Portuguese Economic Journal, 2025, Volume 24, Nº 2, 2025
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- Research on the influence mechanisms of digital economy on tourism economic resilience—empirical evidence from ChinaPublication . Zhou, Min; Chen, Xue-JunIn recent years, the vulnerability of the tourism economy has been highlighted by public security incidents. To ensure high-quality development of the tourism industry, it is crucial to enhance tourism economic resilience (TER). Despite this adverse trend, the digital economy (DE) continues to develop robustly, bringing new vitality to the tourism industry and becoming an important means to enhance its resilience. Based on this, a panel fxed time efect model and a spatial lag model are constructed to study the impact mechanism of the DE on TER. The study fnds that the DE has a signifcant direct positive impact on TER. Moreover, industrial structure optimization, innovation capacity, and human capital stock are all efective mediating mechanisms for the digital economy to enhance TER, and the mediating efect of industrial structure optimization is more obvious. The spatial spillover efect of the DE on TER is negative.
- A mixed approach to the heterogeneity of the short-term rentals’ regulation in SpainPublication . Viana-Lora, Alba; Sánchez-Cubo, FranciscoThis paper aims to analyse the current situation of STRs and their regulation in Spain in order to determine whether the restrictions applied contributed to alleviating the volume of STRs. For this purpose, a database from the experimental statistics on tourist accommodation on houses provided by the National Institute of Statistics of Spain and the regional and municipal regulations on STRs have been used. The upward or downward trends of STRs have been examined and linked to the existing regulation. Then, the municipalities were classifed according to the type of regulatory measure: laissez-faire, limitation or prohibition. The trend and the problems linked to STRs lead us to believe that more and more municipalities will opt to regulate the activity, seeking a balance between the economic beneft and the social impact of tourism.
- The preferred mix of urban and rural destinations in domestic and international travelPublication . Hon-Snir, Shlomit; Teitler-Regev, SharonWhile tourists usually choose a combination of urban and rural destinations for the same trip, research in tourism has focused primarily on one type of tourism. The purpose of this research is to investigate the tourist’s continuum preferences of urban and rural destinations and ascertain the infuence of the tourists’ residence, experience, and characteristics on their preferences in the contexts of international and domestic travel. The study proposes a mediation model to examine the direct and indirect efects of tourist’s experience and characteristics on urban and rural preferences and to shed more light on diferences obtained by sociodemographic variables. We found that most respondents prefer a combination of urban and rural destinations as opposed to just one. Our results indicate that growing up in the city infuences tourists’ experiences and characteristics, which, in turn, afects their urban/rural preferences. Urban residents prefer more urban destinations and vice versa for rural residents.
- Can the price fluctuations of Shanghai crude oil futures affect Asian financial markets? Evidence from the time and frequency dynamics analysis of spillover connectednessPublication . Wu, Yimin; Abdul Rahman, Rosmanjawati; Yu, QiujuThe dependence between crude oil and price movements in fnancial markets has always been of great concern. The COVID-19 pandemic has increased the dependence between various fnancial markets. This study attempts to use network spillover methods to investigate the volatility spillover efects between crude oil futures markets and the Asian oil importing countries stock markets and to evaluate the spillover efect due to the COVID-19 pandemic. The results fnd that the stock markets of major oil-importing countries in Asia show a certain degree of interconnectedness with the crude oil futures market in terms of return and volatility series, implying that there is a tight information transfer between them. At the early stage of COVID-19, all the connectedness between the markets shows a signifcant enhancement, while the volatility spillover index changes more drastically, suggesting that it is more afected by the epidemic. Moreover, Shanghai crude oil futures is the recipient of the spillover efect, indicating that its price is more vulnerable to external infuences and faces more uncertainty. The results provide new evidence that the Shanghai crude oil futures market is still vulnerable to the uncertainty of Asian fnancial markets and provide suggestions for the development of the Shanghai crude oil futures market.
- Does the Russia-Ukraine war cause exchange rate depreciation? Evidence from the rouble exchange ratePublication . Jia, Haibo; Yun, Hao; Khan, Khalid; SpringerThis paper aims to examine the impact of the Russian-Ukraine war on the USD/ RUB rate. The outcome reveals that war has severe adverse consequences for the USD/RUB rate. It implies that the exchange rate witnessed rapid depreciation following the outbreak of war in February 2022. The findings suggest a significant deviation from the predicted value and show that the USD/RUB exchange rate consistently remained lower than would have been anticipated in the absence of the conflict. On the other hand, the regression discontinuity method supports the finding that the USD/RUB exchange rate has significantly depreciated after the war. The study indicates that war has increased uncertainty and affects exchange rates, causing a noticeable difference between predicted and actual rates. These findings highlight the significance of contingency planning, efficient disaster management, access to market information, and accurate predictive modeling.
- International spillovers of unconventional monetary policy: a meta-analysisPublication . Araújo, Tiago; Afonso, Óscar; Neves, Pedro Cunha; Sochirca, Elena; SpringerThe impacts of the unconventional monetary policy measures adopted by central banks after the 2007 fnancial crisis have been the focus of an increasing number of empirical studies. While some studies have focused on the impacts on the domestic economy, others have examined the international spillover efects of the policies adopted by the major central banks. The latter studies have, however, reported heterogeneous results. In this paper, we develop a meta-analysis of the empirical literature that examines the spillover efects of unconventional monetary policy on international capital fows. We fnd that, while the global average efect is not statistically diferent from zero, there are specifc efects that vary signifcantly according to the development level of the destination country, the nature of the capital fow, the Central Bank that adopts the UMP, and the type and year of implementation of the UMP measure.
- Economic growth and income inequality: the role of fiscal and monetary policyPublication . Miyashita, Daisuke; SpringerIn this paper, we develop a monetary endogenous growth model with heterogeneity of initial asset holdings and examine the relationships among fscal and monetary policy, economic growth, and wealth and income inequality. We incorporate a fexible labor supply and money-in-the-utility approach to accomplish this. The origin of income inequality is heterogeneous endowments of initial assets, and this heterogeneity impacts both economic growth and income inequality through labor supply and real money holdings. In this model, the government-debt-to-private-capital ratio, government-debt-to-real-money-balance ratio, and average leisure determine the rate of asset return and the wage rate, which afect the economic growth rate and distribution across agents. By conducting a numerical simulation, we fnd a negative relationship between the economic growth rate and income inequality in the long term with strict fscal discipline. Moreover, with the increasing money growth rate, we see a positive relationship between the economic growth rate and income inequality in the long term.