Portuguese Economic Journal, 2022, Volume 21, nº 2
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- How ongoing structural change creates a double dividend : outdating of technologies and green growthPublication . Bondarev, Anton; Greiner, AlfredIn this paper we study how the ongoing transition to newer technologies, what we refer to as dynamic structural change, in a doubly-diferentiated R&D-based economy can generate both higher economic growth and a slowdown of climate change, thus, creating a win-win situation known as double dividend. We frst consider the unregulated decentralised economy and show that ongoing structural change can lead to lower environmental damages than the economy with a fxed structure. Next, we consider an emission tax diferentiated across sectors which raises economic growth and reduces emissions in the economy. Our results indicate that promoting transition to newer technologies indeed may serve as a partial substitute to conventional abatement policy options.
- Macroprudential policy under uncertaintyPublication . Venter, ZoëIn this paper, an index of domestic macroprudential policy tools is constructed and the efectiveness of these tools in controlling credit growth, managing GDP growth and steadying infation is studied using a dynamic panel data model for the period between 2000 and 2017. The empirical analysis includes two panels namely an EU panel of 27 countries and a Latin American panel of 7 countries, the paper also looks at a case study of Japan, Portugal and the UK. Our main results show that a tighter overall macroprudential policy stance would result in lower credit growth as well as lower GDP growth while, a tighter overall macroprudential policy tool stance would lead to higher infation in the majority of cases. Factors such as capital openness and the perception of global market risk play an important role in both the exigency of policy implementation as well as the success thereof.
- Pointwise agglomeration in continuous racetrack modelPublication . Ohtake, Kensuke; Yagi, AtsushiUsing analytical methods they devised, the authors intend to study economic aspects of the racetrack economy described as a continuous-space version of the new economic geography model. The main mathematical conclusions are summarized as follows: 1) Workers and frms agglomerate only to a fnite number of cities, and the maximum number of possible emerging cities reduces as the preference for variety increases or the transport cost decreases. 2) The further apart cities are located from each other, the more stable the city confguration is against the increasing preference for variety or the decreasing of the transport cost.
- Correction to: Pointwise agglomeration in continuous racetrack modelPublication . Ohtake, Kensuke; Yagi, Atsushi
- An empirical investigation of tourism‑led growth hypothesis in the European countries : evidence from augmented mean group estimatorPublication . Xia, Wanjun; Doğan, Buhari; Shahzad, Umer; Adedoyin, Festus Fatai; Popoola, Abiodun; Bashir, Muhammad AdnanDue to urbanization and the need for people to go from one country to another either for commercial purpose or tourism, it is therefore important to determine the extent to which tourism contributes to growth. This article aims to investigate the tourism-led growth hypothesis in a sample of 34 European countries utilizing the yearly data from 1995 to 2015. The research work makes use of 8 tourism indicators, which cover diferent dimensions of tourism sector development such as foreign visitors’ spending, and international tourist arrival. For empirical analysis, the study accounts key determinants of growth such as capital, labor and energy (renewable and non-renewable) consumption. The results from common correlated efects (CCE) augmented mean group (AMG) and groped-mean estimators confrms that there is a positive relationship between tourism, labour, capital and GDP insinuating the presence of tourism-led growth hypothesis in the European countries. Also, fndings from the FMOLS show that changes in the variables leads to a proportional change in GDP. Specifcally, the evidence shows that the tourism indicators play an indispensable role in promoting economic development, along with energy consumption, capital, and labor. Sustainable Combating environmental issues associated with foreign arrivals, renewable energy consumption should be encouraged to reduce environmental externalities to ensure sustainable environments for businesses and tourists’ arrivals.