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The withdrawal of the United Kingdom from the European Union (i.e. Brexit) raises numerous trade and economic questions that affect all the member states. The United Kingdom is not a significant trade partner of Hungary; however, the Hungarian foreign trade is strongly bounded to Germany whose main trade partner is the United Kingdom. This study estimates the direct and indirect effects of Brexit (the shock's spillover from the German economy) on Hungarian foreign trade, using a VECM (vector error correction model) with several macroeconomic and foreign trade variables. The results suggest that the indirect effect will be greater: the Brexit-induced changes in the performance of the German economy (in particular the dominant automotive industry) may have a major impact on the Hungarian export activity. Still, the future trade relationship between the United Kingdom and the European Union is uncertain, so the scale of the effects is unpredictable. [ABSTRACT FROM AUTHOR]

Philips, Rutherford, and Whitten (2016, Stata Journal 16: 662–677) introduced dynsimpie, a command to examine dynamic compositional dependent variables. In this article, we present an update to dynsimpie and three new adofiles: cfbplot, effectsplot, and dynsimpiecoef. These updates greatly enhance the range of models that can be estimated and the ways in which model results can now be presented. The command dynsimpie has been updated so that users can obtain both prediction plots and change-from-baseline plots using postestimation commands. With the new command dynsimpiecoef, various types of coefficient plots can also be obtained. We illustrate these improvements using monthly data on support for political parties in the United Kingdom. [ABSTRACT FROM AUTHOR]

Aiming at the key problem of low precision of the deformation data due to the inaccurate correction of the original image interference phase error based on the ground-based synthetic aperture radar(GB-SAR) in open pit slope， the sources and distribution characteristics of interference phase error in original image were analyzed with the original GB-SAR image of Malanzhuang open-pit iron mine as the data source. The method of extracting PS points and high-quality PS points by using triple threshold was also proposed. In addition， a multi-regression model was established based on the high-quality PS point phase and pixel coordinates. According to the model， the PS point phase was corrected to obtain the accurate deformation phase and the single image deformation， and the superposition deformation analysis was performed on the time series. The results show that the GB-SAR deformation monitoring error correction method based on multiple regression model can accurately correct the GB-SAR deformation monitoring error and improve the accuracy of deformation monitoring data. [ABSTRACT FROM AUTHOR]

International real business cycle (IRBC) models predict a real exchange rate volatility that is much lower than the levels observed in the data. In this paper, we build a two-country IRBC model with both a traded and a non-traded goods sector, and calibrate it to UK-euro area (EA) data. We provide evidence on the existence of a cointegrating relationship between UK and EA traded sector total factor productivity (TFP) by estimating a vector error correction model (VECM). To account for this relationship, we incorporate non-stationary technology shocks in the traded sectors in our model, and show that then the model is able to match the observed volatility of the UK–EA real exchange rate. Our analysis points out that both the presence of non-traded sectors and non-stationary technology shocks are necessary to account for the observed volatility in the real exchange rate. [ABSTRACT FROM AUTHOR]

This paper examines the dynamic relationship between the consumer price index (CPI) and the producer price index (PPI) in the UK, France and Germany from 1997 to 2013. We employ the momentum-threshold autoregressive (MTAR) cointegration model for empirical analysis. The results show that the CPI and the PPI are cointegrated with bi-directional long-run Granger causality between CPI and PPI, signifying the existence of both demand-pull and the cost-push nature of inflation. The estimates of threshold vector error correction models (TVECMs) indicate asymmetric adjustments to equilibrium, where upward adjustments are statistically significant but downward adjustments are sluggish and insignificant. Moreover, we generate the unconditional half-life estimates as a measure of persistence, which reveal robust evidence of complex non-linearities in the adjustment process. Our overall results provide valuable information for policymakers to formulate inflation-control policies and optimal policy horizons under a non-linear framework. [ABSTRACT FROM AUTHOR]

This paper analyses the role of social responsible (SR) pension funds as influential institutional shareholders in the corporate sustainability of investee firms. We study the influence of 197 UK SR pension funds on 1,253 firms with 31 environmental, social, and governance (ESG) indicators from 2002 to 2018. According to the indicator nature, we perform logit and ordinary least square (OLS) estimations with panel error correction models to control causality. Our results show that SR pension funds significantly impact on 41.93% of the ESG indicators studied. We find that larger pension‐fund shareholding positively influences on ESG firm performance and encourages proactive behaviour towards environmental practices. Firms with larger pension‐fund shareholding are more likely to use renewable energies and disclose environmental information, increasing the firm transparency towards stakeholders. This study contributes to understand that, besides stakeholders, institutional shareholders (SR pension funds) demand sustainable development and are able to transfer important values for the society and the environment to corporate governance. [ABSTRACT FROM AUTHOR]

The article presents a study which discusses the effect of electronic requesting on pre-analytical errors in primary care in Great Britain. Topics discussed include the analysis of error data during pre- and post implementation of primary care electronic requesting, the quality of information, and the importance of electronic requesting to reduce pre-analytical errors across all laboratories.