European Journal of Government and Economics
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Stock prices, uncertainty and risks: Evidence from developing and advanced economies
No full textThis paper studies the relationship between stock prices and three types of uncertainty: economic policy uncertainty, stock market volatility, and geopolitical risks. In particular, our aim is to determine whether these forms of uncertainty play the same role in developed and developing countries. With this purpose, we take Spain and Brazil as representative cases. In order to provide new insights into the abovementioned relationship, a cointegration approach is applied, specifically an ARDL model, using monthly data from the period January 2006-December 2019 for a series of financial and macroeconomic variables. The results obtained reveal that there is no uniform effect of uncertainty in stock markets of developing and developed countries. First, in Spain, there is a high perception of uncertainty in economic policy and stock market volatility, which impact negatively in share prices, both in the short and long term. Regarding Brazil, the global uncertainty in the stock markets has effects on share prices, in both time horizons. By contrast, geopolitical risks do not show any significant impact on Brazilian and Spanish share returns
A comparative analysis of the European Union member states in terms of public spending on environmental protection in 2004-2017
No full textThe main purpose of the paper is to present the results of the comparative analysis of the member states of the European Union in terms of expenditure on environmental protection made by the public sector. An additional purpose of the paper is to verify whether there is convergence in public spending on environmental protection of the member states of the European Union. In the study, the convergence models and cluster analysis were used. The research results indicate, among others, that there was convergence in total public spending on environmental protection in the member states of the European Union in 2004-2017, and that the structure of the member states in terms of amounts of public spending on various aspects of environmental protection in 2004-2010 differed from the structure of the member states determined for the years 2011-2017
Do confidence indicators have an impact on macro-financial indicators? An analysis of the financial service and real sector confidence indexes: evidence from Turkey
No full textThe primary aim of this study is to analyze the impact of financial services and real sector confidence indexes on some macroeconomic and financial indicators such as industrial production, inflation, stock market index, foreign exchange rates and interest rates in Turkey for the period from May 2012 to May 2019. In this study, the unit root properties of these series are tested by using the Narayan and Popp (2010) unit root test with two structural breaks and the Enders and Lee (2012) Fourier ADF unit root test with multiple structural breaks. We investigate the causal link between confidence indicators and macro-financial variables using the Fourier Toda Yamamoto causality test proposed by Nazlioglu et al. (2016). The results suggest a strong link between financial services and real sector confidence indexes on macro-financial indicators such as stock market index and inflation, supporting the evidence of the short-run impact of confidence indexes on these variables
Comparative analysis of income trends and perceived value of squad of the highest turnover European football clubs (2010-2019)
No full textThe purpose was to analyse the income variation of the 13 top clubs of Deloitte Football Money League Report (2019) as well as the variation of the perceived value of their squad, obtained from the website www.transfermarkt.es during 9 seasons. Friedman's two-way analysis by ranges of selected samples and Wilcoxon W tests were used to measure the evolution and relation among the clubs’ income and perceived value of players. The income of clubs was deflected according to inflation (CPI: 2016) and market value was adjusted to a 20 players squad. Market value and income have a significant positive variation from one year to the next (p = .000). We found differences between both variables only in the last 2 years on the period analysed (2011-2019). Market value has suffered an increase higher than expected. This fact should make football managers reflect on how to control constant inflation in the transfer market
Voting turnout in Greece: expressive or instrumental?
No full textThe study analyses the micro-level determinants of voting turnout rates in Greece. In particular, we test for the effects of citizens’ socio-economic features, political participation, activism and trust as pointing to either an expressive or instrumental voting decision process. The analysis involves bootstrap logistic regression techniques and ESS data covering the 2002-2011 period. Evidence is found of instrumental voting in Greece as suggested by the effects of absolute and relative income and the effect of civic participation and trust variables. In addition, the profile of voters is differentiated in the pre- and during the crisis periods. The study makes a twofold contribution. First, the suggested analysis is unique for Greece, and thus it provides important information regarding citizens’ motives towards electoral participation. The second contribution relates to the study’s relevance to policy analysis and design. Results suggest that not only ideology but also the economic agenda might be an important predictor of electoral participation and consequently, legitimization and the quality of democracy in Greece
The effect of reduced unemployment duration on the unemployment rate: a Synthetic Control Approach
No full textThis paper examines the impact of the fourth partial revision of the law of unemployment insurance (AVIG) on unemployment dynamics in Switzerland at a cantonal level. The authors apply the Synthetic Control Method (SCM), a matching method for comparative case studies. A counterfactual analysis of the cases studied is performed by combining a control group of several untreated units, which provides a better comparison to the treatment group than a single unit. The control unit is designed as a weighted average of the available cantons in the donor pool, taking into account the similarities between the chosen controls and the treated unit. Once policy changes are controlled, the results suggest a significant effect on the unemployment rate at a cantonal level: the reform had a discernible impact on lowering the unemployment rate in the Italian- and French-speaking cantons in Switzerland
Inequality and female labour force participation in West Africa
No full textThis study examined the impact of income inequality on female labour force participation in West Africa for the period 2004 to 2016. The study employed the Gini coefficient, the Atkinson index and the Palma ratio as measures of income inequality. For robustness, the study also utilises female employment and female unemployment as measures of female labour force participation. The study employed the instrumental variable fixed effects model with Driscoll and Kraay standard errors to account for simultaneity/reverse causality, serial correlation, groupwise heteroskedasticity and cross-sectional dependence. The empirical results reveal that the three measures of income inequality significantly reduce the participation of women in the labour force in West Africa. The study also revealed that domestic credit, remittances and female education are positively associated with female labour force participation in the sub-region. Further findings reveal that economic development reduces the participation of women in the labour force in West Africa with the U-shaped feminisation theory not valid for the West African region. The study, however, revealed an inverted U-shaped relationship between inequality and female unemployment. Policy recommendations based on these findings are discussed
Analysis of loyalty and future intentions of the users of the golf courses in Andalusia, Spain
No full textSpain is a European leader as a golf tourism destination, and Andalusia is the region that receives the most tourism in this sector, boosting not only the golf industry but also the percentage of income overall. Thus, user loyalty and knowing the future intentions of users is a matter of vital importance in these sports organizations. This study analyses 636 users of 17 golf courses in Andalusia –73.43% men and 26.42% women– and with an average age of 50.2 ± 15.6. The results show that more than 70% of users would encourage their families to play on the golf course and recommend it in more than 75% of them. In conclusion, this study emphasises the need for the use of the adapted tool, as it is a valid and reliable instrument that guides on the aspects demanded by the user as well as how to build loyalty
How the UEFA Financial Fair Play regulations affect football clubs’ priorities and leagues’ competitive balance?
No full textInstitutional and legal reforms applied in the context of sports competitions often provoke structural changes that can be empirically investigated. Using a data set of 560 observations (20 teams per season, from 2009/10 to 2015/16, of teams playing in the Premier League, La Liga, Serie A and Ligue 1), this paper examines how the UEFA Financial Fair Play (FFP) regulations may have altered the football clubs’ decisions concerning their sport and financial priorities. Moreover, based on a simple theoretical description, the paper shows that the increasing financial stability promoted by the FFP rules might actually imply – as an undesired side effect – a declined competitive balance affecting the European football leagues. Finally, the paper discusses some policy issues and recommendations
Evaluation of the perceived social impacts of the Formula E Grand Prix of Santiago de Chile
No full textThe aim of this study is to analyse residents' perception of the social impact of the Formula E Grand Prix of Santiago de Chile. A sample of 414 residents was collected through a questionnaire made up of 46 items regarding possible positive and negative impacts. Descriptive analysis, confirmatory factorial analysis and cluster analysis were performed. The results showed two groups with different perceptions of this sporting event: realistic (n=152) and favourable (n=162). Sociodemographic variables referring to education level, civil status, income level, location of the family residence and political orientation contribute to significantly differentiating the clusters. The variables related to interest in the event, support for the celebration, attendance, participation and frequency of contact also contributed to significantly differentiating the groups. Citizens’ high degree of support for holding the sporting event could be identified by a positive social representation of the event