Comparative Analysis of Ethnic Minority Occupational Attainments in the UK 2014-2018

The integration and assimilation of ethnic minority immigrants (EMIs) and their subsequent generations remains a serious unsettled issue in most of the host countries. This study conducts the labour market gender analysis to investigate specifically whether second generation of ethnic minority immigrants in the UK is gaining access to professional and managerial employment and advantaged occupational positions on par with their native counterparts. The data used to examine the labour market achievements of EMIs is taken from Labour Force Survey (LFS) for the period 2014-2018. We apply a multivalued treatment under ignorability and report estimates of Average Treatment Effect (ATE), Average Treatment Effect on the Treated (ATET) and Potential Outcomes Means (POM) using three estimators including the Regression Adjustment (RA), Augmented Inverse Probability Weighting (AIPW) and Inverse Probability Weighting- Regression Adjustment (IPWRA). We consider two cases: the case with four categories where the first-generation natives are the base category, the second case combine all natives as a base group. Our findings suggest the following. Under Case 1, the estimated probabilities and differences across groups are consistently similar and highly significant. As expected, first generation natives have the highest probability for higher career attainment among both men and women. The findings also suggest that first generation immigrants perform better than the remaining two groups including the second-generation natives and immigrants. Furthermore, second generation immigrants have higher probability to attain higher professional career, while this is lower for managerial career. Similar conclusions are reached under Case 2. That is to say that both first – generation and second – generation immigrants have lower probability for higher career and managerial attainment. First – generation immigrants are found to perform better than second – generation immigrants

A Note on the Modelling and Interpretation of a Public Goods Game Experiment

This paper presents an alternative interpretation of an experimental public goods game dataset, particularly on the understanding of the observed antisocial behaviour phenomenon between subjects of a public goods experiment in different cities around the world. The anonymous nature of contributions and punishments in this experiment are taken into account to interpret results. This is done by analysing dynamic behaviour in terms of mean contributions across societies and their association with antisocial punishment. By taking into account the heterogeneity between the cities in which the public goods experiment has been performed, this analysis show a contrasting interpretation. Instead of one trend across cities, two opposite trends are seen across different cities. In addition, we find that the presence of these trends to have an impact on the role antisocial and prosocial behaviour in public goods games. When accounting for these trends, the antisocial and prosocial behaviour is found to have a significant role in Western societies

On the long-run dynamics of income and wealth inequality

We analyse top income and wealth shares data, by conducting a robust estimation of trends, tests for structural breaks, and tests for determining persistence. We include Anglo-Saxon countries, continental Europe and Asian countries, grouped under different percentiles and deciles, spanning a period that is at least close to a century. We find that the top income shares for almost all countries are characterised by broken trends, or level shifts. The preponderance of trend breaks appears in the 1970s and 1980s where after a negative trend changes in magnitude or direction. Finally, shocks to the top income share data are not transitory, which have consequences for policy such as advocating redistributive measures

Do returns and volatility spillovers exist across tech stocks, cryptocurrencies and NFTs?

This study examines the connectedness between technology stocks, cryptocurrencies, and non-fungible tokens (NFTs) using daily returns and risk data. We found that while there is strong connectedness within asset classes, connectedness between different types of assets is weak. Structural breaks in the VAR system did not change the degree of connectedness. Our findings suggest that interconnectivity between these assets is not significant enough to indicate a high level of correlation. This research provides valuable insights into the interplay between these markets and suggests diversifying portfolios to mitigate risks associated with these assets

Microfinance and Household Poverty Reduction: Empirical Evidence from Rural Pakistan

This study examines whether household access to microfinance reduces poverty in Pakistan and, if so, how and to what extent. It draws on primary empirical data gathered by interviewing 1,132 households in which both borrower and non-borrower households were interviewed in 2008-9. Sample selection biases have been controlled partially by using propensity score matching. The study reveals that microfinance programmes had a positive impact on the participating households. Poverty-reducing effects were observed on a number of indicators, including expenditure on healthcare, clothing, household income, and on certain dwelling characteristics, such as water supply and quality of roofing and walls

The dynamics of income inequality in Africa: An empirical investigation on the role of macroeconomic and institutional forces

Reducing income inequality is a crucial goal of sustainable development as income inequality often viewed as harmful to economic growth. The main aim of this paper was to empirically assess the macroeconomic and institutional drivers of income inequality in Africa. We use a Kuznets curve framework, which emphasises the role of income per capita in explaining the time path of inequality. In contrast to much of the literature, we explicitly examine the possibility of the existence of multiple income steady states. Using the concept of clubs of convergence, we show that per capita income is divergent and identify four steady states to which groups of economies converge (i.e., high-income to low-income economies). Using panel data models and a data set encompassing 52 African countries spanning the years 1980–2017, we show that once these multiple steady states are accounted for, the Kuznets curve relationship becomes unstable. Our findings suggest that inequality may be increasing in high-income countries in Africa, while decreasing in low-income or the least developed economies. In addition, the role of macroeconomic and institutional factors in explaining income inequality is limited and differ across convergence clubs. Evidence suggests the importance of fiscal, employment and monetary policies and the rule of law to tackle inequality in high-income economies, while they have no statistically significant role in low-income economies’ income inequality

A Structural Break Approach to Analysing the Impact of the QE Portfolio Balance Channel on the US Stock Market

Following the 1929 Wall Street collapse, the initial response to the institutional failures and collapsing financial system was to allow the markets to self-correct, which led to a significant period of economic depression. In contrast the US (and UK) governments responded to the 2008 financial crisis with extra liquidity for the banking sector and a stimulus package, but why was there such a different response? Following a light touch approach to Bear Stearns and Lehmann’s, it became clear that without greater intervention, the effect would become contagious throughout the financial system. One of the most important forms of intervention was Quantitative Easing (QE) and historically low interest rates. This study finds that QE substantially reduced the Equity Risk Premium on S&P equities through a 9.6% rise in prices, thus reducing returns. Consequentially, this drives portfolios to seek risker asset classes to make up for the shortfall in returns. This suggests that the combination of low interest rates and QE, when compared to expansion alone, has had a marked change on equity prices and ERP. Furthermore, there is evidence that regime shifts support these findings. Such unforeseen consequences in the equity markets is of great interest to policy makers when deciding on a response to such exceptional circumstances, and researchers investigating monetary policy responses to the next inevitable extreme financial crisis

Biosynthesis of spathulenol and camphor stand as a competitive route to artemisinin production as revealed by a new chemometric convergence approach based on nine locations’ field-grown Artemesia annua L.

Since isopentenyl diphosphate (IPP) and its isomer dimethylallyl diphosphate (DMAPP) are the universal precursors of both essential oil components, and the antimalarial agent artemisinin and its derivatives in Artemesia annua L., this paper aims to correlate the spotted differences in their concentrations by screening Artemesia annua L. field-grown in nine locations around the world that may reveal the role of any these compounds as precursors or competitors in the biosynthetic pathway of the sesquiterpene lactone : artemisinin. Principal component analysis (PCA) revealed that artemisinin is positively correlated to β-pinene, 1.8-cineole, sabinene hydrate, borneol and 1-octen-3-ol; but negatively to artemisinic acid and β-caryophyllene oxide. Hierarchical cluster analysis (HCA) classified locations into two distinct groups in which artemisinin concentration stood as the main driving factor to build similarities between the locations. In parallel, an improved convergence approach based on idiosyncratic similarities able to capture heterogeneity across individuals is proposed, which was able to classify compounds into four distinct clusters. Artemisinin appeared to be cross-linked to p-cymene, cis-carvyle acetate, 4-terpinene-1-ol, β-caryophyllene, β-farnesene, β-selinene, α-selinene, β-caryophyllene oxide and α-costol. It is interesting to see how camphor and spathulenol behaved as a distinct cluster group, which suggests that biosynthesis of these two compounds follows a different but a competitive pathway ; thus limiting their production could be a key to control and enhance the production of artemisinin

Spill over effects of Geopolitical risk on the banking sector of CIS countries

This study examines the spill over effects of geopolitical risks (GPR) and extreme shocks on Commonwealth of Independent States (CIS) economies, as result of the Russia – Ukraine war, with particular focus on financial institutions. Further, we investigate whether the performance of CIS banks has been impacted by economic sanctions imposed on Russia since the start of the conflict. Understanding GPR transmission mechanisms and consequences on Russia’s neighbouring countries allows policymakers and financial institutions to formulate and implement risk management strategies. For a global measure of geo-political risk, we employ the global GPR index from Caldara and Iacoviello (2022) and we use the Diebold-Yilmaz (2012) connectedness model to estimate the spill over effect. First, we investigate the spill over effect of the recent conflict on the returns of banks for a sample of CIS countries. Further, we examine the spill over effect on macro-economic indicators of our sample of countries. Our preliminary results do not show significant GPR transmissions in terms of returns and risk within the banking sectors of the CIS countries examined