CERES :: Browsing by Author "Nellis, Joseph G."

Browsing by Author "Nellis, Joseph G."

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Open Access
Africa rising
(2013-09-01T00:00:00Z) Nellis, Joseph G.
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.
Open Access
Banking performance and technological change in non-core EU countries: A study of Spain and Portugal
(Emerald Group Publishing Ltd, 2009-01-01T00:00:00Z) Figueira, Catarina; Nellis, Joseph G.; Parker, David
The purpose of this paper is to investigate the cost efficiency of banks operating in two "non-core" EU countries, Portugal and Spain, over a number of years. Specifically, the paper aims to examine the extent to which banks' efficiency is influenced by their portfolio orientation and scale of operation. Data envelopment analysis is used to identify banks' levels of performance over time in both countries. In order to decompose banks' total factor productivity change into technological, scale efficiency and pure efficiency changes, the Malmquist index method is applied. Banks operating in both countries have improved their performance over time and savings banks and large banks, in particular, have tended to outperform other types of banks. Banks operating in Spain tend to perform better than in Portugal and Spanish-owned banks perform better than their Portuguese-owned counterparts. The improvements in performance revealed have mainly been due to technological change. Bankscope is a well- respected data source and has been the basis of many studies of performance in international banking. Unfortunately, owing to data deficiencies, around 20 per cent of the banks operating in Portugal and Spain were not included. Practical implications - If Portuguese banks are to be competitive internationally, there is considerable need for efficiency improvements. The paper provides insights into the dynamics of the Portuguese and Spanish banking systems. The results should be of interest to management in banking and bank regulators in Europe, and economists and others studying bank performance trends. The research reported may shed light on some of the challenges facing the banking sectors of the "new" EU states (such as Poland and Hungary).
Open Access
Challenges and prospects for the European financial services industry
(1994) Nellis, Joseph G.
Open Access
The changing structure and role of building societies in the UK financial services sector
(1993) Nellis, Joseph G.
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.
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, Foyeke
Researchers 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.
Open Access
A Dynamic Analysis of Mortgage Arrears in the UK
(Taylor & Francis, 2005-09-01T00:00:00Z) Figueira, Catarina; Glen, John; Nellis, Joseph G.
The UK economy has enjoyed an unprecedented period of positive economic growth since the early 1990s. The absence of recession for more than a decade has been accompanied by a sustained decline in the level of mortgage arrears, as reported by major lenders. This paper seeks to examine the factors which have driven the reduction in mortgage arrears and, in doing so, identify those factors which are most likely to cause arrears to increase in the future, should economic conditions deteriorate. The paper employs the Johansen methodology to test for the presence of multiple cointegrating vectors. An error correction model is estimated in order to examine long-run and short-run dynamics in mortgage arrears. In line with previous research concerning the causes of mortgage arrears, the results presented here emphasise the importance of changes in the rate of unemployment, loan–income and debt–service ratios. More importantly, our results highlight the statistical significance of unwithdrawn housing equity as an explanatory variable with respect to mortgage arre
Open Access
Economic aspects of the UK housing and housing finance markets
(1991) Nellis, Joseph G.; Fishwick, Frank
Eleven publications, presented in two volumes, are contained in this submission. In each case these have been written jointly with another author. In all publications my contribution has been as an equal co-author at all stages: from the original identification of research projects, the development and application of research methodologies, through to the empirical analyses, interpretation and writing up of results.
Open Access
The effect of patent enforcement strength and FDI on economic growth
(Emerald, 2016-12-06) Alexiou, Constantinos; Nellis, Joseph G.; Papageorgiadis, Nikolaos
Purpose 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.
Open Access
Fiscal austerity and the expansion of home ownership in the United Kingdom
(1987) Nellis, Joseph G.
Open Access
Gauging the impact of payment system innovations on financial intermediation: novel empirical evidence from Indonesia
(SAGE, 2019-06-18) Lubis, Alexander; Alexiou, Constantinos; Nellis, Joseph G.
In this paper, the relationship between innovations in the payment systems and financial intermediation is explored. By focusing on excess reserves and currency demand we provide evidence on the extant transmission mechanism. In this direction, a Generalised Method of Moments (GMM) and Vector Error Correction Model (VECM) techniques are applied to a dataset collated for Indonesia. We find that the financial intermediation is affected by currency demand whilst we observe a limited role of excess reserves in affecting financial intermediation. Credit card payments are found to have a statistically significant effect on currency demand, whereas debit card payments only influence the financial intermediation in the long-run. In addition, the Real Time Gross Settlement (RTGS) exerts an upward pressure on excess reserves. The findings are of great importance as they provide support to policies that favour payment migration to an electronic platform, particularly that of card-based payment systems.
Open Access
Home ownership policy in the UK : an empirical study of new purchasers, properties and the process of privatization
(1988) Nellis, Joseph G.
Open Access
How efficient is the Polish banking industry?
(2005-06-01T00:00:00Z) Figueira, Catarina; Nellis, Joseph G.; Parker, David
In 2004 Poland entered the EU. This paper investigates whether the Polish banking industry is prepared for entry by looking specifically at its comparative efficiency in relation to one of the largest banking sectors in the EU, that of the UK. A range of efficiency measures is used. The empirical results reveal a surprising degree of relative efficiency in the Polish banking industry, no doubt reflecting the substantial economic changes introduced in Poland since 1989. The results suggest that the Polish banking sector should be able to survive the new competition that it will face following entry into the EU.
Open Access
Human capital and economic growth - challenges and prospects for the Nigerian economy
(B&ESI, 2019-07-09) Subramanian, Lakshmy; Constantinos Alexio, Constantinos; Nellis, Joseph G.; Steele, Pamela; Tolani, Foyeke
Despite its recent policy reorientation towards capital accumulation as a means of boosting economic activity, Nigeria still faces low productivity, poor infrastructure, and underdeveloped human capital. In this paper, we review the challenges to Nigeria’s development and explore the impact of human capital on economic growth over the period 2011 to 2017. To that purpose, Granger Causality Tests has been adopted to establish the causal dimension between human capital and economic growth. While we provide some tentative evidence on the contribution of human capital to economic growth, we also highlight key strategic questions that, when addressed, could provide some solutions to the existing pressing issues.
Open Access
The impact of institutional investors on firms’ performance in the context of financialization
(Wiley, 2019-11-04) Alexiou, Constantinos; Mohamed, Abdulkadir; Nellis, Joseph G.
This paper investigates the impact of U.K. institutional holdings on the financialization process. Using panel data analysis, we find that their holdings have a positive impact on the financialization. Investigating the source of this impact, we find that their portfolio companies outperform their peers matched by industry and size. Together, these findings suggest that institutional investors add value to the capital market and play an instrumental role in shaping the financialization process. Granger's causality test reveals that institutional holdings Granger cause financialization process, and the relationship is one‐way direction.
Open Access
Implementation of monetary and macroprudential policies: a critical review
(Business & Economics Society International, 2017-07-09) Lubis, Alexander; Alexiou, Constantinos; Nellis, Joseph G.
The emergence of macroprudential policies by Central Banks, as a means of promoting financial stability, has raised many questions regarding the interaction between them. Given the limited number of studies available, this paper sheds light on this issue by providing a critical and systematic review of the literature. The paper begins with a discussion of the trade-off between price stability and financial stability. We find that financial intermediation acts as the main channel in connecting monetary and macroprudential policies. We find that the theoretical and empirical studies are grouped around four main mechanisms in explaining this interaction: cost of funds, collateral constraint, financial intermediaries and payment systems. By examining these mechanisms, it is argued that monetary policy alone is not sufficient for maintaining macroeconomic and financial stability and macroprudential policies need to supplement monetary policy to achieve price and financial stability. We also find that the role of the exchange rate is critical in the implementation of monetary and macroprudential policies in emerging markets. Volatile capital flows pose another challenge for the implementation of monetary and macroprudential policies. The arrangement of monetary and macroprudential policies also varies across countries, depending on the challenges and institutional arrangements in a particular country. Consequently, a number of implications for theory, policy and practice are proposed.
Open Access
International Banking Strategy and Efficiency: issues and directions.
(2003-07-01T00:00:00Z) Phelps, Bob; Figueira, Catarina; Nellis, Joseph G.
This paper reviews measures of banking efficiency and analyses the efficiency construct and its applications. We discuss the issues of data availability and methodological problems that occur when trying to obtain realistic local and global efficiency indicators for banks. We conclude by suggesting directions for future research that both inform theory and have practical application.
Open Access
Monetary and macroprudential policies in the presence of external shocks: evidence from an emerging economy
(Emerald, 2021-07-22) Lubis, Alexander; Alexiou, Constantinos; Nellis, Joseph G.
Purpose This paper examines the impact of using the reserve requirements, combined with foreign exchange (FX) intervention, as key instruments in an inflation-targeting framework. Design/methodology/approach In the context of a dynamic stochastic general equilibrium (DSGE) framework and using Bayesian techniques, the authors estimate a model for the Indonesian economy using quarterly data spanning the period 2005Q2–2019Q4. Findings The reserve requirement is found to assume a complementary role to that of the interest rate policy and FX intervention when used to stabilise the macroeconomy. Originality/value This paper provides a benchmark for other emerging countries that consider adopting the inflation targeting framework and impose an FX intervention as part of their monetary policy.
Open Access
On patent legislation, patent enforcement and economic growth: empirical evidence from developed and developing countries
(Inderscience, 2016-06-30) Papageorgiadis, Nikolaos; Alexiou, Constantinos; Nellis, Joseph G.
This study investigates the long-term effects of national patent legislation and enforcement systems on the economic development of 42 countries. The econometric methodology that has been adopted involves the estimation of three different models, namely, the pooled, the fixed effects and the random effects models whilst the specification of the economic development regressions is a variant of the standard growth specifications encountered in relevant studies. The empirical analysis is conducted in the context of the time period following the imposition of trade-related aspects of intellectual property rights (TRIPs). The results show that the extension and strengthening of patent legislation resulting from TRIPs have had a negative impact on economic development. In contrast, stronger levels of patent enforcement have had a positive effect overall and particularly for developing economies while negative for developed economies.