This book analyses several aspects on the efficient resource allocation in the aftermath of the global financial crisis and the European sovereign debt crisis. The main focus of the volume is on recent European Union (EU) experience highlighting the interrelation between inherent structural rigidities and practical limitations in the conduct of sound economic policy. Special reference is made to Greece (evidencing unprecedented experience), the EU periphery countries and the US. This book will be of interest to academic and central bank researchers, business practitioners (in consultancy and finance) and graduate students, as it is a good example of how scholarly dialogue can contribute to contemporary high-quality policy debate on sound liquidity provision and financial stability in the Eurozone, as well as the effective ways to combat recession in the EU periphery countries.
Author(s): Ioanna T. Kokores, Pantelis Pantelidis, Theodore Pelagidis, Demetrius Yannelis
Publisher: Palgrave Macmillan
Year: 2021
Language: English
Pages: 301
City: Cham
Preface and Acknowledgements
The Editorial Committee
Contents
Notes on Contributors
List of Figures
List of Tables
Chapter 1: Introduction
References
Part I: Liquidity, Trade Flows and International Factor Mobility
Chapter 2: Financial Integration, Bank Competition and Intra-Eurozone Foreign Direct Investment
1 Introduction and Overview
2 Methodology
3 Data
4 Empirical Results
5 Conclusions
References
Chapter 3: Export Margins, Employment Skills and Financial Conditions: Stylized Facts from Greek Exporters
1 Introduction
2 Data
2.1 Data Sources
2.2 Descriptive Statistics
3 Export Margins and Factor Inputs
3.1 Employment Skills
3.2 Financial Conditions
4 Suggestive Theories on the Role of Quality for Greek Exporters
5 Conclusions
Appendix
References
Part II: Corporate Landscape Advancement
Chapter 4: Why a Revival of Greek Manufacturing Is a Prerequisite to Ensure a Prosperous Future for the Country and How to Achieve It
1 Introduction
2 The Link Between Manufacturing and the Path to Prosperity for European Countries
3 A Revival of the Productive Base as a Prerequisite for the Survival of Greece
4 The Importance of a Close Collaboration Between the Private and Public Sector to Support the Productive Base of the Country and Its Growth
5 Conclusions
Appendix 1. Employment and Wages in Manufacturing
References
Chapter 5: Greek Shipping Receipts Revisited: A Freight Market and Country Risk Perspective
1 Introduction
2 Literature Review on Greek Shipping Inflows
3 Freight Market Developments and Greece-Related Country Risk
4 Econometric Methodology and Empirical Results
4.1 Data
4.2 Econometric Methodology and Theoretical Considerations
4.3 Empirical Results
4.3.1 Long-Run Estimation Results
4.3.2 Results for the Short-Run Dynamics of Shipping Inflows
4.3.3 Assessing the Impact of Sovereign Risk
5 Conclusions
References
Part III: Trends in Policy Analysis
Chapter 6: Fiscal Policy and Growth in the Euro Area Periphery: Does the Business Cycle Matter?
1 Introduction
2 Theoretical Framework and Related Literature
2.1 Theoretical Framework
2.2 Related Literature
3 Empirical Results
3.1 Major Stylized Facts
3.2 Econometric Results
3.3 Discussion
4 Conclusion
Appendix
References
Chapter 7: Monetary Policy and Systemic Risk: U.S. Evidence
1 Introduction
2 Systemic Risk: CATFIN
3 Data and Methodology
4 Empirical Findings and Policy Implications
5 Conclusion
Appendix
References
Part IV: Financial Markets and the Macroeconomy
Chapter 8: What Drives the Default Risk of Restructured Loans
1 Introduction
2 Model Setup
2.1 The Discrete-Time Proportional Hazard Model
3 Data and Covariates
3.1 Data on Consumer Loan Defaults
3.2 The Covariates of the Model
3.2.1 Application Covariates
3.2.2 Loan-Specific Covariates
3.2.3 Macroeconomic Covariates
4 Empirical Analysis
4.1 Estimation Method
4.2 Estimation Results
4.3 Marginal Effects
5 Conclusions
6 Appendix
6.1 The Type I, II Errors and Receiver Operating Characteristic (ROC) Curve Metrics
References
Chapter 9: Regime Switches in the Yield Curve-Credit Spread Relationship and the Prediction of Recessions
1 Introduction
2 Methodology and Data
2.1 Methodology
2.2 Data
3 Empirical Results
4 Predicting Recessions
5 Conclusions
Notes
Appendix
References
Part V: Trends in Econometric Methodology
Chapter 10: A Comparison Study of Least Squares and Ridge Estimators in the Presence of Heteroscedasticity and Multicollinearity Under Normal and Nonnormal Disturbances
1 Introduction
2 Ridge Estimators
3 Design of the Experiment
4 Evaluation of Results
5 Conclusion Remarks
Appendix
References
Chapter 11: The Effects of Temporal Aggregation and Random Sampling on the Power of the Augmented Dickey Fuller Stationarity Test: A Monte Carlo Study
1 Introduction
2 Design of the Experiments
3 Results
4 Conclusions
Appendix
References
Part VI: International Business: Expansion and Environmental Issues
Chapter 12: Revisiting the Environmental Kuznets Curve Hypothesis: A Dynamic Panel VAR Analysis
1 Introduction
2 Literature Review
3 Data and Preliminary Testing
3.1 Sample Variables and Unit Root Testing
3.2 Cointegration Testing
4 Empirical Methodology and Results
4.1 Impulse Response Functions
4.2 Variance Decomposition Analysis
5 Concluding Remarks
References
Chapter 13: International Expansion Strategies: Developing Some Research Propositions on the Scope and Speed of the Path of Internationalization
1 Introduction
2 Typology Dimensions
2.1 Expansion Strategy Based on the Number of New Markets
2.2 Expansion Strategy Based on Time Frame of Internationalization
3 Typology Framework and Conceptual Model
3.1 Typology Framework
3.2 Conceptual Model
4 Discussion
References
Index
