The Experts below are selected from a list of 17148 Experts worldwide ranked by ideXlab platform
Roland Vaubel - One of the best experts on this subject based on the ideXlab platform.
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Foreign Exchange Intervention And The Political Business Cycle: A Panel Data Analysis
International Finance, 2020Co-Authors: Axel Dreher, Roland VaubelAbstract:By combining expansionary open market operations with sales of foreign exchange, the central bank can expand the monetary base without depreciating the exchange rate. Thus, if there is a monetary political business cycle, sales of foreign exchange are especially likely before elections. Our Panel Data Analysis for up to 158 countries in 1975-2001 supports this hypothesis. Foreign exchange reserves relative to trend GDP depend negatively on the pre-election index regardless of the exchange rate system. The relationship is significant and robust irrespective of the type of electoral variable, the choice of control variables and the estimation technique.
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Foreign Exchange Intervention and the Political Business Cycle: A Panel Data Analysis
Journal of International Money and Finance, 2009Co-Authors: Axel Dreher, Roland VaubelAbstract:By combining expansionary open market operations with sales of foreign exchange, the central bank can expand the monetary base without depreciating the exchange rate. Thus, if there is a monetary political business cycle, sales of foreign exchange are especially likely before elections. Our Panel Data Analysis for up to 146 countries in 1975-2001 supports this hypothesis. Foreign exchange reserves relative to trend GDP depend negatively on the pre election index. The relationship is significant and robust irrespective of the type of electoral variable, the choice of control variables and the estimation technique.
Emmanouel Economou - One of the best experts on this subject based on the ideXlab platform.
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Democracy, Political Stability and Economic performance. A Panel Data Analysis
2020Co-Authors: Militiades N. Georgiou, Nicholas Kyriazis, Emmanouel EconomouAbstract:In the present paper we undertake to link political stability under democracy with a set of indicators for economic freedom and financial crises, using Panel Data Analysis. The sample covers annually the period 2000-2012 for selected European Union (EU) member-states, USA and Japan. The results support our main thesis, that political stability in democratic regimes is positively related to the set of economic freedom indicators and negatively to financial crises, because greater economic freedom influences positively investment and economic growth, while financial crises, which lead to austerity policies, which again lead to recession-depression, increase dissatisfaction among citizens with the workings of democracy and thus, to the rise of extremist parties. Our findings support the idea that political stability in democratic regimes is linked to economic stability and growth and vice-versa.
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Political Stability and Democratic Governance. A Panel Data Analysis.
2015Co-Authors: Militiades N. Georgiou, Nicholas Kyriazis, Emmanouel Economou, Marios, LazarosAbstract:In the present paper we undertake to link democracy with a set of indicators for economic freedom and financial crises, using Panel Data Analysis. The sample covers annually the period 2000-2012 for the EU, the USA and Japan. The results point out, that political stability is positively related to the set of economic freedom indicators and negatively to financial crises, because greater economic freedom influences positively investment and economic growth, while financial crises, which lead to austerity policies, which again lead to recession-depression, increases dissatisfaction of citizens with the working of democracy (Georgiou, 2011) and thus, to the rise of extremist parties. Our findings support the idea that democratic stability is linked to economic stability and growth and vice-versa.
Militiades N. Georgiou - One of the best experts on this subject based on the ideXlab platform.
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Democracy, Political Stability and Economic performance. A Panel Data Analysis
2020Co-Authors: Militiades N. Georgiou, Nicholas Kyriazis, Emmanouel EconomouAbstract:In the present paper we undertake to link political stability under democracy with a set of indicators for economic freedom and financial crises, using Panel Data Analysis. The sample covers annually the period 2000-2012 for selected European Union (EU) member-states, USA and Japan. The results support our main thesis, that political stability in democratic regimes is positively related to the set of economic freedom indicators and negatively to financial crises, because greater economic freedom influences positively investment and economic growth, while financial crises, which lead to austerity policies, which again lead to recession-depression, increase dissatisfaction among citizens with the workings of democracy and thus, to the rise of extremist parties. Our findings support the idea that political stability in democratic regimes is linked to economic stability and growth and vice-versa.
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Political Stability and Democratic Governance. A Panel Data Analysis.
2015Co-Authors: Militiades N. Georgiou, Nicholas Kyriazis, Emmanouel Economou, Marios, LazarosAbstract:In the present paper we undertake to link democracy with a set of indicators for economic freedom and financial crises, using Panel Data Analysis. The sample covers annually the period 2000-2012 for the EU, the USA and Japan. The results point out, that political stability is positively related to the set of economic freedom indicators and negatively to financial crises, because greater economic freedom influences positively investment and economic growth, while financial crises, which lead to austerity policies, which again lead to recession-depression, increases dissatisfaction of citizens with the working of democracy (Georgiou, 2011) and thus, to the rise of extremist parties. Our findings support the idea that democratic stability is linked to economic stability and growth and vice-versa.
Axel Dreher - One of the best experts on this subject based on the ideXlab platform.
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Foreign Exchange Intervention And The Political Business Cycle: A Panel Data Analysis
International Finance, 2020Co-Authors: Axel Dreher, Roland VaubelAbstract:By combining expansionary open market operations with sales of foreign exchange, the central bank can expand the monetary base without depreciating the exchange rate. Thus, if there is a monetary political business cycle, sales of foreign exchange are especially likely before elections. Our Panel Data Analysis for up to 158 countries in 1975-2001 supports this hypothesis. Foreign exchange reserves relative to trend GDP depend negatively on the pre-election index regardless of the exchange rate system. The relationship is significant and robust irrespective of the type of electoral variable, the choice of control variables and the estimation technique.
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Foreign Exchange Intervention and the Political Business Cycle: A Panel Data Analysis
Journal of International Money and Finance, 2009Co-Authors: Axel Dreher, Roland VaubelAbstract:By combining expansionary open market operations with sales of foreign exchange, the central bank can expand the monetary base without depreciating the exchange rate. Thus, if there is a monetary political business cycle, sales of foreign exchange are especially likely before elections. Our Panel Data Analysis for up to 146 countries in 1975-2001 supports this hypothesis. Foreign exchange reserves relative to trend GDP depend negatively on the pre election index. The relationship is significant and robust irrespective of the type of electoral variable, the choice of control variables and the estimation technique.
Wenyang Zhang - One of the best experts on this subject based on the ideXlab platform.
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Homogeneity Pursuit in Single Index Models based Panel Data Analysis
Journal of Business & Economic Statistics, 2019Co-Authors: Heng Lian, Xinghao Qiao, Wenyang ZhangAbstract:AbstractPanel Data Analysis is an important topic in statistics and econometrics. Traditionally, in Panel Data Analysis, all individuals are assumed to share the same unknown parameters, e.g. the s...
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Homogeneity Pursuit in Single Index Models based Panel Data Analysis
arXiv: Statistics Theory, 2017Co-Authors: Heng Lian, Xinghao Qiao, Wenyang ZhangAbstract:Panel Data Analysis is an important topic in statistics and econometrics. Traditionally, in Panel Data Analysis, all individuals are assumed to share the same unknown parameters, e.g. the same coefficients of covariates when the linear models are used, and the differences between the individuals are accounted for by cluster effects. This kind of modelling only makes sense if our main interest is on the global trend, this is because it would not be able to tell us anything about the individual attributes which are sometimes very important. In this paper, we proposed a modelling based on the single index models embedded with homogeneity for Panel Data Analysis, which builds the individual attributes in the model and is parsimonious at the same time. We develop a Data driven approach to identify the structure of homogeneity, and estimate the unknown parameters and functions based on the identified structure. Asymptotic properties of the resulting estimators are established. Intensive simulation studies conducted in this paper also show the resulting estimators work very well when sample size is finite. Finally, the proposed modelling is applied to a public financial Dataset and a UK climate Dataset, the results reveal some interesting findings.
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Structure identification in Panel Data Analysis
Annals of Statistics, 2016Co-Authors: Yuan Ke, Jialiang Li, Wenyang ZhangAbstract:Panel Data Analysis is an important topic in statistics and econometrics. In such Analysis, it is very common to assume the impact of a covariate on the response variable remains constant across all individuals. While the modelling based on this assumption is reasonable when only the global effect is of interest, in general, it may overlook some individual/subgroup attributes of the true covariate impact. In this paper, we propose a Data driven approach to identify the groups in Panel Data with interactive effects induced by latent variables. It is assumed that the impact of a covariate is the same within each group, but different between the groups. An EM based algorithm is proposed to estimate the unknown parameters, and a binary segmentation based algorithm is proposed to detect the grouping. We then establish asymptotic theories to justify the proposed estimation, grouping method, and the modelling idea. Simulation studies are also conducted to compare the proposed method with the existing approaches, and the results obtained favour our method. Finally, the proposed method is applied to analyse a Data set about income dynamics, which leads to some interesting findings.
