How do global financial markets affect the green bond markets? Evidence from different estimation techniques

The green bond market has significantly improved in recent years thanks to the development of financial instruments and the rising climate change concerns. Given this backdrop, this paper investigates the effects of returns in different financial markets, i.e. the United States Treasury Bonds, the Standard & Poor’s stock market, the United States Dollar, Gold, Crude Oil, and Bitcoin on the Green Bond returns (the Standard & Poor’s Green Bond Index) from September 17, 2014, to September 1, 2022. The results from the robust linear and machine learning estimators indicate that the returns of the United States Treasury Bonds and the United States Dollar are negatively related to the Green Bond returns. Meanwhile, Gold returns positively affect Green Bond returns. The quantile regression estimations of Machado–Santos Silva also show that these findings are valid in different quantiles. The paper also discusses policy implications related to climate change and the development of financial instruments to promote green investment

Do immigrants work longer hours than natives in Europe?

The difference between the working hours of natives and immigrants has begun to attract a great deal of attention in U.S. migration research, but this phenomenon has yet to be studied in a European context. In this article, we examine this difference in working hours for 13 European countries (Austria, Belgium, Denmark, Greece, Spain, Finland, France, Luxembourg, the Netherlands, Norway, Portugal, Sweden and the U.K.) for the period 1995–2013. Contrary to popular belief, we find that immigrants usually work fewer hours than natives in most of the countries studied. In addition, we observe that native workers in Western and Southern Europe have, over time, tended to increase their number of hours worked compared to immigrants. However, the opposite is true is for Northern Europe, where natives’ working hours have generally decreased compared to immigrants, even following the global economic crisis in 200

The Effect of Trade Openness and Income on the Size of a Government

<p>This paper examines the effect of trade openness and per capita GDP on the size of government for Turkey and South Korea by means of ARDL approach to co-integration. We use different proxies to measure the size of government because not all measures of government size are appropriate to be employed in the estimates. Among the three (four) different measures of government size of Korea (Turkey), only one for each country has a co-integrating relationship with openness and per capita GDP. Long run coeffi cients suggest that per capita GDP has a positive and signifi cant effect on the government sizes for Turkey and Korea, implying the validity of the Wagner’s law. However, while openness has a negative effect on government size for Turkey, it has a positive effect for Korea. Our results clearly highlight the importance of choosing an appropriate proxy for government size to reach robust and consistent results.</p

Tax smoothing hypothesis: A Turkish case

We tested the tax smoothing hypothesis for Turkey using annual data for the period of 1949-2010. Although our preliminary estimation results imply the existence of the weak form of tax smoothing for Turkey, further tests indicate the violation of exogeneity of permanent government spending, which is a requirement for the tax smoothing hypothesis to hold. Our causality tests indicate that permanent government spending is not exogenous due to the causality running from lagged tax rates to permanent government spending. Therefore, we conclude that our results provide evidence against the tax smoothing hypothesis. Our results are important because the existence of random-walk behavior of the tax rates alone or some preliminary regressions do not guarantee the existence of tax smoothing

A Brief Analysis Of The Tax Smoothing Hypothesis In Turkey

This study examines the existence of tax smoothing in the case of Turkey using data for the time period between 1923 and 2011. Unit root tests, auto-regression and vector auto-regression (VAR) models are applied to tax rates, government expenditures and real output data. Unit root tests and auto-regression results initially point out the existence of tax smoothing in Turkey. However, further in-depth analyses by means of the vector auto-regression model provide strong evidence against the tax smoothing hypothesis for the Turkish case as contemporary tax rates can be predicted with using lagged values of tax rates and government spending rates

Antibiotherapy with and without Bone Debridement in Diabetic Foot Osteomyelitis: A Retrospective Cohort Study

Background and Objective: The treatment of diabetic foot osteomyelitis (DFO) is a controversial issue, with disagreement regarding whether the best treatment is surgical or conservative. The purpose of this study was to compare the outcome of patients with DFO who were treated with antibiotherapy alone and those who underwent concurrent minor amputation. Methods: Hospital records of patients who were diagnosed as having DFO within a 2-year study period were retrospectively reviewed. Patients were divided into two groups: those who received antibiotherapy alone and those who underwent concurrent minor amputation. Groups were compared in terms of duration in hospitalization, antibiotherapy, and wound healing. Results: Thirty seven patients were included in the study. These comprised patients who received antibiotherapy alone (ABG, n = 15) and patients who underwent concurrent minor amputation (AB-MAG, n = 22). Hospitalization duration was 37.2 (+/- 16.2) days in ABG and 52.8 (+/- 40.2) days in AB-MAG (p = 0.166). Mean duration of antibiotherapy was 45.0 (+/- 21.7) days in ABG and 47.7 (+/- 19) days in AB-MAG (p = 0.689). Wound healing duration was 265.2 (+/- 132.7) days in ABG and 222.6 (+/- 85.9) days in AB-MAG (p = 0.243). None of the outcome measures were significantly different between ABG and AB-MAG. Conclusions: Our results have shown similar outcomes for both patient groups who received antibiotherapy alone and who underwent concurrent minor amputations. Considering the small sample sizes in this study, it is important to confirm these results on a larger scale.Wo

Respiratory Syncytial Virus Infection Outbreak Among Pediatric Patients With Oncologic Diseases and/or BMT

Background: Respiratory syncytial virus (RSV) has been reported to cause severe morbidity and mortality among cancer patients receiving chemotherapy with or without autologous/allogeneic hematopoetic stem cell transplantation (HSCT). There have been few reports describing the outcome of RSV infection specifically among pediatric oncology patients. Methods: Two RSV infection outbreaks developed between February-April 2006 and January-March 2009 in hospitalized pediatric patients for various hemato-oncological diseases HSCT A survey of respiratory viruses was done using direct immunofluorescent antibody assay from nasopharyngeal washing aspirate. Results: In two RSV infection outbreaks (2006 and 2009), RSV antigen was detected in 6/30 patients. Five of six patients with RSV antigen were all treated with 0.2-0.4 g/kg intravenous immune globulin (IVIG) and specific antiviral therapy, oral ribavirin (20-25 mg/kg/day in three doses). Five patients recovered fully, although two were retreated due to recurrent (+) RSV antigen and respiratory symptoms within 2 weeks. We did not give oral ribavirin to one patient with (+) RSV antigen due to mild symptoms. All patients are alive and well. Conclusions: In contrast with the outcome of RSV infection in adult oncology patients, the mortality associated with RSV infection in pediatric oncology patients even in post bone marrow transplantation (BMT) period, is low when diagnosed and treated early enough. Oral ribavirin might be an option together with IVIG in the treatment of RSV especially when other forms of antivirals could not be obtained. This approach will make it possible to give the scheduled anti-neoplastic therapy on time. Pediatr ulmonol. 2010;45:307-311. (C) 2010 Wiley-Liss, Inc