International Review of Economics & Finance最新文献_第7页

Monetary policy responses to Tariff shocks: Lending facilities as a complementary tool 应对关税冲击的货币政策：贷款便利作为补充工具

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-08-29 DOI: 10.1016/j.iref.2025.104577

Yuxin Wang , Kun Yang , Yuxuan Yang

{"title":"Monetary policy responses to Tariff shocks: Lending facilities as a complementary tool","authors":"Yuxin Wang , Kun Yang , Yuxuan Yang","doi":"10.1016/j.iref.2025.104577","DOIUrl":"10.1016/j.iref.2025.104577","url":null,"abstract":"<div><div>Amid rising global trade tensions and repeated tariff shocks, particularly during the U.S.–China trade conflict, China's export sector has faced growing external pressure. In response, the People's Bank of China (PBoC) has increasingly relied on unconventional monetary policies to stabilize the economy. This paper focuses on the Medium-term Lending Facility (MLF) to assess its effectiveness in mitigating external tariff shocks.、Using monthly data from 2005 to 2023 and a vector autoregression (VAR) model, this study analyzes the relationships among tariffs, net exports, monetary policy tools, and consumer prices. The results show that tariff increases significantly reduce net exports and create deflationary pressures, exposing the vulnerability of China's external sector to trade policy uncertainties. On the other hand, MLF injections positively impact net exports, though with a delay, by improving credit access and strengthening firm resilience. However, MLF's direct effect on inflation is weak and statistically insignificant, suggesting limited influence on consumer prices. These findings highlight the targeted yet constrained role of MLF operations in addressing trade-related shocks. Therefore, traditional money supply instruments need to be adjusted to maintain the inflation target. These findings highlight the role of targeted liquidity support in buffering external shocks for export-oriented economies and underscore the need for complementary demand-side measures and institutional reforms to enhance policy effectiveness.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104577"},"PeriodicalIF":5.6,"publicationDate":"2025-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145048088","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

Digital financial inclusion and urban-rural disparities 数字普惠金融与城乡差距

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-08-29 DOI: 10.1016/j.iref.2025.104563

Zhenzhen Huang , Junyi Han , Zhaoyi Xu , Rui Dai

{"title":"Digital financial inclusion and urban-rural disparities","authors":"Zhenzhen Huang , Junyi Han , Zhaoyi Xu , Rui Dai","doi":"10.1016/j.iref.2025.104563","DOIUrl":"10.1016/j.iref.2025.104563","url":null,"abstract":"<div><div>This study explores whether digital financial inclusion acts as an equalizer or a divider in reducing China's urban–rural economic disparities. Using provincial panel data from 2011 to 2022, we employ multiple empirical methods to investigate the relationship between digital financial inclusion and regional income gaps. Baseline regression results indicate a significant negative association between digital finance and the urban–rural income gap. Dimensional decomposition reveals that usage depth has a stronger convergence effect than coverage breadth, emphasizing that access must be matched by effective use of digital services. Mediation analysis identifies industrial structure upgrading as a key transmission mechanism, suggesting that digital finance promotes convergence by enhancing both immediate financial service accessibility and longer-term economic transformation. Threshold regression analysis indicates that the equalizing effects of digital financial technologies are somewhat more pronounced in regions with lower foreign investment penetration and innovation capacity, challenging assumptions about the necessity of high absorptive capacity for technological benefit. To further ensure the validity of our results, we address endogeneity concerns through instrumental variable regression, propensity score matching, and the Heckman two-stage model. The core findings remain robust across all approaches. Additionally, heterogeneity analysis reveals that the impact of digital finance on narrowing urban–rural disparities is particularly strong in western provinces and in regions north of the Hu Huanyong Line, where traditional financial barriers are most evident. Together, these findings highlight digital financial inclusion as a convergence-promoting force, particularly in less developed areas, and provide practical guidance for policy interventions aimed at reducing regional income gaps and promoting inclusive growth.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104563"},"PeriodicalIF":5.6,"publicationDate":"2025-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145119714","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 digital divide and household risky financial investments in China 数字鸿沟与中国家庭风险金融投资

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-08-29 DOI: 10.1016/j.iref.2025.104565

BenSu Guo , JinDong Guo

{"title":"The digital divide and household risky financial investments in China","authors":"BenSu Guo , JinDong Guo","doi":"10.1016/j.iref.2025.104565","DOIUrl":"10.1016/j.iref.2025.104565","url":null,"abstract":"<div><div>This investigation rigorously examines the impact of the digital divide on household investment participation within emerging financial markets, uncovering multilayered determinants of financial inclusion in increasingly digitalized economies. Utilizing comprehensive survey data from China Family Panel Studies (CFPS) 2020, we employ econometric techniques including probit models, instrumental variables, and Heckman selection procedures to establish robust causal relationships. The empirical analysis reveals three principal findings: (1) the digital divide significantly impedes investment participation, with digitally excluded households demonstrating markedly lower financial market engagement; (2) financial literacy serves as a crucial mediating mechanism, transmitting approximately 40 % of the digital divide's total effect on investment behavior through cognitive pathways; and (3) both social capital and education function as protective factors that attenuate the adverse impact of digital exclusion. These findings advance theoretical understanding by reconceptualizing the digital divide as fundamentally an epistemic rather than merely technological barrier, operating through information acquisition impediments before manifesting in financial behavior. This research contributes to scholarly discourse by integrating technological, social, and human capital perspectives into a comprehensive framework explaining financial participation determinants. The study's implications suggest multidimensional policy approaches combining digital infrastructure development with financial education initiatives and community-based knowledge dissemination strategies to foster inclusive financial participation in the digital age.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104565"},"PeriodicalIF":5.6,"publicationDate":"2025-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145048082","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

Cross-firm information in analyst reports 分析报告中的跨公司信息

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-08-29 DOI: 10.1016/j.iref.2025.104499

Kotaro Miwa

引用次数: 0

Impact of government public data openness on agricultural total factor productivity 政府公共数据开放对农业全要素生产率的影响

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-08-29 DOI: 10.1016/j.iref.2025.104561

Jianqin Li, Yi Yu

{"title":"Impact of government public data openness on agricultural total factor productivity","authors":"Jianqin Li, Yi Yu","doi":"10.1016/j.iref.2025.104561","DOIUrl":"10.1016/j.iref.2025.104561","url":null,"abstract":"<div><div>This study investigates the impact of government public data openness on agricultural total factor productivity (ATFP) using provincial panel data from China spanning 2012–2023. Employing a difference-in-differences (DID) model, the analysis reveals a significant positive effect of public data openness on agricultural productivity. This finding is robust to a series of checks, including parallel trends tests, placebo tests, and propensity score matching (PSM-DID) analysis. Further analysis reveals that this effect is amplified by superior digital infrastructure, higher marketization levels, and more rigorous environmental regulations. Crucially, heterogeneity analysis shows the productivity gains are concentrated in provinces with high levels of rural revitalization and strong agricultural technology innovation, indicating that the benefits of open data are not unconditional. These findings underscore that the economic returns to open data are contingent on a region's existing technological and institutional capacity. Policymakers should therefore pursue data openness not as a standalone policy, but as part of an integrated strategy that includes building digital infrastructure and fostering innovative, revitalized rural economies to ensure productivity gains are realized.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"104 ","pages":"Article 104561"},"PeriodicalIF":5.6,"publicationDate":"2025-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145048089","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

Cyclical pattern in international financial flows to the semi-periphery 国际资金向半外围国家流动的周期性模式

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-08-13 DOI: 10.1016/j.iref.2025.104456

Benjamin Peeters

引用次数: 0

Are active mutual fund managers skilled in picking stock concepts? 活跃的共同基金经理是否擅长挑选股票概念？

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-08-05 DOI: 10.1016/j.iref.2025.104474

Jinlin Fu , Xiaomeng Lu , Yuxin Xie , Binxu Wang

引用次数: 0

Patient capital and corporate ESG Performance: Empirical evidence from the Chinese stock market 耐心资本与企业ESG绩效：来自中国股市的实证证据

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-08-05 DOI: 10.1016/j.iref.2025.104453

Yuxuan Huang, Qiancheng Zhang

{"title":"Patient capital and corporate ESG Performance: Empirical evidence from the Chinese stock market","authors":"Yuxuan Huang, Qiancheng Zhang","doi":"10.1016/j.iref.2025.104453","DOIUrl":"10.1016/j.iref.2025.104453","url":null,"abstract":"<div><div>In recent years, corporate environmental, social, and governance (ESG) performance, as a key aspect of sustainable development, has garnered widespread attention worldwide. It has gradually become a ‘catalyst’ for high-quality corporate development and a key indicator for assessing long-term corporate value. Patient capital, as a form of capital that prioritises long-term returns, tends to support corporate investment in ESG initiatives. However, the existing literature still has gaps in studying corporate ESG performance from the perspective of long-term capital. To address this gap, this study used a sample of 955 companies listed in the China A-share market between 2013 and 2023 to empirically examine the impact of patient capital on corporate ESG performance. Additionally, the study explores the heterogeneity of this impact under different regulatory environments, industries, and macroeconomic conditions. The findings indicate that patient capital enhances corporate ESG performance by providing long-term and stable financial support. Moreover, its positive effect varies across different regulatory frameworks, industries, and macroeconomic contexts. After conducting robustness checks and addressing potential endogeneity issues, these conclusions are interpreted as robust. Mechanism analysis reveals that patient capital improves corporate ESG performance by alleviating financing constraints and optimizing corporate governance structures. Furthermore, this study finds that the impact of patient capital on ESG performance exhibits a time-lag effect.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104453"},"PeriodicalIF":5.6,"publicationDate":"2025-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144779733","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

Trade liberalization and green productivity: Evaluating the spillover effects of free trade zone policies in emerging economies 贸易自由化与绿色生产力：评估新兴经济体自由贸易区政策的溢出效应

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-08-05 DOI: 10.1016/j.iref.2025.104463

Qian Xu , Ya'nan Liu

{"title":"Trade liberalization and green productivity: Evaluating the spillover effects of free trade zone policies in emerging economies","authors":"Qian Xu , Ya'nan Liu","doi":"10.1016/j.iref.2025.104463","DOIUrl":"10.1016/j.iref.2025.104463","url":null,"abstract":"<div><div>The spillover effects of free trade zone (FTZ) policies on green total factor productivity (GTFP) in emerging economies have been examined through a multi-dimensional empirical framework. By employing panel data from 39,831 firms and utilizing baseline regressions, heterogeneity analyses, threshold models, and spatial autocorrelation tests, the study has evaluated how FTZ-driven trade liberalization influences sustainable productivity. The baseline results have confirmed a statistically significant positive impact of FTZ policies on GTFP, with a 3.2 % average improvement attributed to technological spillovers and resource reallocation. Heterogeneity analyses have revealed stronger effects in state-owned enterprises, eastern regions, and non-high-tech industries, while threshold regressions have identified nonlinear dynamics tied to industry growth rates and institutional ownership. Spatial spillovers have been observed in high-growth clusters, particularly in eastern provinces, whereas geographically isolated regions like Tibet have shown limited benefits. The robustness of these findings has been validated through alternative metrics and subsample tests. It is concluded that FTZ policies must be spatially and institutionally tailored to maximize green productivity gains while addressing regional disparities and sectoral constraints.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"103 ","pages":"Article 104463"},"PeriodicalIF":5.6,"publicationDate":"2025-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144770523","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 corporate governance on firm value: Understanding the role of strategic change 公司治理对公司价值的影响：理解战略变革的作用

IF 5.6 2区经济学

International Review of Economics & Finance Pub Date : 2025-08-05 DOI: 10.1016/j.iref.2025.104472

Tanveer Bagh , Ahmed Imran Hunjra , Shaen Corbet

引用次数: 0