Iuliana Matei - Academia.edu (original) (raw)

Papers by Iuliana Matei

IntechOpen eBooks, May 24, 2024

Rising oil, coal, and natural gas prices linked to the conflict between Russia and Ukraine have r... more Rising oil, coal, and natural gas prices linked to the conflict between Russia and Ukraine have raised concerns about global economic growth and inflationary trends (International Monetary Fund (IMF), 2023). It is therefore interesting to examine the possible impact of oil prices on the relationship between economic growth and its determinants, including inflation. This article addresses this issue, using a panel dataset of 26 EU countries over the period 2011-2023 and studying the evolution of their growth within a Panel Smooth Transition Regression (PSTR) framework. Our empirical findings show that the real oil price is a significant transition variable between two extreme regimes and, accordingly, reveal that the determinants of economic growth have a time-varying intensity; notably, domestic investment, government spending, budget deficit, energy consumption of (non)renewable energy, trade balance, population growth, monetary policy as captured by the term spread and the M2 money growth, as well as the energy-related inflation.

Applied Economics, Dec 28, 2023

Актуальные вопросы современной филологии и журналистики, 2016

Banks and Bank Systems, Mar 26, 2017

Empirical analysis of the links between sovereign bond markets and economic growth for European n... more Empirical analysis of the links between sovereign bond markets and economic growth for European non-EMU countries" AUTHORS Iuliana Matei ARTICLE INFO Iuliana Matei (2013). Empirical analysis of the links between sovereign bond markets and economic growth for European non-EMU countries. Banks and Bank Systems, 8(3) RELEASED ON Wednesday,

Energy Consumption, Conversion, Storage, and Efficiency [Working Title]

The Environmental Kuznets Curve (EKC) hypothesis reflects the relationship between environmental ... more The Environmental Kuznets Curve (EKC) hypothesis reflects the relationship between environmental quality and GDP per capita. The environmental quality decreases in early periods of GDP growth per capita until a certain point, and after that, it begins to increase. This paper investigates the presence of the EKC curve in OECD countries over the period 1997–2015 and identifies thresholds levels of GDP per capita leading to lower emissions per capita for these countries. Also, it points out the key role of energy from renewable sources. Based on nonlinear panel data methods, findings show that CO2 emissions increase up to a certain level of income (10774$–44494$ per head) and then, they decrease. Policymakers are encouraged to consider economy, technology, and environment all together and handle the legal regulations they will implement, accordingly.

International Symposia in Economic Theory and Econometrics, 2010

Purpose – The aim of this chapter is to study the determinants of realignment expectations (as a ... more Purpose – The aim of this chapter is to study the determinants of realignment expectations (as a measure of the exchange rate credibility). Methodology/approach – To investigate this aspect, we apply a fixed effects model over the period 2001:01–2009:12 for a set of 14 European countries. Findings – Using monthly data since the introduction of the euro, the chapter finds that standard macroeconomic phenomena and financial crisis over the selected period exerted a significant and positive impact on European realignment expectations. We also provide evidence that the 2008 global financial crisis has a significant effect on realignment expectations. Originality/value of chapter – At our best knowledge, the single paper that studied a similar problem since the inception of the European Monetary System (EMS) in early 1979 was the research paper of Rose and Svensson (1993). Our findings are original in the sense that we find meaningful relationships between realignment expectations and financial crisis (systemic and nonsystemic crisis) and macroeconomic variables. Our research also wishes to contribute to the emergence of the recent studies on European exchange rate credibility.

In this paper the author gives an elementary mathematics method to solve Fermat's Last Theorem (F... more In this paper the author gives an elementary mathematics method to solve Fermat's Last Theorem (FLT), in which let this equation become an one unknown number equation, in order to solve this equation the author invented a method called "Order reducing method for equations", where the second order root compares to one order root, and with some necessary techniques the author successfully proved when x n-1 +y n-1-z n-1 <= x n-2 +y n-2-z n-2 there are no positive solutions for this equation, and also proves with the increasing of x there are still no positive integer solutions for this equation when x n-1 +y n-1-z n-1 <= x n-2 +y n-2-z n-2 is not satisfied.

Purpose – The aim of this chapter is to analyze the relationship between the government bond mark... more Purpose – The aim of this chapter is to analyze the relationship between the government bond market and real GDP growth for 16 euro zone countries. Methodology/approach – To this end, we apply a Granger causality/Vector Error Correction Model (VECM) over the period 2001–2011 using quarterly data. Findings – Our results support evidence for (i) the supply-leading channel for five euro zone economies: Portugal, Finland, Italy, Greece, and France; (ii) the demand-leading channel for Greece and Slovenia; and (iii) the interdependence channel only for Greece. Originality/value of chapter – This chapter contributes to the burgeoning literature from three empirical and methodological points of view. First, there is a deep scarcity of empirical researches on causality relationship between financial development through bond market extension and economic growth in the specific case of euro zone using different econometric methods and this chapter tries to fill this gap. Second, the chapter st...

Financial Mathematics, Volatility and Covariance Modelling, 2019

Since the late 1990s, the literature on economic development views institutions as a crucial loca... more Since the late 1990s, the literature on economic development views institutions as a crucial locational advantage of host countries aiming to attract foreign investors. The purpose of the paper is to explore empirically the linkages among political risk, business climate, institutions and foreign direct investment inflows and to provide better supported results concerning these linkages. More precisely, for a data sample of 18 developing and in transition countries covering the period 1995-2008 we identify indicators that count the most for the foreign direct investors. The gravity model is our theoretical framework and the random-effects model is particularly used as econometric method following the statistics from the Hausman (1978) framework. These methodological insights lead to the following main results. Firstly, we show that a lower level of political risk is associated with an increase in FDI inflows. Secondly, the business operation conditions appear as an important determi...

The aim of this chapter is to explore whether price dynamics is homogenous across Emerging Europe... more The aim of this chapter is to explore whether price dynamics is homogenous across Emerging Europe. We employ dynamic panel estimation techniques (including the Pooled Mean Group estimator of Pesaran, Smith, and Shin) over the 2003–2013 period and use Germany, and respectively, the European Union (EU) as the references. Results highlight some heterogeneity across the Emerging Europe members in terms of price convergence speed. Findings are robust across different specifications.

Despite the alarming nature of homicides in which the offender meets the victim online, or cyber-... more Despite the alarming nature of homicides in which the offender meets the victim online, or cyber-initiated homicides, little empirical attention has been devoted to this phenomenon. The present study was designed to explore the behavioral patterns found prior to and during a cyberinitiated homicide event. Data on 61 homicide cases from various countries were collected through news media and legal sources. Smallest space analysis revealed that cyber homicides were characterized by four distinct themes: Excessive violence; fatal escalation; crime-related incidents; and predatory behavior. Implications of the findings and avenues for future research are discussed.

The 2008/2009 global financial crisis had a major impact on the European government bond market. ... more The 2008/2009 global financial crisis had a major impact on the European government bond market. At the dawn of the crisis, after a decade of intra-European integration efforts, yields on sovereign bonds issued by countries from the European Monetary Union (EMU) reached a historical low. This achievement was rapidly annihilated by the deterioration of global market conditions since the collapse of Lehman Brothers in October 2008 and the subsequent reassessment of the creditworthiness of selected Eurozone countries by investors. The current paper investigates the main drivers of sovereign yield spreads of EMU countries with respect to German bonds using quarterly data over the 2002-2017 period, and extends the analysis to include the role of political (in)stability. We employ mainly a dynamic panel method, the pooled mean group estimator of Pesaran, Shin and Smith (1999). Our results reveal that, in addition to fundamentals (GDP growth, large public debt, liquidity, market sentiments...

The aim of this paper is to empirically explore the linkage between the public deficit and the tr... more The aim of this paper is to empirically explore the linkage between the public deficit and the trade deficit in the case of euro area member states for the period 19902015. The empirical studies conducted until now highlight diverging results on this relationship for both the developed and developing countries. Most of them have used time series data rather than panel data. Because it is commonly accepted that time series models may have lower statistical power than panel data models (Campbell and Perron, 1991) as they don’t add the cross-sectional dimension to the time series dimension to exploit additional information the paper works with panel models rather than with time series models. More precisely, I apply recent panel data techniques such as the pooled mean group estimator of Pesaran, Shin and Smith (1999), which accounts for heterogeneous effects across countries and for the non-stationarity of variables. By using these methods, I assess the validity of two opposite views: ...

International Economics, 2021

Since 2020, the world is facing a grave pandemic crisis caused by an acute respiratory coronaviru... more Since 2020, the world is facing a grave pandemic crisis caused by an acute respiratory coronavirus syndrome. Beyond the impact on the population’s health or on normal social interaction, the virus led to a huge economic slowdown, requiring the prompt EMU’s authority’s reaction. The current paper explores how the sovereign yield spreads of EMU countries with respect to German bonds were affected during the pandemic period. To this end, I employ dynamic panel methods, the pooled mean group estimator of Pesaran, Shin and Smith (1999) and the Dynamic Common Correlated Effects Estimator of Chudik and Pesaran (2015), which accounts for heterogeneous effects across countries and the non-stationarity of spreads and of their determinants. The model uncertainty is studied with a Bayesian VAR (BVAR) approach. The results reveal that, in addition to fundamentals (economic growth, large public debt, inflation, financial instability, country’s competitiveness and domestic investment), pandemic risk puts also substantial upward pressure on sovereign bond yields both, in the long-run and short-run on the selected period. Pandemic risk seems to raise yield spreads in the 14 EMU countries in the short-run, while disease mitigation measures reduce them in the long-run. Same negative effect of disease mitigation measures on yield spreads are also found with BVAR model. Results are relatively robust across different empirical methods and considered scenarios.

Quantitative Finance and Economics, 2020

The impact of financial development on economic growth has been extensively debated in the litera... more The impact of financial development on economic growth has been extensively debated in the literature since the seminal paper of Schumpeter (1934) considering finance as an engine of economic growth through its effects on innovative investments. However, recent empirical literature casts some doubts on this relationship and repcorts a minor role of financial development in driving economic growth or the existence of a non-monotone linkage between financial development and economic growth. The paper investigates empirically this relationship for 11 Emerging European Countries (EEU) on the period 1995–2016 by using dynamic panel models (such as the Pooled Mean Group estimator of Pesaran et al. 1999). The findings, when imposing a linear relationship, suggest that financial development produces positive effects on economic growth only in the short-run horizon (validating the supply leading channel). When studying the hypothesis of non-linearities related to the finance-growth nexus, the relationship has an inverted U-shaped form (financial development exerts a positive effect on economic activity until a certain threshold and after that, the link becomes negative). The non-linearity hypothesis is true only for the domestic credit to private sector variable. In terms of policy implications, the governments should focus on efficient investment projects to improve economic growth and to efficiently expand the banking sector.

Revue d'économie politique, 2017

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