经济学最新文献

{"title":"Transfers or subsidies? Comparing mitigation strategies for energy price shocks in a production network model","authors":"Natascha Hinterlang ,&nbsp;Marius Jäger ,&nbsp;Nikolai Stähler ,&nbsp;Johannes Strobel","doi":"10.1016/j.econmod.2025.107296","DOIUrl":"10.1016/j.econmod.2025.107296","url":null,"abstract":"<div><div>The dependency on imported essential production inputs poses a threat of abrupt price hikes and shortages, potentially triggered by political events. The energy crisis resulting from the Russian war of aggression is an example. Using a dynamic multi-sector economic model that is calibrated to Germany and incorporates endogenous firm entry and exit, this study investigates whether governments should bolster production via transfers or cost subsidies in the event of a crisis. Findings suggest that subsidizing production costs is more beneficial for economic activity and welfare, provided the energy demand due to the subsidy does not significantly influence the price of the essential production input. If it does, this approach could become exceedingly expensive. In such scenarios, it is economically more efficient to provide lump-sum transfers to firms. The effectiveness of these policies ultimately hinges on their impact on the price of the imported input.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"152 ","pages":"Article 107296"},"PeriodicalIF":4.7,"publicationDate":"2025-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145026897","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}

{"title":"Stock liquidity and corporate OFDI: Evidence from China’s capital market","authors":"Weizheng Sun ,&nbsp;Ling Yang ,&nbsp;Xiaoyue Zhang ,&nbsp;Ke Ma","doi":"10.1016/j.frl.2025.108434","DOIUrl":"10.1016/j.frl.2025.108434","url":null,"abstract":"<div><div>This study aims to explore whether and how stock liquidity influences corporate outward foreign direct investment (OFDI). We suggest that firms possessing higher stock liquidity have more access to enhance their ownership advantages, which can facilitate OFDI engagement. The positive effect is more pronounced for firms in industries with high external financing dependence and firms with high quality of internal control. These findings enhance our understanding of the antecedents of OFDI from the perspective of the capital market microstructure and provide policy implications for enhancing capital markets to support EMNEs' global expansion strategies.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108434"},"PeriodicalIF":6.9,"publicationDate":"2025-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145046962","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}

{"title":"Factors and Determinants of Financial Behaviors That Undermine Financial Well-Being: A Qualitative Study","authors":"Tania Morris,&nbsp;Lamine Kamano,&nbsp;Vicky Therrien","doi":"10.1111/joca.70025","DOIUrl":"https://doi.org/10.1111/joca.70025","url":null,"abstract":"<p>This paper aims to identify the factors, their determinants, and indicators contributing to financial behaviors that may be detrimental to people's financial well-being. A qualitative methodology was employed, involving financial professionals and members of the general population. The theory of planned behavior was inductively used as an analytical framework. The results suggest that detrimental financial behaviors are shaped by (1) attitudes such as financial apprehension, rigid financial mindsets, and lack of awareness; (2) social influences including relational pressure, sociocultural norms, geographic context, social media, and marketing; (3) perceived behavioral control factors such as limited knowledge, environmental conditions, financial ecosystem, and insufficient education; and (4) ingrained financial habits, including avoidance, cognitive biases, overconsumption, and lifestyle orientation. The originality of this research lies in the new insights it offers into the cognitive and psychological processes shaping financial behaviors. The findings interest stakeholders such as government bodies, financial education developers, researchers, and regulators.</p>","PeriodicalId":47976,"journal":{"name":"Journal of Consumer Affairs","volume":"59 3","pages":""},"PeriodicalIF":3.2,"publicationDate":"2025-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joca.70025","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145012744","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}

{"title":"Understanding industrial land allocation in rural regions of China: spatiotemporal patterns and driving mechanisms","authors":"Haimeng Shi ,&nbsp;Sun Zhang ,&nbsp;Meng Li ,&nbsp;Wei Chen ,&nbsp;Yao Luo ,&nbsp;Qiao Li ,&nbsp;Yang Yang ,&nbsp;Xinyi Liu","doi":"10.1016/j.habitatint.2025.103574","DOIUrl":"10.1016/j.habitatint.2025.103574","url":null,"abstract":"<div><div>Industrial land allocation in rural regions (RILA) is crucial for promoting rural economic development and advancing comprehensive rural revitalization. However, existing research lacks a comprehensive understanding of the evolutionary characteristics of RILA, much less its driving mechanisms. Therefore, this study innovatively evaluated and identified RILA on a large scale from the perspectives of scale, quantity, and type, constructing a “four-force” driving mechanism framework for RILA in China based on natural conditions, economic development, infrastructure, and the social environment. Then, we integrated the Random Forest regression model and the Multi-Scale Geographically Weighted Regression model to systematically analyze the spatiotemporal patterns and driving mechanisms of RILA in China. The results indicated that from 2007 to 2022, the mean value of the RILA scale (RS) fluctuated and increased from 150.49 to 272.58 ha, while the quantity of RILA (RQ) gradually rose from 51.21 to 81.02 parcels. Different types of RILA also manifested a yearly growth trend. Spatially, RS gradually shifted from the distribution east of the Hu Huanyong Line to the inland northwest. However, RQ primarily concentrated in the regions east of Hu's Line, particularly in the southeastern coastal regions. Notably, the spatial distribution characteristics varied across RILA types. Changes in the scale, quantity, and types of RILA were influenced by the four directional forces of natural conditions, economic development, infrastructure, and the social environment, respectively. The critical factors influencing RILA were power infrastructure (PI), urbanization (UR), regional land prices (LP), policy support (PS), water resources (WR), elevation (EL), and road density (RD), with PI having the highest explanatory power. PI, PS, and WR had positive impacts on RILA, while UR, LP, and EL exerted negative influences, and RD exhibited an inverted U-shaped trend. The impact of these key drivers on the scale, quantity, and types of RILA displayed significant spatial non-stationarity and certain gradient effects. This study could provide a reference for the sustainable utilization of rural industrial land.</div></div>","PeriodicalId":48376,"journal":{"name":"Habitat International","volume":"165 ","pages":"Article 103574"},"PeriodicalIF":7.0,"publicationDate":"2025-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145018426","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}

{"title":"Township economics: How the market structure of the informal economy impacts the recirculation of secondhand tires in South Africa","authors":"Nik Theodore, Phillip Frederick Blaauw, Catherina Schenck","doi":"10.1177/00420980251360868","DOIUrl":"https://doi.org/10.1177/00420980251360868","url":null,"abstract":"In the context of South Africa’s extraordinarily high unemployment rates, urban residents are increasingly fashioning livelihoods from the reclamation and recirculation of waste. Drawing on a survey of 458 unregistered tire dealerships operating in South African townships, this article examines the structure and operations of this segment of the informal economy. Our analysis addresses several underexplored aspects of informality, with a focus on market dynamics and interfirm competition within township economies. The article contributes to the literature on informal economies and recycling value chains by providing firm-level insights into the competitive pressures faced by unregistered tire dealerships, highlighting how market structures influence business outcomes. The study seeks to make three contributions to the literature on economic informality: it centers the microeconomics of the firm; adds to the understanding of evolving township economies; and examines the basis of interfirm competition and the geographies of informality. The research also highlights the dual nature of these microenterprises, which generate jobs and incomes but remain small-scale and survivalist, limiting their potential for growth and their broader economic impacts.","PeriodicalId":51350,"journal":{"name":"Urban Studies","volume":"53 1","pages":""},"PeriodicalIF":4.7,"publicationDate":"2025-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145056696","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}

{"title":"Household financial environment, financial literacy and fraud risk","authors":"Haotian Yang ,&nbsp;Xiang Li","doi":"10.1016/j.frl.2025.108385","DOIUrl":"10.1016/j.frl.2025.108385","url":null,"abstract":"<div><div>Utilizing the 2015 China Household Financial Survey (CHFS) data, this study develops financial literacy and environment indicators through factor analysis and examines their impact on household fraud risk using Tobit and IV Probit models. The findings reveal that an enhanced financial environment is associated with increased household exposure to fraud risk, a trend consistent across various sub-samples. Additionally, the influence of financial literacy on fraud susceptibility exhibits a positive “U” shape relationship.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108385"},"PeriodicalIF":6.9,"publicationDate":"2025-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145046975","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}

{"title":"Why old-age poverty matters: Evidence from consumption responses to income shocks","authors":"Yunho Cho ,&nbsp;Jiseob Kim ,&nbsp;Julie Kim","doi":"10.1016/j.jmacro.2025.103718","DOIUrl":"10.1016/j.jmacro.2025.103718","url":null,"abstract":"<div><div>This paper investigates consumption responses to idiosyncratic income shocks, focusing on the elderly in Korea—an economy with the highest old-age poverty rate among developed nations. Using a semi-structural model of income and consumption dynamics alongside household survey data from Korea, the U.S., and Australia, we find that Korean elderly households exhibit consumption responses to permanent income shocks that are 30% points higher than those of middle-aged households in Korea and 57% points higher than those of elderly households in the U.S. and Australia. These large consumption responses are primarily driven by the low wealth elderly, who lack sufficient self-insurance. Our findings emphasize the significant role of poverty, which remains highly persistent throughout the life cycle in Korea, in undermining the elderly’s ability to maintain consumption insurance, thereby deteriorating their welfare. Furthermore, our results highlight the critical role of government transfers in providing consumption insurance for the elderly.</div></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"86 ","pages":"Article 103718"},"PeriodicalIF":1.5,"publicationDate":"2025-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145049007","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}

{"title":"Large-scale building dilapidation assessment for high-density cities: An urban visual intelligence approach","authors":"Zihan Huang ,&nbsp;Weisheng Lu ,&nbsp;Junjie Chen ,&nbsp;Yiyi Xie","doi":"10.1016/j.cities.2025.106435","DOIUrl":"10.1016/j.cities.2025.106435","url":null,"abstract":"<div><div>Understanding the dilapidation condition of existing building stock is the first step in urban renovation and renewal. However, current assessment methods rely on tedious in-situ inspections, and manual inspection reports filing, which are difficult to scale for community- or city-wide implementation. Based on a proved association between urban phenomena with their appearance, this paper proposes an urban visual intelligence approach for large-scale building dilapidation assessment, leveraging widely accessible geographical big data (e.g., street view images and footprints). This method is easy to scale for assessing the building mass without a need of labor-intensive and expensive site survey. A deep learning model was trained to automatically process the large volumes of street view images and detect building defects with a precision of 90.4 % and F1 score of 80.7 %. The detected defects are positioned in a geo-spatial context for large-scale mapping and assessment with a building-level granularity. Piloted in the Kowloon Peninsula of Hong Kong, the proposed approach successfully evaluates the condition of over 9,172 buildings within an area of 47 million m² in 4 h. Theoretically, the paper enriches the emerging field of urban visual intelligence by extending its realm to urban renewal. Practically, this research provides a robust and scalable solution for mass dilapidation assessment to inform policy-making and urban planning. The mapping results offer a new stream of quantitative data for future studies to understand the mechanism of urban decay.</div></div>","PeriodicalId":48405,"journal":{"name":"Cities","volume":"168 ","pages":"Article 106435"},"PeriodicalIF":6.6,"publicationDate":"2025-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145019584","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}

{"title":"Development of multimorbidity patterns in older adults in Switzerland: A competing risks modeling approach","authors":"Laura Iveth Aburto Barrera ,&nbsp;Anna Nicolet ,&nbsp;Christophe Bagnoud ,&nbsp;Joachim Marti ,&nbsp;Joël Wagner","doi":"10.1016/j.insmatheco.2025.103155","DOIUrl":"10.1016/j.insmatheco.2025.103155","url":null,"abstract":"<div><div>Multimorbidity, multiple long-term health conditions co-occurring in one individual, is a complex challenge that affects individuals, healthcare systems, and society. People with multimorbidity have a lower quality of life, higher mortality, and more complex needs and holistic treatments, resulting in higher health insurance and overall healthcare costs. Our study aims to investigate the progression of multimorbidity by identifying the main disease patterns in the adult population. Using an extensive dataset of health insurance claims from one of the largest Swiss health insurance companies, we categorize chronic long-term diseases into different pharmacy cost groups based on a medical classification system to assess the morbidity status of insureds. Developing on a competing risks framework, we use subdistribution hazard models adjusted for age effects to model key multimorbidity patterns, considering the most prevalent chronic diseases in the population. Our analysis focuses on estimating cumulative incidence functions for gender-specific trajectories. By shedding light on these patterns, our study contributes to a deeper understanding of multimorbidity dynamics and potential patient pathways. It provides information for decision-makers, financial planners, and healthcare professionals to enable optimal resource allocation and facilitate prevention and interventions tailored to the needs of various morbidity groups to reduce the disease burden and economic impact.</div></div>","PeriodicalId":54974,"journal":{"name":"Insurance Mathematics & Economics","volume":"125 ","pages":"Article 103155"},"PeriodicalIF":2.2,"publicationDate":"2025-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145026607","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}

{"title":"Bayesian analysis of spatial panel Durbin model with convex combinations of different spatial weight matrices","authors":"Jiajia Wang","doi":"10.1016/j.econlet.2025.112587","DOIUrl":"10.1016/j.econlet.2025.112587","url":null,"abstract":"<div><div>This study examines the spatial panel Durbin model with convex combinations of different spatial weight matrices. These combinations are present not only in the spatial lag of the dependent variable but also in the spatial lags of the explanatory variables. Moreover, the combination coefficients in the spatially lagged dependent and explanatory variables may differ. An adaptive MCMC sampling method is used for the Bayesian estimation of this model. Additionally, this study explores model selection issues using the posterior Bayesian information criterion.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"256 ","pages":"Article 112587"},"PeriodicalIF":1.8,"publicationDate":"2025-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145046782","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}