Skip to main content
SpringerLink
Log in

Oil price uncertainly and sovereign credit risk in GCC countries: fresh evidence

  • Original Paper
  • Published:
International Economics and Economic Policy Aims and scope Submit manuscript

Abstract

Given the significant oil price changes during the past two decades, this paper examines the effect of oil price uncertainty on the sovereign credit risk of four Gulf Cooperation Council (GCC) countries (United Arab Emirates, Qatar, Bahrain, and Saudi Arabia). By utilizing the nonparametric local linear dummy variable estimates (LLDVE), we unveil a significant effect of oil uncertainty on the credit risk mainly during the oil price crash of 2014–2015 and to a lesser extent during the early period of the COVID-19 pandemic. This effect, however, is heterogeneous across the GCC countries. Unlike previous studies, our study controls for structural shifts, nonlinearities, and long-term trends in the relationship between oil price uncertainty and credit risk. Our findings hold important policy implications for policymakers and investors.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Log in via an institution

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Institutional subscriptions

Fig. 1
Fig. 2
Fig. 3
Fig. 4
Fig. 5
Fig. 6

Similar content being viewed by others

Data availability

All data are obtained from the Thomson Reuters Datastream database. The models and data analysis are applied through computer software such as MATLAB and R. All data and codes will be available from the authors upon request upon request.

Notes

  1. The GCC countries hold around 48% of the global oil reserves (Maghyereh and Abdoh 2022).

  2. Oil and gas production represents over 30% of GDP in most GCC countries, except for Bahrain (14%) and UAE (27.8%), as of 2021 (World Bank 2022a,b).

  3. A sovereign CDS is a contract that protects against credit events leading to default, with premium payments increasing proportionally to the deterioration of the government’s creditworthiness. These contracts are highly liquid and standardized, efficiently reflecting government credit risk.

  4. There is a growing number of studies investigating the determinants of sovereign credit risk (global/country factors) in developed countries (e.g., Longstaff et al. 2011; Pan and Singleton 2008; Dieckmann and Plank 2012; Heinz and Sun 2014; Augustin et al. 2022; Agiakloglou et al. 2021; Andrieș et al. 2021; among many others) and emerging countries (e.g., Kocsis and Monostori 2016; Ho 2016; Daehler et al. 2020; Daehler et al. 2021; among many others).

  5. A well-known advantage of using a nonparametric framework on panel data is that the method increases the degrees of freedom and sample variability, reflecting positively on our estimates’ efficiency.

  6. Flamos et al. (2013) argue that the economic diversification in GCC is weak when compared to other economies such as Germany, France, and Norway.

  7. Goetzmann et al. (2005) and Longstaff et al. (2011) documented that US financial markets have strong economic fundamentals, which are relevant for most countries globally. Furthermore, the US is the largest trading and investment partner for many countries worldwide, thus exerting direct effects on global economies and financial markets (Maghyereh et al. 2022). González-Rozada and Levy Yeyati (2008) found that movements in US Treasuries explain approximately half of the long-run volatility in interest rates for emerging economies.

  8. Several empirical works prove that market volatility has significant predictive power for economic activity (e.g., Andreou et al. 2000; Campbell et al. 2001; Fornari and Mele 2013; Choudhry et al. 2016).

  9. We have also considered several other variables (i.e., public debt, exchange rate, and US corporate credit spread). However, they were not included in the final model because our estimates were not statistically significant.

  10. For a detailed description of the LLDVE approach, see Li et al. (2011); Silvapulle et al. (2017); Ivanovski et al. (2021).

  11. Farrar and Glauber (1967) noted that the multicollinearity may lead to less reliable estimates if the correlation coefficient is higher than 0.8.

  12. Much empirical literature has documented the relationship between economic policy uncertainty and global oil market price fluctuations (for example, Antonakakis et al. 2014; Wang et al. 2022a, b; Liu et al. 2023).

  13. The AMG combines the advantages of pooled mean group (PMG) estimation and mean group (MG) estimation. It allows for heterogeneity in short-run coefficients across cross-sectional units while assuming a common long-run relationship.

  14. In 2015, Saudi Arabia issued $26 billion of domestic debt and spent $100 billion of its $723 billion reserves.

  15. The aggregate bond and sukuk market have doubled from $86 billion in 2014 to around $190 billion in 2019. Moreover, JP Morgan included the GCC sovereign and quasi-sovereign bonds in the EMBI index last year.

  16. This point has been brought to our attention by one of the referees.

  17. We estimated the model using data from January 2011 to May 2020, corresponding to the OPU index’s availability. The authors thank Bao H. Nguyen for generously providing the necessary data for this analysis. Access to the data is available with permission at https://sites.google.com/site/nguyenhoaibao/datasets/oil-market-uncertainty?authuser=0.

  18. The impulse response analysis utilizing LP, which includes p lags to account for serial correlation, is roughly comparable to the results obtained from a VAR(p) model (Li et al. 2022).

  19. We thank one of the anonymous referees for drawing our attention to this point.

  20. For more detailed information regarding LP IRF techniques, refer to Jordà (2005) and Ahmed and Cassou (2016).

References

  • Agiakloglou C, Deligiannakis E, Psillaki M (2021) Investigating the behaviour of sovereign risk for Eurozone countries. Appl Econ 53:6204–6212

    Article  Google Scholar 

  • Ahmed M, Cassou SP (2016) Does consumer confidence affect durable goods spending during bad and good economic times equally? J Macroecon 50:86–97

    Article  Google Scholar 

  • Aizenman J, Hutchison M, Jinjarak Y (2013) What is the risk of European sovereign debt defaults? Fiscal space, CDS spreads and market pricing of risk. J Int Money Financ 34:37–59

    Article  Google Scholar 

  • Albulescu C (2020) Coronavirus and oil price crash. Available at SSRN: https://arxiv.org/abs/2003.06184

  • Anderson CJ (2010) Central limit theorem. In: Weiner IB, Craighead WE (eds) The Corsini Encyclopedia of Psychology. John Wiley & Sons, Ltd., pp. 1–2

  • Andreou E, Osborn DR, Sensier M (2000) A comparison of the statistical properties of financial variables in the USA, UK and Germany over the business cycle. Manch Sch 68(4):396–418

    Article  Google Scholar 

  • Andrieș AM, Ongena S, Sprincean N (2021) The COVID-19 pandemic and sovereign bond risk. The North American Journal of Economics and Finance 58:101527

    Article  Google Scholar 

  • Antonakakis N, Chatziantoniou I, Filis G (2014) Dynamic spillovers of oil price shocks and economic policy uncertainty. Energy Economics 44:433–447

    Article  Google Scholar 

  • Arellano C, Bai Y, Kehoe PJ (2019) Financial frictions and fluctuations in volatility. J Polit Econ 127:2049–2103

    Article  Google Scholar 

  • Augustin P, Sokolovski V, Subrahmanyam MG, Tomio D (2021) In sickness and in debt: The COVID-19 impact on sovereign credit risk. J Financ Econ 143(3):1251–1274

    Article  Google Scholar 

  • Augustin P, Sokolovski V, Subrahmanyam MG, Tomio D (2022) In sickness and in debt: The COVID-19 impact on sovereign credit risk. J Financ Econ 143(3):1251–1274

    Article  Google Scholar 

  • Awartani B, Maghyereh A (2013) Dynamic spillovers between oil and stock markets in the Gulf Cooperation Council Countries. Energy Economics 36:28–42

    Article  Google Scholar 

  • Badaoui S, Cathcart L, El-Jahel L (2013) Do sovereign credit default swaps represent a clean measure of sovereign default risk? A factor model approach. J Bank Finance 37(7):2392–2407

    Article  Google Scholar 

  • Baum CF, Wan C (2010) Macroeconomic uncertainty and credit default swap spreads. Appl Financ Econ 20:1163–1171

    Article  Google Scholar 

  • Bernanke BS (1983) Nonmonetary effects of the financial crisis in the propagation of the great depression. American Economic Review 73:257–276

    Google Scholar 

  • Blanco R, Brennan S, Marsh IW (2005) An empirical analysis of the dynamic relation between investment-grade bonds and credit default swaps. J Financ 60(5):2255–2281

    Article  Google Scholar 

  • Blommestein H, Eijffinger S, Qian Z (2016) Regime-dependent determinants of Euro area sovereign CDS spreads. J Financ Stab 22:10–21

    Article  Google Scholar 

  • Boumparis P, Milas C, Panagiotidis T (2017) Economic policy uncertainty and sovereign credit rating decisions: panel quantile evidence for the Eurozone. J Int Money Financ 79:39–71

    Article  Google Scholar 

  • Bouri E, de Boyrie ME, Pavlova I (2017) Volatility transmission from commodity markets to sovereign CDS spreads in emerging and frontier countries. Int Rev Financ Anal 49:155–165

    Article  Google Scholar 

  • Camacho M, Romeu A, Ruiz-Marin M (2021) Symbolic transfer entropy test for causality in longitudinal data. Econ Model 94:649–661

    Article  Google Scholar 

  • Campbell JY, Lettau M, Malkiel B, Xu Y (2001) Have individual stocks become more volatile? An empirical exploration of idiosyncratic risk. J Finance 56(1):1–43

    Article  Google Scholar 

  • Campbell JY, Taksler GB (2003) Equity volatility and corporate bond yields. Journal of Finance 58:2321–2350

    Article  Google Scholar 

  • Cepni O, Kucuksarac D, Yilmaz MH (2017) The sensitivity of credit default swap premium to global risk factor: evidence from emerging markets. Econ Lett 159:74–77

    Article  Google Scholar 

  • Choudhry T, Papadimitrioua FI, Shabi S (2016) Stock market volatility and business cycle: evidence from linear and nonlinear causality tests. J Bank Finance 66:89–101

    Article  Google Scholar 

  • Churchill SA, Ivanovski K, Munyanyi ME (2021) Income inequality and renewable energy consumption: time-varying nonparametric evidence. J Clean Prod 296:126306

    Article  Google Scholar 

  • Cross JL, Nguyen BH, Tran TD (2022) The role of precautionary and speculative demand in the global market for crude oil. J Appl Economet 37(5):882–895

    Article  Google Scholar 

  • Daehler T, Aizenman J, Jinjarak Y (2020) Emerging markets sovereign spreads and country-specific fundamentals during COVID-19. NBER Working Paper No. 27903

  • Daehler TB, Aizenman J, Jinjarak Y (2021) Emerging markets sovereign CDS spreads during COVID-19: economics versus epidemiology news. Econ Model 100:105504

  • Dieckmann S, Plank T (2012) Default risk of advanced economies: an empirical analysis of credit default swaps during the financial crisis. Review of Finance 16(4):903–934

    Article  Google Scholar 

  • Eberhardt M (2012) Estimating panel time-series models with heterogeneous slopes. Stand Genomic Sci 12(1):61–71

    Google Scholar 

  • Eberhardt M, Teal F (2010) Productivity analysis in global manufacturing production. Economics Series Working Papers 515, University of Oxford, Department of Economics. Available at https://ideas.repec.org/p/oxf/wpaper/515.html

  • Edelstein P, Kilian L (2009) How sensitive are consumer expenditures to retail energy prices? J Monet Econ 56:766–779

    Article  Google Scholar 

  • Ehouman YA (2021) Dependence structure between oil price volatility and sovereign credit risk of oil exporters: evidence using a Copula approach. International Economics 168:76–97

    Article  Google Scholar 

  • Ericsson J, Jacobs K, Oviedo R (2009) The determinants of credit default swap premia. Journal of Financial and Quantitative Analysis 44(1):109–132

    Article  Google Scholar 

  • Farrar DE, Glauber RR (1967) Multicollinearity in regression analysis: the problem revisited. Rev Econ Stat 49:92–107

    Article  Google Scholar 

  • Favero C, Pagano M, Von Thadden EL (2010) How does liquidity affect government bond yields? Journal of Financial and Quantitative Analysis 45(1):107–134

    Article  Google Scholar 

  • Ferrucci G (2003) Empirical determinants of emerging market economies’ sovereign bond spreads. Bank of England Working Paper No. 205, Available at SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=597422

  • Flamos A, Roupas CV, Psarras J (2013) GCC economies diversification: still a myth? Energy Sources Part B 8(4):360–368

    Article  Google Scholar 

  • Fornari F, Mele A (2013) Financial volatility and economic activity. Journal of Financial Management, Markets and Institutions 1:155–198

    Google Scholar 

  • Gabbori D, Awartani B, Maghyereh A, Virk N (2021) OPEC meetings, oil market volatility and herding behaviour in the Saudi Arabia stock market. Int J Financ Econ 26(1):870–888

    Article  Google Scholar 

  • Galariotis EC, Makrichoriti P, Spyrou S (2016) Sovereign CDS spread determinants and spillover effects during financial crisis: a panel VAR approach. J Financ Stab 26:62–77

    Article  Google Scholar 

  • Goetzmann W, Lingfeng L, Geert R (2005) Long term global market correlations. J Bus 78(1):1–38

    Article  Google Scholar 

  • Gonz´alez-Rozada M, Levy Yeyati E (2008) Global factors and emerging market spreads. Economic Journal 118:1917–1936

    Article  Google Scholar 

  • Hailemariam A, Smyth R, Zhang X (2019) Oil prices and economic policy uncertainty: evidence from a nonparametric panel data model. Energy Economics 83:40–51

    Article  Google Scholar 

  • Hammoudeh S, Liu T, Chang CL, McAleer M (2013a) Risk spillovers in oil-related CDS, stock and credit markets. Energy Economics 36:526–535

    Article  Google Scholar 

  • Hammoudeh S, Nandha M, Yuan Y (2013b) Dynamics of CDS spread indexes of US financial sectors. Appl Econ 45(2):213–223

    Article  Google Scholar 

  • Hammoudeh S, Sari R (2011) Financial CDS, stock market and interest rates: which drives which? The North American Journal of Economics and Finance 22(3):257–276

    Article  Google Scholar 

  • Hartelius KJ, Kashiwase K, Kodres LE (2008) Emerging market spread compression: is it real or is it liquidity? IMF working paper, Working Paper No. 08/10, Available at SSRN: https://ssrn.com/abstract=1087180

  • Heinz FF, Sun Y (2014) Sovereign CDS spreads in Europe: the role of global risk aversion, economic fundamentals, liquidity, and spillovers. IMF Working Paper, WP/14/17, Available at https://ideas.repec.org/p/imf/imfwpa/2014-017.html

  • Hilscher J, Nosbusch Y (2010) Determinants of sovereign risk: macroeconomic fundamentals and the pricing of sovereign debt. Review of Finance 14(2):235–262

    Article  Google Scholar 

  • Ho SH (2016) Long and short-runs determinants of the sovereign CDS spread in emerging countries. Res Int Bus Financ 36:579–590

    Article  Google Scholar 

  • Ivanovski K, Hailemariam A (2022) Time-varying geopolitical risk and oil prices. Int Rev Econ Financ 77:206–221

    Article  Google Scholar 

  • Ivanovski K, Hailemariam A, Smyth R (2021) The effect of renewable and non-renewable energy consumption on economic growth: nonparametric evidence. J Clean Prod 286:124956

    Article  Google Scholar 

  • Jordà Ò (2009) Simultaneous confidence regions for impulse responses. Rev Econ Stat 91(3):629–647

    Article  Google Scholar 

  • Juodis A, Karavias Y, Sarafidis V (2021) A homogeneous approach to testing for Granger non-causality in heterogeneous panels. Empirical Economics 60:93–112

    Article  Google Scholar 

  • Jurado K, Ludvigson SC, Ng S (2015) Measuring uncertainty. American Economic Review 105(3):1177–1216

    Article  Google Scholar 

  • Kocsis Z, Monostori Z (2016) The role of country-specific fundamentals in sovereign CDS spreads: Eastern European experiences. Emerg Mark Rev 27:140–168

    Article  Google Scholar 

  • Li D, Chen J, Gao J (2011) Nonparametric time-varying coefficient panel data models with fixed effects. Economet J 14(3):387–408

    Article  Google Scholar 

  • Li D, Plagborg-Møller M, Wolf CK (2022) Local projections Vvs. VARs: lessons from thousands of DGPS. Technical report. NBER Working Paper No. w30207, Available at SSRN: https://ssrn.com/abstract=4153100

  • Liddle B, Smyth R, Zhang X (2020) Time-varying income and price elasticities for energy demand: evidence from a middle-income panel. Energy Economics 86:104681

    Article  Google Scholar 

  • Liu F, Shao S, Li X, Pan N, Qi Y (2023) Economic policy uncertainty, jump dynamics, and oil price volatility. Energy Economics 120:106635

    Article  Google Scholar 

  • Longstaff FA, Pan J, Pedersen LH, Singleton KJ (2011) How sovereign is sovereign credit risk? Am Econ J Macroecon 3(2):75–103

    Article  Google Scholar 

  • Longstaff FA, Mithal S, Neis E (2005) Corporate yield spreads: default risk or liquidity? New evidence from the credit default swap market. J Financ 60(5):2213–2253

    Article  Google Scholar 

  • Maghyereh A, Abdoh H (2021) The effect of structural oil shocks on bank systemic risk in the GCC countries. Energy Economics 103:105568

    Article  Google Scholar 

  • Maghyereh A, Abdoh H (2022) Extreme dependence between structural oil shocks and stock markets in GCC countries. Resour Policy 76:102626

    Article  Google Scholar 

  • Maghyereh A, Awartani A, Abdoh H (2022) Asymmetric risk transfer in global equity markets: an extended sample that includes the COVID pandemic period. The Journal of Economic Asymmetries 25:e00239

    Article  Google Scholar 

  • Maghyereh A, Al Rababa’a AR, Ziadat SA (2023a) Re-examining the impact of oil price uncertainty on sovereign CDS spread of GCC countries: accounting for the asymmetry and outliers. Energy Research Letters 4:1–6

    Google Scholar 

  • Maghyereh A, Ziadat S, Al Rababa’a AR (2023b) The pass-through effects of oil price shocks on sovereign credit risks of GCC countries: evidence from the TVP-SVAR-SV framework. Int J Financ Econ. https://doi.org/10.1002/ijfe.2894

  • Maghyereh A, Awartani B, Sweidan OD (2019) Oil price uncertainty and real output growth: new evidence from selected oil-importing countries in the Middle East. Empirical Economics 56(5):1601–1621

    Article  Google Scholar 

  • Margaretic P, Pouget S (2018) Sovereign bond spreads and extra-financial performance: an empirical analysis of emerging markets. Int Rev Econ Financ 58:340–355

    Article  Google Scholar 

  • Newey WK, West KD (1987) Hypothesis testing with efficient method of moments estimation. Int Econ Rev 28(3):777–787

    Article  Google Scholar 

  • Oliveira L, Curto JD, Nunes JP (2012) The determinants of sovereign credit spread changes in the Euro-zone. J Int Finan Markets Inst Money 22(2):278–304

    Article  Google Scholar 

  • Pan J, Singleton KJ (2008) Default and recovery implicit in the term structure of sovereign CDS spreads. Journal of Finance 63:2345–2384

    Article  Google Scholar 

  • Pavlova I, De Boyrie ME, Parhizgari AM (2018) A dynamic spillover analysis of crude oil effects on the sovereign credit risk of exporting countries. Q Rev Econ Finance 68:10–22

    Article  Google Scholar 

  • Pesaran MH (2004) General diagnostic test for cross section dependence in panels. Cambridge Working Papers in Economics 0435, Faculty of Economics, University of Cambridge, Available at https://ideas.repec.org/p/ces/ceswps/_1229.html

  • Pesaran MH (2007) A simple panel unit root test in the presence of cross-section dependence. J Appl Economet 22(2):265–312

    Article  Google Scholar 

  • Rathi S, Mohapatra S, Sahay A (2022) Central bank gold reserves and sovereign credit risk. Financ Res Lett 45:102127

    Article  Google Scholar 

  • Romer C (1990) The great crash and the onset of the great depression. Q J Econ 105:597–624

    Article  Google Scholar 

  • Shahzad SJH, Naifar N, Hammoudeh S, Roubaud D (2017) Directional predictability from oil market uncertainty to sovereign credit spreads of oil-exporting countries: Evidence from rolling windows and crossquantilogram analysis. Energy Economics 68:327–339

    Article  Google Scholar 

  • Silvapulle P, Smyth R, Zhang X, Fenech JP (2017) Nonparametric panel data model for crude oil and stock market prices in net oil importing countries. Energy Economics 67:255–267

    Article  Google Scholar 

  • Tiwari AK, Eapen LL, Nair SR (2021) Electricity consumption and economic growth at the state and sectoral level in India: evidence using heterogeneous panel data methods. Energy Economics 94:105064

    Article  Google Scholar 

  • Uddin MM, Mishra V, Smyth R (2020) Income inequality and CO2 emissions in the G7, 1870–2014: evidence from nonparametric modelling. Energy Economics 88:104780

    Article  Google Scholar 

  • Wang Q, Dong Z, Li R, Wang L (2022a) Renewable energy and economic growth: new insight from country risks. Energy 238:122018

    Article  Google Scholar 

  • Wang Y, Wei M, Bashir U, Zhou C (2022b) Geopolitical risk, economic policy uncertainty and global oil price volatility—an empirical study based on quantile causality nonparametric test and wavelet coherence. Energ Strat Rev 41:100851

    Article  Google Scholar 

  • Wegener C, Basse T, Kunze F, von Mettenheim HJ (2016) Oil prices and sovereign credit risk of oil producing countries: an empirical investigation. Quantitative Finance 16(12):1961–1968

    Article  Google Scholar 

  • Westerlund J (2007) Testing for error correction in panel data. Oxford Bull Econ Stat 69(6):709–748

    Article  Google Scholar 

  • World Bank (2022a) Macro poverty outlook – Spring 2022. World Bank, Washington, DC

    Book  Google Scholar 

  • World Bank (2022b) Gulf economic update with a special focus achieving climate change pledges– Spring 2022. World Bank, Washington DC

    Book  Google Scholar 

  • Xiao J, Juodis A, Karavias Y, Sarafidis V (2023) Improved tests for Granger noncausality in panel data. Stand Genomic Sci 23(1):230–242

    Google Scholar 

  • Yao Y, Ivanovski K, Inekwe J, Smyth R (2020) Human capital and CO2 emissions in the long run. Energy Economics 91:104907

    Article  Google Scholar 

  • Zhang BY, Zhou H, Zhu H (2005) Explaining credit default swap spreads with the equity volatility and jump risks of individual firms, BIS Working Papers 181, Bank for International Settlements, Available at https://ideas.repec.org/p/bis/biswps/181.html

Download references

Acknowledgements

The authors extend their sincere appreciation to the anonymous referee who diligently reviewed an earlier version of the paper, offering valuable comments and suggestions that significantly contributed to its enhancement. Furthermore, the authors would like to convey their gratitude to Editor for the effective communication throughout the submission process. Finally, the first author acknowledges the financial support by College of Business and Economics at United Arab Emirates University under Grant No. CARP-Spring 2022.

Funding

This work was supported by the United Arab Emirates University [College Annual Research Program (CARP)-Spring 2022].

Author information

Authors and Affiliations

  1. Department of Accounting and Finance, United Arab Emirates University, Al Ain, UAE

    Aktham Maghyereh

  2. Department of Accounting and Finance, The Citadel: The Military College of South Carolina, Charleston, SC, USA

    Hussein Abdoh

Authors
  1. Aktham Maghyereh
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Hussein Abdoh
    View author publications

    You can also search for this author in PubMed Google Scholar

Contributions

Aktham Maghyereh: Initiated the subject, contributed to the methodologies, collected data, analyzed the data in MATLAP and R and interpretation and discussion of results. Hussein Abdoh: Review of literature, interpretation, and discussion of results, and wrote the first manuscript. The authors read and approved the final manuscript.

Corresponding author

Correspondence to Aktham Maghyereh.

Ethics declarations

Competing interests

The authors declare that they have no competing interests.

Additional information

Publisher's Note

Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.

Rights and permissions

Springer Nature or its licensor (e.g. a society or other partner) holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law.

Reprints and permissions

About this article

Check for updates. Verify currency and authenticity via CrossMark

Cite this article

Maghyereh, A., Abdoh, H. Oil price uncertainly and sovereign credit risk in GCC countries: fresh evidence. Int Econ Econ Policy 21, 457–482 (2024). https://doi.org/10.1007/s10368-024-00607-x

Download citation

  • Accepted:

  • Published:

  • Issue Date:

  • DOI: https://doi.org/10.1007/s10368-024-00607-x

Keywords

JEL Classification

Search

Navigation