http://hdl.handle.net/10174/959 2026-10-11T14:54:10Z 2026-10-11T14:54:10Z Kirikkaleli, Dervis Castanho, Rui Ferreira, Paulo Almeida, Dora Athari, Seyed http://hdl.handle.net/10174/42648 2026-10-09T11:42:45Z 2026-09-29T23:00:00Z

Title: Exploring the dynamic nexus between SDG 7 and SDG 9: A wavelet–quantile perspective in Portugal Authors: Kirikkaleli, Dervis; Castanho, Rui; Ferreira, Paulo; Almeida, Dora; Athari, Seyed Abstract: This study examines the dynamic and frequency-dependent nexus between Sustainable Development Goal 7 (SDG 7 – Affordable and Clean Energy) and Sustainable Development Goal 9 (SDG 9 – Industry, Innovation and Infrastructure) in Portugal. Despite the growing literature on sustainable transitions, the relationship between clean energy development and industrial innovation, although studied through quantile-based and wavelet-quantile approaches, remains underexplored at the country-specific level, particularly in Portugal from a time–frequency–quantile perspective. Using quarterly series derived from annual data and covering 2000Q1 to 2024Q4, the study employed wavelet-based econometric techniques—specifically wavelet quantile cointegration, wavelet quantile regression, and wavelet quantile correlation—to capture the linkage between the two SDGs across multiple time scales and quantiles. The results indicated that a higher SDG 7 index score was more strongly and positively associated with SDG 9 in the medium to long term, while SDG 9 was significantly associated with SDG 7 across all time periods and quantiles. Moreover, the wavelet quantile correlation showed strong long-term co-movement between the two SDGs, consistent with structural complementarity in Portugal's sustainable development pathway. These findings highlight the importance of integrating clean energy strategies with industrial innovation policies. Enhancing R&D incentives for energy-efficient technologies, promoting green infrastructure, and fostering public–private partnerships can amplify mutual gains between energy and innovation. The results emphasize that aligning energy transition policies with innovation-driven industrial frameworks may help accelerate Portugal's progress toward achieving a resilient, low-carbon, and innovation-oriented economy by 2030.

2026-09-29T23:00:00Z Dionísio, Andreia Ferreira, Paulo Almeida, Dora http://hdl.handle.net/10174/42647 2026-10-09T11:42:32Z 2026-09-15T23:00:00Z

Title: Crypto-chic: How digital assets influence the dynamics of the luxury market Authors: Dionísio, Andreia; Ferreira, Paulo; Almeida, Dora Abstract: The growing importance of cryptoassets raises questions about their implications for the real economy. Their enigmatic nature has led to the assumption that substantial profits fuel luxury consumption, raising the question of whether digital wealth creation involves a “crypto wealth effect” in luxury markets. Despite growing cryptoassets adoption in investment portfolios, their correlation with luxury goods remains underexplored. This study investigates the long-range memory properties and interdependence between cryptoasset and luxury goods markets from 2016 to 2025 applying econophysics approaches. The findings reveal long-range persistent behavior in all cryptoassets and the luxury goods index, while the S&P 500, NASDAQ, and gold are anti-persistent. Cross-correlation between cryptoassets and luxury markets is positive and increasing, strengthening after 2020, indicating pronounced co-movement. The information flow is bidirectional and time-varying, with Bitcoin acting as net influencer of the luxury market over most of the period, although leadership shifts across market regimes. These results are consistent with a “crypto wealth effect” at the financial market level, but do not measure actual luxury consumption or establish causal mechanisms. Rather, digital asset and luxury markets have become increasingly interconnected in a dynamic and regime-dependent manner. The findings have relevant implications for investors, portfolio managers, luxury brand managers, and policymakers.

2026-09-15T23:00:00Z Almeida, Dora Ferreira, Paulo Dionísio, Andreia Quintino, Derick Aslam, Faheem http://hdl.handle.net/10174/42491 2026-08-20T12:29:43Z 2026-08-03T23:00:00Z

Title: Quantifying Market Sentiment Influence on Systemic Connectedness: A Quantile-Based Analysis Across Asset Classes Authors: Almeida, Dora; Ferreira, Paulo; Dionísio, Andreia; Quintino, Derick; Aslam, Faheem Abstract: Financial markets are becoming more interconnected, leading to a better under- standing of how shocks can spread across different markets. Investor sentiment is crucial in market dynamics, especially during high volatility. However, traditional mean-based connectedness measures fail to capture asymmetric dependence and tail-risk dynamics and are therefore less suitable under extreme market conditions, such as crises or periods of heightened uncertainty. Against this backdrop, this study employs a quantile connectedness approach to analyze the transmission of shocks among ten financial indices, including a crypto assets-related index and an eco- nomic-news-related sentiment index. The results show significant changes in shock transmission patterns, with the Daily News Sentiment Index (DNSI) being the pri- mary transmitter during bull markets, reinforcing the influence of news sentiment on investor behavior. Traditional indices like MSCI USA (MSCI_USA) and MSCI Europe (MSCI_EUR) are key transmitters in bear and normal market conditions, while MSCI China (MSCI_CN) and the Dow Jones Commodity Index (DJCI) are more sensitive to external shocks and act as net receivers. Furthermore, the dynamic analysis highlights the evolving role of sentiment-based indicators, particularly in extreme market regimes, supporting the role of sentiment-driven contagion effects and emphasizing their relevance for risk management. These findings highlight the importance of sentiment and traditional and emerging markets in risk management and portfolio diversification for investors and policymakers.

2026-08-03T23:00:00Z Borrega, Alexandre Rego, Conceição Rocha de Sousa, Miguel http://hdl.handle.net/10174/42414 2026-07-28T11:03:20Z 2026-06-30T23:00:00Z

Title: Unpacking regional development in the EU: The interplay of cohesion, institutions, and sustainability Authors: Borrega, Alexandre; Rego, Conceição; Rocha de Sousa, Miguel Abstract: This paper examines regional development in the European Union from a multidimensional and dynamic perspective, addressing the limited understanding of how economic, social, institutional, and environmental dimensions interact over time. While existing research often treats these dimensions separately or relies on static indicators, less attention has been paid to their temporal interdependencies and adjustment dynamics. Using a panel vector autoregressive model with common correlated effects (PVAR-CCE) applied to 233 NUTS-2 regions over the period 2000–2022, the analysis identifies the dynamic interactions linking these dimensions while accounting for cross-sectional dependence and regional heterogeneity. The results provide evidence of a structured system of interdependencies governing regional development. They reveal a dual adjustment structure characterised by a fast-moving economic–social cycle linking employment, income, and youth exclusion, and a slower structural dynamic driven by institutional quality, human capital, and environmental conditions. These dynamics vary across regions and income levels, highlighting persistent structural constraints in lagging regions and more integrated development trajectories in advanced regions. Environmental sustainability emerges as a constitutive component of regional development rather than a peripheral outcome, extending place-based approaches beyond income-based frameworks. Overall, the findings contribute to a more integrated understanding of regional development and provide an empirical basis for assessing the feasibility of EU policy objectives related to cohesion, sustainability, and balanced territorial development.

2026-06-30T23:00:00Z