Despite a growing body of literature on smart specialization,the role of public authorities and innovation intermediaries,particularly in developing regions,remains understudied.This research examines one of the first...Despite a growing body of literature on smart specialization,the role of public authorities and innovation intermediaries,particularly in developing regions,remains understudied.This research examines one of the first attempts to apply the smart specialization framework to the development of an innovation strategy outside Europe,specifically in the Pernambuco State,Brazil.We focus on two priority areas(clothing and high-tech automotive components)identified by the state government as key targets for pilot policy experimentation and use different methods,such as social network analysis and content analysis,to interview strategic innovation actors for studying the promotion of innovation and regional development in Pernambuco.Findings highlight how regional governance,collaboration,and trust are shaped by public authorities and innovation intermediaries.The study identifies three key challenges in implementing smart specialization strategy in developing regions:i.e.,achieving effective decentralization,cultivating an innovation culture,and establishing participatory governance mechanisms.The public sector actors act as crucial knowledge brokers and policy intermediaries,facilitating the linkages and partnerships necessary to overcome these challenges.展开更多
This study investigates the static and dynamic return and volatility spillovers between non-fungible tokens(NFTs)and conventional currencies using the time-varying parameter vector autoregressions approach.We reveal t...This study investigates the static and dynamic return and volatility spillovers between non-fungible tokens(NFTs)and conventional currencies using the time-varying parameter vector autoregressions approach.We reveal that the total connectedness between these markets is weak,implying that investors may increase the diversification benefits of their multicurrency portfolios by adding NFTs.We also find that NFTs are net transmitters of both return and volatility spillovers;however,in the case of return spillovers,the influence of NFTs on conventional currencies is more pronounced than that of volatility shock transmissions.The dynamic exercise reveals that the returns and volatility spillovers vary over time,largely increasing during the onset of the Covid-19 crisis,which deeply affected the relationship between NFTs and the conventional currencies markets.Our findings are useful for currency traders and NFT investors seeking to build effective cross-currency and cross-asset hedge strategies during systemic crises.展开更多
We provide empirical evidence supporting the economic reasoning behind the impossibility of diversification benefits and the hedge attributes of cryptocurrencies remaining in force during the downside trends observed ...We provide empirical evidence supporting the economic reasoning behind the impossibility of diversification benefits and the hedge attributes of cryptocurrencies remaining in force during the downside trends observed in bearish financial markets.We employ a spillover connectedness model driven by time-varying parameter vector autoregressions on daily data covering January 2018 to November 2022 to analyze spillover transmissions between conventional and digital markets,focusing on the role of stablecoin issuances.We study the stock,bond,cryptocurrency,and stablecoin markets and find very high connectedness,which varies over time in response to up/down trends in financial markets.The results show that during financial turmoil,cryptocurrencies amplify downside risks rather than serve as diversifiers.In addition to risky assets from conventional financial markets,cryptocurrencies champion the transmission of spillovers to digital and conventional markets.In contrast,changes in stablecoin issuances produce few shocks because of their pegged prices,but they facilitate investors’switch from volatile cryptos to more stable digital instruments;that is,we observe a phenomenon designated by us as the“flight-to-cryptosafety.”We draw insightful conclusions,provoking new thinking regarding portfolio hedge strategies that could potentially benefit investors when searching for less volatile investment performance.展开更多
We analyze the connectedness between major cryptocurrencies and nonfungible tokens(NFTs)for different quantiles employing a time-varying parameter vector autoregression approach.We find that lower and upper quantile s...We analyze the connectedness between major cryptocurrencies and nonfungible tokens(NFTs)for different quantiles employing a time-varying parameter vector autoregression approach.We find that lower and upper quantile spillovers are higher than those at the median,meaning that connectedness augments at extremes.For normal,bearish,and bullish markets,Bitcoin Cash,Bitcoin,Ethereum,and Litecoin consistently remain net transmitters,while NFTs receive innovations.However,spillover topology at both extremes becomes simpler—from cryptocurrencies to NFTs.We find no markets useful for mitigating BTC risks,whereas BTC is capable of reducing the risk of other digital assets,which is a valuable insight for market players and investors.展开更多
Following a period of significant development at the end of the 1990s, with economic growth rates greater than those of the European Union, the Portuguese economy stagnated in 2002 and even declined in 2003. The curre...Following a period of significant development at the end of the 1990s, with economic growth rates greater than those of the European Union, the Portuguese economy stagnated in 2002 and even declined in 2003. The current context of international crisis has just interrupted the fragile growth trend initiated in 2004： In fact, real GDP, which increased by 1.9 percent in 2007, had a growth rate of zero in 2008 and declined by 2.9 percent in 2009. The crisis has abruptly increased the closure of companies and unemployment jumped from 7.3% in the second haft of 2008 to 10.1% in the forth quarter of 2009. Notwithstanding, social dialog was resilient to this situation of economic crisis, as shown by the number of collective agreements negotiated by the social partners, the number of workers covered by collective agreements and the observed increase in real wages. Additionally, social partners have agreed on a reform of the Labour Code. Are this data enough evidence of social concentration on crisis management？ This paper will analyze this issue, giving particular attention to collective bargaining in Portugal and the crisis impact on the industrial relations system and their actors展开更多
This study investigates tail dependence among five major cryptocurrencies,namely Bitcoin,Ethereum,Litecoin,Ripple,and Bitcoin Cash,and uncertainties in the gold,oil,and equity markets.Using the cross-quantilogram meth...This study investigates tail dependence among five major cryptocurrencies,namely Bitcoin,Ethereum,Litecoin,Ripple,and Bitcoin Cash,and uncertainties in the gold,oil,and equity markets.Using the cross-quantilogram method and quantile connectedness approach,we identify cross-quantile interdependence between the analyzed variables.Our results show that the spillover between cryptocurrencies and volatility indices for the major traditional markets varies substantially across quantiles,implying that diversification benefits for these assets may differ widely across normal and extreme market conditions.Under normal market conditions,the total connectedness index is moderate and falls below the elevated values observed under bearish and bullish market conditions.Moreover,we show that under all market conditions,cryptocurrencies have a leadership influence over the volatility indices.Our results have important policy implications for enhancing financial stability and deliver valuable insights for deploying volatility-based financial instruments that can potentially provide cryptocurrency investors with suitable hedges,as we show that cryptocurrency and volatility markets are insignificantly(weakly)connected under normal(extreme)market conditions.展开更多
Tourism is one of the activities with high benefits on the development and for many regions,enabling the integration of local populations and economies.In our natural laboratory,the Azores Island of São Miguel,an...Tourism is one of the activities with high benefits on the development and for many regions,enabling the integration of local populations and economies.In our natural laboratory,the Azores Island of São Miguel,an important share of tourists identifies adventure,leisure and touch with nature,as the main reasons for the visit.The use of footpaths can contribute to the satisfaction of tourists,promoting tourism and the region’s development during their movements on the tourism network,tourists appreciate different types of attractions and need the support of a set of facilities.Tourist decisions are not always done in a rational way,emotions add even more complexity to the human decision process.The movement of tourists within a destination depends on factors related to tourist characteristics,like the time budgets,preferences or destination knowledge,and destination features related to attractions characteristics or accessibility level.The existence of a mathematical model that incorporates the main factors that explain the movement of independent tourists within a destination,in a dynamic way,will make possible the creation of an adaptable software tool.This tool will meet the specific needs of tourists,allowing the use of the network in an optimal way by the different tourist profiles,and the needs of regional government and business,allowing better decisions and the offer of relevant tourism products.This article is based on the authors’previous research and identifies the relevance of tourism for regional development,finds the main tourists’mobility criteria on the study territory,using as main support for the footpath network,recognises the necessary modelling process and develops the foundation for the building of the mathematical model that explains the movement of tourists within the destination,making possible a future adaptable software tool.展开更多
基金the project “Regional Innovation Systems in the State of Pernambuco – Brazil” (2016CE160AT045 EU-CELAC), which was funded by the European Commission’s Directorate-General for Regional Policysupported by national funds of the Portuguese Foundation for Science and Technology (FCT) under the scope of the Research Centre for Tourism, Sustainability and Well-being and his individual research plan。
文摘Despite a growing body of literature on smart specialization,the role of public authorities and innovation intermediaries,particularly in developing regions,remains understudied.This research examines one of the first attempts to apply the smart specialization framework to the development of an innovation strategy outside Europe,specifically in the Pernambuco State,Brazil.We focus on two priority areas(clothing and high-tech automotive components)identified by the state government as key targets for pilot policy experimentation and use different methods,such as social network analysis and content analysis,to interview strategic innovation actors for studying the promotion of innovation and regional development in Pernambuco.Findings highlight how regional governance,collaboration,and trust are shaped by public authorities and innovation intermediaries.The study identifies three key challenges in implementing smart specialization strategy in developing regions:i.e.,achieving effective decentralization,cultivating an innovation culture,and establishing participatory governance mechanisms.The public sector actors act as crucial knowledge brokers and policy intermediaries,facilitating the linkages and partnerships necessary to overcome these challenges.
基金supported by FCT,I.P,the Portuguese national funding agency for science,research and technology under the Project UIDB/04521/2020.
文摘This study investigates the static and dynamic return and volatility spillovers between non-fungible tokens(NFTs)and conventional currencies using the time-varying parameter vector autoregressions approach.We reveal that the total connectedness between these markets is weak,implying that investors may increase the diversification benefits of their multicurrency portfolios by adding NFTs.We also find that NFTs are net transmitters of both return and volatility spillovers;however,in the case of return spillovers,the influence of NFTs on conventional currencies is more pronounced than that of volatility shock transmissions.The dynamic exercise reveals that the returns and volatility spillovers vary over time,largely increasing during the onset of the Covid-19 crisis,which deeply affected the relationship between NFTs and the conventional currencies markets.Our findings are useful for currency traders and NFT investors seeking to build effective cross-currency and cross-asset hedge strategies during systemic crises.
基金Fundacão para a Ciencia e a Tecnologia(Grant No.UIDB/04521/2020).
文摘We provide empirical evidence supporting the economic reasoning behind the impossibility of diversification benefits and the hedge attributes of cryptocurrencies remaining in force during the downside trends observed in bearish financial markets.We employ a spillover connectedness model driven by time-varying parameter vector autoregressions on daily data covering January 2018 to November 2022 to analyze spillover transmissions between conventional and digital markets,focusing on the role of stablecoin issuances.We study the stock,bond,cryptocurrency,and stablecoin markets and find very high connectedness,which varies over time in response to up/down trends in financial markets.The results show that during financial turmoil,cryptocurrencies amplify downside risks rather than serve as diversifiers.In addition to risky assets from conventional financial markets,cryptocurrencies champion the transmission of spillovers to digital and conventional markets.In contrast,changes in stablecoin issuances produce few shocks because of their pegged prices,but they facilitate investors’switch from volatile cryptos to more stable digital instruments;that is,we observe a phenomenon designated by us as the“flight-to-cryptosafety.”We draw insightful conclusions,provoking new thinking regarding portfolio hedge strategies that could potentially benefit investors when searching for less volatile investment performance.
基金supported by the Ministry of Education of the Republic of Korea and the National Research Foundation of Korea(NRF-2022S1A5A2A01038422)partly funded by the University of Economics Ho Chi Minh City,Vietnam.
文摘We analyze the connectedness between major cryptocurrencies and nonfungible tokens(NFTs)for different quantiles employing a time-varying parameter vector autoregression approach.We find that lower and upper quantile spillovers are higher than those at the median,meaning that connectedness augments at extremes.For normal,bearish,and bullish markets,Bitcoin Cash,Bitcoin,Ethereum,and Litecoin consistently remain net transmitters,while NFTs receive innovations.However,spillover topology at both extremes becomes simpler—from cryptocurrencies to NFTs.We find no markets useful for mitigating BTC risks,whereas BTC is capable of reducing the risk of other digital assets,which is a valuable insight for market players and investors.
文摘Following a period of significant development at the end of the 1990s, with economic growth rates greater than those of the European Union, the Portuguese economy stagnated in 2002 and even declined in 2003. The current context of international crisis has just interrupted the fragile growth trend initiated in 2004： In fact, real GDP, which increased by 1.9 percent in 2007, had a growth rate of zero in 2008 and declined by 2.9 percent in 2009. The crisis has abruptly increased the closure of companies and unemployment jumped from 7.3% in the second haft of 2008 to 10.1% in the forth quarter of 2009. Notwithstanding, social dialog was resilient to this situation of economic crisis, as shown by the number of collective agreements negotiated by the social partners, the number of workers covered by collective agreements and the observed increase in real wages. Additionally, social partners have agreed on a reform of the Labour Code. Are this data enough evidence of social concentration on crisis management？ This paper will analyze this issue, giving particular attention to collective bargaining in Portugal and the crisis impact on the industrial relations system and their actors
基金supported by the Ministry of Education of the Republic of Korea and the National Research Foundation of Korea(2022S1A5A2A01038422).
文摘This study investigates tail dependence among five major cryptocurrencies,namely Bitcoin,Ethereum,Litecoin,Ripple,and Bitcoin Cash,and uncertainties in the gold,oil,and equity markets.Using the cross-quantilogram method and quantile connectedness approach,we identify cross-quantile interdependence between the analyzed variables.Our results show that the spillover between cryptocurrencies and volatility indices for the major traditional markets varies substantially across quantiles,implying that diversification benefits for these assets may differ widely across normal and extreme market conditions.Under normal market conditions,the total connectedness index is moderate and falls below the elevated values observed under bearish and bullish market conditions.Moreover,we show that under all market conditions,cryptocurrencies have a leadership influence over the volatility indices.Our results have important policy implications for enhancing financial stability and deliver valuable insights for deploying volatility-based financial instruments that can potentially provide cryptocurrency investors with suitable hedges,as we show that cryptocurrency and volatility markets are insignificantly(weakly)connected under normal(extreme)market conditions.
基金Gratefully acknowledge financial support from FCT-Fundação para a Ciência e Tecnologia(Portugal),national funding through research grant(UID/SOC/04521/2013)to the ADVANCE-Advanced Research Centre in Management.
文摘Tourism is one of the activities with high benefits on the development and for many regions,enabling the integration of local populations and economies.In our natural laboratory,the Azores Island of São Miguel,an important share of tourists identifies adventure,leisure and touch with nature,as the main reasons for the visit.The use of footpaths can contribute to the satisfaction of tourists,promoting tourism and the region’s development during their movements on the tourism network,tourists appreciate different types of attractions and need the support of a set of facilities.Tourist decisions are not always done in a rational way,emotions add even more complexity to the human decision process.The movement of tourists within a destination depends on factors related to tourist characteristics,like the time budgets,preferences or destination knowledge,and destination features related to attractions characteristics or accessibility level.The existence of a mathematical model that incorporates the main factors that explain the movement of independent tourists within a destination,in a dynamic way,will make possible the creation of an adaptable software tool.This tool will meet the specific needs of tourists,allowing the use of the network in an optimal way by the different tourist profiles,and the needs of regional government and business,allowing better decisions and the offer of relevant tourism products.This article is based on the authors’previous research and identifies the relevance of tourism for regional development,finds the main tourists’mobility criteria on the study territory,using as main support for the footpath network,recognises the necessary modelling process and develops the foundation for the building of the mathematical model that explains the movement of tourists within the destination,making possible a future adaptable software tool.
