This paper examines the efficient market hypothesis for the wine market using a novel unit root test while accounting for sharp shifts and smooth breaks in the monthly data. We find evidence of structural shifts and nonlinearity in the wine indices. Contrary to the results from conventional...

This paper investigates the impacts of non-renewable consumption (NRE) and renewable energy consumption (RE) on industrial production (IP) in the US using monthly data from 2000:01 to 2018:02. To do so, the paper employs the nonlinear autoregressive distributed lag (NARDL) approach to examine...

Purpose - The theoretical debate of corruption's impact on economic growth remains unsettled, making it an empirical question. This study aims to investigate corruption's effect on BRICS countries' economic growth. Design/methodology/approach A panel dataset on BRICS countries spanning 1996 to...

This study explores the effect of various demographic features on wealth share using yearly data for 43 countries. Empirical results from quantile regressions indicate that besides macroeconomic and institutional factors, population ageing and the high size of working population exhibit some...

This study investigates the tail dependence structures of sovereign credit default swaps (CDSs) and three global risk factors in BRICS countries using a copula approach, which is popular for capturing the 'true' tail dependence based on the 'distribution-adjusted' joint marginals. The empirical...

Livestock production and consumption of meat are significant contributors to today's most serious environmental problems and global warming. This paper investigates the role of marine reserves in shaping meat consumption pattern across member countries of the South East Atlantic Fisheries...

We examine the effect of demographic shifts on asset prices in an overlapping generations model with endogenous population dynamics. We establish a robust inverse relationship between returns and the old dependency ratio. We document the absence of a simple monotonic relationship between asset...

This study examines whether the long-run purchasing power parity (PPP) holds in transition economies (Bulgaria, the Czech Republic, Hungary, Latvia, Lithuania, Poland, Romania and Russia) using monthly data over the 1995 - 2011 period. We apply a recently introduced panel stationary test, which...

While previous studies focus on linear unit root test to study the convergence of carbon price in some developed countries and the results might be biased due to the lower power of these linear unit root tests. China provides an interesting arena to investigate its carbon price convergence due...

We use monthly data covering a century-long sample period (1915–2021) to study whether geopolitical risk helps to forecast subsequent gold volatility. We account not only for geopolitical threats and acts, but also for 39 country-specific sources of geopolitical risk. The response of...