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The Cointegrated VAR model allows the user to study both long-run and short-run effects in the same model. It describes an economic system where variables have been pushed away from long-run equilibria by exogenous shocks (the pushing forces) and where short-run adjustments forces pull them back toward long-run equilibria (the pulling forces). In this model framework, basic assumptions underlying an economic theory model can be translated into testable hypotheses of the order of integration and cointegration of key variables and their relationships. While the latter used to be I(1), macroeconomic and financial data have recently shown a tendency for puzzling long and persistent swings around long-run equilibrium values typical of self-reinforcing feed-back mechanisms. Such persistent fluctuations are frequently indistinguishable from I(2) data, pointing to the need for new econometric solutions. In this book, many of our most distinguished scholars in the field of cointegration offer a variety of solutions to these problems by formulating new models, tests, and asymptotics more suitable for an I(2) world. Several of the papers apply these cointegration techniques to a variety of empirical problems, thereby showing how to obtain valuable information about some of the mechanisms that have generated the recent crises.

Cointegration. --- Econometrics. --- Economics, Mathematical --- Statistics --- Econometrics

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We analyze determinants of sovereign bond yields in 22 advanced economies over the 1980-2010 period using panel cointegration techniques. The application of cointegration methodology allows distinguishing between long-run (debt-to-GDP ratio, potential growth) and short-run (inflation, short-term interest rates, etc.) determinants of sovereign borrowing costs. We find that in the long-run, government bond yields increase by about 2 basis points in response to a 1 percentage point increase in government debt-to-GDP ratio and by about 45 basis points in response to a 1 percentage point increase in potential growth rate. In the short-run, sovereign bond yields deviate from the level determined by the long-run fundamentals, but about half of the deviation adjusts in one year. When considering the impact of the global financial crisis on sovereign borrowing costs in euro area countries, the estimations suggest that spreads against Germany in some European periphery countries exceeded the level determined by fundamentals in the aftermath of the crisis, while some North European countries have benefited from “safe haven” flows.

Finance --- Business & Economics --- Investment & Speculation --- Government securities --- Rate of return --- Cointegration. --- Econometric models. --- Government agency securities --- Government bonds --- Public securities --- Treasuries (Securities) --- Treasury bonds --- Investment return --- Investment yield --- Return on equity --- Return on investment --- ROI (Rate of return) --- Econometrics --- Bonds --- Debts, Public --- Securities --- Capital investments --- Profit --- Ratio analysis --- Risk-return relationships --- Cointegration --- Econometric models --- E-books --- Banks and Banking --- Investments: Bonds --- Macroeconomics --- Public Finance --- 'Panel Data Models --- Spatio-temporal Models' --- Interest Rates: Determination, Term Structure, and Effects --- General Financial Markets: General (includes Measurement and Data) --- Debt --- Debt Management --- Sovereign Debt --- Fiscal Policy --- Investment & securities --- Public finance & taxation --- Bond yields --- Yield curve --- Sovereign bonds --- Public debt --- Fiscal stance --- Financial institutions --- Financial services --- Fiscal policy --- Interest rates --- United States --- Panel Data Models --- Spatio-temporal Models

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Recently, the world economy has witnessed some turbulence and instability, both of which have raised concerns and added threats to the global economy. For example, climate change, trade war, regional political tension, Brexit, and the very recent Coronavirus epidemic have hit several countries across all continents at an astonishing rate and are among some of the factors that have increased uncertainty. We have also noticed a surge in technological innovations and their implications in the banking and financial sectors. Today, we talk about blockchain, fintech, insurtech, regtech, and big tech, which have changed the business model of banks, financial institutions, and also the management model for firms and public administration. To get better insight into all these trends, economists have used the finance and macroeconomic theory to analyze the micro- and macroeconomic consequences of all these events and to study their impacts on economic and financial sector stability, as well as economic development and growth. In this Special Issue, Economies is inviting researchers and academicians to submit their work to a Special Issue dedicated to “The Theory Applications of Finance and Macroeconomics”. Some of the topics that contribute to the Issue might address issues of trade tension, climate change, blockchain and cryptocurrencies, financial liberalization, macroeconomic issues, principles of international finance, and open economy macroeconomics.

Economics, finance, business & management --- broad money --- share market --- bank credit --- private sector growth --- financial inclusion --- banking sector of Pakistan --- supply side --- ARDL --- banking --- competition --- Lerner Index --- economic relationship --- TFP --- system GMM --- China–Africa --- bounds cointegration test --- information criterion --- model selection techniques --- plausible model --- fiscal redistribution --- financial development --- fiscal expenditure --- property income --- economic growth --- trade balance --- panel estimates --- macroeconomics --- poverty --- microfinance --- Pakistan --- firm growth --- threshold estimation --- public debt --- threshold effects --- MENA region --- quantum mechanics --- wave function --- extreme value analysis --- Bayesian inference --- stock market --- Value at Risk (VaR) --- Expected Shortfall (ES) --- prediction

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Energy consumption and economic growth have been of great interest to researchers and policy-makers. Knowing the actual causal relationship between energy and the economy with respect to environmental degradation has important implications for modeling environmental and growth policies. The eleven chapters included herein aim to help researchers, academicians, and especially decision-makers to understand relevant issues and adopt appropriate methods to tackle and solve relevant environmental problems. Various methods from different disciplines are proposed and applied to various environmental and energy issues.

expected utility maximization --- decoupling theory --- urban utility tunnel --- sensitivity analysis --- environmental Kuznets curve (EKC) --- economic systems --- structural decomposition analysis --- thermodynamic cycles --- sustainable wind energy management --- environmental engineering --- energy commodities --- hedging strategies --- energy consumption --- industrialization --- energy --- waste --- Analytic Hierarchy Process --- panel data --- rank reversal --- economy --- industrial CO2 emission --- sustainability --- sustainable development --- energy-related carbon emissions --- Multi-Criteria Decision Analysis --- Shapley value --- Kaya identity --- circular economy --- minimum-variance hedge ratio --- MESSAGE model --- fixed assets investment --- life cycle cost --- Analytic Network Process --- environmental efficiency --- Pakistan --- data envelopment analysis --- embodied energy --- carbon emissions --- district distributed power plants --- economic benefit evaluation --- differential GMM estimation --- linearization --- effectiveness --- dynamic hybrid input–output model --- environment quality cointegration --- cost allocation --- risk aversion --- environment --- 3E --- financial development --- LMDI approach --- differential games --- energy recovery --- resource dependence theory --- open-loop control systems --- Tapio decoupling model --- uncertain dynamic systems

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The purpose of this Special Issue was to collect and present research results and experiences on energy supply in the Visegrad Group countries. This research considers both macroeconomic and microeconomic aspects. It was important to determine how the V4 countries deal with energy management, how they have undergone or are undergoing energy transformation and in what direction they are heading. The articles concerned aspects of the energy balance in the V4 countries compared to the EU, including the production of renewable energy, as well as changes in its individual sectors (transport and food production). The energy efficiency of low-emission vehicles in public transport and goods deliveries are also discussed, as well as the energy efficiency of farms and energy storage facilities and the impact of the energy sector on the quality of the environment.

Research & information: general --- Physics --- energy supplies --- energy security --- energy market --- EU countries --- Hellwig’s method --- sustainability strategies --- sustainable development --- Visegrád Group --- sustainable strategic management --- the renewable energy sector --- energy use --- structures --- food production systems --- Visegrad Group --- energy mix --- renewables --- energy in transport --- energetic efficiency --- energy sources --- economic growth --- developing and developed countries --- energy sector --- environmental quality --- renewable energy sources (RES) --- nuclear energy --- southeastern Poland --- sustainability --- renewable energy sources --- European Union --- cluster analysis --- Visegrad Group countries --- fuels --- cointegration --- Granger causality --- electricity prices --- households --- directions of price changes --- biogas energy --- solar energy --- hybrid biogas plant --- renewable energy --- circular economy --- off-grid systems --- energy efficiency --- social and economic aspects of energy --- economic efficiency --- low emissions --- zero emissions --- e-commerce --- last mile --- parcel lockers --- efficiency of logistics processes --- economies of scale --- simulation of logistics processes --- COVID-19 --- BESS management --- price arbitration --- shift load --- microgrid