is time-varying and quite driven by time-specific developments and events. Overall, we find that oil price and sentiment are net transmitters of shocks in the US whereas stock market return is the net recipient. For Vietnam, however, investor sentiment is the principal net transmitter of shocks while oil price and stock return are the net recipients. Our results remain robust to alternative international benchmarks of crude oil and the choice to estimate the TVP-VAR framework.
查看更多>>摘要：? 2022 Elsevier LtdChina has implemented many supportive policies to help the resource-based cities transit to sustainable development. However, these policies may induce unexpected results to institutional quality, which is an important factor to influence sustainable development. This paper examines how the policy affect the institutional quality of the resource-based cities, by building an institutional quality evaluation system which covering innovation environment, human resources, market environment and using Chinese “Sustainable Development Plan of Resource-based Cities (SDPRC)” as a quasi-experiment. The results show that the SDPRC has a significant negative effect on the overall level of institutional quality. Particularly, the policy implementation has significantly reduced the scores of institutional quality sub-items such as public service and human resources. Heterogenous analysis finds that the negative effect to institutional quality is significant in resource-depleted cities and coal cities. The policy implications of this paper are that government needs to emphasize the policy objective bias problem in the process of supporting resource-based cities and focus more on the institutional quality of resource-depleted cities and coal cities.
查看更多>>摘要：? 2022 Elsevier LtdThe Lao PDR is economically dependent on natural resources, particularly gold and copper. Consequently, mineral taxation is an important source of government revenue. The Lao PDR is one of three Asia-Pacific case studies used in the author's research to examine the relationship between company behaviour and mineral law and taxation changes. The research method involved qualitative interviews with mining executives, with the results analysed using Grounded Theory. The case study looks at the central phenomenon that, far from being an automatic process, company behaviour in response to mining law and taxation changes is complex and depends on internal variables and perceptions of external events. The author argues that understanding the variables influencing the main mining players behaviour in mineral dependent economies is important to understanding the impact of policy changes. The article proposes a model and four theories arising from the interviews and validates the theories from the literature. The article presents new insights into company behaviour that may inform mining, law regulations and policy development in mineral dependent economies.
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