The impact of digital literacy on financial outcomes has been well-explored. However, the onset of AI necessitates a pressing need for more granular, cross-country analyses that incorporate local variations in digital infrastructure and socioeconomic conditions. Using data from three sources in...

Accounting for the 55% of global population and the 70% of global emissions cities are on the forefront of the climate change mitigation policies and have a pillar role in meeting global targets. The role of cities for a sustainable economy has become more urgent with the Covid-19 pandemic,...

The article concentrates on the problem of quality of institutions in European Union countries in the context of their compatibility with the global knowledge-based economy. The main objective of the article is to evaluate the progress obtained in that field by New Member States of the European...

Economic Policy Uncertainty (EPU) is a critical indicator in economic studies, while it can be used to forecast a recession. Under higher levels of uncertainty, firms’ owners cut their investment, which leads to a longer post-recession recovery. EPU index is computed by counting news articles...

This paper presents new evidence on the size and direction of governments' R&D funding response to the COVID-19 pandemic through the exploration of a novel data infrastructure, the OECD Fundstat initiative for the analysis of government-funded R&D projects. The document reports on the...

This paper introduces a novel score-driven dynamic factor model designed for filtering cross-sectional co-movements in panels of time series. The model is formulated using elliptical distribution for the noise terms, thus allowing the update of the time-varying parameter to be potentially...

Generalized quantile regressions, including the conditional quantiles and expectiles as special cases, are useful alternatives to the conditional means for characterizing a conditional distribution, especially when the interest lies in the tails. We develop a functional data analysis approach to...

In this paper we show that the exchange rates of some commodity exporter countries have the ability to predict the price of spot and future contracts of aluminum. This is shown with both in-sample and out-of-sample analyses. The theoretical underpinning of these results relies on the...

This paper proposes maximum (quasi)likelihood estimation for high dimensional factor models with regime switching in the loadings. The model parameters are estimated jointly by EM algorithm, which in the current context only requires iteratively calculating regime probabilities and principal...

This paper proposes maximum (quasi)likelihood estimation for high dimensional factor models with regime switching in the loadings. The model para- meters are estimated jointly by the EM (expectation maximization) algorithm, which in the current context only requires iteratively calculating...