How related are interbank and lending interest rates? Evidence on selected EU countries

This paper investigates the nature of the causal relationships among interbank market interest rates and corporate loans interest rates in four countries from the euro area (Austria, Belgium, France and Italy), and in the Czech Republic. The paper also estimates a development of bank credit margin in banking industries of these countries in period from January 2004 to March 2010. Using Johansen cointegration and Granger causality tests on monthly data we investigate long-term as well as short-term causalities between the interest rates. The results suggest that interest rate relationships differ in all selected countries, and also that foreign majority owners of the Czech banks could affect interest rate policy of the subsidiaries to offset losses realized by the parent banks.Cointegration; Granger Causality; Interbank Interest Rates; Lending Interest Rates; European Union

How related are interbank and lending interest rates? Evidence on selected EU countries

This paper investigates the nature of the causal relationships among interbank market interest rates and corporate loans interest rates in four countries from the euro area (Austria, Belgium, France and Italy), and in the Czech Republic. The paper also estimates a development of bank credit margin in banking industries of these countries in period from January 2004 to March 2010. Using Johansen cointegration and Granger causality tests on monthly data we investigate long-term as well as short-term causalities between the interest rates. The results suggest that interest rate relationships differ in all selected countries, and also that foreign majority owners of the Czech banks could affect interest rate policy of the subsidiaries to offset losses realized by the parent banks

How related are interbank and lending interest rates? Evidence on selected EU countries

This paper investigates the nature of the causal relationships among interbank market interest rates and corporate loans interest rates in four countries from the euro area (Austria, Belgium, France and Italy), and in the Czech Republic. The paper also estimates a development of bank credit margin in banking industries of these countries in period from January 2004 to March 2010. Using Johansen cointegration and Granger causality tests on monthly data we investigate long-term as well as short-term causalities between the interest rates. The results suggest that interest rate relationships differ in all selected countries, and also that foreign majority owners of the Czech banks could affect interest rate policy of the subsidiaries to offset losses realized by the parent banks

Integration of tourism markets in Australia:An international visitor arrivals’ convergence assessment

By applying the methodological framework of transition modeling and econometric convergence tests introduced by Phillips and Sul, we reveal the existence of convergence clubs and transition convergence paths of international visitor arrivals for Australia. Specifically, by using monthly data of international arrivals over the period of January 1991 to September 2017, we provide evidence that tourism markets can integrate. The analysis suggests the identification of five distinct convergence clubs. This in turn signifies an integration phenomenon of Australia’s tourism market, which is revealed through the different convergence patterns of international visitor arrivals. Finally, it is evident that the revealed integration behavior of Australia’s international tourism market will enable policy makers to target better tourism needs through customized policies. </jats:p

Air Pollutants over Industrial and Non-Industrial Areas: Historical Concentration Estimates

Only a few researchers have addressed the issue of lifetime exposure related to air pollutant concentration. This study aims to develop a methodology to obtain the most reliable estimates of historical concentrations of air pollutants, which would be further applied to the long-term exposure evaluation. In particular, PM10, PM2.5, NO2, SO2, benzene, and B(a)P concentrations have been obtained. Data of monitored concentrations, model calculations, and subsequent implementation of several corrections based on previous work on temporal and spatial correlations of these substances in the air have been deployed. This work makes an original contribution to the field of meteorology and epidemiology because of this innovative technique to estimate the most reliable historical concentrations of air pollutants. The novelty of our work lies in the additional implications of this study because historical concentration data serve as input data for the construction of epidemiological associations. The approach is based primarily on the availability of monitoring results of air pollutants