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An Economic Perspective on Planetary Boundaries
IF 5.8 2区 经济学
Annual Review of Resource Economics Pub Date : 2025-04-22 DOI: 10.1146/annurev-resource-013024-033016
Edward B. Barbier
{"title":"An Economic Perspective on Planetary Boundaries","authors":"Edward B. Barbier","doi":"10.1146/annurev-resource-013024-033016","DOIUrl":"https://doi.org/10.1146/annurev-resource-013024-033016","url":null,"abstract":"In the current era of ecological scarcity and rising global environmental risks, there are increasing calls for limits on damage to the environment. Some scientists advocate imposing planetary boundaries to protect key Earth system processes from human impacts. This article reviews the economic implications of such an approach. From an economic perspective, planetary boundaries represent both a relative and absolute scarcity problem. Imposing such absolute limits may avoid undesirable tipping points, but they are not sufficient for optimal environmental management. The failure to tackle increasing relative ecological scarcity will lead to unsustainable use and could make keeping within limits unattainable. In view of these challenges raised by the planetary boundary approach, economics has three important roles: more robust modeling of the environmental impacts to incorporate risk and uncertainty, valuing ecological capital and its services, and informing local and global policies for improved management of globally important resources and sinks.","PeriodicalId":48856,"journal":{"name":"Annual Review of Resource Economics","volume":"1 1","pages":""},"PeriodicalIF":5.8,"publicationDate":"2025-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143862911","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Land acquisition and economic development: A decolonised view
IF 5.4 1区 经济学
World Development Pub Date : 2025-04-22 DOI: 10.1016/j.worlddev.2025.107011
Amit Bhaduri , Kaustav Banerjee
{"title":"Land acquisition and economic development: A decolonised view","authors":"Amit Bhaduri ,&nbsp;Kaustav Banerjee","doi":"10.1016/j.worlddev.2025.107011","DOIUrl":"10.1016/j.worlddev.2025.107011","url":null,"abstract":"<div><div>While the colonial powers had access to lands and related resources in other countries for their initial phases of industrialisation, this choice is mostly unavailable to postcolonial countries. In this paper its consequence for the model of accumulation with land acquisition as the central variable in a post-colonial democracy is analysed through a government enabled corporate led industrialisation strategy. We develop a model of land acquisition in <span><span>Section 2</span></span> with its implication for land use patterns taking into account the impacts of demand constraints due to a limited domestic and foreign market. The analysis brings out the net effect of land utilization pattern on employment and output in various situations, and shows its links with the growth of the informal labour markets as a necessary adjunct of the corporate land acquisition model. In <span><span>section 3</span></span> the impact on the informal economy is considered in some details. It shows how a general scheme of cost and regulation arbitrage employed by the corporate sector captures to some extent its impact on the informal sector. The intertwined development of the organized with a vast unorganized sector requires political legitimization to be sustainable. The concluding <span><span>section 4</span></span> deals with the typical legitimization strategies that are adopted to define a spectrum, and the emergence of varieties of corporate capitalist democracies with different role of the state. The paper attempts to identify some elements that partly account for success and failure of the state in ushering in development in post colonial democracies.</div></div>","PeriodicalId":48463,"journal":{"name":"World Development","volume":"192 ","pages":"Article 107011"},"PeriodicalIF":5.4,"publicationDate":"2025-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143855032","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Automation, education, and population: Dynamic effects in an OLG growth and fertility model 自动化、教育和人口：OLG 增长与生育率模型的动态效应
IF 2.3 3区 经济学
Journal of Economic Behavior & Organization Pub Date : 2025-04-22 DOI: 10.1016/j.jebo.2025.107002
Catarina Peralta , Pedro Mazeda Gil
{"title":"Automation, education, and population: Dynamic effects in an OLG growth and fertility model","authors":"Catarina Peralta ,&nbsp;Pedro Mazeda Gil","doi":"10.1016/j.jebo.2025.107002","DOIUrl":"10.1016/j.jebo.2025.107002","url":null,"abstract":"<div><div>We address two main structural changes occurring in developed countries: the rise of automation and population ageing. Using an R&amp;D-based growth model under an OLG framework, we consider education and fertility decisions, as well as automation in the production process, to explore the interplay between population ageing and automation. The results reveal dynamics that align with the US trends from 1970 to 2021. In particular, in response to increasing real wages, the model captures a decline in the fertility rate for low-skilled workers but an increase for high-skilled workers, consistent with observed data. We also analyze the model’s response to shocks related to automation and demographics (fertility vs. longevity), as well as policy instruments designed to reduce inequality.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"234 ","pages":"Article 107002"},"PeriodicalIF":2.3,"publicationDate":"2025-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143855430","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Analyst forecasts worldwide: The impact of ESG information from diverse sources and regulatory mandates
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2025-04-22 DOI: 10.1111/irfi.70017
Miao Yu, Ziyao San, Dan Shi, Albert Tsang
{"title":"Analyst forecasts worldwide: The impact of ESG information from diverse sources and regulatory mandates","authors":"Miao Yu,&nbsp;Ziyao San,&nbsp;Dan Shi,&nbsp;Albert Tsang","doi":"10.1111/irfi.70017","DOIUrl":"https://doi.org/10.1111/irfi.70017","url":null,"abstract":"<p>In this study, we investigate the informativeness of the non-financial environmental, social, and governance (ESG) information provided by various intermediaries including firms, the media, and ESG rating agencies, to financial analysts. By analyzing cross-sectional ESG data from various sources related to 56 countries, we find that ESG information plays a crucial role in shaping analyst forecasts. More importantly, we examine the interaction between internally and externally sourced information on affecting analysts. Our results suggest that while ESG information from the media attenuates the impact of firms' ESG disclosures on reducing analysts' forecast errors and dispersion, information from ESG rating agencies increases this impact. We also find that globally implemented mandatory ESG disclosure regulations significantly increase the effect of ESG information from all three sources on analysts. In countries with a stronger stakeholder orientation, financial analysts tend to derive greater relative benefits from ESG information obtained from various sources. Overall, the findings of this study support the conclusion that both externally and internally sourced ESG information is of significant value for financial analysts, and the implementation of mandatory ESG disclosure requirements in a country increases this significance.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 2","pages":""},"PeriodicalIF":1.8,"publicationDate":"2025-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143857122","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Sophistication drives higher growth than navïeté in the Ak model with hyperbolic discounting: An exhaustive numerical exploration
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-04-22 DOI: 10.1016/j.econlet.2025.112311
Manuel A. Gómez
{"title":"Sophistication drives higher growth than navïeté in the Ak model with hyperbolic discounting: An exhaustive numerical exploration","authors":"Manuel A. Gómez","doi":"10.1016/j.econlet.2025.112311","DOIUrl":"10.1016/j.econlet.2025.112311","url":null,"abstract":"<div><div>This paper examines the <em>Ak</em> endogenous growth model with naïve and sophisticated agents under hyperbolic discounting. The utility function is isoelastic, with an intertemporal elasticity of substitution less than one. We derive a simple condition to verify that the effective rate of time preference is lower — and, consequently, the growth rate is higher — when agents are sophisticated rather than naïve. An extensive numerical analysis suggests that this condition holds across the entire feasible parameter space.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"252 ","pages":"Article 112311"},"PeriodicalIF":2.1,"publicationDate":"2025-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143863740","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Is it advantageous to be first? Evidence from a TV comedy program 第一是否有利？来自电视喜剧节目的证据
IF 2.3 3区 经济学
Journal of Economic Behavior & Organization Pub Date : 2025-04-22 DOI: 10.1016/j.jebo.2025.107009
Real Arai , Ryosuke Okazawa
{"title":"Is it advantageous to be first? Evidence from a TV comedy program","authors":"Real Arai ,&nbsp;Ryosuke Okazawa","doi":"10.1016/j.jebo.2025.107009","DOIUrl":"10.1016/j.jebo.2025.107009","url":null,"abstract":"<div><div>Using unique data from contests in a Japanese comedy TV show, we estimate the impact of position order on performance evaluations. By exploiting the fact that positions in the contest are randomly determined by lottery, we estimate the effect of position order and find that the first position is favorable in the contest. One interpretation of these results is that the first performance is more likely to receive a default evaluation, which may be advantageous in less competitive contests where there are many winners relative to the number of participants. We present evidence that is consistent with this interpretation.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"234 ","pages":"Article 107009"},"PeriodicalIF":2.3,"publicationDate":"2025-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143855429","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Bargaining-Equilibrium equivalence
IF 1 4区 经济学
Journal of Mathematical Economics Pub Date : 2025-04-22 DOI: 10.1016/j.jmateco.2025.103117
Anuj Bhowmik , Sandipan Saha
{"title":"Bargaining-Equilibrium equivalence","authors":"Anuj Bhowmik ,&nbsp;Sandipan Saha","doi":"10.1016/j.jmateco.2025.103117","DOIUrl":"10.1016/j.jmateco.2025.103117","url":null,"abstract":"<div><div>The paper tries to answer one of the more nascent questions in the literature on general equilibrium theory by investigating the equivalence between the set of club equilibrium allocations and the bargaining set for a club economy. Clubs in this framework are treated in a parallel fashion to private goods as articles of choice. Each club comprises two components: (i) the profile of the club and (ii) the club project. We define a two-step veto mechanism and introduce the bargaining set in line with Aumann et al. (1961) for such an economy. In this paper, we establish that non-club-equilibrium allocations are those against which there exists a set of agents and a price vector at which they agree to trade amongst themselves rather than consume the non-club-equilibrium allocation assigned to them and all other agents (weakly) prefer the non-club-equilibrium allocation to trading at that particular price vector. In other words, there is a Walrasian objection to any non-club equilibrium allocation. We further show that Walrasian objections are also justified, which helps us to establish our equivalence between the set of equilibrium allocations and the bargaining set for an atomless club economy.</div></div>","PeriodicalId":50145,"journal":{"name":"Journal of Mathematical Economics","volume":"118 ","pages":"Article 103117"},"PeriodicalIF":1.0,"publicationDate":"2025-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143870709","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Central banks’ financial stability orientation and bank risk-taking
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2025-04-22 DOI: 10.1016/j.jfs.2025.101409
Christy Dwita Mariana , Arisyi F. Raz
{"title":"Central banks’ financial stability orientation and bank risk-taking","authors":"Christy Dwita Mariana ,&nbsp;Arisyi F. Raz","doi":"10.1016/j.jfs.2025.101409","DOIUrl":"10.1016/j.jfs.2025.101409","url":null,"abstract":"<div><div>The existing literature provides inconclusive theoretical predictions regarding whether central banks’ monetary policy should address financial stability. We therefore empirically evaluate the effect of central banks’ financial stability orientation (“leaning against the wind”) on bank risk-taking. Our baseline results from cross-country, bank-level panel data suggest that higher central banks’ financial stability orientation significantly reduces bank risk-taking. Further investigation shows that monetary policy aimed at achieving financial stability complements macroprudential policy in reducing bank risk-taking, particularly during macroprudential policy tightening. These results offer novel insights into the effect of central bank’s monetary policy on bank stability and provide empirical evidence to prior theoretical works.</div></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"78 ","pages":"Article 101409"},"PeriodicalIF":6.1,"publicationDate":"2025-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143868791","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Effects of CEO inside debt on corporate ESG behavior: role of major shareholders
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-04-22 DOI: 10.1016/j.frl.2025.107462
Ruoyu Fan , Ziming Ren
{"title":"Effects of CEO inside debt on corporate ESG behavior: role of major shareholders","authors":"Ruoyu Fan ,&nbsp;Ziming Ren","doi":"10.1016/j.frl.2025.107462","DOIUrl":"10.1016/j.frl.2025.107462","url":null,"abstract":"<div><div>This study examines the connection between CEOs’ inside debt holdings and corporate ESG performance. Using a sample of publicly listed Chinese firms from 2013 to 2023, we provide strong evidence that inside debt positively influences corporate ESG performance, though this effect is diminished by the presence of large shareholders. Our analysis also shows that CEO inside debt improves ESG performance by lowering debt financing costs and enhancing the quality of financial reporting. These findings remain consistent across various sensitivity and endogeneity tests. Overall, this research makes a meaningful contribution to the rapidly expanding literature on inside debt and ESG.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"81 ","pages":"Article 107462"},"PeriodicalIF":7.4,"publicationDate":"2025-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143868216","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Determinants of Student Loan Repayment Worry 学生贷款偿还担忧的决定因素
IF 2.5 3区 经济学
Journal of Consumer Affairs Pub Date : 2025-04-22 DOI: 10.1111/joca.70011
Frank M. Magwegwe
{"title":"The Determinants of Student Loan Repayment Worry","authors":"Frank M. Magwegwe","doi":"10.1111/joca.70011","DOIUrl":"https://doi.org/10.1111/joca.70011","url":null,"abstract":"<p>Millions of student loan borrowers worry about their loan repayments. Previous research has focused on student loan debt's impact on post-college outcomes, overlooking psychological aspects like repayment worry. Utilizing data from the 2021 National Financial Capability Survey (<i>n</i> = 2582), we developed and tested a theoretical model for understanding the determinants of student loan repayment worry (repayment worry) and the moderating effects of gender on the association between stressors (financial hardship and student loan delinquency) and repayment worry. Logistic regression showed that financial hardship and student loan delinquency are significant predictors of repayment worry. The coping resources we studied—financial self-efficacy, financial satisfaction, and household income—were significantly linked to lower repayment worry, except for financial capability. Notably, gender was a significant moderator of the financial hardship—repayment worry association, with males experiencing stronger effects than females, but did not moderate the student loan delinquency—repayment worry association. Implications for mitigating repayment worry are offered.</p>","PeriodicalId":47976,"journal":{"name":"Journal of Consumer Affairs","volume":"59 2","pages":""},"PeriodicalIF":2.5,"publicationDate":"2025-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joca.70011","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143857037","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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