Browsing by Author "Alexiou, Constantinos"
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Item Open Access Austerity effects on national output and income inequality: A systematic literature review(De Gruyter Oldenbourg, 2021-10-27) Okeke, Angela; Alexiou, Constantinos; Nellis, Joseph G.Fiscal sustainability issues over rising national debt concerns and the consequent expansionary fiscal retrenchment hypothesis has fuelled the contentious austerity vis-à-vis stimulus debate which has spawned a large empirical literature of conflicting findings on the economic effects of austerity – with particular emphasis revolving around equity and distributional issues. In this paper we attempt to summarise the growing literature on the recent developments regarding the theoretical as well as empirical approaches on national output and distributional aspects of austerity. By exploring the existing evidence in the literature on the effect of consolidation programs, we offer a more holistic overview of the subject matter through a synthesis of the extant literature and, by so doing, propose directions for future research pertinent to both academic researchers and policymakers.Item Open Access Banking sector depth and economic growth nexus: a comparative study between the natural resource-based and the rest of the world’s economies(Taylor & Francis (Routledge): SSH Titles, 2017-03-13) Al-Moulani, Ali J.; Alexiou, ConstantinosThis paper investigates the relationship between banking sector depth and long-term economic growth in the natural resource based economies vis-à-vis economies that are not dependent on natural resources. For the empirical investigation, a Generalised Method of Moments (GMM) estimator for dynamic panel-data models is adopted for 194 countries spanning the period 1964 to 2013. By using different measures of banking sector depth and economic growth, the investigation yields three key findings. First, the banking-growth relationship is non-linear and positive within certain levels of banking sector depth in both country groups. Second, the time lag between the change in the level of banking sector depth and the effect on economic growth is shorter in the natural resource-based countries than in the other countries. Finally, the total effect of banking sector deepening on long-term economic growth is weaker in economies with abundant natural resources than in the rest of the world.Item Open Access Benchmarking modelling in the context of banking sector deepening and long-term economic growth(Center for Promoting Ideas (CPI), USA, 2021-03-31) Al-Moulani, Ali; Alexiou, ConstantinosThis paper identifies a host of key factors that influence the development of the banking sector as well as enhances our understanding of benchmarking modelling as a means of stimulating economic growth. A novel benchmarking method is utilized that assesses the level of banking sector depth in a country against its counterparts in the top quartile countries using mixed effects and system GMM for dynamic panel data models. The results suggest that the development of the banking sector is contingent upon factors that can be traced within the structure of the sector, the macroeconomic environment as well as the governing, institutional, and legal frameworks. The paper presents four benchmarking models that potentially provide policymakers with tools to benchmark the levels of banking sector development against their peers in countries in which the particular sector contributes significantly to economic growth.Item Open Access Bitcoin: The road to hell is paved with good promises(Wiley, 2018-04-17) Vogiazas, Sofoklis; Alexiou, ConstantinosIn this paper, by using econometric techniques we provide evidence that bitcoin exhibited the formation of speculative bubble in 2017. To conceptually rationalize the results, we delve into the extant theoretical approaches developed by Kindleberger's (1978) speculative bubbles and Minsky's (1992) financial instability hypothesis. Certainly, bitcoin has spurred a revolution in payment technology that, if treated cautiously can facilitate financial intermediation and inclusion. Ultimately, whether or not bitcoin constitutes a bubble is a decision for investors as the road to hell is paved with good promises.Item Open Access A choice and inevitability framework in strategic management: empirical evidence of its real-life existence(Springer Verlag, 2020-06-17) Tumidei, Daniele; Alexiou, Constantinos; Bourne, MichaelIn the context of strategic management, strategic choice and determinism are presented as two distinct planning approaches. When treated as two distinct variables, they are responsible for the creation of a framework of analysis, in which it is possible to identify the four different human agency philosophical ontological perspectives, of determinism, hard incompatibilism, libertarianism and compatibilism, each perspective characterized by different amounts of strategic choice and determinism. By drawing on the theoretical context of the aforementioned perspectives, we provide empirical evidence of their real-life existence. The strategic framework not only reduces theoretical fragmentation, but also provides a link between the philosophical debate on free will/determinism and strategic management and can help to reduce uncertainty in planning.Item Open Access Classical theory of investment: panel cointegration evidence from 13 EU countries(Oxford University Press, 2016-06-07) Alexiou, Constantinos; Tsaliki, P.; Tsoulfidis, L.In the realm of macroeconomic theory, it is well established that investment decisions play an instrumental role in the determination of the level of output and employment; nevertheless, little progress has been made in relation to the theoretical aspects of these decisions. This paper, inspired by the classical approach to capital accumulation as well as the Keynesian theory of effective demand, attempts to enhance our empirical understanding of what determines investment decisions by exploring profitability, financial as well as demand factors. In so doing, a ‘Fully Modified OLS’ panel cointegration framework, for a cluster of two distinct groups of EU countries classified as core and the peripheral economies, provides the platform upon which our econometric investigation takes place. The respective evidence generated from the estimation process is in line with the theoretical framework proposed in this paper.Item Open Access Commodity prices(Cranfield University, 2021-04-19 08:46) Alexiou, ConstantinosData on commodity prices and returnsItem Open Access Commodity Prices-Interest rates(Cranfield University, 2022-06-07 08:58) Alexiou, ConstantinosData set of commodity prices and interest ratesItem Open Access Covid-19, capitalism and political elites: the real threat to humanity(SAGE, 2021-05-09) Alexiou, ConstantinosIt has been more than a year since the Covid-19 outbreak in Wuhan, one of the largest cities in China. The global tsunami that followed took the bourgeois regimes across the globe by surprise heralding a new era of socioeconomic misery, suggesting that this multifaceted crisis could become the worst crisis in the history of capitalism. The inability of the current political system to deal with the Covid-19 pandemic became apparent from the very outset, hence exposing – in the most emphatic manner – the ills of the dominant market economy. In this opinion paper, we argue that society, as a global collective entity, has been reduced to an entity that obeys orders and dances to the rhythm set by international organizations. Furthermore, the severely restricted political and social rights might be a dress rehearsal of what the future holds for humanity.Item Open Access Cyclical multiplier and zero low bound effects of government expenditure on economic growth: evidence for Greece(Wiley, 2017-06-06) Alexiou, Constantinos; Nellis, Joseph G.This study explores the impact of government expenditure multipliers on economic growth utilising an Autoregressive Distributed Lag (ARDL) approach. We provide evidence on the short-term dynamics as well as the long-run expenditure multiplier effects on economic growth for the Greek economy over the period 1960–2014. We find that the size of the multiplier does not differ substantially over the phases of the business cycle. Our results also indicate that irrespective of the scale of inflation, government expenditure positively affects economic growth, whilst inconclusive evidence is obtained in the case of exceptionally low interest rates.Item Open Access Determinants of housing prices and bubble detection: evidence from seven advanced economies(Springer Verlag (Germany), 2017-03-06) Vogiazas, Sofoklis; Alexiou, ConstantinosThis paper provides empirical evidence on the relationship between residential property prices and the business cycle for seven advanced Organisation for Economic Co-operation and Development economies over the period 2002–2015 using quarterly data. To this end, panel data and time series methodologies are adopted as a means of providing a contextual framework on the extant relationship. The panel methodological framework explores the interaction between economic fundamentals and financial variables while the use of time series methodologies developed by Phillips et al. (2011(external) and 2015(external)) provide novel evidence on the detection of property price bubbles that have been manifested in each individual country of the sample. In particular, the short-run dynamic panel framework provides a robust exploratory platform thus, shedding light on the determinants of property prices (i.e. real gross domestic product, bank credit growth, long-term bond yields and real effective exchange rate) whilst the bubble detection methodologies provide evidence of the impact of credit-driven economies on the propagation of housing booms which can serve as warning signals of the potential formation of housing bubbles.Item Open Access Developing a sustainability index for public health supply chains(Elsevier, 2020-04-23) Subramanian, Lakshmy; Alexiou, Constantinos; Nellis, Joseph G.; Steele, Pamela; Tolani, FoyekeResearchers and practitioners alike have become increasingly aware and interested in the sustainability of supply chains. The majority of the research in this area includes the triple-bottom approach of sustainability understanding the economic, social, and environmental outcomes of supply chain functions. Several sustainability measures have been presented in the literature to recognize the sustainability of supply chains helping stakeholders in making strategic decisions. However, most of these studies analyze supply chains in developed nations and the research on sustainable supply chains in developing countries is scarce. The existing studies cover only the triple-bottom approach of sustainability in supply chains and there is a need to delve deeper into research to identify and quantify additional aspects of supply chain sustainability. Moreover, there is very little evidence of research on the sustainability of public health supply chains. Greater attempts in doing so will gain more comprehension of the emerging scope of sustainability practices in healthcare and help the various stakeholders improve their actions. Under this background, the main contribution of the paper is to devise a sustainability measure applicable to supply chains in public health. To this end, we develop a Supply Chain Sustainability Index which in addition to measuring the economic, social, and environmental footprints, also measures the stakeholder collaboration, health outcomes, and product/service and process quality initiatives. The index is comprised of a set of quantitative sub-indicators assessing multiple dimensions of sustainability across the supply chain participants concerning their role, location, capacity, etc. The sustainability index is modelled as a multi-dimensional vector and follows a hierarchal structure breaking down the different dimensions of sustainability to sets of sub-indicators and metrics. Although the current conceptual study does not provide any empirical evidence, it aims to propose this index to improve the evaluation and health coverage of public health supply chains. It will act as a foundation for further research and enable practical testing of the index in public health supply chains.Item Open Access Does greater income inequality cause increased work hours? New evidence from high income economies(Wiley, 2020-01-27) Alexiou, Constantinos; Kartiyasa, AdimulyaWe explore the extent to which individual's allocation of time between labour and leisure is affected by the consumption standards of the rich. Utilizing a panel data methodology and panel Granger causality tests we investigate the relationship between income inequality and work hours for a cluster of 24 high‐income OECD countries over the period 1990–2015. Four alternative measures of income inequality are considered. We find that greater income inequality is associated with longer work hours indicating stronger concern for conspicuous consumption rather than conspicuous leisure. Even though the resulting estimates lend support to the theoretical framework on consumption emulation, the generated evidence also appears to be in line with a Duesenberry's and Frank's expenditure cascading approach. The ambiguity however arising from the Granger Causality tests appears to lead – to a certain extent – to different conclusions about the direction of causality or whether a causal relationship does even exist. It is therefore imperative that caution should be exercised when interpreting the direction of the causal dimensionItem Open Access Does intellectual property rights protection affect UK and US outward FDI and earnings from FDI? A sectoral analysis(Emerald, 2021-11-26) De Vita, Glauco; Alexiou, Constantinos; Trachanas, Emmanouil; Luo, YunPurpose Despite decades of research, the relationship between intellectual property rights (IPRs) and foreign direct investment (FDI) remains ambiguous. Using a recently developed patent enforcement index (along with a broader IPR index) and a large sectoral country-to-country FDI dataset, the authors revisit the FDI-IPR relationship by testing the impact of IPRs on UK and US outward FDI (OFDI) flows as well as earnings from outward FDI (EOFDI). Design/methodology/approach The authors use disaggregated data for up to 9 distinct sectors of economic activity from both the US and UK for OFDI flows and EOFDI, for a panel of up to 42 developed and developing countries over sample periods from 1998 to 2015. The authors employ a panel fixed effects (FE) approach that allows exploiting the longitudinal properties of the data using Driscoll and Kraay's (1998) nonparametric covariance matrix estimator. Findings The authors do not find any consistent evidence in support of the hypothesis that countries' strength of IPR protection or enforcement affects inward FDI, or that sector of investment matters. The results prove robust to sensitivity checks that include an alternative broader measure of IPR strength, analyses across sub-samples disaggregated according to the strength of countries' IPRs as well as developing vs developed economies and an extended specification accounting for dynamic effects of the response of FDI to both previous investment levels and IPR (patent) protection. Originality/value The authors make use of the largest most granular sectoral country-to-country FDI dataset employed to date in the analysis of the FDI-IPR nexus with disaggregated data for OFDI and EOFDI across up to 9 distinct sectors of economic activity from both the US and UK The authors employ a more sophisticated measure of IPR strength, the patent index proposed by Papageorgiadis et al. (2014), which places emphasis on the effectiveness of enforcement practices as perceived by managers, together with the overall administrative effectiveness and efficiency of the national patent system.Item Open Access Drivers of the real effective exchange rates in high and upper-middle income countries(Wiley, 2018-10-07) Vogiazas, Sofoklis; Alexiou, Constantinos; Ogan, Orafiri C.This paper revisits the nexus between real effective exchange rate (REER) and total factor productivity (TFP) by controlling for trade openness, financial development and natural resources rents. We use a sample of 60 high‐income and upper‐middle income countries over the period 1995–2015 and employ the GMM estimation framework. Our results advance the empirical knowledge on the drivers of REER by providing robust evidence that the impact of TFP is not uniform across different country clusters. We find that in high‐income countries, increasing productivity causes the REER to depreciate hence becoming more trade competitive while the opposite is true for upper‐middle income countries. Furthermore, financial development and natural resources rents have no meaningful impact in the case of upper‐middle income countries but retain a significant effect in high‐income countries. Trade openness plays a key role in explaining the variation in REER in both country clusters.Item Open Access Economic growth and quality of institutions in 27 postsocialist economies(Emerald, 2020-03-06) Alexiou, Constantinos; Vogiazas, Sofoklis; Solovev, NikitaPurpose – The relationship between institutional quality and economic growth is revisited. Design/methodology/approach – A panel cointegration methodology and causality analysis are applied to 27 postsocialist economies over the period from 1996 to 2016. Findings – Utilizing the Worldwide Governance Indicators as a means of assessing the quality of institutions, it is found that in the long run, economic growth is positively associated with the rule of law and voice and accountability. In the short run, regulatory quality retains a positive effect, but voice and accountability demonstrate a puzzling negative effect on economic growth that merits further analysis. In exploring the causal dimension of our variables, supporting evidence of the strong links between the quality of institutions and economic growth is provided, hence rendering robust results. Originality/value – To the best of the authors’ knowledge, it is the first time that an ARDL methodological framework, which addresses potential endogeneity issues, is used to investigate the relationship between institutional quality and growth in the context of postsocialist economies.Item Open Access The effect of European intellectual property institutions on Chinese outward Foreign Direct Investment(Cambridge University Press, 2019-01-18) Papageorgiadis, Nikolaos; Xu, Yue; Alexiou, ConstantinosThis study examines the role of the strength of the Intellectual Property (IP) institutions of 23 European countries in attracting Chinese Outward Foreign Direct Investment (OFDI) during the time period 2003–2015. Following a dynamic panel data analysis methodology, we find that the strength of IP institutions has a positive effect in attracting higher levels of OFDI from China. This is an important finding for the OFDI literature from emerging markets, since previous studies have researched this relationship from the OFDI perspective of developed countries. However, we also find a weak indication of a potential U-shaped relationship between the strength of IP institutions and Chinese OFDI. To better understand this relationship, we interact a European country's membership in the Former Eastern Bloc (FEB) with the strength of IP institutions and find a negative moderating effect. We therefore find that when investing in FEB countries, Chinese firms are attracted to weaker levels of IP institutional strength. The results of this study have important implications for future studies on the determinants of OFDI from emerging markets, as well as for European and Chinese businesses and policy-makers concerning the importance of IP institutional strength.Item Open Access The effect of patent enforcement strength and FDI on economic growth(Emerald, 2016-12-06) Alexiou, Constantinos; Nellis, Joseph G.; Papageorgiadis, NikolaosPurpose This paper aims to study the effects of the strength of patent enforcement on economic growth following the signing of the agreement on Trade-Related Aspects of Intellectual Property Rights and the role of inward foreign direct investment (FDI) flows in mediating and enhancing this relationship. Design/methodology/approach Following a generalized method of moments methodology, use is made of a new longitudinal index measuring the strength of enforcement-related aspects of patent systems. Findings Stronger levels of patent enforcement have a significant positive effect on the economic growth of both developed and developing countries. Importantly, inward FDI flows have a mediating role in positively boosting this effect for all countries and particularly for developed countries. Originality/value This is the first empirical study of the role of the strength of patent enforcement (“law in action”) in stimulating economic growth, as previous empirical studies have focused on the effect of the strength of patent law protection (“law on the books”). The failure in the past to allow for “law in action” was mainly due to the lack of available data that could proxy for the strength of patent enforcement levels in a country. This study utilizes a newly published, longitudinal index that captures the strength of the enforcement-related aspects of patent systems.Item Open Access Equity incentive schemes, investor protection and corporate performance: evidence from China(Emerald, 2019-11-05) Su, Zili; Alexiou, ConstantinosPurpose On the basis of corporate governance and agency cost theory, using the fifth sub-indicator of Fan et al. China Marketization Index as the regional investor protection index (IPI), the purpose of this paper is to explore the impact of equity incentives and regional investor protection on corporate payout policies and corporate performance. Design/methodology/approach This paper establishes ordinary least squares regression model to examine interactions between the effects of equity incentives and regional investor protection upon firms’ dividend payouts. In addition, the authors also explore whether the joint effects on payouts are altered in the presence of growth opportunities, and investigate the effects of interactions between equity incentives and regional investor protection on corporate performance. Findings The authors observe that firm managers appear to abuse equity incentives by increasing dividend payouts. However, regional investor protection can potentially restrain such behavior. The restraining effect depends on the firms’ growth opportunities, on the basis of which the effect on cash (stock) dividends is found to be weaker (stronger) in high-growth firms – and stronger (weaker) in low-growth firms. Further evidence indicates that the restraining effect of regional investor protection on selfish dividend-related behavior encouraged by equity incentives may also prove valuable in encouraging exploitation of these incentives so as to enhance corporate performance. Practical implications Since reforming investor protection laws and improving judicial quality are difficult and lengthy at a country level. Improving regional levels of investor protection, however, seems more feasible and effective. Through measures encouraging the development of intermediaries, increases in the number of lawyers – all of which seem likely to constrain behavior harmful to the interests of investors – the provincial administrations can reasonably expect to contribute toward improvements in the performance of firms and the development of the economy in their region. This paper provides encouragement to regional policy makers in China and in other developing countries. Originality/value This paper uses a regional index of investor protection to study the impact on corporate dividends and performance, in contrast with most previous studies, which have examined these issues at country or individual firm levels. The use of a regional-level investor IPI in this paper therefore fills a gap by coming in between the country- and firm-level indicators typically used in previous research, thus providing a new perspective on investor protection issuesItem Open Access Essays on contemporary issues in the South Korean economy.(Cranfield University, 2023-02) Saade, Ahmed J.; Alexiou, Constantinos; Belghitar, YacineThis doctoral thesis sheds light on some issues that are characteristic of the South Korean socioeconomic landscape today. In a series of three papers, I empirically address important questions faced by policy makers of this country, whilst also contributing to major debates currently taking place within the Economics discipline. In the first chapter, I investigate the effects of robotization on Korean workers’ labor supply from the lens of dynamic monopsony. I show that an increase in the density of industrial robots is associated with manufacturing workers becoming more responsive to a change in wages in their decision to quit to non-employment, and that the opposite is true for non-manufacturing workers. The second chapter contributes to the discussion on youth unemployment in South Korea, in tandem with the question of the high turnover rate within the nation’s Nursing profession. I find that the unemployment rate at time of graduation has scarring effects on Nurses’ wages, workhours, and subjective wellbeing. The final chapter of this dissertation tackles the problem of social isolation among Korean elders and contributes to the very small literature on the economic determinants of this phenomenon. I offer the first set of causal evidence linking the social isolation of elders with their adult children’s inheritance expectations.