International Economics最新文献_第2页

Debt relief instruments and external debt dynamics following natural disasters in developing countries 发展中国家自然灾害后的债务减免工具和外债动态

International Economics Pub Date : 2025-08-16 DOI: 10.1016/j.inteco.2025.100624

Sansan Vincent de Paul Kambou

{"title":"Debt relief instruments and external debt dynamics following natural disasters in developing countries","authors":"Sansan Vincent de Paul Kambou","doi":"10.1016/j.inteco.2025.100624","DOIUrl":"10.1016/j.inteco.2025.100624","url":null,"abstract":"<div><div>This paper examines the effectiveness of debt relief in shaping external debt dynamics in the aftermath of large-scale natural disasters. Using a sample of 74 developing countries over the period 1990–2018, the empirical results reveal significant increase in debt stocks following high-intensity natural disasters. This accumulation is particularly pronounced in low-income countries, while the effects observed in upper-middle-income countries depend on the severity of the disasters. The analysis shows that initiatives aimed at restructuring public debt, such as agreements among official creditors, play an effective role in restoring debt sustainability after natural disasters, provided that a reduction in the nominal amount of debt is granted. Similarly, the study highlights the critical need to reschedule debts after natural disasters. Net Present Value (NPV)-based strategies implemented immediately post-disaster – particularly those involving maturity extensions – prove essential for absorbing near-term liquidity shocks while stabilizing debt trajectories when face value reductions are unavailable. By contrast, official development assistance (ODA) has only a limited impact on mitigating debt accumulation resulting from high-intensity disasters. Finally, the results suggest that countries engaging in preventive restructuring negotiations with private creditors benefit from more favorable conditions in the short term, without jeopardizing access to new financing sources.</div></div>","PeriodicalId":13794,"journal":{"name":"International Economics","volume":"184 ","pages":"Article 100624"},"PeriodicalIF":0.0,"publicationDate":"2025-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144907245","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The impact of state-level economic policy uncertainty on loan pricing 国家层面经济政策不确定性对贷款定价的影响

International Economics Pub Date : 2025-08-13 DOI: 10.1016/j.inteco.2025.100629

Xuan Thang Nguyen, Thi Ngoc Phuong Nguyen

引用次数: 0

Financial development, disaggregated oil shocks, and renewable energy consumption 金融发展、石油冲击和可再生能源消费

International Economics Pub Date : 2025-08-11 DOI: 10.1016/j.inteco.2025.100623

Tayyebeh Aliakbari , Helena Glebocki

引用次数: 0

Does English proficiency promote international trade? 精通英语能促进国际贸易吗？

International Economics Pub Date : 2025-08-09 DOI: 10.1016/j.inteco.2025.100628

Cristina Strango , Mihai Mutascu , Scott W. Hegerty

引用次数: 0

Navigating competitiveness in Mediterranean countries: drivers of manufacturing exports by technological intensity 驾驭地中海国家的竞争力：技术强度对制造业出口的驱动

International Economics Pub Date : 2025-07-30 DOI: 10.1016/j.inteco.2025.100625

Adrián Rial , Daniel Herrero , Walter Paternesi Meloni

{"title":"Navigating competitiveness in Mediterranean countries: drivers of manufacturing exports by technological intensity","authors":"Adrián Rial , Daniel Herrero , Walter Paternesi Meloni","doi":"10.1016/j.inteco.2025.100625","DOIUrl":"10.1016/j.inteco.2025.100625","url":null,"abstract":"<div><div>The financial crisis of 2008 and the subsequent economic slowdown pushed the Mediterranean economies – Greece, Italy, Portugal, and Spain – to place particular reliance on exports as a driver of recovery. To do so, these countries implemented a series of reforms aimed at strengthening their international competitiveness and at narrowing the divide with Germany, the benchmark for trade performance. Against this backdrop, we examine the evolution of relevant competitiveness indicators and empirically assess how they have influenced the export of manufactured goods (timespan: 1995–2018). We discern two distinct dimensions of competitiveness, encompassing, on the one hand, prices and labour costs, and on the other hand, non-price elements. Our analysis features two noteworthy characteristics: first, we explore the manufacturing sector by categorising it based on technological intensity; second, we employ a vertically-integrated subsystem approach. Despite the reduction in the gap with the ‘leading’ economy, we document the persistence of a substantial disparity in competitiveness between Mediterranean countries and Germany, extending beyond the high-tech segment of manufacturing. Moreover, our econometric evidence highlights the importance of quality (and complexity differentials) in intercepting foreign demand, while challenging the view that cost competition is only relevant for less sophisticated sectors.</div></div>","PeriodicalId":13794,"journal":{"name":"International Economics","volume":"183 ","pages":"Article 100625"},"PeriodicalIF":0.0,"publicationDate":"2025-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144772661","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The terrorism-finance nexus contingent on globalisation and governance dynamics in Africa 恐怖主义与金融的联系取决于全球化和非洲的治理动态

International Economics Pub Date : 2025-07-22 DOI: 10.1016/j.inteco.2025.100622

Simplice A. Asongu , Tii N. Nchofoung

{"title":"The terrorism-finance nexus contingent on globalisation and governance dynamics in Africa","authors":"Simplice A. Asongu , Tii N. Nchofoung","doi":"10.1016/j.inteco.2025.100622","DOIUrl":"10.1016/j.inteco.2025.100622","url":null,"abstract":"<div><div>This paper investigates the effect of terrorism on financial development and how globalisation and governance moderate the incidence of terrorism on financial development in Africa. Two terrorism indicators are adopted for this study, namely, the number of terrorism incidences and number of terrorism deaths. The methodology involves the pooled data technique running from 1996 to 2018 for 34 African countries. The results from the POLS, Driscoll-Kraay and the Newey-West standard error corrections show that terrorism is detrimental to financial development. From the interactive regressions, three major tendencies are apparent. First, terrorism dynamics consistently have an unconditional negative effect on financial development. Second, the globalization and governance dynamics moderate the terrorism dynamics to broadly induce a negative net effect on financial development. Third, policy thresholds at which the moderating variables reverse the net effect on financial development from negative to positive are: (i) 82.0000 trade (% of GDP) and 16.2500 FDI (% of GDP) for the incidence of terror and (ii) 1.1685 trade (% of GDP) for terror deaths. The computed thresholds make economic sense and worthwhile in terms of policy implications because they are within statistical range. The result is robust to alternative measures of terrorism and financial development. Implications are discussed.</div></div>","PeriodicalId":13794,"journal":{"name":"International Economics","volume":"183 ","pages":"Article 100622"},"PeriodicalIF":0.0,"publicationDate":"2025-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144703224","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Global production scenarios: Actual unbundling, potential rebundling and geoeconomic rewiring across value chains 全球生产情景：跨价值链的实际拆分、潜在重新捆绑和地缘经济重新布线

International Economics Pub Date : 2025-07-09 DOI: 10.1016/j.inteco.2025.100616

Raffaele Giammetti , Ariel L. Wirkierman

{"title":"Global production scenarios: Actual unbundling, potential rebundling and geoeconomic rewiring across value chains","authors":"Raffaele Giammetti , Ariel L. Wirkierman","doi":"10.1016/j.inteco.2025.100616","DOIUrl":"10.1016/j.inteco.2025.100616","url":null,"abstract":"<div><div>We analyze the cross-country distributional effects of global production reconfiguration by means of two multisectoral accounting exercises. First, we simulate counterfactuals that decouple input structures from final demand composition, showing that it is not trade integration per se that determines value-added outcomes, but the fit between production architectures and final demand geography. Second, we model three geoeconomic fragmentation scenarios – involving unilateral provocation and retaliatory decoupling – based on bloc-specific trade restrictions among US-led, China-led and Non-Aligned country blocs. Results reveal asymmetric impacts: large, globally embedded economies face significant losses, while gains concentrate in geoeconomically aligned or flexibly positioned economies. Sectoral outcomes vary with value-chain positioning. The paper provides a global multisectoral accounting perspective to analyses of supply chain disruptions, emphasizing that the same inter-country input trade interdependence that once brought efficiency gains may now act as a constraint in shaping resilience under trade realignment.</div></div>","PeriodicalId":13794,"journal":{"name":"International Economics","volume":"183 ","pages":"Article 100616"},"PeriodicalIF":0.0,"publicationDate":"2025-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144632281","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Upfront efforts for upcoming benefits? ISO 9001:2015 certification and firms’ performance in 33 countries 为即将到来的利益而做的前期努力？ISO 9001:2015认证和公司在33个国家的表现

International Economics Pub Date : 2025-06-29 DOI: 10.1016/j.inteco.2025.100620

Didier Wayoro, Wilfried Nonguierma, Michelle Parkouda

{"title":"Upfront efforts for upcoming benefits? ISO 9001:2015 certification and firms’ performance in 33 countries","authors":"Didier Wayoro, Wilfried Nonguierma, Michelle Parkouda","doi":"10.1016/j.inteco.2025.100620","DOIUrl":"10.1016/j.inteco.2025.100620","url":null,"abstract":"<div><div>This paper uses firm-level data from the World Bank Enterprise Survey (WBES) for the years 2013 and 2019 conducted in 33 countries to investigate the effect of certification to an international standard on firms' performance. Unlike past studies that lumped together all international certificates a firm possesses before assessing its performance, we focus on the release of ISO 9001:2015 standard as a quasi-experiment and apply a kernel propensity score matching difference-in-difference method to panel data. We find that certification to ISO 9001:2015 increases firms’ total sales by 48.3 %. This effect is higher than the one obtained from previous studies that combined all international certificates (45.8 %). Results also show that small and medium-size enterprises (SMEs), as well as firms in the manufacturing sector appear to benefit more from international certification. The study further suggests that cost reduction, direct international exports, foreign participation, and access to credit are key potential drivers of the positive effect of ISO 9001:2015 certification on total sales.</div></div>","PeriodicalId":13794,"journal":{"name":"International Economics","volume":"183 ","pages":"Article 100620"},"PeriodicalIF":0.0,"publicationDate":"2025-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144557425","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Foreign direct investment, economic growth, governance quality and the informal economy: Empirical insights from an emerging economy 外国直接投资、经济增长、治理质量与非正规经济：来自新兴经济体的实证见解

International Economics Pub Date : 2025-06-26 DOI: 10.1016/j.inteco.2025.100619

Cong Minh Huynh , Nam Hoai Tran

引用次数: 0

Does tax incentive improve corporate resilience?A quasi-natural experiment based on value-added tax retained rebate policy 税收激励能提高企业的抗风险能力吗？基于增值税留存退税政策的准自然实验

International Economics Pub Date : 2025-06-25 DOI: 10.1016/j.inteco.2025.100617

Youliang Jin, Xuan Feng, Huixiang Zeng

{"title":"Does tax incentive improve corporate resilience?A quasi-natural experiment based on value-added tax retained rebate policy","authors":"Youliang Jin, Xuan Feng, Huixiang Zeng","doi":"10.1016/j.inteco.2025.100617","DOIUrl":"10.1016/j.inteco.2025.100617","url":null,"abstract":"<div><div>The value-added taxes (VAT) retained rebate policy, as an important fiscal initiative to stimulate corporations, has provided new avenues for enterprises to improve their resilience. Using China's VAT retained rebate policy enacted in 2018 as an exogenous shock, this paper examines its impact on corporate resilience using the Difference-In-Differences (DID) model based on a sample of A-share listed companies. The results show that this policy significantly enhances corporate resilience. Further research reveals that the value-added tax (VAT) credit refund policy is particularly more effective when companies have a high likelihood of accumulating VAT credits, bear heavy tax burdens, operate with low commercial credit levels, possess weak bargaining power with suppliers, and are located in regions with strong tax administration capacity. Moreover, the policy has a sustained positive effect on firms' financial performance. Notably, this paper not only evaluates the microeconomic effects of the VAT retained rebate policy from the perspective of corporate resilience, but also provides decision-making insights for tax incentives aimed at supporting enterprises and promoting their high-quality development.</div></div>","PeriodicalId":13794,"journal":{"name":"International Economics","volume":"183 ","pages":"Article 100617"},"PeriodicalIF":0.0,"publicationDate":"2025-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144549602","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0