Panoeconomicus http://panoeconomicus.org/index.php/jorunal <p>Panoeconomicus is an economic quarterly with a general orientation. We publish original scientific papers, scientific reviews, preliminary reports, conference papers, professional papers, polemics and book reviews.</p> Savez ekonomista Vojvodine en-US Panoeconomicus 1452-595X Foundations of Real-World Economics: What Every Student Needs to Know, Third Edition by John Komlos http://panoeconomicus.org/index.php/jorunal/article/view/2090 Alpar Lošonc Copyright (c) 2024 Panoeconomicus 2024-01-23 2024-01-23 71 1 153 161 The Role of Housing-Dominated Attributes in Housing Booms: Evidence from China http://panoeconomicus.org/index.php/jorunal/article/view/1941 <p>This paper investigates the dominant attribute of housing in China for the period 2000 to 2017 with national monthly data. By employing VAR methodology and Chow test, the empirical results suggest that there is a statistically significant structural breakpoint in February 2009, and that the housing boom before 2009 was driven by self-occupation consumption demand while the rise in house prices since 2009 is a monetary phenomenon. These are consistent with the institutional backgrounds, when the first period encountered the end of housing as a welfare and rapid urbanization and the second period experienced the expansionary monetary policy introduced at the end of 2008. This implies that housing is gradually evolving from a necessity to a financial item, and policymakers should adopt policies that address the dominant attributes of housing at different periods.&nbsp;<br><br><strong>JEL</strong>: B41, C13, C22, R21, R29.</p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> Philip Arestis Mianshan Lai Copyright (c) 2024 Panoeconomicus 2024-01-23 2024-01-23 71 1 1 24 10.2298/PAN230420009A Epistemological and Ontological Indeterminism: Hayek and Schumpeter http://panoeconomicus.org/index.php/jorunal/article/view/1160 <p>The aim of this article is to compare and contrast the ideas of Friedrich von Hayek and Joseph Alois Schumpeter, who both adopted an indeterminist approach in their economic analyses, through a discussion of their relative strengths and weaknesses. The analysis makes extensive references the ideas of Karl Popper and Roy Bhaskar because of their profound impact on philosophical as well as economic thought. The article examines the indeterminism that marks the theories of Hayek and Schumpeter from an ontological and epistemological standpoint. More specifically, it addresses Popper and Hayek on the side of epistemological indeterminism as they theorized indeterminacy on the basis of the uncertainty of the future, and temporality in general, as well as the ever-changing and always incomplete nature of knowledge, whereas it analyzes Bhaskar and Schumpeter as ontological indeterminists who saw indeterminacy as resulting from the nature of economic and social systems. The article’s conclusion is that epistemological approaches to the study of indeterminacy are bound to remain within a static framework and that an ontological reasoning is needed for a transition to a dynamic framework. In other words, the reasons lying behind discontinuity in economic systems can be found only within the inherent characteristics of those systems. Therefore, any economic analysis should start with a careful assessment of the social reality’s nature, because faulty assumptions about it will inevitably lead to disconnect between theory and practice. <br /><br /><strong>JEL:</strong> B25, B40, D80.</p> Fatma Esra Soylu Copyright (c) 2024 Panoeconomicus 2024-01-23 2024-01-23 71 1 25 69 10.2298/PAN200602025S Coup D’état and Economic Growth in Turkey: Evidence from ARDL Bounds Testing Procedure http://panoeconomicus.org/index.php/jorunal/article/view/1241 <p>In seven decades of the multiparty democracy period, Turkey has experienced four military coups. Even though the coups are thought to be a cold war phenomenon in the literature, they are still relevant. The failed coup attempt in 2016 reminds us that the military coup is still a critical issue in Turkish democracy and the economy. Interestingly, there is not an adequate amount of empirical research on the political economy of Turkey's military coup experience. This study's motivation is to provide empirical evidence for the economic growth-coup nexus literature with a core focus on Turkey, which is a remarkable case in many aspects. For this purpose, we extend an open-economy Cobb-Douglas production function with coups and use the autoregressive distributed lags (ARDL) method for the period 1950 to 2014. According to the study's empirical findings, coup d'états negatively affect real GDP in Turkey. Through structural reforms, Turkey should strengthen its democratic institutions to prevent such antidemocratic attempts. <br /><br /><strong>JEL</strong>: C22, F50, O40.</p> Ibrahim Bakirtas Ramazan Sari Suleyman Koc Copyright (c) 2024 Panoeconomicus 2024-01-23 2024-01-23 71 1 71 94 10.2298/PAN200818012B Are Financial Stocks Driven by Substantive Factors or Virtual Factors? Comparing Taiwan and China Markets http://panoeconomicus.org/index.php/jorunal/article/view/1284 <p>This study employs information economics and the financial intermediary theory to explore the influences of private information in virtual communities and financial technology (fintech) derived from virtual currency on financial stocks. The paper conducts robust analyses on 67,166 data observations of the stock markets in China and Taiwan and finds that virtual currency development causes a structural change in the financial industry. The financial stocks in Taiwan are obviously driven by virtual factors, whereas those in China are subject to both pull from substantial factors and push from virtual factors. The research findings also suggest that the non-fundamental herding behavior driven by private information interferes with the value of financial stocks. However, financial innovations boost the competitiveness of the financial industry. It is advised to establish a policy to closely monitor the diffusion of private information and the exchange rate volatility between cryptocurrencies and home currencies to facilitate proactive financial risk management. <br /><br /><strong>JEL</strong>: A14, D82, F65, G12.</p> Chi-Ming Ho Copyright (c) 2024 Panoeconomicus 2024-01-23 2024-01-23 71 1 95 118 10.2298/PAN201210014H No Longer a Safe Haven Currency? A Fresh Evidence of Japanese Yen under Uncertainty http://panoeconomicus.org/index.php/jorunal/article/view/PAN190329021L <p>This paper aims to study the safe haven attribute of the Japanese yen under domestic and U.S. economic and policy uncertainty (EPU). Because of the existence of structural changes, a bootstrap rolling window subsample causality test is used to enhance the credibility of the results. The empirical results confirm that the exchange rate returns (RER) and Japanese EPU are correlated in specific periods when major economic or political events occur. In most crisis periods, the Japanese EPU has positive effects on RER, and the yen appreciates when the EPU is increasing. In addition, the RER of the yen and U.S. EPU are both negatively and positively connected. This finding confirms the hedging function of the yen in certain periods. The reason for this relationship is that Japan's low interest rates make the yen the primary funding currency in speculative carrying trade strategies, and thus, it tends to appreciate during crisis periods regardless of the origins of the EPU shocks. Therefore, the yen can be held as a safe haven currency unless the government intervenes artificially. <br /><br /><strong>JEL</strong>: C32, E52, F31.</p> Zheng-Zheng Li Chi Wei Su Ran Tao Copyright (c) 2024 Panoeconomicus 2024-01-23 2024-01-23 71 1 119 134 10.2298/PAN190329021L A Spatial Analysis of Happiness http://panoeconomicus.org/index.php/jorunal/article/view/993 <p>In this study, the differences in the spatial pattern of happiness will be revealed and the distribution of the relationship between happiness and economic variables between countries will be discussed. When the distribution pattern is examined, it can be observed that happy and unhappy countries are concentrated in certain areas. Therefore, the concept of happiness has been evaluated from a geographical point of view. From the analysis of 147 countries in this study, it was found that economic freedom and GDP have a positive effect on happiness whereas inflation and unemployment have a negative effect. A striking result was that in addition to the relevant economic variables, location is also effective in the interpretation of happiness. One of the significant results of the study was that geography is a factor to consider in investigating the relationship between economic variables and happiness. <br /><br /><strong>JEL</strong>: C21.</p> Neşe Aral Hasan Bakır Copyright (c) 2024 Panoeconomicus 2024-01-23 2024-01-23 71 1 135 151 10.2298/PAN191220022A