The Effect of Climate Change News on Trading Activity of Green Bond ETFs
Abstract:
This paper aims to study the effect of climate change news on the trading activity of green bond exchange-traded funds (ETFs). I use daily trading volume data from three green bond ETFs as well as the climate news index constructed in Faccini et al. (2022) to perform simple regression analysis. I construct a model that considers general investor attention towards green bonds, day-of-the-week fixed effects, ETF-level fixed effects, and potential delays in investor action after the news is published. My results suggest that ETF trading volume increases by about 10.5% at its peak reaction two days after a climate-related news event. Furthermore, I find that differences between individual ETFs are more responsible for variation in trading volume than day-of-the-week differences.
The Impact of Overeducation on Career Mobility
Abstract:
​This paper examines the phenomenon of overeducation in the German labor market. I use recent data from 2015-2017 to study the effect of overeducation on individuals' occupational mobility. The main findings are as follows. First, the possibility of overeducation differs for occupations with different educational requirements. Second, the differences in the occupationally required educational levels also explain the different opportunities for occupational mobility in the various occupations: the higher the required education in an occupation, the lower the opportunity for occupational upward mobility. Third and foremost, overeducation has a positive effect on job mobility, and this positive effect does not differ between people who are overeducated to different degrees, whether they have one or more years of additional education.
Unconventional Monetary Policy and Quantitative Easing in Emerging Markets: Evidence from South Africa during Covid-19
Abstract:
Open market operations (OMO) and liquidity provision from central banks are not ground-breaking features in terms of monetary policy. However, the extent to which they are being used to alleviate global uncertainty and risk, is worth greater consideration. Consequently, the emerging market (EM) economies (proxied by the South African financial market) are the ideal environment to observe this fundamental shift toward QE policy due to their sensitive nature to monetary policy shocks. The non-linear ARDL (NARDL) model with its underlying asymmetric relationships demonstrates how foreign investor sentiment is the singular, most-influential factor pertaining to performance in EM financial markets. Although bond purchasing programmes (BPPs) conducted by EM central banks during the Covid-19 pandemic were effective in providing the necessary liquidity for domestic markets. A key finding from the study is that traditional inflation-targeting remains the primary tool for maintaining market stability during periods of economic volatility relative to QE policy.
Incentivized Theft? The Effect of Negotiated Peace on Post-conflict Corruption in Latin America
Abstract:
​I analyze the link between conflict and corruption-promoting mechanisms, looking at the effect negotiated peace settlements have on post-conflict corruption. Conducting a quantitative analysis utilizing OLS regression and difference-in-differences models on a sample of Latin American countries with longitudinal data, I find that negotiated peace settlements significantly increase corruption levels within the government. I also find that the persistence of conflict power structures and actors, alongside the tacit promotion of corruption and state looting incentivized within peace agreements to promote the cessation of hostilities contribute to increased corruption levels for conflicts ended in a negotiated manner. These findings not only expand the scope of research on Latin American conflicts but also our understanding of the effects of conflict and highlight the vital role conflict outcomes play in shaping post-conflict settings.
Property Theft in France and Denmark: A Comparative Analysis
Abstract:
This paper reviews the key differences between the levels of property theft in France and Denmark, using statistical data to draw comparisons and conclusions. Studying the differences across these two countries reveals that there exists a correlation between the levels of theft, socioeconomic status, and political legislation. Income inequality, homelessness, and economic progression timelines in each respective country reveal other key factors that contribute to this analysis. Using evidence from the OECD (Organisation for Economic Co-operation and Development) and ICCS (International Classification of Crime for Statistical Purposes), our research finds that levels of theft and other property-related crimes are higher in France.
Credit Counterparts of Broad Money: A Retrospective Analysis
Abstract:
Broad Money is a metric used to gauge the quantity of money circulating in an economy. Over time, measuring Broad Money became a central task of monetary authorities and economists around the world, and various methods of Broad Money determination were developed. One such method was the Credit Counterparts of Broad Money (CCBM). This paper examines the development and composition of the Credit Counterparts framework, and situates it as a tool to analyze modern monetary crises. Specifically, through case studies involving Japan, Lebanon and the US, we explore the causes of modern monetary crises, as well as the effectiveness of policy actions through the lens of the CCBM framework.