Economic downturns and the Greek referendum of 2015: Evidence using night-time light data

Xezonakis, Georgios; Hartmann, Felix

doi:10.1177/1465116520924477

Cited by 9 publications

(8 citation statements)

References 52 publications

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“…Second, a threshold regression model is employed to investigate the regional and staged impact of innovation efficiency on the ecological footprint under different economic development levels. Night light data are used as a threshold variable to characterize the economic development level of a region because it can test real economic growth and measure economic agglomeration, urbanization, population mobility, energy consumption, and other economic activities [ 17 ]. Finally, following [ 18 ], this study constructs a mediating effect model composed of three regression equations to identify the transmission mechanism of innovation efficiency on the ecological footprint.…”

Section: Introductionmentioning

confidence: 99%

Does Innovation Efficiency Suppress the Ecological Footprint? Empirical Evidence from 280 Chinese Cities

Yang

Liu

et al. 2020

IJERPH

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Innovation is an important motivating force for regional sustainable development. This study measures the innovation efficiency of 280 cities in China from 2014–2018 using the super-efficiency slack-based measure and it also analyzes its impact on the ecological footprint using the generalized spatial two-stage least squares (GS2SLS) method and uses the threshold regression model to explore the threshold effect of innovation efficiency on the ecological footprint at different economic development levels. We find the corresponding transmission mechanism by using a mediating effect model. The major findings are as follows. First, we find an inverse U-shaped relationship between innovation efficiency and the ecological footprint for cities across China as well as in the eastern and central regions. That is, innovation efficiency promotes then suppresses the ecological footprint. Conversely, in western and northeastern China, improvements in innovation efficiency still raise the ecological footprint. Second, for the entire country, as economic development increases from below one threshold value (4.4928) to above another (4.8245), the elasticity coefficient of innovation efficiency to the ecological footprint changes from −0.0067 to −0.0313. This indicates that the ability of innovation efficiency improvements to reduce the ecological footprint is gradually enhanced with increased economic development. Finally, the industrial structure, the energy structure, and energy efficiency mediate the impacts of innovation efficiency on the ecological footprint.

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Section: Introductionmentioning

confidence: 99%

Does Innovation Efficiency Suppress the Ecological Footprint? Empirical Evidence from 280 Chinese Cities

Yang

Liu

et al. 2020

IJERPH

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“…Furthermore, domestic banks often hold a large quantity of local sovereign bonds, which would likely depreciate in case of exit, 50. Jurado et al 2020;Xezonakis andHartmann 2020. 51 E.g., Manasse 2019;Eichengreen 2010. leading to capital losses and, potentially, bankruptcies.…”

Section: Strategic Interdependence and The Formation Of Preferencesmentioning

confidence: 99%

Strategic Interdependence and Preferences for Debt Mutualization in the Eurozone

Baccaro¹,

Bremer²,

Neimanns³

2021

Preprint

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Existing research suggests that a “democratic constraint” blocks progress towards debt mutualization in the eurozone: voters in creditor countries fiercely oppose debt sharing, while voters in debtor countries strongly support remaining in the euro, which limits their governments’ bargaining power. However, this literature neglects that preferences depend on expectations about what other countries will do. We document this strategic interdependence with a novel survey experiment in Germany and Italy, conducted at a crucial moment during the COVID-19 pandemic. Italian voters vastly discount the costs of a disorderly exit, while they strongly reduce their support for the euro if austerity is a condition for continued euro membership. Faced with the possibility of Italexit, German voters weigh the costs of a possible breakup of the euro more heavily than the costs of debt mutualization. A majority thus accepts debt mutualization. These results suggest that voters take strategic interdependence into account when formulating their preferences and that public opinion is not (or no longer) a binding constrain for increasing fiscal risk-sharing in the eurozone. Moreover, we reconstruct the debate about the pandemic recovery fund in Germany and Italy and show that the German change of position was aimed at defusing a threat to the integrity of the eurozone.

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“…Likewise, during the Greek bailout referendum of July 2015, high-income earners, who had been hurt relatively less from austerity, and pensioners, who felt most vulnerable to the erosion of the real value of their pensions under a devalued national currency, were found to be much more likely to vote in favor of the proposed bailout package in order to mitigate the risk of a Greek euro exit (‘Grexit’). By contrast, the No option was the more popular choice among the younger cohorts that were less invested in the euro and had been hurt particularly hard by austerity (Walter et al., 2018) and among regions that had been most affected by the crisis (Xezonakis and Hartmann, 2020). On the other hand, sociotropic attitudinal factors have been reflected in the findings that higher unemployment rates became associated with lower net support for the euro during the crisis, whereas this relationship did not exist before (Roth et al., 2016).…”

Section: Determinants Of Popular Attitudes Toward the Euromentioning

confidence: 99%

Keeping the euro at any cost? Explaining attitudes toward the euro-austerity trade-off in Greece

Jurado

Walter

Konstantinidis

et al. 2020

European Union Politics

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Despite years of crisis, the euro has enjoyed strong popular support across the Eurozone periphery. In light of the high costs of internal devaluation strategies, this begs the question why the public has remained in favor of the common currency. In this article, we propose a theoretical mechanism that accounts for both voters’ pocketbook preferences and their sociotropic assessments over the noisy trade-offs associated with the outcomes of euro membership and euro exit. Using original survey data from three consecutive survey waves in Greece (conducted in July, September, and December 2015, respectively), we analyze the attitudes of Greek voters toward the euro in an environment of acute uncertainty, austerity, high unemployment, and economic recession. First, we juxtapose our uncertainty mechanism of popular euro attitudes against other explanations put forward in the literature and find strong support for our argument. Second, we conduct a survey experiment to tap into attitudes toward the euro-austerity trade-off and find that as uncertainty over policy outcomes diminishes, framing effects abate in significance, especially among those who voted No in the July 2015 referendum. Finally, we derive distinct sets of euro preferences for different ‘vulnerability profiles’. Over time, as the trade-offs of euro membership become more pronounced, we find a marked fall in euro support between July and December 2015.

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Economic downturns and the Greek referendum of 2015: Evidence using night-time light data

Cited by 9 publications

References 52 publications

Does Innovation Efficiency Suppress the Ecological Footprint? Empirical Evidence from 280 Chinese Cities

Does Innovation Efficiency Suppress the Ecological Footprint? Empirical Evidence from 280 Chinese Cities

Strategic Interdependence and Preferences for Debt Mutualization in the Eurozone

Keeping the euro at any cost? Explaining attitudes toward the euro-austerity trade-off in Greece

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