Search

This study investigates the relationship between daily returns of oil and ten European industrial equity indices for the period 2008–2017 using the spatial econometric technique. In our settings, the historical co-movements of sectoral returns are incorporated while modelling the contemporaneous relationships between oil and European sectoral returns. After controlling for regional and global equity risk factors, we find that oil returns pose a significantly positive effect on sectoral indices' returns in line with previous studies. However, the magnitude of economic impact found mostly by earlier studies was largely underestimated without considering the co-movements of sectoral indices. The use of spatial econometric technique allowed us to disaggregate the total impact into a direct (due to oil price) and an indirect (due to spillover effect because of intra-industry co-movements) effect of oil price changes. Our results indicate that the direct economic impact of changes in oil prices on industrial returns is almost 31% more than what has been found by earlier studies. The negative spatial dependence among sectoral indices provides a useful tool to identify the source of the indirect impact of oil on overall equity prices in Europe that in turn explains the overestimation of direct impact by 31%. [ABSTRACT FROM AUTHOR]

This study examines the relationship between attitudes toward migrants and social integration. Specifically, we consider two types of migration flow: migration flow from EU countries and migration flow from non-EU countries. The aims of this paper are twofold: (1) we want to understand whether an inclusive attitude towards migrants can contribute to their efforts to integrate with the receiving society (2) we want to understand whether the potential impact is the same across different migrant groups (EU vs. non-EU). Using data from 33 mainly European countries over the period 2003–2016 and controlling for common integration determinants such as inflation, foreign direct investment and educational attainment, our results indicate that there is a significant positive relationship between inclusive and good attitude toward migrants and social integration. We also in the robustness sections, identify that the size of this impact differs across different subcomponents of attitudes and integration, these results are robust to alternative estimation techniques that take cares of endogeneity (System GMM, 2SLS, and Lewbel 2SLS). [ABSTRACT FROM AUTHOR]

This study examines the relationship between social inclusions of migrant and income inequality. Both positive and negative impacts of social inclusion on income inequality have been observed in the previous literature. This study specifically considers two types of migration flow: migration flow from EU and migration flow from non‐EU. The aim of this article is twofold: 1) is there a strong association between social inclusion of migrants and income inequality, 2) is there any different impact of social inclusion of two types of migrants (EU vs non‐EU)? Using data from 33 mainly European countries over the period 2003‐2015 and controlling for savings rate, arable land rate and age‐dependency ratio, our results indicate that there is a significant negative relationship between social inclusion and income inequality. In particular, we find that social inclusion from non‐EU migrants significantly reduces income inequality compare with EU migrants. [ABSTRACT FROM AUTHOR]