The beneficial effects of innovation for firms' performance and competitiveness are well documented, but it has been suggested in recent years that innovation regimes differ between advanced and emerging economies. While advanced economies rely on knowledge generation, their emerging...

One aspiration of the Agricultural Fisheries Modernization Act (AFMA) is the promotion of industry dispersal and rural industrialization. This involves a policy of structural transformation, which attempts to transition the economy from a low productivity sector, such as agriculture, to a high...

This study analyzes the volatility spillover effects in the US stock market (S&P500) and cryptocurrency market (BGCI) using intraday data during the COVID-19 pandemic. As the potential drivers of portfolio diversification, we measure the asymmetric volatility transmission on both markets. We...

We investigate the effects of the introduction of a population-wide Human Papillomavirus (HPV) vaccination program on the vaccine take-up of the targeted group of 15-year-old girls and their older sisters. For identification, we rely on a regression discontinuity design and high-quality Danish...

In order to allocate resources and formulate policies effectively, governments and enterprises often need accurate geographical information on profit-seeking enterprises. This study explores the impact of local fiscal expenditure and environmental regulation on the number of profit-seeking...

This paper follows an algorithm that considers different dimensions of linkages across service and manufacturing industries to identify a cluster configuration of the Mexican economy and analyze their role in the economic performance of regions. It identifies 24 clusters and analyzes their...

This paper exploits variation resulting from a series of federal and state Medicaid expansions between 1979 and 2014 to estimate the effects of child's access to public health insurance on labor market outcomes of parents. The results imply that extended Medicaid eligibility of children leads to...

Using data from the Borsa İstanbul (BIST), this study analyzes whether derivatives market operations have a volatility spillover effect on stock indexes using multivariate GARCH models and wavelet methods. We use the DVECH method, with variables for the daily BIST 30 index and BIST 30 index...

Lockdowns imposed to fight the Covid-19 pandemic have cross-border effects. In this paper, we estimate the empirical magnitude of lockdown spillovers in a set of panel local projections. We use daily indicators of economic activity such as stock returns, effective exchange rates, NO2 emissions,...

This paper exploits time and geographic variation in the adoption of Special Economic Zones in India to assess the direct and spillover effects of the program. We combine geocoded firm-level data and geocoded SEZs using a concentric ring approach, thus creating a novel dataset of firms with...

This study investigates return and asymmetric volatility spillovers and dynamic correlations between the main and small and medium-sized enterprise (SME) stock markets in Saudi Arabia and Egypt for the periods before and during the COVID-19 pandemic. Return and volatility spillovers are modelled...

We first study the dynamic drivers of expenditure on long-term care (LTC) programs, and more specifically, the effects of labour market participation of traditional unpaid caregivers (women aged 40 and older) on LTC spending. Second, we examine spillover effects of a rise on LTC expenditure on...

We implement an experimental design based on a duopoly game in which subjects choose whether to cooperate in Research and Development (R&D) activities. We first conduct six experimental markets that differ in both the levels of knowledge spillovers and the intensity of competition. Consistently...

We examine the relationship between Islamic and conventional stock market returns to see if Islamic financial markets provide portfolio diversification benefits and safe havens during turbulent times. Using daily data from January 1996 through September 2020 we consider conventional emerging...

This paper develops a two-block Structural Vector Autoregression (SVAR) to estimate the spillover of external shocks to the Maltese economy. The model focuses on five broad macroeconomic shocks hitting the euro area; an aggregate demand shock, two aggregate supply shocks which respectively proxy...

On 3 April 2016, Mossack Fonseca provided the historically most significant leak of its shareholder’s data for owning offshore companies. Shareholders include many political and influential figures around the globe, which causes a moral hazard. The study analyses the effects of Panama leak...

Are workplace smoking bans (WSBs) more than a ban on smoking? We study whether WSBs influence smoking cessation and exert behavioural spillover effects on (i) a set of health behaviours, and (ii) on individuals not directly affected by the bans. Drawing upon quasi-experimental evidence from...

This work is aimed to explore the indirect impact of the EU's COVID-19 economic recession on global renewable energy consumption from the perspective of spillover effect. To this end, a global vector autoregressive (GVAR)-energy model was constructed based on the data of 33 major economies....

Foreign investors' changing appetite for risk-taking has been shown to be a key determinant of the global financial cycle. Such fluctuations in risk sentiment also correlate with the dynamics of uncovered interest parity (UIP) premia, capital flows, and exchange rates. To understand how these...

We use a panel of historical patent data covering a large range of countries over the past century to study the evolution of innovation across time and space and its effect on productivity. We document a substantial rise of international knowledge spillovers as measured by patent citations since...

We implement an experimental design based on a duopoly game in which subjects choose whether to cooperate in Research and Development (R&D) activities. We first conduct six experimental markets that differ in both the levels of knowledge spillovers and the intensity of competition. Consistently...

This paper evaluates the effects of a place-based program in the Yangtze Delta of China-Special Economic Zones (SEZs). Taking into account spatial proximity, this paper quantifies the spillover effects of the human capital in SEZs. One major finding is that regional productivity benefits from...

This study investigates the dynamic mechanism of financial markets on volatility spillovers across eight major cryptocurrency returns, namely Bitcoin, Ethereum, Stellar, Ripple, Tether, Cardano, Litecoin, and Eos from November 17, 2019, to January 25, 2021. The study captures the financial...