An empirical study of the relationship between Foreign Direct Investments, Remittances, Political Stability and Economic Growth in Greece

This study attempts to shed light on the relationship between FDI, remittances, Gross Fixed Capital Formation, political stability, inflation and economic growth for the case of Greece, using time-series data of annual frequency, covering the period from 1980 to 2018; the end date is the last year before the COVID-19 and the 2022 Russian Invasion of Ukraine which caused a structural break on the data set. After establishing that the investigated variables are stationary in level or in their differences, and once the Johansen test and the residuals based approach to cointegration are employed in capturing the cointegrating relations between them, we proceed with a robust VEC model and an ARDL with cointegration bounds, depending on the level of integration of the time series, to capture both the short-run and the long-run dynamics. The overall findings of both models are jointly analyzed, revealing that according to the ARDL model, FDI and economic growth are positively related in the short-run, but negatively related in the long-run. Moreover, the model indicates a negative short- and long-run relationship between remittances and economic growth, as well as a positive link between political stability and economic growth in Greece, as expected. The negative short-run relationship between remittances and economic growth is further supported by the VECM. Finally, both the VECM and ARDL indicate that GFCF and economic growth are positively related in the short-run, while the ARDL model reveals that this relationship exists in the long-run too

Economic and Financial Determinants of Gold ETF Price Volatility on the U.S. Futures Market (COMEX)

The price of gold ETFs on the COMEX market in the USA is influenced by both domestic and international economic and political factors. In our study, we focus on domestic economic variables as key drivers of gold ETF prices, using the Newey-West estimator to assess their impact, particularly in the presence of significant autocorrelation. Our analysis of domestic determinants over the past 15 years revealed noteworthy insights. CPI, the US dollar exchange rate, interest rates, and crude oil prices negatively affect gold prices. However, the 30-year fixed mortgage rate and the U.S. Economic Policy Uncertainty index had a positive impact. Gold remains a safe haven in times of economic uncertainty, but our model displayed some weaknesses with strong positive autocorrelation and heteroscedasticity in residuals. To address these issues, we constructed an alternative model, focusing on the most recent five years. Since 2017, we've observed a shift where inflation and interest rates no longer significantly affect gold prices. Recent interest rate hikes and high inflation had minimal impact, especially during stock market declines. Gold does not appear to act as a hedge against bear markets as it did during the Global Financial Crisis; instead, the US dollar may fulfill this role. Given the unprecedented economic disruptions caused by the Covid-19 pandemic, further research is needed to explore the effects of domestic financial and economic KPIs on gold prices and their interconnections and spillover effects

Les commentaires de Simplicius et de Jean Philopon à la "physique" d'Aristote: tradition et innovation

In Greek Late Antiquity philosophy defined itself above all through the interpretation of authoritative texts such as Plato's dialogues or the treatises of Aristotle. This work looks at the last Late Antique commentaries on Aristotle's Physics, the pagan Simplicius and the Christian Philoponus (both 6th cent. AD). Golitsis demonstrates how differently the two contemporaries interpreted the philosophical tradition and how this led them to deducedifferent routes to finding the truth

La date de composition de la Philosophia de Georges Pachymère et quelques précisions sur la vie de l’auteur

Comparison of the (inedited) prooimion of the Philosophia of George Pachymeres with a passage from his Historical Accounts (Book XIII, chap. 37) allows us to date the composition of the first work immediately after the second, that is, after1307. This dating prompts us to reconsider the date of the author’s death, usually placed ca. 1310, since, after the Philosophia, Pachymeres devoted himself to yet another long philosophical work.La mise en parallèle du prooimion (inédit) de la Philosophia de Georges Pachymère avec un passage de ses Relations historiques (livre XIII, chapitre 37) permet de dater la composition du premier ouvrage à la suite immédiate du deuxième, c’est-à-dire de 1307. Cette datation invite à reconsidérer la date de décès de l’auteur, située habituellement vers 1310, étant donné que Pachymère s’est encore adonné, après la Philosophia, à un travail philosophique de longue haleine.Golitsis Pantelis. La date de composition de la Philosophia de Georges Pachymère et quelques précisions sur la vie de l’auteur. In: Revue des études byzantines, tome 67, 2009. pp. 209-215

Un livre reçu par le patriarche Athanase Ier et retourné à l’expéditeur

The (unedited) prooimion of the Philosophia of George Pachymeres permits the identification of this author with the addressee of a letter of Athanasius I in which the patriarch mentions returning a book to the sender on account of its contents. We can thus follow the development of the conflict between the two men and better understand the historical context of Pachymeres’s Philosophia.Le prooimion (inédit) de la Philosophia de Georges Pachymère permet d’identifier cet auteur avec le destinataire d’une lettre d’Athanase Ier, par laquelle le patriarche retourne un livre à l’expéditeur en raison de son contenu. On arrive ainsi à suivre l’opposition qui s’est développée entre les deux hommes et à mieux comprendre le contexte historique dans lequel la Philosophia de Pachymère est apparue.Golitsis Pantelis. Un livre reçu par le patriarche Athanase Ier et retourné à l’expéditeur. In: Revue des études byzantines, tome 68, 2010. pp. 201-208

Simplicius et le “lieu”. À propos d’une nouvelle édition du Corollarium de loco

The digression labelled “ Corollarium de loco” by Hermann Diels in his edition of Simplicius’ commentary on Aristotle’s Physics (Commentaria in Aristotelem Graeca, IX, Berlin 1882) is a key text in the debate – often referred to by specialists as magna quaestio – generated by an apparent lack of consistency between Aristotle’s definition of ‘ place’ (τόπος) as “ the first unmoved boundary of the surrounding body” (Phys. IV, 4, 212 a 20-21) and his assertion that the Heaven moves in a circle while not being ‘ somewhere’, since it is not surrounded by any body that would be exterior to it. Following the steps of his master Damascius, and at the end of a long discussion initiated by Neoplatonists after Plotinus (principally by Iamblichus, Proclus and Syrianus), Simplicius replaces Aristotle’s definition with a new definition of place as a “ gathering (or uniting) measure” (μέτρον συναγωγόν), which is one of the four “ measures” (number, size, place, time) or gathering powers that protect the intelligible and sensible entities against the dangers of the dispersion related to the procession of reality. This doctrine places physics in a decidedly theological perspective since, in last analysis, these uniting powers derive from the One or Good per se. Our understanding of this crucial text for our knowledge of the Neoplatonic philosophy of Nature will be improved thanks to a new critical edition (with French translation and notes), to be published soon in the collection “ Commentaria in Aristotelem Graeca and Byzantina” (by Walter de Gruyter) under the auspices of the Academy of Sciences of Berlin-Brandenburg. The new edition is based not only on a fresh collation of the two manuscripts used by Diels (Marciani graeci 227 and 229) but also on a Moscow manuscript (Mosquensis Muz. 3649) unknown to the German scholar, since it belonged during the nineteenth century to a private Russian collection.La digression désignée par Hermann Diels comme «Corollarium de loco », dans son édition du Commentaire de Simplicius à la Physique d’Aristote (Commentaria in Aristotelem Graeca, IX, Berlin 1882), est un texte capital dans le débat, souvent désigné comme magna quaestio par les spécialistes, qui a été suscité par un manque de cohérence, au moins apparent, chez Aristote, entre la définition du «lieu » (τόπος) comme «première limite immobile de l’enveloppant » (Phys. IV, 4, 212 a 20-21) et l’affirmation d’un mouvement (circulaire) du Ciel – alors que l’Univers n’est pas «quelque part » puisqu’il n’est enveloppé par aucun corps qui lui serait extérieur. À la suite de son maître Damascius, et au terme d’une réflexion entamée par les néoplatoniciens postérieurs à Plotin (au premier rang desquels Jamblique, Syrianus et Proclus), Simplicius substitue à la définition aristotélicienne une nouvelle définition du lieu comme «mesure rassemblante » (μέτρον συναγωγόν), au sein d’une liste de quatre «mesures » (nombre, grandeur, lieu, temps) qui sont des puissances de rassemblement destinées à prémunir les réalités (intelligibles et sensibles) contre les dangers de la dispersion liée à la Procession. Cette doctrine situe la Physique dans une perspective résolument théologique puisque, en dernière instance, les puissances d’unification dans le Réel procèdent de l’Un-Bien lui-même. La compréhension de ce texte très important pour notre connaissance de la philosophie néoplatonicienne de la Nature sera améliorée grâce à une nouvelle édition critique (accompagnée d’une traduction en français et de notes), bientôt publiée dans la série Commentaria in Aristotelem Graeca et Byzantina (chez de Gruyter) sous les auspices de l’Académie des Sciences de Berlin-Brandenburg, et qui sera basée non seulement sur deux manuscrits déjà connus de Diels (Marciani graeci 227 et 229), mais aussi sur un manuscrit de Moscou (Mosquensis Muz. 3649) inconnu de Diels car il se trouvait au XIXe siècle dans une collection particulière russe.Golitsis Pantelis, Hoffmann Philippe. Simplicius et le “lieu”. À propos d’une nouvelle édition du Corollarium de loco. In: Revue des Études Grecques, tome 127, fascicule 1,2014. pp. 119-175

On the dynamic equicorrelations in cryptocurrency market

This paper investigates the time-varying co-movements in cryptocurrency market, employing a Dynamic Equicorrelation GARCH (DECO-GARCH) model, before and during the COVID-19 pandemic. Our results suggest that the equicorrelations are time-varying and highly responsive to major events, such as hacker attacks and government bans. The results lend support to the recent claim that interlinkages among cryptocurrencies have become stronger, particularly after mid-2017, with substantially increased trading activity in the market. The equicorrelations reach their peak in March 2020, after the official declaration of the World Health Organization (WHO) that novel coronavirus outbreak becomes a global pandemic, indicating potential contagion effects. We also examine the determinants of the market linkages and find that increased Bitcoin trading volume, attention-driven demand for Bitcoin and risk aversion significantly increase the equicorrelations during the COVID-19 bear market. Our results provide potential implications for investors, traders and policy makers and help improve their understanding of the cryptocurrency market’s behavior during times of extreme market stress