Authors:Z.-C. Tan, B. Xue, S.-W. Lu, S.-H. Meng, X.-H. Yuan, and Y.-J. Song
The heat capacities of fenpropathrin in the temperature range from 80 to 400 K were measured with a precise automatic adiabatic calorimeter. The fenpropathrin sample was prepared with the purity of 0.9916 mole fraction. A solid—liquid fusion phase transition was observed in the experimental temperature range. The melting point, Tm, enthalpy and entropy of fusion,
fusSm, were determined to be 322.48±0.01 K, 18.57±0.29 kJ mol–1 and 57.59±1.01 J mol–1 K–1, respectively. The thermodynamic functions of fenpropathrin, H(T)—H(298.15), S(T)—S(298.15) and G(T)—G(298.15), were reported with a temperature interval of 5 K. The TG analysis under the heating rate of 10 K min–1 confirmed that the thermal decomposition of the sample starts at ca. 450 K and terminates at ca. 575 K. The maximum decomposition rate was obtained at 558 K. The purity of the sample was determined by a fractional melting method.
Authors:Marta Gómez-Puig and Simón Sosvilla-Rivero
Education, Culture and Sport (Grant no. PRX16/00261) and the Spanish Ministry of Economy and Competitiveness (Grant no. ECO2016-76203-C2-2-P). Simón Sosvilla-Rivero thanks the members of the Department of Economics at the University of Bath for their
The correct modelling of long- and short-term seasonality is a very interesting issue. The choice between the deterministic and stochastic modelling of trend and seasonality and their implications are as relevant as the case of deterministic and stochastic trends itself. The study considers the special case when the stochastic trend and seasonality do not evolve independently and the usual differencing filters do not apply. The results are applied to the day-ahead (spot) trading data of some main European energy exchanges (power and natural gas).
This study focuses on the level of interdependence across the Central and Eastern European (CEE) foreign exchange markets (Hungary, Poland, the Czech Republic, Romania and Croatia) from September 2008 to September 2017, using the return spillover measure proposed by Diebold and Yilmaz (2009; 2012). We mainly find a bidirectional volatility spillover among these assets and the cross-market linkages in the CEE region have become stronger over time. Furthermore, the Czech exchange market has a significant influence on the rest of the foreign exchange markets. The total spillover remained very high over the periods 2010–2012 and 2015–2017, despite the noteworthy fluctuations in other periods. These results would also be useful for portfolio managers, policy makers and speculative traders to develop exploitable strategies, by providing knowledge of the transmission mechanisms of the volatility of foreign exchange markets. The results may support the distribution of assets in a financial portfolio, especially after financial integration.
This paper estimates the hybrid New-Keynesian Phillips curve (NKPC) for Hungary with different techniques. Because of weak instruments, single-equation GMM estimations yield very unreliable results. More robust methods show that basically no statistical inference is possible as to the true specification of the inflation dynamics. However, a more efficient simultaneous-equations method, the full information maximum likelihood (FIML) estimator provides identified parameters. Furthermore, coefficient estimates on the driving variable are positive and significant for the first time, lending much-needed empirical support in favour of the New-Keynesian model. Inflation appears to be determined to an equal extent by past inflation and forward-looking expectations. Structural analysis yields realistic estimates for the frequency of price adjustments and suggests that the dominant price setting behaviour is backward-looking.
Looking at almost forty years’ data the strong preference of consumption and housing investment to financial savings is an observable characteristic of Hungarian households’ long-term behaviour. This observation seems to be valid despite the substantial changes in the institutional system. Credit supply has played an important role in this. Households increase their consumption and housing expenditures by taking advantage of lending opportunities. The increased credit supply is coupled with a low financial savings rate. This in not unique in the European countries, however, it may lead to a riskier macroeconomic path for Hungary.
Authors:Hasan Güngör, Salih Katircioglu, and Mehmet Mercan
This study investigates the impact of the selected financial development proxies and foreign direct investment (FDI) on the growth in the case of Turkey, using annual data for the 1960–2011 period. The second-generation econometric procedure has been applied for the first time to the Turkish data with this respect. Unit root tests by Carrion-i-Silvestre et al. (2009) assume that real income, financial development proxies, and FDI are non-stationary at levels, but become stationary at first differences through multiple structural breaks. Cointegration results by Maki (2012) confirm the existence of a long-term equilibrium relationship between real income growth, financial development, and FDI, again through multiple structural breaks. Finally, this paper confirms that financial development and FDI are long-term drivers of real income, which enable it to react to its long-term path significantly.
Tourism-Led Growth (TLG) hypothesis results are inconclusive for Mediterranean countries in the relevant literature. This study contributes to the literature by employing the bounds test for co-integration and Granger causality tests to investigate level relationship and the direction of causality between international tourism and economic growth in the case of Malta. Results reveal that a long-run equilibrium relationship exists between international tourism and economic growth in the case of Malta. On the other hand, Granger causality test results suggest that both the Tourism-Led Growth and output-driven tourism hypotheses can be inferred for Malta since there is bidirectional causation between international tourism and economic growth.
Authors:Konstantinos Katrakilidis, Persefoni Tsaliki, and Theodosios Tsiakis
This paper empirically explores the validity of the Kaldorian insights into economic growth and development. In doing so, we examine the three laws outlined in Kaldor’s analysis and test their relevance to the Greek economy for the period 1970–2006. We employ the ARDL method to analyse the long-run and short-run relationships among the variables. The empirical results confirm Kaldor’s proposition about the importance of the demand side of the economy and thus provide the necessary theoretical and empirical ground for innovative economic policies in these difficult times for Greece.
This paper provides an empirical analysis of the relationship between the labour income share and financialisation, as well as other related variables in Portugal from 1978 to 2012. We estimate an equation for the labour share that includes standard variables (technological progress, globalisation, education and business cycle) and variables to capture the effect of financialisation. We formulate the hypothesis that the financialisation process may lead to a rise in the inequality of functional income distribution through three channels: the change in the sectoral composition of the economy (due to both the increase in the weight of financial activity and the decrease in government activity), the diffusion of shareholder value governance practices and the weakening of trade unions. Our results show that the financialisation process has an indirect long-term effect on the labour share through its impact on government activity and trade union density. The paper also finds evidence supporting the traditional explanations for functional income distribution, namely globalisation, education and business cycle.