Asymmetric Effects Research Articles

The asymmetric and dynamic effects of oil price shocks and geopolitical risks on carbon prices in China

The asymmetric and dynamic effects of oil price shocks and geopolitical risks on carbon prices in China

The determinants of volatility connectedness of South African equity super sectors

The paper aims to explore the determinants of total volatility connectedness of nine super sectors on the Johannesburg Stock Exchange (JSE) market from 3rd January 2006 to 31st December 2021. These sectors are Automobile and Parts, Chemical, Telecommunication, Technology, Energy, Health, Finance, Insurance, and General Industrials. The paper applied Diebold and Yilmaz connectedness matrix and the time-varying parameter – vector autoregressive (TVP-VAR) model to determine the sectorial total volatility connectedness index (STVCI). After that, the nonlinear autoregressive distributed lag model (NARDL) was used to determine the asymmetric effects and the drivers of STVCI. It was found that the partial sum decomposition of the South African volatility index (SAVI) and Economic Policy Uncertainty Index (EPU) are the key determinants of the STVCI both in the long and short run. However, domestic market return (DMR) shows no significant asymmetric effect on STVCI. The study concluded that SAVI and EPU are the key determinants of volatility connectedness among the JSE super-sectors. The results unveil important implications for sectorial investors and policymakers on potential regulations and stability of the significant determinants of spillover risk.

Unveiling an asymmetric relationship between global crude oil and local food prices in an oil-importing economy

AbstractRecent swift comovements of local food and global crude oil prices have attracted the attention of policymakers and researchers. To evaluate this relationship, many studies have used time series models to explore global crude oil and local food prices. However, robust research based on advanced nonlinear time series models that incorporate control variables for their formation is lacking. In this paper, nonlinear techniques are applied to assess the asymmetric nexus between Brent oil prices and local retail food prices in Slovakia. To estimate this value, we extend the single-threshold NARDL approach to the MTNARDL model. The nominal exchange rate and industrial production index are used as the control variables. Compared with conventional NARDL models, the MTNARDL model provides a more detailed representation of global oil‒local food price linkages and detects the asymmetric effect of global oil prices on food prices from both long- and short-term perspectives. Interestingly, with respect to long- and short-term food price volatility, changes in response to oil price fluctuations are greatest under a regime with rather a small number of positive and moderate changes.

Asymmetric Effects of Corruption on CO2 Emissions in Pakistan: The Role of Human Capital and Foreign Direct Investment

This study aims to examine the relationship between corruption, human capital, FDI, GDP and CO2 emissions in Pakistan from 1996 to 2022. This study utilized the NARDL approach to estimate the asymmetric association. The empirical findings revealed that corruption in positive shocks enhances CO2 emissions while, in negative shocks, it mitigates CO2 emissions. Human capital and FDI played beneficial roles in decreasing CO2 emissions. On the other hand, GDP exacerbated CO2.The results highlight the importance of stringent accountability measures to stop more environmental damage. The study recommends that to effectively tackle both corruption and environmental challenges, there is a crucial need to invest in human capital. Strengthening human capital can help enhance accountability, reduce corruption, and promote sustainable environmental practices.

Non-Condensation Turbulence Models with Different Near-Wall Treatments and Solvers Comparative Research for Three-Dimensional Steam Ejectors

Steam ejectors are important energy-saving equipment for solar thermal energy storage; however, a numerical simulation research method has not been agreed upon. This study contributes to a comprehensive selection of turbulence models, near-wall treatments, geometrical modeling (2-D and 3-D), solvers, and models (condensation and ideal-gas) in the RANS equations approach for steam ejectors through validation with experiments globally and locally. The turbulence models studied are k-ε Standard, k-ε RNG, k-ε Realizable, k-ω Standard, k-ω SST, Transition SST, and linear Reynolds Stress. The near-wall treatments assessed are Standard Wall Functions, Non-equilibrium Wall Functions, and Enhanced Wall Treatment. The solvers compared are pressure-based and density-based solvers. The root causes of their distinctions in terms of simulation results, applicable conditions, convergence, and computational cost are explained and compared. The complex phenomena involving shock waves, choking, and vapor condensation captured by different models are discussed. The internal connections of their performance and flow phenomena are analyzed from the mechanism perspective. The originality of this study is that both condensation and 3-D asymmetric effects on the simulation results are considered. The results indicate that the k-ω SST non-equilibrium condensation model coupling the low-Re boundary conditions has the most accurate prediction results, best convergence, and fit for the widest range of working conditions. A 3-D asymmetric condensation model with a density-based solver is recommended for simulating steam ejectors accurately.

Political Institutions and Environmental Sustainability: Asymmetric Effect of Institutional Quality Indicators on Ecological Degradation

Political Institutions and Environmental Sustainability: Asymmetric Effect of Institutional Quality Indicators on Ecological Degradation

Asymmetric relationship between crude oil price and remittance inflows in a small island economy: Evidence from non-linear ARDL approach

Sri Lanka's economy heavily depends on remittance inflows to finance its import of essential and intermediate goods. A decline in remittances could severely limit the country's import capacity, affecting overall economic growth and development. This study investigates the impact of crude oil prices on Sri Lankan remittance inflows from 1980 to 2020, while accounting for per capita GDP, financial development, and exchange rates as additional explanatory variables. Employing a nonlinear autoregressive distributed lag (NARDL) model, the analysis reveals significant asymmetric effects of oil price shocks on remittance inflows. In the short run, positive oil price shocks lead to increased remittance inflows, whereas negative shocks reduce them. However, in the long run, both positive and negative oil price shocks have an adverse impact on remittance inflows. Furthermore, changes in per capita GDP, financial development, and exchange rates also play a crucial role in influencing remittance inflows. The findings highlight Sri Lanka's vulnerability to global oil market fluctuations and suggest policy measures to mitigate these risks. Key recommendations include diversifying labor export markets, enhancing financial infrastructure, and reducing dependence on remittance inflows to sustain import capacity and promote long-term economic resilience.

Ultra-sensitive dengue NS1 protein detection via asymmetric source-drain, heterojunction and dual-dielectric cavities in a uniform tunnel FET biosensor

In this paper, we present a unique Asymmetric Source-Drain Heterojunction Dual-Dielectric Uniform Tunnel Field Effect Transistor (A-SD-HJ-DD-UTFET) based biosensor tailored for the early detection of dengue NS1 protein during the acute phase of infection offering early diagnosis and potentially life-saving intervention. The proposed biosensor design features simplified fabrication, a narrow drain region, and a dual material control gate, enhancing specificity and sensitivity for dengue virus detection. Using a heterojunction configuration, this device optimizes electron flow for improved detection accuracy. The roles of Tunnel Gate (TG) and Auxiliary Gate (AG) are studied in terms of band energy, electric field, electrostatic potential, and other sensitivity parameters. Sentaurus TCAD tool is utilized for analyzing the characteristics of the proposed A-SD-HJ-DD-UTFET biosensor. Simulation results indicate that the designed A-SD-HJ-DD-UTFET biosensor achieves a superior Subthreshold Swing (SS) of 15.4 mV/dec and an enhanced ION/IOFF sensitivity of about 2.25 × 10¹¹ with a maximum ON and minimum OFF state currents of 2.28 × 10–4 A/μm and 1.28 × 10–16 A/μm respectively for detecting NS1 protein of dengue. Additionally, it boasts a high switch ratio in the order of 1012. The proposed biosensor outperforms conventional devices, including the state-of-the-art Junctionless (JL)-TFET biosensors. The superior electrical characteristics of the proposed A-SD-HJ-DD-UTFET biosensor make it a promising device for early detection of the dengue NS1 protein, providing a potent solution for mitigating the spread of dengue infections.

Beyond the threshold: Understanding the asymmetric effects of renewable energy on CO2 emissions

While renewable energy deployment is essential to mitigate climate change, the interplay between renewable energy consumption and environmental degradation may not be linear. The environmental aspect of renewable energy consumption may change over time, depending on the scale and technique effects. This may be due to asymmetry in the relationship. Nonetheless, most current literature either assumes linearity, or ignores the turning point of the behavioral change. This results in inconclusive empirical findings at the disaggregated level of renewable energy consumption. This paper utilizes threshold estimation technique to capture the asymmetry in the renewable energy-CO2 emissions relation in the top ten renewable energy consumers covering the period 1990–2020. The literature gap is addressed by deriving the threshold effect at the aggregate and disaggregated levels to prevent aggregation bias. Understanding the thresholds of different renewable energy sources would improve policy effectiveness and resource allocation at different consumption levels to better curb climate change. The threshold estimation technique measures total renewables, hydro, solar, wind, and others (bioenergy and geothermal) as threshold variables. The findings indicate that total renewables and solar consumptions have stronger mitigating effects on CO2 emissions beyond the consumption levels of 4363.37 and 43.58 kWh, respectively. The advantageous environmental effect of wind consumption only manifests above the consumption level of 657.40 kWh. For policy implication, this study recommends an increase in the weightage of renewables in the energy mix by formulating energy-specific policies, in order to optimize the environmental benefits of renewable energy adoption.

The Asymmetric Effect of Foreign Ownership and Concentration on Financial Dollarization: The Case of the Turkish Economy

The Asymmetric Effect of Foreign Ownership and Concentration on Financial Dollarization: The Case of the Turkish Economy

Asymmetric Effects and Volatility Clustering in NSE NIFTY 50: A Comparative Analysis of GARCH Models

This study aims to analyze the volatility patterns, Clustering, and asymmetric effects in the NSE NIFTY 50 index. It involves using daily returns data from the NSE NIFTY 50 from 01 Jan 2010 to 31 Dec 2023. Daily closing prices are obtained from the official NSE website, and returns are calculated based on these prices. EGARCH (1, 1), TARCH (1, 1), GARCH (1, 1), GARCH-M (1,1), and models are utilized to predict volatility, capturing volatility clustering and leverage effects. Using both the Akaike and Schwarz criteria, EGARCH (1,1) was demonstrated to be the best model. The findings reveal that Fluctuations in the Indian stock market, particularly shown in the NIFTY index of the NSE were the highest in the year 2020 due to the COVID-19 pandemic. Past NIFTY returns demonstrate a GARCH effect on today’s NIFTY returns. The results of the research suggest that the impact of negative and positive shocks on the stock returns series varies. Volatility is largely caused by negative news compared to positive news. It is suggested that the model exhibits a leverage effect and that different types of information produce various types of shock to the volatility of the Nifty index return. The findings show that investors of NSE, particularly those involved with the NIFTY50, face heightened volatility and increased risk, especially during periods of significant events.

Spatiotemporal pattern of ENSO-induced modulation on landscape fires over Pacific Rim from 2001‒2020

While El Niño-Southern Oscillation (ENSO) modulates landscape fire activities across the Pacific Rim, the detailed patterns and mode-specific variations of these effects remain poorly understood. This study aims to address that gap by systematically assessing the spatiotemporal variations in burned areas from 2001‒2020 during different modes of ENSO, namely, Eastern Pacific (EP) El Niño, EP La Niña, Central Pacific (CP) El Niño and CP La Niña. We evaluate the modulation patterns using classical correlation and cross-spectrum analyses, focusing on five hotspot regions: Temperate North America (TENA), Southern Hemisphere South America (SHSA), Northern Hemisphere South America (NHSA), Equatorial Asia (EQAS) and Australia and New Zealand (AUST). El Niño and La Niña exhibit asymmetrical opposite effects on burned areas, as expected. The findings reveal spatial non-uniformity in the impact of ENSO on landscape fires, with La Niña enhancing burned areas in TENA and SHSA, whereas El Niño predominantly affects AUST, EQAS and NHSA. CP and EP ENSO events differ in intensity and their large-scale circulation patterns. These differences cause notable variations in the regional burned area. Water vapour redistribution emerges as the key driver. The study emphasises the heterogeneity in ENSO modes in regulating landscape fires, providing insights for future landscape fire risk assessment and prevention efforts under climate change.

Asymmetric Effect of Oil Prices on Kazakhstan’s Stock Market Index and Exchange Rate

In this study, the asymmetric effect of oil prices in Kazakhstan on the exchange rate (USD/KZT) and Kazakhstan stock market index (KASE) returns was analyzed using the non-linear ARDL cointegration (NARDL) method with monthly data for the period January 2010-February 2024. As a result of the findings of the study, both positive and negative changes in oil prices statistically affect stock returns and exchange rates in the long term. The estimated long-term positive (0.115982) and negative (0.111234) coefficients of oil prices on KASE returns were found to be statistically significant at the 5% significance level. Thus, in the examined period, the KASE variable gave different reactions to positive or negative shocks in the oil price. In the model where the exchange rate is the dependent variable, the estimated long-term positive (-0.093875) and negative (-0.092918) coefficients of oil prices were found to be statistically significant at the 95% reliability level.

Towards Secure Energy Systems: Examining Asymmetric Impact of Energy Transition, Environmental Technology and Digitalization on Chinese City-level Energy Security

This study aims to investigate the asymmetric impacts of energy transition (ETI), environmental technology (ENT), and digitalization (DEI) on energy security (ESI) across Chinese cities, addressing a significant gap in empirical research at the city level. We employ the Method of Moments Quantile Regression (MMQR) to analyze data from 275 Chinese cities over the period 2007-2020, examining the differential effects of positive and negative shocks in ETI, ENT, and DEI on ESI across various quantiles. Utilizing MMQR, the analysis yields several key findings: (i) Positive shocks in ETI benefit cities with high pre-existing ESI, while negative shocks surprisingly provide a temporary boost to low-security cities but ultimately hinder progress at higher levels. (ii) Positive shocks in DEI correlate with higher ESI, especially in cities with moderate to high baseline security, whereas negative shocks in DEI exhibit minimal influence on ESI. (iii) Positive shocks in ENT generally enhance energy security across all quantiles except the lowest, indicating that advancements benefit cities at various security levels. Notably, negative shocks initially decrease ESI at the lowest quantile but subsequently increase it at moderate to high levels. These findings highlight the complex, non-linear relationships between ETI, ENT, DEI, and ESI in Chinese cities. The study provides quantitative evidence for policymakers to develop nuanced strategies that balance energy transition, digitalization, and environmental technology advancements with energy security goals. Future research should explore the mechanisms underlying these asymmetric effects and their implications for sustainable urban development in China.

Empowerment and gender norms among Yoruba women and men cassava producers

Yoruba women have gained a reputation as empowered traders, but their empowerment in agriculture has received less attention. This study examines the empowerment of Yoruba men and women cassava producers in Nigeria's Southwest geopolitical zone. It combines data from an Abbreviated Women Empowerment in Agriculture Index (A-WEAI) survey with results from focus group discussions and key informant interviews. An additional focus is on how norms that foster balanced household gender relations interact with those that produce inequalities. Yoruba men farmers appeared more empowered than their wives in all the domains measured by the A-WEAI in spite of women's high involvement in processing and trade. The fact that the same domains contributed most to men and women's disempowerment points to structural issues that affect men and women unevenly. The study finds signs of emerging shifts in gender norms: women demanded to be acknowledged as farmers and indicated first moves into land ownership. However, the most asymmetric effect of normative constraints experienced by women as a result of unpaid labor, alongside their own income-generating activities tend to neutralize these gains. Hence, the embeddedness of pockets of potentially symmetric institutions in a larger asymmetric patriarchal system of imbalanced resource access and agency does not produce equitable outcomes. Future research should address men's and women's participation in cassava trade and production and their benefits from it more holistically.

The asymmetric impact of leisure externalities on economic growth

Leisure generates externalities for the economy as a whole, as individuals generally get some (dis-)utility from their leisure-time. However, the sign and the extent of the effect that these externalities have on a specific worker's productivity and on the productivity of all other factors used in combination with labor (hence on long-term economic growth) may be asymmetric across different economic activities. The objective of this paper is to shed light on the impact that sector-specific leisure-time externalities have on the innovation rate, on the sectorial allocation of (skilled) labor, and eventually on the long-run economic growth rate, without making any prior assumption on their sign and magnitude. In the baseline model the growth rate of per capita income moves together with all types of leisure externalities, whereas the innovation rate moves together with (and depends solely on) the R&D-sector-specific leisure externality. From numerical analyses, we conclude that sector-specific leisure-time externalities provide asymmetric effects on the growth rate of real per capita GDP and on the way skilled labor is allocated across different economic activities. The robustness of these conclusions is analyzed by using various definitions of leisure along with different utility functions (including leisure as an argument).

Does advanced human capital structure improve carbon emission performance in China? Empirical research from a spatial spillover perspective

Facilitating coordination between economic growth and carbon mitigation is vital for the sustainability of human society. Identifying the driving factors of Carbon emission performance (CEP) is crucial for its improvement. Nevertheless, empirical research on the relationship between advanced human capital structure (AHCS) and CEP remains scarce. This study analyzes the impact of AHCS on CEP utilizing a dataset covering 30 Chinese provinces from 2006 to 2021. First, we construct a global epsilon-based measure (EBM) model with undesired output to accurately measure the multi-period CEP for Chinese provinces. Next, we evaluate the level of AHCS from the perspective of dynamic evolution. Subsequently, a spatial Durbin model (SDM) is employed to examine the spatial spillover effects of AHCS on CEP. The results illustrate that CEP exhibits significant positive spatial spillover effects across provinces. Additionally, AHCS has a direct and significant positive impact on local CEP and can indirectly enhance CEP in neighboring regions through spillover effects, although the impact varies across different regions. The impact mechanism analysis indicates that AHCS enhances CEP via technological advancement, industrial structure upgrading (ISU), and energy efficiency improvement, despite the asymmetric effects observed between local and neighboring provinces. Therefore, shaping a favorable educational environment to optimize the human capital structure is critical for the improvement of CEP. In addition, promoting resource sharing and technology exchange through regional cooperation is essential for China’s low-carbon transition development.

The development of the self-other distinction in perceptions of social influence.

Prior research documents that adults in Western cultures perceive others as more susceptible to social influence than themselves (Pronin et al., 2007). Study 1 (N = 318) investigated the cultural generalizability of this asymmetric perception effect by examining young adults in South Korea, where conformity is relatively valued, and a comparison sample of young adults in the United States. The results documented that, counter to theoretical accounts emphasizing the centrality of motivated reasoning, the self-other distinction was just as strong in South Korea as it was in the United States. Study 2 (N = 102) examined the development of this tendency among 6- to 12-year-old South Korean children and showed that this asymmetry is first present at around age 9. These findings suggest that asymmetric perceptions of conformity are robust and emerge over the course of development. (PsycInfo Database Record (c) 2024 APA, all rights reserved).

Asymmetric effects of diurnal warming on carbon allocation to leaves of marsh wetlands on the Tibetan Plateau

ABSTRACT Using MODIS leaf area index and meteorological data from 2000 to 2020, this study analyzed the variations in carbon allocation to leaves (C leaf) of marsh during the leaf green-up period and their response to climate change across the TP based on partial correlation and linear regression analysis methods. The regionally averaged C leaf of marsh showed an increasing trend during the leaf green-up period from 2000 to 2020. Diurnal warming has asymmetric effects on C leaf of marsh during different stages of the leaf green-up period. During the early leaf green-up period, warming preseason daytime temperature significantly reduced C leaf in the southwestern region, while warming preseason daytime and night-time temperatures increased C leaf in the central region. During the late leaf green-up period, preseason temperatures exerted significantly positive and negative effects on C leaf in the southwestern and central regions, respectively. During the early leaf green-up period, preseason precipitation increases significantly enhanced C leaf in the southwestern region, but decreased C leaf in the central region. This study highlights the distinct impacts of climatic change on C leaf during different stages of the leaf green-up period and indicates that the asymmetric effects of diurnal warming should be considered in simulations of marsh carbon allocation in the future.

Investor attention and market activity: evidence from green cryptocurrencies

Purpose This paper aims to investigate the relationship between investor attention and market activity (return, volatility and volume) using a sample of 14 clean energy cryptocurrencies (hereafter green cryptocurrency), namely, Chia, Cardano, Stellar, Tron, Ripple, Nano, IOTA, EOS, Bitcoin Green, Alogrand, Hedara, Polkadot, FLOW and Tezos. Design/methodology/approach This paper use 26040 crypto-day observations and a range of econometric techniques, including Dynamic Granger causality, Panel vector autoregression (VAR), Impulse response function and the decomposition of forecast error variance. Findings Based on 26040 crypto-day observations, this paper finds a bidirectional Granger causal relationship between investor attention and all measures of market activity, namely, return, absolute volatility, squared volatility and volume. The panel VAR and impulse response function demonstrate that market activity in the green crypto ecosystem, especially volatility and volume, is considerably responsive to changes in investor attention proxied by Google search volume (hereafter Google search volume (GSV)). The findings also demonstrate a significant asymmetric effect of return and volume on investor attention since past negative shocks “or bad news” in return and volume are more likely to grab the investor’s attention. All in all, our study emphasizes the crucial role of investor attention in the green crypto ecosystem. Originality/value (i) The research is the first to shed light on investor attention in the green cryptocurrency market. (ii) The paper uses a wide range of green cryptocurrencies to offer a comprehensive picture of the green cryptocurrency ecosystem. (iii) This paper is the first to use the panel Granger causality to investigate investor attention in the cryptocurrency market which provides several advantages over the conventional Granger causality approach. (iv) This paper is the first to provide novel empirical evidence on the prevalent influence of investor attention in the green crypto market.