International Review of Economics & Finance最新文献_第10页

Green bonds and environmental violations in financially constrained environments 金融约束环境下的绿色债券与环境违法行为

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-06-24 DOI: 10.1016/j.iref.2025.104314

Chaoyu Zhang

引用次数: 0

Economic policy uncertainty, digital transformation, and bank systemic risk 经济政策不确定性、数字化转型和银行系统性风险

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-06-24 DOI: 10.1016/j.iref.2025.104309

Yun He , Wei Li , Xiaofen Tan , Yuchen Sun

{"title":"Economic policy uncertainty, digital transformation, and bank systemic risk","authors":"Yun He , Wei Li , Xiaofen Tan , Yuchen Sun","doi":"10.1016/j.iref.2025.104309","DOIUrl":"10.1016/j.iref.2025.104309","url":null,"abstract":"<div><div>Using unbalanced panel data from 42 Chinese listed banks between 2010 and 2023, this study empirically investigates the effect of digital transformation on bank systemic risk under economic policy uncertainty. The results show that when the level of digital transformation is low, it amplifies the positive relationship between economic policy uncertainty and systemic risk. However, as digital transformation reaches a higher level, it mitigates the adverse impacts of this uncertainty on bank stability. This effect is more evident among national banks, banks with stronger innovation capacity, and those with higher liquidity creation efficiency. Mechanism analysis suggests that digital transformation primarily reduces systemic risk through improvements in banks’ operational efficiency and profitability, as well as by reducing interbank correlation risk. Based on these findings, the study recommends that banks accelerate digital transformation processes. It also advises regulators to implement differentiated strategies according to bank characteristics and support the integration of digital technologies in bank management to strengthen resilience against economic policy uncertainty.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"102 ","pages":"Article 104309"},"PeriodicalIF":4.8,"publicationDate":"2025-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144490022","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

Systemic risk contagion and bailout effects in the global financial system 全球金融体系中的系统性风险传染和救助效应

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-06-24 DOI: 10.1016/j.iref.2025.104298

Ming Qi , Jiawei Zhang , Danyang Shi , Shaoyi Feng , Jing Xu

{"title":"Systemic risk contagion and bailout effects in the global financial system","authors":"Ming Qi , Jiawei Zhang , Danyang Shi , Shaoyi Feng , Jing Xu","doi":"10.1016/j.iref.2025.104298","DOIUrl":"10.1016/j.iref.2025.104298","url":null,"abstract":"<div><div>This paper contributes to the finance literature by investigating the risk contagion and bailout effects in the global financial system. We use the bilateral exposure matrix to examine the impact of credit shocks and liquidity shocks on the global financial system when a Global Systemically Important Bank (G-SIB) is supposed to be in distress. The findings indicate that the global financial network is dominated by large and medium-sized financial institutions. Credit shocks does not play a significant role in risk contagion nor do they trigger the systemic risk in the global financial system. However, the global financial network is more vulnerable to liquidity shocks than to credit shocks. If a credit shock and liquidity shock overlaps with each other, the hybrid shock can exacerbate the risk contagion effects and lead to rapid propagation throughout the global financial network. If a regulator bails out the distressed institutions, the bailout efficiency increases with the number of rescued institutions. However, the improvement in of bailout efficiency decreases with the number of rescued institutions. If a regulator can promote financial institutions to raise the rollover ratio, the financial system will be more robust to shocks. This paper provides a ground view of systemic risks contagion and sheds light on directions for future research on systemic risk contagion in the global financial system.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"102 ","pages":"Article 104298"},"PeriodicalIF":4.8,"publicationDate":"2025-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144490016","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

Trust and commercial insurance participation: An incomplete contract perspective 信托与商业保险参与：一个不完全契约的视角

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-06-24 DOI: 10.1016/j.iref.2025.104301

Xiao Cao , Xiaomin Gong , Andi Zheng

{"title":"Trust and commercial insurance participation: An incomplete contract perspective","authors":"Xiao Cao , Xiaomin Gong , Andi Zheng","doi":"10.1016/j.iref.2025.104301","DOIUrl":"10.1016/j.iref.2025.104301","url":null,"abstract":"<div><div>From the perspective of the incompleteness of commercial insurance contracts, this study conducts a micro-level analysis of the impact of residents' trust on their behavior in commercial insurance participation. The findings indicate that trust and trust structure have a significant positive impact on residents' demand of commercial insurance protection and the willingness of insurance participation. Specifically, interpersonal trust primarily influences the willingness of insurance participation, while institutional trust plays a crucial role throughout the insurance decision-making process. Factors commonly associated with household insurance participation, such as disposable income levels, show the complement relationship with trust. Additionally, factors affecting residents’ rational decision-making, such as the purpose of insurance purchase and the sources of income, also influence the extent to which trust impacts the insurance participation decisions of residents. This study confirms the significant role of residents' trust in decision-making on commercial insurance participation, and the importance of both promoting the residents' trust level and transformation of trust structures in bridging the gap between the scale of Chinese insurance market and the income levels of local residents. This research provides new insights for improving the health security level of residents and perfecting the financial structure in the context of economic transformation.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"102 ","pages":"Article 104301"},"PeriodicalIF":4.8,"publicationDate":"2025-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144470619","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 smart city pilot policy and corporate supply chain resilience 智慧城市试点政策与企业供应链弹性

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-06-24 DOI: 10.1016/j.iref.2025.104317

Dongshu Cheng , Ying Wei , Mengchen Zhang , Chang Wang

引用次数: 0

Tax incentives and corporate technological innovation performance: An analysis from the perspective of R&D investment 税收优惠与企业技术创新绩效：R&D投资视角的分析

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-06-24 DOI: 10.1016/j.iref.2025.104323

Zihang Wu , Ning Zeng , Jiansong Song

{"title":"Tax incentives and corporate technological innovation performance: An analysis from the perspective of R&D investment","authors":"Zihang Wu , Ning Zeng , Jiansong Song","doi":"10.1016/j.iref.2025.104323","DOIUrl":"10.1016/j.iref.2025.104323","url":null,"abstract":"<div><div>Tax incentives, as a key government policy tool to drive technological innovation, have become a focal point for both academics and policymakers in recent years. This study analyzes the influence of tax incentives on corporate technological innovation performance using data from publicly listed companies over the period from 2006 to 2022. Our findings suggest a positive relationship between tax incentives and innovation performance, with the policy's effectiveness further enhanced by increased R&D investment. Additionally, this study reveals that green investors can strengthen the positive effect of tax incentives on technological innovation performance. Through a heterogeneity analysis, this paper explores how factors such as firm size, management model, artificial intelligence capability, corporate value, and company type influence the effectiveness of tax incentives. Results provide theoretical support for policymakers in designing more effective innovation-promoting policies and offer practical guidance for firms on how to leverage R&D investment and attract green investment and environmentally friendly external capital in response to policy changes.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"102 ","pages":"Article 104323"},"PeriodicalIF":4.8,"publicationDate":"2025-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144522864","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

Green bond issuance and corporate environmental and financial performance: A meta-analysis 绿色债券发行与企业环境和财务绩效：一个元分析

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-06-24 DOI: 10.1016/j.iref.2025.104313

Muhammad Arif Khan , Silvio Vismara

{"title":"Green bond issuance and corporate environmental and financial performance: A meta-analysis","authors":"Muhammad Arif Khan , Silvio Vismara","doi":"10.1016/j.iref.2025.104313","DOIUrl":"10.1016/j.iref.2025.104313","url":null,"abstract":"<div><div>Green bonds align corporations’ financial investments with their sustainability goals. This meta-analysis synthesizes 132 estimates of environmental outcomes and 108 estimates of financial outcomes to evaluate the impact of green bond issuance on corporate performance. We find that while green bonds positively affect environmental performance, their impact on financial performance is not consistently significant. Subgroup analyses reveal significant heterogeneity in the financial outcomes, influenced by factors such as geographic region, bond maturity, chosen financial metrics, and methodological variations across studies. In contrast, the positive effect on environmental performance appears more robust across diverse contexts. These findings highlight the need for harmonized standards to reduce market fragmentation. Furthermore, targeted policy interventions, such as subsidies and capacity-building initiatives, are crucial to offset the costs associated with green bond issuance and encourage broader adoption across market segments. This study provides insights for policymakers, investors, and stakeholders aiming to enhance the role of green bonds in advancing sustainable development.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"102 ","pages":"Article 104313"},"PeriodicalIF":4.8,"publicationDate":"2025-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144490020","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

Converting knowledge into Productivity: The role of intellectual property empowerment and digital economy in enhancing regional new quality productivity forces - Evidence from China 将知识转化为生产力：知识产权赋权和数字经济在提升区域新型优质生产力中的作用——来自中国的证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-06-24 DOI: 10.1016/j.iref.2025.104316

Yiling Liu, Yu-Cheng Lin

{"title":"Converting knowledge into Productivity: The role of intellectual property empowerment and digital economy in enhancing regional new quality productivity forces - Evidence from China","authors":"Yiling Liu, Yu-Cheng Lin","doi":"10.1016/j.iref.2025.104316","DOIUrl":"10.1016/j.iref.2025.104316","url":null,"abstract":"<div><div>In the context of China's ongoing digital transformation and the strengthening of intellectual property protection systems, cultivating new quality productive forces has become a key strategy for promoting high-quality economic development. This study investigates the synergistic effects of intellectual property empowerment and the digital economy on regional new quality productivity forces, drawing upon panel data from 31 Chinese provinces between 2012 and 2022. Utilizing an entropy weighting method, a comprehensive index system is constructed to evaluate new quality productivity forces, focusing on technological innovation, green transformation, and digital productivity. Utilizing a two-way fixed effects model, which controls for time-invariant characteristics and period-specific effects, we empirically examine the impacts of intellectual property empowerment and the digital economy on new quality productivity forces. Control variables include human capital, openness, industrialization level, urbanization rate, and economic development level. Robustness tests and instrumental variable approaches are applied to address potential endogeneity issues. Moreover, intellectual property protection and technological innovation serve as important mediating pathways in this relationship. The results also highlight regional heterogeneity, with industrial and service-oriented regions experiencing the most pronounced positive impacts, while resource-dependent areas demonstrate limited effects. These findings provide new theoretical perspectives and empirical evidence for strengthening intellectual property systems, advancing digital infrastructure, and promoting integrated regional innovation strategies. The study offers policy recommendations to support the coordinated development of intellectual property and the digital economy as dual engines for enhancing China's new quality productive forces.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"102 ","pages":"Article 104316"},"PeriodicalIF":4.8,"publicationDate":"2025-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144502497","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

Does trade uncertainty matter for the composition of energy consumption? 贸易不确定性对能源消费构成有影响吗？

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-06-24 DOI: 10.1016/j.iref.2025.104310

Xiyang Zhao , Xi Yang , Jilin Tian , Wenshou Yan

{"title":"Does trade uncertainty matter for the composition of energy consumption?","authors":"Xiyang Zhao , Xi Yang , Jilin Tian , Wenshou Yan","doi":"10.1016/j.iref.2025.104310","DOIUrl":"10.1016/j.iref.2025.104310","url":null,"abstract":"<div><div>In this paper, we firstly identify the effects that trade uncertainty has on the composition of energy consumption using global panel data over the period 1990–2019. Trade uncertainty is innovatively constructed based on non-gravity trade, which has much more volatility than gravity trade, and non-gravity trade, is estimated from the unforecastable component of linear estimation in a gravity model, not being determined by economic fundamentals. Our results show that different types of energy consumption demonstrate heterogeneous responses to trade uncertainty shocks. Specifically, a 1 % increase in GDP induced by negative trade uncertainty shocks will increase the <em>non-renewable</em> energy consumption by around 1.2 %, while reducing the <em>renewable</em> energy consumption by around 1.7 %. These results survived a number of robustness checks including heteroscedasticity for identification, different types of energy, and different instrument variables, excluding trade uncertainty related to US–China trade tension, confirming that changes in energy consumption are triggered by the transitory income shock, driven by trade uncertainty.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"102 ","pages":"Article 104310"},"PeriodicalIF":4.8,"publicationDate":"2025-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144502501","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

Does rhetorical nationalism promote innovation sustainability? 修辞民族主义能促进创新的可持续性吗？

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-06-24 DOI: 10.1016/j.iref.2025.104303

Lei Wang , Pu Zhao , Tingting Zhang

引用次数: 0