View More View Less
  • 1 Huaqiao University School of Economics and Finance, Quanzhou Fujian China 362021, China
  • | 2 Huaqiao University School of Economics and Finance, Quanzhou Fujian China 362021, China
  • | 3 Wuyi University School of Business, Nanping Fujian China 354300, China
Restricted access

Purchase article

USD  $25.00

1 year subscription (Individual Only)

USD  $700.00

Smooth Transition Regression Model (STR) is applied to analyze the non-linear effect of urbanization on economic growth in this study. By collecting relevant variable data in 1978–2012, financial deepening is selected as the transition variable to construct the STR Model which could reflect the dynamic change of urbanizational economic growth effect. The result shows that urbanizational economic growth effect should present the characteristics of threshold and could be described with non-linear Smooth Transition Model (LSTR1). Meanwhile, the urbanizational economic growth effect should reveal asymmetry, in which the research findings show contemporary financial deepening (FISt) as a factor. Specifically, the linear feature appears when the FISt is lower than 0.3792 (before 1990), while it reveals non-linearity when the FISt exceeds 0.3792 (after 1990), and the non-linearity becomes the major factor in the urbanizational economic growth effect after 1990.

  • Ahern, K.R. and D. Sosyura (2012). Who Writes the News? Corporate Press Releases during Merger Negotiations. Journal of Finance, forthcoming.

    • Search Google Scholar
    • Export Citation
  • Antweiler, W. and M.Z. Frank (2004). Is All that Talk Just Noise? The Information Content of Internet Stock Message Boards. Journal of Finance, 59, 12591294.

    • Search Google Scholar
    • Export Citation
  • Antweiler, W. and M.Z. Frank (2006). Do US Stock Markets Typically Overreact to Corporate News Stories? Working Papers.

  • Barberis, N., A. Shleifer and R. Vishny (1998). A Model of Investor Sentiment. Journal of Financial Economics, 49, 307343.

  • Barber, B.M. and T. Odean (1998). The Courage of Misguided Convictions. Journal of Financial Analysts, 55(6), 4155.

  • Barber, B.M. and T. Odean (2001). Boys will be Boys: Gender, Over-confidence, and Common Stock Investment. Quarterly Journal of Economics, 116, 261292.

    • Search Google Scholar
    • Export Citation
  • Barber, B.M. and T. Odean (2008). All that Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors. Review of Financial Studies, 21(2), 785818.

    • Search Google Scholar
    • Export Citation
  • Barber, B.M. and T. Odean (2011). The Behavior of Individual Investors. Working Paper.

  • Black, F. (1986). Noise. Journal of Finance, 41(3), 529543.

  • Borden, M.J. (2007). The Role of Financial Journalists in Corporate Governance. Fordham Journal of Corporate & Financial Law, 12(2), 6129.

    • Search Google Scholar
    • Export Citation
  • Brennan, M.J., N. Jegadeesh and B. Swaminathan (1993). Investment Analysis and the Adjustment of Stock Prices to Common Information. Review of Financial Studies, 6(4), 799824.

    • Search Google Scholar
    • Export Citation
  • Buskirk, A.V. (2006). Capital Market Effects of More Frequent Disclosure. Working Paper.

  • Carroll, C.E. and M. McCombs (2003). Agenda-Setting Effects of Business News on the Public’s Images and Opinions about Major Corporations. Corporate Reputation Review, 6(1), 3646.

    • Search Google Scholar
    • Export Citation
  • Chan, W.S. (2003). Stock Price Reaction to News and No-news: Drift and Reversal after Headlines. Journal of Financial Economics, 70, 223260.

    • Search Google Scholar
    • Export Citation
  • Chen, C.C. and J.R. Meindl (1991). The Construction of Leadership Images in the Popular Press: The Case of Donald Burr and People Express. Administrative Science Quarterly, 36, 521551.

    • Search Google Scholar
    • Export Citation
  • Cutler, D.M., J.M. Poterba and L.H. Summers (1989). What Moves Stock Prices? Journal of Portfolio Management, 15, 412.

  • Da, Z., J. Engelberg and P. Gao (2011). In Search of Attention. Journal of Finance, 66(5), 14611499.

  • Dougal, C., J. Engelberg, D. Garci’a and C. Parsons (2011). Journalists and the Stock Market. Working Paper.

  • Dyck, A. and L. Zingales (2003). The Media and Asset Prices. Working Paper.

  • Engelberg, J. and Parsons, C. (2011). The causal impact of media in financial markets. Journal of Finance, 66(1), 6797.

  • Engelberg, J., C. Sasseville and J. Williams (2012). Market Madness? The Case of Mad Money. Journal of Management Science, 58(2), 351364.

    • Search Google Scholar
    • Export Citation
  • Fang, L. and J. Peress (2009). Media Coverage and the Cross-section of Stock Returns. Journal of Finance, 64(5), 20232052.

  • Foster, F.D. and S. Viswananthan (1990). Variations in Trading Volume, Return Volatility, and Trading Costs: Evidence on Recent Price Formation Models. Journal of Finance, 48(1), 187211.

    • Search Google Scholar
    • Export Citation
  • Holden, C.W. and A. Subrahmanyam (1992). Long-lived Private Information and Imperfect Competition. Journal of Finance, 47(1), 247270.

    • Search Google Scholar
    • Export Citation
  • Islam, R. (2002). The Right to Tell: The Role of Mass Media in Economic Development. Washington, D. C., The World Bank.

  • Kim, Y. H. and F. Meschke (2011). CEO Interviews on CNBC. Working Paper.

  • Klibanoff, P., O. Lamont and T.A. Wizman (1998). Investor Reaction to Salient News in Closedend Country Funds, Journal of Finance, 53, 673699.

    • Search Google Scholar
    • Export Citation
  • Kovács, E., B. Dömötör and H. Naffa (2011). Investment Decisions in Crises – A Study of Private Pension Fund Investments. Acta Oeconomica, 61(4), 389412.

    • Search Google Scholar
    • Export Citation
  • Kyle, A.S. (1985). Continuous Auctions and Insider Trading. Econometrica, 53, 13151336.

  • Li, M. and S. Yen (2011). Re-examining Covariance Risk Dynamics in International Stock Markets Using Quantile Regression Analysis. Acta Oeconomica, 61(1), 3359.

    • Search Google Scholar
    • Export Citation
  • Liu, L.X., A.E. Sherman and Y. Zhang (2007). Media Coverage and IPO Underpricing. Working Paper.

  • McCombs, M.E. and D.L. Shaw (1972). The Agenda-setting Function of Mass Media. Public Opinion Quarterly, 36, 176187.

  • Nofsinger, J.R. (2001). The Impact of Public Information on Investors. Journal of Banking and Finance, 25(7), 13391366.

  • Shiller, R. (2001). Exuberant Reporting: Media and Misinformation in the Markets. Harvard International Review, 23, 6065.

  • Sherman, A.E. and S. Titman (2002). Building the IPO Order Book: Underpricing and Participation Limits with Costly Information. Journal of Finance, 65, 329.

    • Search Google Scholar
    • Export Citation
  • Shieh, C.J. (2014). The Impacts of Social Network on Operating Performance in Microenterprises. Acta Oeconomica, 64 (Supplement 2), 229242.

    • Search Google Scholar
    • Export Citation
  • Stephens, C.P. and M.S. Weisbach (1998). Actual Share Reacquisitions in Open-market Repurchase Programs. Journal of Finance, 53, 313333.

    • Search Google Scholar
    • Export Citation
  • Tetlock, P.C. (2007). Giving Content to Investor Sentiment: The Role of Media in the Stock Market. Journal of Finance, 62(3), 11391168.

    • Search Google Scholar
    • Export Citation
  • Tetlock, P.C., M. Saar-Tsechansky and S. Macskassy (2008). More than Words: Quantifying Language to Measure Firms’ Fundamentals. Journal of Finance, 63(3), 14371467.

    • Search Google Scholar
    • Export Citation
  • Vega, C. (2006). Stock Price Reaction to Public and Private Information. Journal of Financial Economics, 82, 103133.

  • Chen Ke-jia and Zang, Yong-shen (2013). Urbanization, economic growth mechanism of action in Fujian Province. Urban Problems, (5), 5761.

    • Search Google Scholar
    • Export Citation
  • Chou Juan-dong He Feng-juan and Yi Yong-mei (2011). Explore financial repression, financial constraints, financial liberalization and financial deepening interaction. School of Economics and Management at Northwestern University, (6), 5563.

    • Search Google Scholar
    • Export Citation
  • Fan Zhao-bin and Zuo, Zheng-qiang (2004). Regional financial development and urbanization in Guangdong province. Economic Review, (12), 3134.

    • Search Google Scholar
    • Export Citation
  • Földvári, P., van Leeuwen, B. and Didenko, D. (2015). Capital formation and economic growth under central planning and transition: A theoretical and empirical analysis, ca. 1920–2008. Acta Oeconomica, 65(1), 2750.

    • Search Google Scholar
    • Export Citation
  • Granger, C. and Terasvirta, T. (1993). Modelling Nonlinear Economic Relationships [M]. Oxford University Press, Oxford.

  • Henderson, J.V. (2000). The effects of urban concentration on economic growth. National Bureau of Economic Research., 8, 4771.

  • Henderson, J.V. (2003). The urbanization process and economic growth: The so-what question [J]. Journal of Economic Growth, 8(1), 4771.

    • Search Google Scholar
    • Export Citation
  • Hendry, R. (2005). Lavoisier and Mendeleev on the elements. Foundations of Chemistry, 7, 3148.

  • Hendry, D.F. (1995). Dynamics Econometrics [M]. Oxford University Press.

  • Lu Ke and Zhao Yang (2013). Innovative research in new urbanization commercial banking group financial products. Journal of Zhongnan University of Economics and Law, (06).

    • Search Google Scholar
    • Export Citation
  • Lucas, R.E. Jr. (2004). Life earnings and rural–urban migration. Journal of Political Economy, 112(S1), S29S59.

  • Lucas, R.E. Jr. (1988). On the mechanics of economic development. Journal of Monetary Economics, 122(1), 342.

  • Mckinnon, R. I. (1973). Money and capital in economic development [M]. Brookings Institution Press.

  • Meng Yin-li (2003). Financial deepening, economic growth and urbanization effects analysis. Quantitative and Technical Economics Research, (04), 138140.

    • Search Google Scholar
    • Export Citation
  • Moomaw, R.L. and Shatter, A.M. (1996). Urbanization and economic development: a bias toward large cities? [J]. Journal of Urban Economics, 40(1), 1337.

    • Search Google Scholar
    • Export Citation
  • Qi, Xin (2013). Effect of urbanization on economic growth-based on the decomposition analysis of economic growth effect and spatial spillover effect. Statistics & Information Forum, (06), 4550.

    • Search Google Scholar
    • Export Citation
  • Sensier, M., Osborn, D. and Öcal, N. ( 2002). Asymmetric interest rate effects for the UK real economy. Oxford Bulletin of Economics and Statistics, 64(4), 315339.

    • Search Google Scholar
    • Export Citation
  • Shen Kun-rong and Jiang, Rui (2007). How urbanization affects economic growth in China. Statistical Research, (06), 915.

  • Terasvirta, T. (2004). Smooth transition regression modeling [J]. Applied Time Series Econometrics, (2), 2242.

  • Tian, Dong-lin (2013). Make good financial services around new-style urbanization. Macroeconomic Management, (10), 5455.

  • Uandt, R.E. (1958). The estimation of the parameters of a linear regression system obeying two separate regimes [J]. Journal of the American Statistical Association, (284), 873880.

    • Search Google Scholar
    • Export Citation
  • Williamson, J.G. (1988). Migration and urbanization. Handbook of Development Economics, (1), 425465.

  • Wu, Hong-lin (2012). Research on China’s financial development, economic growth and urbanization relations. Journal of Anhui University of Technology, (3), 289293.

    • Search Google Scholar
    • Export Citation
  • Xiang Zheng Wu Shih-lei and Zhao Xin (2013). Urbanization pulling effect on economic growth. Economic Review, (4), 7073.

  • Xiao and Shao, Fu-jun (1988). Economic Development in the Financial Deepening. Joint Publishing, Shanghai.

  • Xu Xiao-qin and Yuan Kai-hua (2013). Mechanism and characteristics of urbanization driven by economic growth – Empirical evidence from provincial panel data. Inquiry Into Economic Issues, (5), 134140.

    • Search Google Scholar
    • Export Citation
  • Ye, A-jhong (2002). Non-parametric test with non-linearity cointegration. Prediction, 21(1), 6979.

  • Yuan, Xiao-chu (2013). Financial support for new-style urbanization construction. Study and Exploration, (08), 122124.

  • Zhang Jun and Jin, Yu (2005). Analysis on relationship of deepening financial intermediation and economic growth in China. Economic Research, 11(34), 5.

    • Search Google Scholar
    • Export Citation
  • Zhou Yi-xing (1982). Regularity of urbanization and GNP relations. Population and Economy, (1), 152168.

Submit Your Manuscript
 
The author instruction is available in PDF.
Please, download the file from HERE.

 

The description of the refereeing procedure is available in PDF.
Please, download the file from HERE.

 

 

Senior editors

Editor(s)-in-Chief: Prof. Dr. Mihályi, Péter

Editor(s): Ványai, Judit

Editorial Board

  • Ádám Török (Chairman) / University of Pannonia; Budapest University of Technology and Economics
  • Edina Berlinger / Corvinus University of Budapest, Department of Finance
  • Péter Halmai / Budapest University of Technology and Economics; National University of Public Service
  • Gábor Kézdi / University of Michigan
  • István Kónya / Institute of Economics Centre for Regional and Economic Studies, University of Pécs
  • János Köllő / Institute of Economics Centre for Regional and Economic Studies
  • István Magas / Corvinus University of Budapest, Department of World Economy; University of Physical Education, Department. of Sports and Decision Sciences
 

Advisory Board

  • Ǻslund, Anders
  • Kolodko, Grzegorz
  • Mau, Vladimir
  • Messerlin, Patrick A
  • Nuti, Mario Domenico
  • Wagener, Hans-Jürgen

Corvinus University of Budapest
Department of Economics
Fővám tér 8 Budapest, H-1093, Hungary

Indexing and Abstracting Services:

  • EconLit
  • Elsevier GEO Abstracts
  • GEOBASE
  • International Bibliographies IBZ and IBR
  • JEL
  • Referativnyi Zhurnal
  • RePEc
  • SCOPUS
  • Social Science Citation Index
  • Index Copernicus

 

2020  
Total Cites 275
WoS
Journal
Impact Factor
0,875
Rank by Economics 325/377 (Q4)
Impact Factor  
Impact Factor 0,534
without
Journal Self Cites
5 Year 0,500
Impact Factor
Journal  0,38
Citation Indicator  
Rank by Journal  Economics 347/549 (Q3)
Citation Indicator   
Citable 37
Items
Total 37
Articles
Total 0
Reviews
Scimago 13
H-index
Scimago 0,292
Journal Rank
Scimago Economics and Econometrics Q3
Quartile Score  
Scopus 225/166=1,4
Scite Score  
Scopus Economics and Econometrics 392/661 (Q3)
Scite Score Rank  
Scopus 0,668
SNIP  
Days from  289
sumbission  
to acceptance  
Days from  447
acceptance  
to publication  

2019  
Total Cites
WoS
212
Impact Factor 0,914
Impact Factor
without
Journal Self Cites
0,728
5 Year
Impact Factor
0,650
Immediacy
Index
0,156
Citable
Items
45
Total
Articles
45
Total
Reviews
0
Cited
Half-Life
3,9
Citing
Half-Life
9,5
Eigenfactor
Score
0,00015
Article Influence
Score
0,052
% Articles
in
Citable Items
100,00
Normalized
Eigenfactor
0,01891
Average
IF
Percentile
28,437
Scimago
H-index
12
Scimago
Journal Rank
0,439
Scopus
Scite Score
214/165=1,3
Scopus
Scite Score Rank
Economics and Econometrics 355/637 (Q3)
Scopus
SNIP
0,989

 

Acta Oeconomica
Publication Model Hybrid
Submission Fee none
Article Processing Charge 900 EUR/article
Printed Color Illustrations 40 EUR (or 10 000 HUF) + VAT / piece
Regional discounts on country of the funding agency World Bank Lower-middle-income economies: 50%
World Bank Low-income economies: 100%
Further Discounts Editorial Board / Advisory Board members: 50%
Corresponding authors, affiliated to an EISZ member institution subscribing to the journal package of Akadémiai Kiadó: 100%
Subscription Information Online subsscription: 588 EUR / 732 USD
Print + online subscription: 688 EUR / 860 USD
Online subscribers are entitled access to all back issues published by Akadémiai Kiadó for each title for the duration of the subscription, as well as Online First content for the subscribed content.
Purchase per Title Individual articles are sold on the displayed price.

Acta Oeconomica
Language English
Size B5
Year of
Foundation
1966
Publication
Programme
2021 Volume 71
Volumes
per Year
1
Issues
per Year
4
Founder Magyar Tudományos Akadémia
Founder's
Address
H-1051 Budapest, Hungary, Széchenyi István tér 9.
Publisher Akadémiai Kiadó
Publisher's
Address
H-1117 Budapest, Hungary 1516 Budapest, PO Box 245.
Responsible
Publisher
Chief Executive Officer, Akadémiai Kiadó
ISSN 0001-6373 (Print)
ISSN 1588-2659 (Online)