Academic literature on the topic 'Directional Spillovers'
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Journal articles on the topic "Directional Spillovers"
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Su, Xianfang, and Yong Li. "Dynamic sentiment spillovers among crude oil, gold, and Bitcoin markets: Evidence from time and frequency domain analyses." PLOS ONE 15, no. 12 (December 3, 2020): e0242515. http://dx.doi.org/10.1371/journal.pone.0242515.
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This paper examines the sentiment spillovers among oil, gold, and Bitcoin markets by employing spillovers index methods in a time-frequency framework. We find that the total sentiment spillover among crude oil, gold and Bitcoin markets is time-varying and is greatly affected by major market events. The directional sentiment spillovers are also time-varying. On average, the Bitcoin market is the major transmitter of directional sentiment spillovers, whereas the crude oil and gold markets are the major receivers. In particular, the sentiment spillover effects are major created at high-frequency components, implying that the markets rapidly process the sentiment spillover effects and the shock is transmitted over the short-term. Moreover, we also find that the sentiment spillover effects differ significantly in term of intensity and direction when compared with return and volatility spillover effects. The present study has certain applications for investors and policymakers.
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Mohammed, Walid Abass. "Volatility Spillovers among Developed and Developing Countries: The Global Foreign Exchange Markets." Journal of Risk and Financial Management 14, no. 6 (June 16, 2021): 270. http://dx.doi.org/10.3390/jrfm14060270.
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In this paper, we investigate the “static and dynamic” return and volatility spillovers’ transmission across developed and developing countries. Quoted against the US dollar, we study twenty-three global currencies over the time period 2005–2016. Focusing on the spillover index methodology, the generalised VAR framework is employed. Our findings indicate no evidence of bi-directional return and volatility spillovers between developed and developing countries. However, unidirectional volatility spillovers from developed to developing countries are highlighted. Furthermore, our findings document significant bi-directional volatility spillovers within the European region (Eurozone and non-Eurozone currencies) with the British pound sterling (GBP) and the Euro (EUR) as the most significant transmitters of volatility. The findings reiterate the prominence of volatility spillovers to financial regulators.
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Fowowe, Babajide. "Return and volatility spillovers between oil and stock markets in South Africa and Nigeria." African Journal of Economic and Management Studies 8, no. 4 (December 4, 2017): 484–97. http://dx.doi.org/10.1108/ajems-03-2017-0047.
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Purpose The purpose of this paper is to empirically examine return and volatility spillovers between oil and the stock markets of Nigeria and South Africa. Design/methodology/approach The authors make use of an innovative new methodology of capturing spillovers, which is different from what many existing studies use. The authors employ the measures of return spillovers and volatility spillovers of Diebold and Yilmaz (2009, 2012), referred to as spillover indexes. The spillover index facilitates an assessment of the net contribution of one market in the information transmission mechanism of another market. Findings The empirical results show bi-directional, but weak interdependence between the South African and Nigerian stock markets returns and oil market returns. The results for volatility spillovers show independence of volatilities between Nigeria stock markets and oil markets, while weak bi-directional spillovers were found between South African equity volatilities and oil volatilities. The time-varying total spillover plots for returns and volatilities are broadly similar and show a trend that has been observed in other studies: an increasing trend during the non-crisis period, a burst in the crisis year, a maintained higher level of transmission afterwards. Originality/value Existing studies examining spillovers between oil and stock markets have largely ignored Sub-Saharan African markets. A common feature of existing studies is that they have been conducted for two groups of countries: either European and US markets; or Gulf Cooperation Council markets Thus, this study fills this gap in the literature by examining return and volatility spillovers between oil and the stock markets of Nigeria and South Africa.
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Demiralay, Sercan, Nikolaos Hourvouliades, and Athanasios Fassas. "Dynamic co-movements and directional spillovers among energy futures." Studies in Economics and Finance 37, no. 4 (June 26, 2020): 673–96. http://dx.doi.org/10.1108/sef-09-2019-0374.
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Purpose This paper aims to examine dynamic equicorrelations (DECO) and directional volatility spillover effects among four energy futures markets, namely, West Texas Intermediate crude oil, heating oil, natural gas and reformulated blendstock for oxygenate blending gasoline, by using a multivariate fractionally integrated asymmetric power ARCH–DECO–generalized autoregressive conditional heteroskedasticity (GARCH) model and the spillover index technique. Design/methodology/approach The empirical analysis uses the dynamic equicorrelation model of Engle and Kelly (2012) to examine time-varying correlations at equilibrium. The authors further analyze dynamic volatility transmission among energy futures by using Diebold and Yilmaz (2012) dynamic spillover index based on generalized value-at-risk framework. Findings The empirical results provide evidence of heightened equicorrelations at times of financial turmoil. More specifically, the dynamic spillover analysis shows that volatility is transmitted predominantly from crude oil to the other markets and risk transfer among four markets exhibits asymmetries. Spillovers are found to be highly responsive to dramatic events such as the 9/11 terror attack, 2008–2009 global financial crisis and 2014–2016 oil glut. Practical implications The results of this study have important practical implications for investors, portfolio managers and energy policymakers as the presence of time-varying co-movements and spillovers suggests the need for dynamic trading strategies. There are also implications regarding risk management practices, as there is evidence of increased volatility transmission at times of financial turmoil and uncertainty. Finally, the results provide insights to policymakers in a better understanding of the spillover dynamics. Originality/value This paper investigates the DECOs and spillover effects among crude oil, natural gas, heating oil and gasoline futures markets. To the best of the knowledge, this is one of a few studies that examine co-movements and risk transfer in energy futures in a comprehensive framework.
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Aslam, Faheem, Paulo Ferreira, Khurrum Shahzad Mughal, and Beenish Bashir. "Intraday Volatility Spillovers among European Financial Markets during COVID-19." International Journal of Financial Studies 9, no. 1 (January 5, 2021): 5. http://dx.doi.org/10.3390/ijfs9010005.
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During crises, stock market volatility generally rises sharply, and as consequence, spillovers are identified across markets. This study estimates the volatility spillover among twelve European stock markets representing all four regions of Europe. The data consists of 10,990 intraday observations from 2 December 2019 to 29 May 2020. Using the methodology of Diebold and Yilmaz, we use static and rolling windows to characterize five-minute volatility spillovers. Our results show that 77.80% of intraday volatility forecast error variance in twelve European markets comes from spillovers. Furthermore, the highest gross directional volatility spillovers are found in Sweden and the Netherlands, while the minimum spillovers to other stock markets are observed in the stock markets of Poland and Ireland. However, German and Dutch markets transmit the highest net directional volatility spillovers. Splitting the whole sample in pre- and post-pandemic declaration (11 March 2020) we find more stable spillovers in the latter. The findings reveal important information about European stock market interdependence during COVID-19, which will be beneficial to both policy-makers and practitioners.
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Liu, Tiantian, Xie He, Tadahiro Nakajima, and Shigeyuki Hamori. "Influence of Fluctuations in Fossil Fuel Commodities on Electricity Markets: Evidence from Spot and Futures Markets in Europe." Energies 13, no. 8 (April 13, 2020): 1900. http://dx.doi.org/10.3390/en13081900.
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Using a fresh empirical approach to time-frequency domain frameworks, this study analyzes the return and volatility spillovers from fossil fuel markets (coal, natural gas, and crude oil) to electricity spot and futures markets in Europe. In the time domain, by an approach developed by Diebold and Yilmaz (2012) which can analyze the directional spillover effect across different markets, we find natural gas has the highest return spillover effect on electricity markets followed by coal and oil. We also find that return spillovers increase with the length of the delivery period of electricity futures. In the frequency domain, using the methodology proposed by Barunik and Krehlik (2018) that can decompose the spillover effect into different frequency bands, we find most of the return spillovers from fossil fuels to electricity are produced in the short term while most of the volatility spillovers are generated in the long term. Additionally, dynamic return spillovers have patterns corresponding to the use of natural gas for electricity generation, while volatility spillovers are sensitive to extreme financial events.
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Smales, Lee A. "Volatility Spillovers among Cryptocurrencies." Journal of Risk and Financial Management 14, no. 10 (October 15, 2021): 493. http://dx.doi.org/10.3390/jrfm14100493.
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The cryptocurrency market has experienced stunning growth, with market value exceeding USD 1.5 trillion. We use a DCC-MGARCH model to examine the return and volatility spillovers across three distinct classes of cryptocurrencies: coins, tokens, and stablecoins. Our results demonstrate that conditional correlations are time-varying, peaking during the COVID-19 pandemic sell-off of March 2020, and that both ARCH and GARCH effects play an important role in determining conditional volatility among cryptocurrencies. We find a bi-directional relationship for returns and long-term (GARCH) spillovers between BTC and ETH, but only a unidirectional short-term (ARCH) spillover effect from BTC to ETH. We also find spillovers from BTC and ETH to USDT, but no influence running in the other direction. Our results suggest that USDT does not currently play an important role in volatility transmission across cryptocurrency markets. We also demonstrate applications of our results to hedging and optimal portfolio construction.
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Jiang, Zhuhua, Jose Arreola Hernandez, Ron P. McIver, and Seong-Min Yoon. "Nonlinear Dependence and Spillovers between Currency Markets and Global Economic Variables." Systems 10, no. 3 (June 9, 2022): 80. http://dx.doi.org/10.3390/systems10030080.
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The widespread integration and growing systemic dependence among currency, stock, and commodity markets render these markets often very vulnerable to shocks and at risk of collapse at the same time. As a result, these trends threaten the sustainability of the entire financial system. In this study, we aim to explore the spillovers and nonlinear dependencies between the seven major foreign exchange rates, crude oil and gold prices, a global stock price index, and oil and stock implied volatility indices as proxy variables for global risk factors by employing a directional spillover network approach. We also use a multi-scale decomposition method and nonlinear causality test between these variables to capture multi-level relationships at short and long horizons. The major findings are summarized as follows. First, from the multi-scale decomposition analysis, we identify that Granger causality test results and the direction and strength of return spillovers change with the level of decomposition. Second, the results of nonlinear causality tests show variation in both the significance and direction of Granger causality relationships between the decomposed currency and other series at different timescales, especially for the decomposed oil, gold, and OVX series. Third, the measured directional spillover indices identify the Euro–Dollar exchange rate as the largest contributor of connectedness to the other series.
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Lee, Hsiu-Chuan, Chih-Hsiang Hsu, and Cheng-Yi Chien. "Spillovers of international interest rate swap markets and stock market volatility." Managerial Finance 42, no. 10 (October 10, 2016): 943–62. http://dx.doi.org/10.1108/mf-08-2015-0221.
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Purpose The purpose of this paper is to investigate volatility spillovers across the interest rate swap markets of the G7 economies, and then the authors investigate whether spillovers of swap markets contain useful information to explain subsequent stock price movements. Design/methodology/approach This study uses the short- and long-term swap spread volatility of the G7 countries to explore the spillover effects of international swap markets, and then investigates the relationship between swap and stock markets. The authors use the generalized VAR approach suggested by Diebold and Yilmaz (2012) to study spillovers of international swap markets. The Granger-causality tests are employed to examine the linkage of interest rate swap and stock markets. Findings This paper shows that a moderate spillover effect exists for the short- and long-term swap markets. Moreover, the results show that the short- and long-term swap markets of France and Germany have a larger impact on other countries’ swap markets than that of other countries’ swap markets on the French and German swap markets. Finally, the results indicate that the total volatility spillovers for the long-term swap markets have a larger influence on the total volatility spillover index of stock markets and the global stock market volatility than that of the short-term swap markets. Originality/value Prior literature has used impulse response and variance decomposition analyses to investigate international swap markets linkages. However, the results depend on the ordering of variables. This study uses the framework of Diebold and Yilmaz (2012) to overcome the ordering issue, and thus the authors can compute directional spillovers. This paper is the first study to explore the linkage of the total volatility spillover of swap markets and the stock markets.
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Liow, Kim Hiang, and Felix Schindler. "Linkages between office markets in Europe: a volatility spillover perspective." Journal of Property Investment & Finance 35, no. 1 (February 6, 2017): 3–25. http://dx.doi.org/10.1108/jpif-02-2016-0010.
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Purpose Using a data set comprising 16 European office markets provided by the DTZ Research Institute from Q1 2003 to Q4 2013, the purpose of this paper is to measure the strength of the unconditional transmission of volatility in the returns to direct property between 16 European office markets with the objective of determining the degree of unconditional spillover between markets. Design/methodology/approach To examine volatility spillovers across the 16 office markets, the authors adopted the generalized VAR methodology, variance decomposition and the generalized spillover index of Diebold and Yilmaz (2012) by measuring cross-office market volatility transmission in asset pricing through estimates of several “volatility spillover indices.” Findings Volatility spillovers are important and time-varying across the leading office markets, with cross-market volatility interaction being bi-directional and of relative endogenous nature for many markets. The London office market is the “volatility leader” and has exerted significant net volatility influence on the other markets. Additionally, the volatility spillovers between business cycle fluctuations and asset market cycle volatilities are linked across some European economies. Research limitations/implications Evidence of co-integration among the domestic volatility spillover cycles implies the presence of unobserved common shocks and might not be good news for international investors who pursue diversification strategies in European office real estate markets. Originality/value No previous study has addressed formally the measurement and assessment of the nature and intensity of volatility spillovers across direct office markets on such a broad range of European office markets. The relevance of the topic has been even increasing over the previous years as more and more investors seek for flexibility and participation in the investment process and asset management.
Dissertations / Theses on the topic "Directional Spillovers"
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Gazica, Michele Wilk. "Bi-directional Work-Family Affective Spillover: A Daily Diary Study." Scholar Commons, 2016. http://scholarcommons.usf.edu/etd/6241.
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This study drew upon the affective events and mood-congruent cognition theories to help explain how one domain influences the other. Affective events are things that happen to which people react emotionally and state affect is a result of those affective experiences. This study proposed that state affect generated in one domain would spillover and influence mood-congruent experiences in the receiving domain. Through an integration of organizational stressor-strain models (e.g., job-resources demand theory) and positive psychology, this study further proposed that positive events are resource-building and will work to prevent or buffer against strain responses to resource-depleting negative events. Finally, this study explored how individual differences in domain integration and work- and family-role salience moderate the foregoing relationships, particularly because studies investigating these effects have produced mixed results.
To address these empirical questions, this study used the daily diary method to examine daily affective spillover effects from work-to-family and from family-to-work in a full-time working sample over the course of two weeks. This method was employed to help bolster confidence about the temporal precedence of work-family affective spillover and employee health and wellbeing outcomes. One-hundred and forty-four participants filled out diary questionnaires three times daily during the work week and one time daily during the weekend. Daily diaries assessed the participants’ exposure to a number of domain-specific affective events, state affect, physical symptoms, and sleep quality. Hierarchical linear modeling was used to test this study’s hypotheses.
Overall, the results of this study support affective spillover as the linking pin between the two domains, which has health and wellbeing implications for employees. Specifically, tests of this study’s hypotheses indicated that exposure to affective events throughout the workday was related to state affect at the end of the workday, which then related to the number of valence-congruent affective events within the family domain. Exposure to those family-related affective events was related to corresponding changes in state affect, which not only persisted to the next morning but impacted employee health and wellbeing in terms of psychosomatic complaints. These findings are in line with both the affective events and mood-congruent theories.
Only one significant moderating effect was observed. There was a positive relationship between negative affect at the end of the workday and the number of negative family affective events endorsed by participants who were lower on domain integration, but not among those who were higher on domain integration. The direction of this effect was surprising and may suggest that setting up strong boundaries between life domains creates unattainable expectations, which may increase negative outcomes for an employee.
In sum, family-related affective experiences are an important variable to consider when investigating the effects of affective spillover on work-related experiences and health and wellbeing. The failure to do so may result in a considerable loss of information and contribute to mixed study results.
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Margaronis, Zannis N. P. "The significance of mapping data sets when considering commodity time series and their use in algorithmically-traded portfolios." Thesis, Brunel University, 2016. http://bura.brunel.ac.uk/handle/2438/12575.
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Many econometric analyses of commodity futures over the years have been performed using spot or front month contract prices. Using such daily prices without the consideration of the associated contract traded volumes is slightly erroneous because, in reality, traders will typically trade the ‘most liquid’ contract, that is, the contract with the largest average daily volume (ADV). The reason for this is in order to gain the best price when buying or selling. If this ‘true’ time series is to be considered, a mapping procedure is required to account for the price jumps at the time when a trader trades out of the expiring contract and enters the new front month contract. A key finding was that this effect was significant, irrespective of the size of the price jump, sometimes referred to as basis or roll and also due to the accumulated roll over a number of years corresponding to multiple contracts. It was also found that the mapping procedure has a significant effect on the time series and should hence always be employed if the realistic traded time series is to be considered. Given this phenomenon, algorithmically-traded commodities futures must necessarily employ such time series when creating metrics or considering an econometric analysis. The key findings include the importance of diversification in algorithmically-traded portfolios, utilising the AOM and PSI metrics. The mapping of data sets to create realistic ‘live-traded’ time series was found to be significant, while the optimal day of roll over prior to contract expiry was found to be related to the trading volumes for certain commodities. Other key findings include the causalities and spillovers within the metals sector where various relationships are evident once the results were processed and analysed, both pre and post mapping. Interestingly, the key relationships including bidirectional volatility and shock spillovers between the four key metals existed when the unmapped data was used however, many of the feedbacks within these relationships was lost when the mapped data sets were considered. A significant finding was therefore the consistent differences in findings between mapped and unmapped data sets attributed to the optimisation or favourability of the models (whether econometric or algorithmic). This is due to the unmapped data including roll or basis (which the models are fitted to) taking into account the roll or basis and utilising them in finding relationships between data sets. In the mapped data set (the time series seen by traders) the roll or basis is accounted for and hence the relationships found stand in real-time trading situations. The differences in the results show how the effect of mapping can be significant with unmapped data sets displaying results which will not exist in a real time traded time series.
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Lin, Shih-Chuan, and 林士全. "The impact of uncertainty and spillovers on the direction of R&D policy." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/75508565425510508295.
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碩士淡江大學
產業經濟學系碩士班
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This paper extends the Brander-Spencer (1983) model by certainty considering R&D spillovers. We examine the impacts of R&D spillover on firms’ choices of strategic variables under R&D policy with and/or without un/certainty is well as market demand uncertainty. We show that both R&D spillovers and the type of uncertainties are important in affecting the direction of optimal R&D policy when firms engage in international R&D competition. When the type of uncertainty is policy uncertainty, increasing uncertainty will reduce firms’ R&D level in the case of strategic complements. With demand uncertainty, however, firms’ R&D levels in the case of strategic complements are increasing as long as the uncertainty is increasing. When R&D spillover is significant and the strategic effect of subsidy overweight the shift effect of subsidy, then the policy maker will tax the firm 1. When the shift effect of subsidy exceeds the strategic effect of subsidy, the optimal policy is a R&D subsidy.
Books on the topic "Directional Spillovers"
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Chau, Frankie Ho-Chi. Volatility Transmission across Commodity Futures Markets. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780190656010.003.0018.
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Sharp movements in crude oil prices and their impact on other commodities have renewed interest in the assessment of dynamic interactions between commodity futures markets. This chapter examines this topic by investigating the intensity and direction of volatility transmission across three major classes of commodities, including agricultural products (corn, coffee, and soybeans), energy (crude oil and gas), and metals (copper, gold, and silver). Overall, the evidence suggests that important volatility episodes and fluctuations exist across major commodity markets; the total cross-market spillovers are limited until the onset of financial crisis of 2007–2008. As the crisis intensified, so too did the commodity volatility spillovers, with substantial stress carrying over from the energy and metal markets to others. These findings are important in understanding the level and transmission mechanism of risk across commodity futures markets and are relevant to regulators in formulating policies to tackle excessive volatility, particularly during turbulent periods.
Book chapters on the topic "Directional Spillovers"
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Grosche, Stephanie-Carolin, and Thomas Heckelei. "Directional Volatility Spillovers Between Agricultural, Crude Oil, Real Estate, and Other Financial Markets." In Food Price Volatility and Its Implications for Food Security and Policy, 183–205. Cham: Springer International Publishing, 2016. http://dx.doi.org/10.1007/978-3-319-28201-5_9.
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Wright, Mike. "David Audretsch and New Directions in Spillover Academic Entrepreneurship." In From Industrial Organization to Entrepreneurship, 163–68. Cham: Springer International Publishing, 2019. http://dx.doi.org/10.1007/978-3-030-25237-3_17.
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Sönmez, Alper, and Mehmet Teoman Pamukçu. "Foreign Direct Investment and Technology Spillovers in the Turkish Manufacturing Industry." In Industrial Dynamics, Innovation Policy, and Economic Growth through Technological Advancements, 30–51. IGI Global, 2013. http://dx.doi.org/10.4018/978-1-4666-1978-4.ch003.
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Technology spillovers from foreign to local firms in emerging economies are considered to be the most important channel through which Foreign Direct Investment (FDI) influences the host economy. Empirical evidence about the existence, magnitude, and direction of FDI-related spillovers in these countries is contradictory, pointing to the necessity of conducting more econometric studies using firm-level data. The authors conduct an econometric analysis to assess the impact of FDI-related horizontal technology spillovers on output growth of local firms in the Turkish manufacturing industry over 2003-2006. When a broad definition of foreign ownership is adopted, their findings suggest that horizontal spillovers occur from foreign to local firms in the sector of activity. Export-oriented firms do not benefit from these spillovers in contrast to firms producing mainly for the local market. However, when foreign ownership is defined according to whether the minority or majority of capital is detained by the foreign partner, horizontal spillovers seem to originate from foreign firms with majority or full foreign ownership, while no such effect is associated with minority-owned foreign firms.
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Konishi, Hideo, Michel Le Breton, and Shlomo Weber. "Group formation in games without spillovers." In New Directions in the Economic Theory of the Environment, 281–310. Cambridge University Press, 1997. http://dx.doi.org/10.1017/cbo9780511560019.009.
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"Future research directions for knowledge spillovers and strategic entrepreneurship." In Knowledge Spillover-based Strategic Entrepreneurship, 315–28. Routledge, 2016. http://dx.doi.org/10.4324/9781315445281-29.
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Bloch, Francis. "Non-cooperative models of coalition formation in games with spillovers." In New Directions in the Economic Theory of the Environment, 311–52. Cambridge University Press, 1997. http://dx.doi.org/10.1017/cbo9780511560019.010.
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Clifton, Nick. "Country of Origin Effects." In Strategic Place Branding Methodologies and Theory for Tourist Attraction, 283–307. IGI Global, 2017. http://dx.doi.org/10.4018/978-1-5225-0579-2.ch014.
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This chapter develops the concept of the county of origin effect, and explores how linkages between place and product may impact upon it. Country-of-origin research has tended to focus upon how geographical associations may assist the marketing of certain products (halo effects) and indeed protect brand images from negative place-based associations (shield effects). We seek to develop these ideas by investigating the existence of branding spillovers in the opposite direction i.e. from product to regional image. Thus we argue in favour of a more ‘holistic' view of country-of-origin effects. This is done using the illustrative case of Wales. The chapter then seeks to explore the resulting implications for city branding practitioners and policy-makers, and to speculate upon how the observed linkages between place and product can also lead to broader insights in terms of city branding in the international context. Finally how the findings presented might contribute to future research attempts on city branding is considered.
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Hamourtziadou, Lily. "Iraq 2010–2013." In Body Count, 113–44. Policy Press, 2020. http://dx.doi.org/10.1332/policypress/9781529206722.003.0005.
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The chapter narrates the 2010-2013 period, discussing the new American Presidency and the use of drones; the release of the Iraq War Logs by WikiLeaks, which enabled IBC to conduct further research into civilian deaths and add thousands more victims to its database; the Human Terrain System, a strategy to manage the far enemy; finally, it provides the context in which we can understand the emergence of the Awakening Councils, which appeared to change the course of the war, by reducing the casualties and by reflecting the power and the influence of a hegemon. By 2010 British forces had left Iraq and US forces were preparing to do the same. President Obama promised a new direction in domestic and foreign policy, defining the struggle as a battle against terrorist organisations. His rejection of neo-conservatism was a rejection of Bush’s policies in the Middle East, which included the occupation of Iraq. Iraq’s human security would be affected by the Human Terrain System, the Awakening Councils and the Arab Uprisings, all of which demonstrated America’s tactics, power and influence; all of which caused further violence and the spillover of wars fought in the Middle East and North Africa.
Conference papers on the topic "Directional Spillovers"
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PAN, HAIFENG, and DINGSHENG ZHANG. "RESEARCH ON THE RELEVANCE AND SPATIAL SPILLOVER EFFECTS OF ENVIRONMENTAL POLLUTION, FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH IN CHINA." In 2021 INTERNATIONAL CONFERENCE ON ADVANCED EDUCATION AND INFORMATION MANAGEMENT (AEIM 2021). Destech Publications, Inc., 2021. http://dx.doi.org/10.12783/dtssehs/aeim2021/35984.
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Abstract. Comprehensively considering the factors of environmental pollution, financial development and spillover effects, this paper analyzes the spatial dependence and clustering characteristics by selecting provincial panel data from 2005 to 2018. Meanwhile, considering geographic distance, economic distance and asymmetric factors, the optimal spatial econometric models are determined by constructing five different weight matrices and utilizing spatial panel models. The results show that (1) there existed significant positive correlation in the regional economic development and the spatial dependence played a significant role in promoting the economic development; (2) the direction and significance of spatial spillover effects were consistent under different spatial weights, and the spatial weight which considered geographical distance, economic distance and asymmetric factors proved to be the best; (3) the environmental pollution had a significant positive correlation with economic growth; (4) financial development had some positive effects on economic growth; (5) financial development was conducive to reducing the impact of environmental pollution on economic growth, and the promotion of environmental quality could strengthen the role of financial development in promoting economic growth; (6) from the perspective of regional heterogeneity, the cross terms of environmental pollution and financial development were not significant in the eastern region, but significantly negative in the central and western regions.
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Schiller, Noah H., Randolph H. Cabell, Juan D. Quinones, and Nathan C. Wier. "Active Damping Using Distributed Anisotropic Actuators." In ASME 2010 International Mechanical Engineering Congress and Exposition. ASMEDC, 2010. http://dx.doi.org/10.1115/imece2010-37503.
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A helicopter structure experiences substantial high-frequency mechanical excitation from powertrain components such as gearboxes and drive shafts. The resulting structure-borne vibration excites the windows which then radiate sound into the passenger cabin. In many cases the radiated sound power can be reduced by adding damping. This can be accomplished using passive or active approaches. Passive treatments such as constrained layer damping tend to reduce window transparency. Therefore this paper focuses on an active approach utilizing compact decentralized control units distributed around the perimeter of the window. Each control unit consists of a triangularly shaped piezoelectric actuator, a miniature accelerometer, and analog electronics. Earlier work has shown that this type of system can increase damping up to approximately 1 kHz. However at higher frequencies the mismatch between the distributed actuator and the point sensor caused control spillover. This paper describes new anisotropic actuators that can be used to improve the bandwidth of the control system. The anisotropic actuators are composed of piezoelectric material sandwiched between interdigitated electrodes, which enables the application of the electric field in a preferred in-plane direction. When shaped correctly the anisotropic actuators outperform traditional isotropic actuators by reducing the mismatch between the distributed actuator and point sensor at high frequencies. Testing performed on a Plexiglas panel, representative of a helicopter window, shows that the control units can increase damping at low frequencies. However high frequency performance was still limited due to the flexible boundary conditions present on the test structure.
Reports on the topic "Directional Spillovers"
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Gamba-Santamaría, Santiago, José Eduardo Gómez-González, Jorge Luis Hurtado-Guarín, and Luis Fernando Melo-Velandia. Volatility spillovers among global stock markets : measuring total and directional effects. Bogotá, Colombia: Banco de la República, January 2017. http://dx.doi.org/10.32468/be.983.
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Salgado, Edgar, and Oscar A. Mitnik. Spatial and Time Spillovers of Driving Restrictions: Causal Evidence from Limas Pico y Placa Policy. Inter-American Development Bank, December 2021. http://dx.doi.org/10.18235/0003849.
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Driving restrictions are popular interventions in rapidly urbanizing developing countries. Their relatively inexpensive implementation appeals to the pressing need to reduce traffic congestion and pollution. Their effectiveness however, remains contested. Using high frequency data from the community-based driving directions app Waze, we evaluate the causal effect on traffic congestion of Lima's Pico y Placa driving restriction policy introduced in 2019. We find small improvements in traffic congestion for the policy's directly targeted areas. However, those improvements are offset by time and spatial spillovers in the opposite direction in the aggregate. Speed improved by 2 percent during the early weeks of the intervention, but this effect disappeared 16 weeks after the start of the policy. Moreover, traffic conditions worsened in adjacent areas and in hours outside the time schedule of the policy. In the aggregate, accounting for time and spatial spillovers, a simulation exercise suggests that overall welfare declined by 2 percent, mostly driven by the extensive margin (more roads becoming congested) outside the direct areas and hours targeted by the policy. The policy seems not only to have failed to achieve its intended benefits in terms of congestion, but also probably caused increases in traffic-related pollution. These results highlight the need for policy makers to take into account the overall impacts of driving restrictions policies before implementing them.
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Goya, Daniel. Marshallian and Jacobian Externalities in Creative Industries. Inter-American Development Bank, January 2022. http://dx.doi.org/10.18235/0003992.
Full textAbstract:
Marshallian externalities are the benefits obtained by a sector due to geographical agglomeration, and Jacobian effects are spillovers related to the novel combinations that can occur in cities with diversified economic activities. This paper argues that most of the quantitative literature on creative industries is asking whether they are a source of Marshallian or Jacobian effects, inasmuch as a stronger creative sector is a direction of diversification that is likely to have positive spillovers to the rest of the economy. Exploring both questions under a common framework, the results are consistent with the existence of Marshallian but not of Jacobian effects, which calls to caution when making policy suggestions regarding the sector. The degree of specialization in creative sectors is associated with higher sales and a higher number of rms in those sectors, albeit at a decreasing rate. A similar relationship is found for specialization in creative occupations and the incomes of those workers. Though there is no evidence of spillovers from creative industries in general to the rest of the economy, analyses at a more disaggregated level could produce different results and useful insights for policy.