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The monetary aspects of the Dutch disease 荷兰病的货币方面
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-05-07 DOI: 10.1016/j.iref.2025.104051
Collin Constantine , Tarron Khemraj
{"title":"The monetary aspects of the Dutch disease","authors":"Collin Constantine ,&nbsp;Tarron Khemraj","doi":"10.1016/j.iref.2025.104051","DOIUrl":"10.1016/j.iref.2025.104051","url":null,"abstract":"<div><div>This article examines two facts of resource-rich developing economies during resource booms: (i) appreciation and depreciation of the real exchange rate (RER), and (ii) central bank monetisation of fiscal deficits. Our monetary model demonstrates that changes in bank loans, domestic public debt, and monetisation account for RER dynamics, not resource rents. Resource rents finance two deficits: (i) the fiscal deficit, raising domestic prices, and (ii) the non-resource current account deficit, increasing supply through imports and lowering domestic prices, which offset each other with a net-zero effect on the RER. In contrast, Dutch disease models assume resource rents are spent on non-tradables instead of imports. The case of Trinidad and Tobago (1979-2022) supports the model’s prediction: monetisation, not oil rents, drives the RER. Empirical studies must control for the non-resource current account deficit and money-financed fiscal expenditures. Finally, the non-resource primary fiscal deficit must not exceed foreign borrowing and resource-based funding.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104051"},"PeriodicalIF":4.8,"publicationDate":"2025-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143927775","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
Did the integrity transition promote economic growth? Empirical research based on the perspective of anti-corruption approaches 诚信转型是否促进了经济增长？基于反腐败途径视角的实证研究
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-05-07 DOI: 10.1016/j.iref.2025.104156
Bo Liu, Jincheng Liu
{"title":"Did the integrity transition promote economic growth? Empirical research based on the perspective of anti-corruption approaches","authors":"Bo Liu,&nbsp;Jincheng Liu","doi":"10.1016/j.iref.2025.104156","DOIUrl":"10.1016/j.iref.2025.104156","url":null,"abstract":"<div><div>This study examines the impact of integrity transformation on economic growth, focusing on countries and regions transitioning from corruption to integrity. Two distinct trends are observed: synchronized increases in integrity and economic growth, and rising integrity alongside declining economic growth. The research explores the mechanisms through which anti-corruption approaches, as practical implementations of national integrity systems, influence economic growth. Using panel data from countries undergoing integrity transitions, the study employs business environment and economic freedom as chain mediators in its empirical analysis. Key findings indicate that citizen participation anti-corruption, fair-competition-oriented government-business relationships, rule of law against anti-corruption with universal punishment, institutional anti-corruption with compatible incentives and constraints, and integrity value shaping through consensus-building are crucial pathways to integrity transformation. These approaches promote economic growth by optimizing the business environment and enhancing economic freedom. The study's conclusions provide valuable insights for strengthening national integrity transformation and fostering economic growth.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104156"},"PeriodicalIF":4.8,"publicationDate":"2025-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143948204","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 pricing ability of factor model based on machine learning: Evidence from high-frequency data in China 基于机器学习的因子模型定价能力：来自中国高频数据的证据
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-05-06 DOI: 10.1016/j.iref.2025.104153
Ailian Zhang , Mengmeng Pan , Xuan Zhang
{"title":"The pricing ability of factor model based on machine learning: Evidence from high-frequency data in China","authors":"Ailian Zhang ,&nbsp;Mengmeng Pan ,&nbsp;Xuan Zhang","doi":"10.1016/j.iref.2025.104153","DOIUrl":"10.1016/j.iref.2025.104153","url":null,"abstract":"<div><div>The existing literature mainly documents the asset pricing models estimated on low-frequency data, lacking the empirical evidence for exploring the “right” systematic factors based on high-frequency (HF) level. This study develops a revised HF factor model and evaluates the asset pricing performance. Using machine learning algorithms, we find that HF factor model includes three very persistent systematic factors, well-approximated by a portfolio of market, finance, and information. Sharpe ratios and out-of-sample tests prove that the HF revised factor model has the best explanatory power compared to the CAPM, Fama-French three-factor and five-factor models. The findings contribute to an in-depth understanding of the characteristics and mechanisms of risk and return from an HF perspective in the Chinese stock market.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104153"},"PeriodicalIF":4.8,"publicationDate":"2025-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144068751","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
CSR engagement and financial performance: The case of Italian unrated ESG small caps 企业社会责任参与与财务绩效：意大利未评级ESG小盘股的案例
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-05-06 DOI: 10.1016/j.iref.2025.104131
Anna Maria D'Arcangelis , Giuseppe Galloppo , Roberto Guida , Viktoriia Paimanova
{"title":"CSR engagement and financial performance: The case of Italian unrated ESG small caps","authors":"Anna Maria D'Arcangelis ,&nbsp;Giuseppe Galloppo ,&nbsp;Roberto Guida ,&nbsp;Viktoriia Paimanova","doi":"10.1016/j.iref.2025.104131","DOIUrl":"10.1016/j.iref.2025.104131","url":null,"abstract":"<div><div>A relevant issue in the corporate sustainability body of literature is how ESG-related information, embedded in a company's disclosure may influence the stock value in the absence of a third parties ESG score rating. This study examines the financial market's sensitivity to corporate social responsibility (CSR)-related information disclosed through public announcements and reports on responsible business conduct by listed Italian small and medium enterprises (SMEs), unrated in environmental, social, and governance (ESG) performance, from January 2020 to February 2023. Our findings reveal a positive and prompt market response to 289 ESG-related price-sensitive news. As a primary novel contribution, we introduce an ESG Engagement Indicator based on textual analysis techniques, revealing that financial market response is strongly and positively associated with CSR initiatives a company announces through public sustainability commitment statements. We performed several additional analyses to elucidate the dependence of market reaction on a firm's individual characteristics and the specific type of ESG news issued by the company. Robustness analyses confirm our main results. These findings might allow SMEs managers to enhance their communication tools for ESG information reporting.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104131"},"PeriodicalIF":4.8,"publicationDate":"2025-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143948203","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
COVID-19 pension raids and sovereign risk COVID-19养老金突袭和主权风险
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-05-06 DOI: 10.1016/j.iref.2025.104155
Jaime Bastías , José L. Ruiz
{"title":"COVID-19 pension raids and sovereign risk","authors":"Jaime Bastías ,&nbsp;José L. Ruiz","doi":"10.1016/j.iref.2025.104155","DOIUrl":"10.1016/j.iref.2025.104155","url":null,"abstract":"<div><div>Chile was among the nations where the regulations allow individuals to make withdrawals from their retirement savings to cope with the COVID-19 pandemic. We analyze these quasi-natural experiments using the Autoregressive Distributed Lag Stationarity model and event study methodology spanning from March 2020 to April 2021. We find evidence that the first regulatory shock reduces the spread between the ten-year nominal sovereign bond yield and the annual interbank rate and amplify the impact of agent economic perceptions in the short term. These findings are useful for policymakers and investors regarding to adverse repercussions of this the policy on the economy going forward.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104155"},"PeriodicalIF":4.8,"publicationDate":"2025-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143923083","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
How does a government-certificated green identity improve enterprises' market value? 政府认证的绿色标识如何提高企业的市场价值？
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-05-05 DOI: 10.1016/j.iref.2025.104147
Xiaodan Zhang, Juanjuan Qin
{"title":"How does a government-certificated green identity improve enterprises' market value?","authors":"Xiaodan Zhang,&nbsp;Juanjuan Qin","doi":"10.1016/j.iref.2025.104147","DOIUrl":"10.1016/j.iref.2025.104147","url":null,"abstract":"<div><div>This study analyzes the correlation between the government-certificated green identity and enterprises' market value from 2016 to 2023. The results indicate that the government-certificated green identity significantly promotes enterprises' market value improvement, mainly through reinforcing stakeholder trust and optimizing capital allocation efficiency. The analysis reveals heterogeneous effects influenced by organizational characteristics—non-state-owned, small-size firms and firms in heavily polluted industries benefit more from acquiring green identity. The results indicate that market incentives for decarbonization pledges depend on an organization's capacity to transform sustainability signals into operational solutions. The evidence establishes ecological authentication as a matter of regulatory compliance and a competitive differentiator in capital markets, especially for enterprises facing resource limitations while aligning environmental governance with investor expectations.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104147"},"PeriodicalIF":4.8,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143935088","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
Internal audit independence, legal person governance structure, and financial reporting quality 内部审计独立性、法人治理结构与财务报告质量
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-05-05 DOI: 10.1016/j.iref.2025.104142
Pengmian Wang, Shuguang Liang
{"title":"Internal audit independence, legal person governance structure, and financial reporting quality","authors":"Pengmian Wang,&nbsp;Shuguang Liang","doi":"10.1016/j.iref.2025.104142","DOIUrl":"10.1016/j.iref.2025.104142","url":null,"abstract":"<div><div>This study measures the independence of internal audit through the lens of audit committee independence and examines its impact on financial reporting quality. Based on empirical analysis using panel data from A-share listed companies in Shanghai and Shenzhen, the research finds that the independence of internal audit contributes to the enhancement of financial reporting quality. Furthermore, legal person governance structure plays a crucial mediating role in this relationship. Specifically, the independence of internal audit can optimize financial reporting quality by expanding board size and diversifying share ownership. Additionally, the promoting effect of internal audit independence is more pronounced in firms with strong executive incentives and high-quality information disclosure.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104142"},"PeriodicalIF":4.8,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143912536","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
Business model innovation, dynamic capabilities, and enterprise development 商业模式创新，动态能力，企业发展
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-05-05 DOI: 10.1016/j.iref.2025.104149
Qin Xie , Shuo Li
{"title":"Business model innovation, dynamic capabilities, and enterprise development","authors":"Qin Xie ,&nbsp;Shuo Li","doi":"10.1016/j.iref.2025.104149","DOIUrl":"10.1016/j.iref.2025.104149","url":null,"abstract":"<div><div>This research utilizes data from Chinese listed enterprises spanning the period from 2008 to 2023 to investigate the impact of business model innovation and dynamic capabilities on firm development. Empirical results indicate that business model innovation significantly promotes corporate development; dynamic capabilities also contribute to corporate growth. In the relationship between dynamic capabilities and corporate development, business model innovation serves as a mediating bridge. There are differences in the impact of business model innovation on corporate development between state-owned enterprises and private enterprises. Additionally, the effect of business model innovation on corporate development exhibits a threshold effect that varies with the size of the enterprise.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104149"},"PeriodicalIF":4.8,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143923085","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 impact of COVID-19 and digital transformation on stock price volatility from the perspective of cultural and tourism industries 基于文化和旅游产业视角的新冠肺炎疫情和数字化转型对股价波动的影响
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-05-05 DOI: 10.1016/j.iref.2025.104144
Liyuan Liu , Di Wu , Nianjiao Peng
{"title":"The impact of COVID-19 and digital transformation on stock price volatility from the perspective of cultural and tourism industries","authors":"Liyuan Liu ,&nbsp;Di Wu ,&nbsp;Nianjiao Peng","doi":"10.1016/j.iref.2025.104144","DOIUrl":"10.1016/j.iref.2025.104144","url":null,"abstract":"<div><div>The COVID-19 pandemic, which emerged in December 2019, has profoundly disrupted the global economy, with the cultural and tourism industries experiencing particularly significant stock price volatility. This study investigates the dual impact of the COVID-19 pandemic and digital transformation on stock price volatility within the cultural and tourism sectors. Using data from Chinese listed cultural and tourism enterprises between 2017 and 2022, this study explores the interplay between the pandemic, digital transformation, and corporate stock price fluctuations. Empirical findings reveal that the COVID-19 pandemic has significantly heightened stock price volatility in these industries, particularly reflected in annualized monthly returns. However, digital transformation demonstrates a positive moderating effect, effectively mitigating the adverse impacts of the pandemic on stock price stability. This moderating effect varies across enterprises of different sizes and ownership structures. The study not only deepens the understanding of stock price volatility patterns in the cultural and tourism industries during crises but also highlights the critical role of digital transformation in enhancing corporate resilience and stabilizing market performance.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104144"},"PeriodicalIF":4.8,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143935087","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 impact of carbon emissions trading on agricultural economic development: Evidence from China's carbon emissions trading pilot policies 碳排放权交易对农业经济发展的影响：来自中国碳排放权交易试点政策的证据
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-05-05 DOI: 10.1016/j.iref.2025.104150
Wen Zhao , Dongping Zhang , Yufei Zhao
{"title":"The impact of carbon emissions trading on agricultural economic development: Evidence from China's carbon emissions trading pilot policies","authors":"Wen Zhao ,&nbsp;Dongping Zhang ,&nbsp;Yufei Zhao","doi":"10.1016/j.iref.2025.104150","DOIUrl":"10.1016/j.iref.2025.104150","url":null,"abstract":"<div><div>This study uses a panel dataset of various provinces and cities in China from 2007 to 2022 to investigate the impact of carbon emissions trading on the agricultural economy, applying a difference-in-differences (DID) model. The findings indicate that carbon emissions trading serves as a driving force for the growth of the agricultural economy, primarily by improving agricultural technical efficiency. Additionally, a threshold effect is observed in the role of green technology innovation in this relationship. A heterogeneity analysis further reveals that carbon emissions trading has a significant positive effect on agricultural economic growth in the eastern region, while its impact is less pronounced in the central and western regions.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"101 ","pages":"Article 104150"},"PeriodicalIF":4.8,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143923086","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
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