G5 Countries Research Articles

Mechatronics Research Output: A Comparative Study of Global and G5 Contributions (2001-2020)

This research examines the output productivity of mechatronics through a quantitative and qualitative analysis from 2001 to 2020, covering a total of 20 years. Data were downloaded from the Web of Science (WOS). Globally, 3,359 papers with 46,043 citations were published, while in G5 countries, 599 papers with 5,942 citations were published in the field of mechatronics. Compared to other subjects in science and technology, the field of mechatronics has seen a considerably lower number of publications. Statistics show that approximately 1% of global publications are in mechatronics, compared to 30-35% in other fields. In 2007, a total of 5,010 highly cited papers were published, with an average of 35.79 citations per paper and an h-index of 36. The highest Activity Index (AI) of 381 was recorded for South Africa in 2008, and South Africa also had the highest Attractive Index (AAI) of 706 in 2012. The maximum Relative Quality Index (RQI) for South Africa was 2.00, while China's RQI was lower than the global average, at 0.87. In the coming years, it is expected that G5 countries and the global research area of mechatronics literature will see an increase in production.

Influence of fiscal decentralization, fintech, and mineral resources on green productivity of G5 countries

The study explores how regional financial autonomy, financial technologies, and resource management strategies intersect to influence sustainable practices and environmental efficiency in G5 economies. The yearly data from 1990 to 2021 has been taken for Canada, Japan, Germany, the United Kingdom, and the United States of America. Empirical analysis of the Cross-sectional Augmented Distributed Lag (CS-ARDL) modeling framework has been performed after a preliminary investigation regarding the variables' cross-sectional dependence, slope heterogeneity, and unit root properties. The outcomes of long-run estimation reveal the positive impact of fintech and revenue decentralization, while mineral resources and expenditure decentralization negatively influence green productivity. Similar results are observed in the short-run; however, their marginal effects are relatively lower. Moreover, the error correction term is negative and significant, indicating an 81.4% speed of adjustment annually to restore the obtained model's equilibrium system. These estimates are validated by the Augmented Mean Group (AMG) and Common Correlated Effect Mean Group (CCEMG) estimators. A bi-directional causality of fintech and revenue decentralization is observed, which offers valuable policy implications.

President’s Tweets, US-China economic conflict and stock market Volatility: Evidence from China and G5 countries

This study provides empirical evidence that the tweets from US President Donald J. Trump influence the trading decisions of investors worldwide. We examine the effects of Trump’s tweets related to China on stock market volatility in China and the G5 countries. Our results show that Trump’s original tweets related to the US-China economic conflict expand volatility in stock markets worldwide, and the US-China trade friction intensifies this effect. Furthermore, Trump’s tweets with different sentiments have different impacts on the returns of global stock markets. Our findings confirm that international investors may make their investment decisions based on information conveyed in these tweets.

Interlinkages Between Indian and Global Stock Market Returns : Evidence from G5 Countries

Globalization has brought the world nations together with respect to trade and strategic alliances. The present study focused on investigating interlinkages between Indian and global stock markets. For this purpose, a group of five budding countries of the 21st century was selected, that is, Brazil, China, India, Mexico, and South Africa, also known as G5. Considering a data from 2001 to 2017, the study attempted to examine the relationship, causality, and impact between Indian and global stock market returns. The results indicated a strong positive relationship between Indian and global stock market returns, and such relation was found to be highest with the Shanghai Composite Index returns (China). The study also evidenced bidirectional causality between Indian and global stock market returns. Also, a significant positive impact of global stock market returns was noticed. The results will be helpful for investors belonging to G5 countries to frame short term and long-term investment strategies.

ВОЕННАЯ ПОЛИТИКА ФРАНЦИИ ПРИ ЭММАНУЭЛЕ МАКРОНЕ: ОСНОВНЫЕ ТЕНДЕНЦИИ

This article explores the President Emmanuel Macron’s approach to defense and security policy of France. Due to a current degradation of international environment, Macron tries to preserve French strategic autonomy and pays great attention to the armed forces agenda. The point of the article is that Emmanuel Macron’s activity in this sphere now consists of four stable trends. First, the President is prone to demonstrating a personal attitude toward military issues. Since his first days in office, Macron used various politically motivated symbols to reassert his Supreme Commander-in-Chief status, even if it could lead to a confrontation with the militaries. Second, the President seeks to update French military doctrine by the approval of new strategic documents. He already initiated the drafting of Strategic Review (2017) and Military Planning Law (2019–2025) which contained a set of policy priorities including the respect of NATO’s two-percent rule. Third, Emmanuel Macron considers overseas military operations in a comprehensive manner. According to him, any intervention should be complemented by diplomatic and development efforts to ensure peace and prosperity for a long time. The case of the “Barkhane” operation in Sahel is very typical in this respect, because there France relies not only on its own armed forces, but also on regional powers (G5 countries), European allies (Germany in particular) and international organizations (especially the UN bodies). Fourth, the government is going to support national defense industry to keep a large scale of its competences, technologies and production lines. For this reason, several means are expected to be used, such as cooperation with European partners or arms export. The conclusion is that the extension of these trends still depends on international and economic context, but Emmanuel Macron is likely to follow them right to the end of his presidency.

Potential Cost Savings From Chemotherapy-Induced Febrile Neutropenia With Biosimilar Filgrastim and Expanded Access to Targeted Antineoplastic Treatment Across the European Union G5 Countries: A Simulation Study

PurposeThe objectives of this study were to simulate for the European Union G5 countries the potential cost savings of converting patients from originator granulocyte colony-stimulating factor (G-CSF) filgrastim and pegfilgrastim to a biosimilar filgrastim, to evaluate how reallocating these savings could increase patient access to antineoplastic therapy, and to estimate the number of patients needed to convert to provide antineoplastic treatment to one patient. MethodsThree models were built: (1) to estimate the costs of using originator G-CSFs and the savings generated from switching to a biosimilar G-CSF, (2) to estimate the incremental number of patients who could be provided antineoplastic therapy—rituximab or trastuzumab—in a hypothetical panel of 10,000 patients with cancer, and (3) to calculate the number of patients needed to convert to provide access to anticancer therapy. Scenarios were developed in which the rate of conversion was varied to estimate the effect on total cost savings. This study took the perspective of the payer in the European Union. FindingsThe savings associated with the biosimilar filgrastim over the originator filgrastim ranged from €785 (day 4) to €2747 (day 14) and increased with longer duration of therapy. By contrast, the savings associated with the biosimilar filgrastim over pegfilgrastim decreased over time, ranging from €6199 (day 4) to €471 (day 14). In a hypothetical panel of 10,000 patients with cancer, the savings associated with the biosimilar filgrastim over the originator filgrastim and the expanded access to antineoplastic therapy improved over time, irrespective of conversion rates. Conversely, in the same hypothetical panel, the savings associated with the biosimilar filgrastim over pegfilgrastim reduced over time, irrespective of conversion rates, along with the expanded access to antineoplastic treatment. Under conversion of the originator filgrastim to the biosimilar filgrastim, the number needed to convert to expand access to rituximab ranged from 4 to 14 patients, and the number needed to convert to expand access to trastuzumab ranged from 11 to 38 patients. Under conversion of pegfilgrastim to the biosimilar filgrastim, the number needed to convert to expand access to rituximab ranged from 2 to 24 patients, and the number needed to convert to expand access to trastuzumab ranged from 5 to 63 patients. ImplicationsUse of biosimilar G-CSFs for supportive cancer care could yield potential cost savings and improve patient access to antineoplastic therapy in a budget neutral way—a financial effect with an ethical perspective.

Cost savings from anemia management with biosimilar epoetin alfa and increased access to targeted antineoplastic treatment: a simulation for the EU G5 countries.

We simulated the budget impact of biosimilar erythropoiesis-stimulating agent (ESA) in EU G5 countries. Three models were built to estimate the number of patients who could be provided with antineoplastic therapy with rituximab, bevacizumab or trastuzumab from cost savings of biosimilar erythropoietin use in a hypothetical panel of 100,000 patients. The associated number of patients needed to convert to biosimilar ESA to provide such treatments was also calculated. Under fixed dosing, the savings from 100% conversion were €110,592,159, translating into an additional 9770 rituximab, 3912 bevacizumab, or 3713 trastuzumab treatments. Under weight-based dosing, the savings from 100% conversion were €146,170,333, corresponding to an additional 12,913 rituximab, 5171 bevacizumab or 4908 trastuzumab treatments. The number of patients needed to convert ranged from four to 51. Using biosimilar ESA for supportive cancer care yields significant savings and increases accessibility to primary antineoplastic therapy in a budget neutral way.

Stock Market Crashes and Integration: Empirical Evidence from G5 Countries

Using data from G5 developed countries, this paper investigates the impact of the financial crises on the integration of equity markets. To this end, a modified version of the Fama and French two-factor model (1998) such that the currency risk is incorporated as an additional economic risk factor in the excess return equation. The results show that the equity markets of the developed markets become less integrated after the October stock market crash in 1987, but more integrated after the September 11 attack in 2001. This result is consistent with increasing integration among developed countries overtime which gives an indication that the diversification benefits are reduced.

Extreme loss risk in financial turbulence – evidence from the global financial crisis

PurposeThis study aims to examine the stock returns distributions in ten countries in the periods before and after the global financial crisis (GFC) to evaluate how well the empirical distributions conformed to the extreme value theory (EVT) which underlies a family of risk management models.Design/methodology/approachThe authors’ sample consists of the G5 countries and the five leading emerging economies. Parameters of the General Pareto Distribution (GPD) for each country are estimated for the pre‐ and the crisis period. The authors follow a two‐step procedure: a GARCH(1,1) model is fitted to the historical return data by pseudo maximum likelihood method; Hill's GPD tail estimation procedure is employed on the residuals from the first step. Goodness‐of‐fit is evaluated for the empirical distributions.FindingsThe authors find that the EVT explains the observed distributions well in both the pre‐GFC and the GFC periods, with the important exceptions of the US and the UK markets in the crisis period. Moreover, the estimated distribution parameters are quite different for the two periods. The results underscore the inadequacy of the quantitative risk models in times of financial turbulence, and the need for prudential exercise of judgment in risk management.Originality/valueThe global financial crisis (GFC) provides a unique and historical experiment to evaluate the models of tail distributions. Although the EVT provides a sound basis for modeling extreme risks, the study highlights the fundamental problem of dealing with uncertainty.

Fiscal deficits and mean reversion in real exchange rates

The mean reversion of real exchange rates in G5 countries depends on both countries’ fiscal deficits/surplus in a nonlinear way. When the fiscal policy pushes the real exchange rate to be deviated further away from the equilibrium level, the mean reversion process is faster.

Productivity, trade and the R&D content of intermediate inputs

This paper explores a novel way to evaluate the extent to which R&D knowledge embodied in intermediate inputs correlates with productivity at the industry level. We propose the concept of the R&D content of intermediates, which represents the knowledge stock embodied in the intermediate inputs used in production. Using a sample of 32 countries and 13 manufacturing industries we compute the elasticity of industry-level TFP with respect to the R&D content of intermediates. We find that among high-R&D industries, the R&D embodied in inputs purchased from the own industry is significantly associated with industry-level TFP. In this case, both own-industry domestic inputs as well as those imported from the G5 countries are relevant. In contrast, intermediate input trade does not appear to be a significant channel of R&D diffusion among low-R&D industries.

Comparative cost efficiency across the European G5 countries of originators and a biosimilar erythropoiesis-stimulating agent to manage chemotherapy-induced anemia in patients with cancer

To evaluate the comparative cost efficiency across the European Union G5 countries of the erythropoiesis-stimulating agents (ESAs) epoetin α (originator [Eprex®] and biosimilar [Binocrit®]; once weekly), epoetin β (NeoRecormon®; once weekly), and darbepoetin α (Aranesp®; once weekly or once every 3 weeks) under different scenarios of fixed and weight-based dosing in the management of chemotherapy-induced anemia. Direct costs of ESA treatment were calculated for one patient with cancer undergoing chemotherapy (six cycles at 3-week intervals) with ESA initiated at week 4 and continued for 15 weeks. Five scenarios were developed under fixed and weight-based dosing: continuous standard dose for 15 weeks; sustained dose escalation to 1.5× or double the standard dose at week 7, continued for 12 weeks; and discontinued dose escalation to 1.5× or double the standard dose at week 7 for a 3-week period, then 9 weeks of standard dose. Under fixed dosing, the average cost of biosimilar epoetin α treatment across scenarios was €4643 (30,000 IU) or €6178 (40,000 IU). Corresponding estimates were €7168 for originator epoetin α, €7389 for epoetin β, €8299 for darbepoetin α once weekly, and €9221 for darbepoetin α once every 3 weeks. Under weight-based dosing, the average cost of biosimilar epoetin α treatment across scenarios was €4726. Corresponding estimates were €5484 for originator epoetin α, €5652 for epoetin β, and €8465 for both darbepoetin α once weekly and once every three weeks. Managing chemotherapy-induced anemia with biosimilar epoetin α is consistently cost efficient over treatment with originator epoetin α, epoetin β, and darbepoetin α under both fixed and weight-based dosing scenarios.

Technological Capital and Technical Progress in the G5 Countries

We conduct an empirical application based on Coe and Helpman's (1995) seminal work, in order to measure the elasticity of technical progress with respect to R&D capital for the G5 countries between 1971 and 2003. For this purpose, a series for technological capital is built for the 1990–2003 period, and linked with Coe and Helpman's series for the 1971–1990 period. The technical progress of leading countries depends critically on the domestic R&D capital stock, in line with Coe and Helpman's (1995) and Coe, Helpman and Hofmaister's (2009) work. Nevertheless, there are some important differences. The estimations for the elasticity values appear to be higher and show larger differences between countries than in previous studies. Furthermore, the results give evidence in favour of Schumpeterian models, as TFP growth is positively related to the distance to the technological frontier represented by the US.

Comparative cost-efficiency across the European G5 countries of various regimens of filgrastim, biosimilar filgrastim, and pegfilgrastim to reduce the incidence of chemotherapy-induced febrile neutropenia

This cost-efficiency analysis of the granulocyte colony-stimulating factors (G-CSF) filgrastim (originator Neupogen® and biosimilar Zarzio®) and pegfilgrastim (Neulasta®) examined against a time horizon of 1-14 days of treatment and across the European Union G5 countries (a) when, cost-wise, using Neulasta® 6 mg versus Neupogen® or Zarzio® 300 µg may be cost-saving in reducing the incidence of chemotherapy-induced febrile neutropenia; and (b) if cost-wise, treatment with Zarzio® 300 µg yields a savings advantage over Neupogen® 300 µg. Cost-efficiency analysis of the direct costs a buyer or payer would incur when purchasing or covering any of these agents for managing one patient during one cycle of chemotherapy under regimens of 1-14 days of standard filgrastim using the population-weighted average unit dose cost of each agent per their public pack cost across the European G5 countries. The cost of Neupogen® treatment ranged from €128.16 (1 day) to €1794.30 (14 days), compared to €95.46 and €1336.46 for Zarzio®, thus yielding potential cost savings from €32.70 to €457.84 for the latter. Neulasta® turns cost-saving at day 12 of Neupogen® treatment. At no point over a 14-day treatment period did Neulasta® yield a savings advantage over Zarzio®. Prophylaxis or treatment of febrile neutropenia with Zarzio® is cost-efficient under all possible treatment scenarios relative to Neupogen® and to Neulasta®. In the absence of convincing evidence that pegfilgrastim is pharmacotherapeutically superior to standard filgrastim, there is no cost-efficiency rationale to treat with Neulasta® over Zarzio®, though there may be a small window of approximately 3 days where Neulasta® is cost-efficient over Neupogen®. Regardless, our analysis shows Zarzio® to be the most cost-efficient approach to reducing the incidence of febrile neutropenia in chemotherapy-treated patients.

How does changing age distribution impact stock prices? A nonparametric approach

AbstractThis paper examines whether variations in demographic structure have influenced stock prices. The study employs a nonparametric approach based on the Fourier Flexible Form representation, which relates variations in the entire age distribution to the normalized stock price under a flexible functional form. The main findings of this paper are that there is a significant impact from prime working‐age consumers on the stock price, and that this impact is robust for all G5 countries (France, Germany, Japan, the UK and the USA). These findings survive many robust tests, and are consistent with the predictions from the life‐cycle models. Copyright © 2009 John Wiley & Sons, Ltd.

The paradox of China's international stock market co‐movement

PurposeThe purpose of this paper is to examine the daily and overnight volatility spillover effects in common stock prices between China and G5 countries and explain their implications on the basis of empirical results.Design/methodology/approachThe analysis utilizes the exponential generalized autoregressive conditional heteroskedasticity (EGARCH) model, the cross‐correlation function approach, and realized volatility for daily and intraday stock price data that cover the period from January 5, 2004 to December 31, 2007.FindingsPrincipally, the paper concludes the following: strong evidence of short‐run one‐way volatility spillover effects from China to the US, UK, German and French stock markets is observed and the test results indicate that Chinese investors were not rational and China's stock market entered a speculative bubble period after the second half of 2006.Originality/valueContrary to widespread belief, the empirical results suggest that a small (China) stock market has significant influence on a large (G5) stock market but not vice versa. This paradox is interpreted as a particular phenomenon existing together with the rapid economic development and severe capital regulation in China.

Inflation risk and international asset returns

We show that inflation risk is priced in international asset returns. We analyze inflation risk in a framework that encompasses the International Capital Asset Pricing Model (ICAPM) of Adler and Dumas (1983). In contrast to the extant empirical literature on the ICAPM, we relax the assumption that inflation rates are constant. We estimate and test a conditional version of the model for the G5 countries (France, Germany, Japan, the UK, and the US) over the period 1975–1998 and find evidence of statistically and economically significant prices of inflation risk (in addition to priced nominal exchange rate risk). Our results imply a rejection of the restrictions imposed by the ICAPM. In an extension of our analysis to 2003, we show that even after the termination of nominal exchange rate fluctuations in the euro area in 1999, differences in inflation rates across countries entail non-trivial real exchange rate risk premia.

Unions, Wage Setting and Monetary Policy Uncertainty

Recent theoretical research has studied extensively the link between wage setting and monetary policymaking in unionized economies. This paper addresses the question of the role of monetary uncertainty from both a theoretical and empirical point of view. Our analysis is based on a simple model that derives the influence of monetary uncertainty on unionized wage setting. We construct an indicator of monetary policy uncertainty and test our model with data for the G5 countries. The central finding is that monetary policy uncertainty has a negative impact on nominal wage growth in countries where wage setting is relatively centralized.

Growth accounting for a technology follower in a world of ideas: The case of Singapore

We account for the sources of Singapore's growth by being explicit about the channels through which Singapore benefits from international R&D spillovers. We find that 61.5% of Singapore's real GDP per worker growth over the 1970–2004 period is due to multifactor productivity growth. More specifically, 52.1% of the growth is explained by an increase in the effectiveness of accessing ideas through improvement in Singapore's educational quality as well as increases in machinery imports and foreign direct investment from the G5 countries. Taking account of technology transfer raises the average rate of return to capital to 12.5%.

Master or Servant? Common Agency and the Political Economy of IMF Lending

What explains the substantial variation in the International Monetary Fund’s (IMF) lending policies over time and across cases? Some scholars argue that the IMF is the servant of the United States and other powerful member-states, while others contend that the Fund’s professional staff acts independently in pursuit of its own bureaucratic interests. I argue that neither of these perspectives, on its own, fully and accurately explains IMF lending behavior. Rather, I propose a ‘‘common agency’’ theory of IMF policymaking, in which the Fund’s largest shareholders—the G5 countries that exercise de facto control over the Executive Board (EB)—act collectively as its political principal. Using this framework, I argue that preference heterogeneity among G5 governments is a key determinant of variation in IMF loan size and conditionality. Under certain conditions, preference heterogeneity leads to either conflict or ‘‘logrolling’’ within the EB among the Fund’s largest shareholders, while in others it creates scope for the IMF staff to exploit ‘‘agency slack’’ and increase its autonomy. Statistical analysis of an original data set of 197 nonconcessional IMF loans to 47 countries from 1984 to 2003 yields strong support for this framework and its empirical predictions. In clarifying the politics of IMF lending, the article sheds light on the merits of recent policy proposals to reform the Fund and its decision-making rules. More broadly, it furthers our understanding of delegation, agency, and the dynamics of policymaking within international organizations.