International Review of Economics & Finance最新文献_第8页

An analytic framework for assessing the impacts of physical risk through a (climate-related) expected shortfall 通过（与气候相关的）预期不足评估物理风险影响的分析框架

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-06-29 DOI: 10.1016/j.iref.2025.104357

Fabio Piluso , Eugenia Strano , Danilo Ceraso

引用次数: 0

The effect of global geopolitical risks on trade openness 全球地缘政治风险对贸易开放的影响

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-06-28 DOI: 10.1016/j.iref.2025.104366

Xianglin Yan, Longguo Piao

{"title":"The effect of global geopolitical risks on trade openness","authors":"Xianglin Yan, Longguo Piao","doi":"10.1016/j.iref.2025.104366","DOIUrl":"10.1016/j.iref.2025.104366","url":null,"abstract":"<div><div>As global geopolitical risks continue to intensify, international trade openness is encountering severe challenges. This study utilizes panel data from multiple countries spanning 1985 to 2022 to systematically investigate the impact of geopolitical risks on national trade openness. The empirical results show that geopolitical risks significantly suppress trade openness, confirming the detrimental effects of geopolitical shocks on a country's degree of external economic liberalization. Furthermore, greater fiscal freedom and sound fiscal conditions are found to effectively alleviate this negative impact, highlighting the role of robust fiscal institutions in enhancing national resilience to external shocks. Heterogeneity analysis reveals that the negative effect is more pronounced in countries with lower government integrity and weaker monetary freedom. To mitigate the institutional instability brought about by geopolitical shocks, this paper suggests strengthening fiscal governance, reinforcing financial market mechanisms, improving the quality of government governance, and enhancing regional cooperation to build collective risk management capacity, thereby promoting the long-term and sustainable development of global trade openness.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"102 ","pages":"Article 104366"},"PeriodicalIF":4.8,"publicationDate":"2025-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144516914","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 spatial spillover effect of digital economy on regional tax Revenue: An empirical study based on the decay boundary and spillover path 数字经济对区域税收的空间溢出效应——基于衰减边界和溢出路径的实证研究

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-06-28 DOI: 10.1016/j.iref.2025.104352

Yanlong Liu, Xu Lian

引用次数: 0

The impact of new quality productivity on sustainable development performance 新型优质生产力对可持续发展绩效的影响

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-06-28 DOI: 10.1016/j.iref.2025.104334

Defang Ma , Yuze Xie , Mengkai Wang , Ting Peng , Jiahui Ding

引用次数: 0

Artificial intelligence development and household financial asset allocation 人工智能发展与家庭金融资产配置

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-06-28 DOI: 10.1016/j.iref.2025.104365

Hongjiao Liu

引用次数: 0

A multifactor model using large language models and multimodal investor sentiment 使用大语言模型和多模态投资者情绪的多因素模型

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-06-28 DOI: 10.1016/j.iref.2025.104281

Junhuan Zhang , Ziyan Zhang , Jiaqi Wen

{"title":"A multifactor model using large language models and multimodal investor sentiment","authors":"Junhuan Zhang , Ziyan Zhang , Jiaqi Wen","doi":"10.1016/j.iref.2025.104281","DOIUrl":"10.1016/j.iref.2025.104281","url":null,"abstract":"<div><div>This study constructs multimodal investor sentiment indices using news and image data from the China News Service, covering the period from January 1, 2017, to December 31, 2024. We employ the RoBERTa model for text-based sentiment measurement and the Google Inception(v3) model for image-based sentiment measurement. We use a multimodal semantic correlation fusion model to integrate textual and visual sentiment features. These sentiment indices are categorised as industry-specific and market-wide investor sentiment, enabling separate analyses of their effects on stock markets. Furthermore, we develop a multifactor stock selection model that incorporates these sentiment indices with other microeconomic factors. Our findings demonstrate that multimodal sentiment analysis yields superior predictive accuracy. Industry-specific investor sentiment influences stock market returns, which in turn exacerbates changes in market-wide investor sentiment. Incorporating industry-specific sentiment into the multifactor stock selection model enhances portfolio returns, and combining market-wide sentiment with timing strategies further improves performance.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"102 ","pages":"Article 104281"},"PeriodicalIF":4.8,"publicationDate":"2025-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144516938","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

Design innovation and firm performance: Evidence from patent subtype analysis 设计创新与企业绩效：来自专利亚型分析的证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-06-27 DOI: 10.1016/j.iref.2025.104363

Zhenfu Han , Shiyu Tang , Zhuoran Li

引用次数: 0

The impact of tax reduction and fee cuts policy on corporate new-form productivity: Evidence from Chinese A-share listed companies 减税降费政策对企业新形态生产力的影响：来自中国a股上市公司的证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-06-27 DOI: 10.1016/j.iref.2025.104327

Junhu Li , Lin Wang , Fang Dong , Qinghai Li

{"title":"The impact of tax reduction and fee cuts policy on corporate new-form productivity: Evidence from Chinese A-share listed companies","authors":"Junhu Li , Lin Wang , Fang Dong , Qinghai Li","doi":"10.1016/j.iref.2025.104327","DOIUrl":"10.1016/j.iref.2025.104327","url":null,"abstract":"<div><div>This study utilizes data from Chinese A-share listed companies in the Shanghai and Shenzhen stock exchanges over the period of 2016–2022. A panel two-way fixed-effects model is employed to systematically investigate the impact of tax cuts and fee reductions on the new-quality productive forces of enterprises and the underlying mechanisms. The results indicate that tax cuts and fee reductions significantly enhance the new-quality productive forces of enterprises. This effect is heterogeneous across different types of enterprises, with private enterprises, enterprises in central cities, small-sized enterprises, high-tech industry enterprises, start-up enterprises, and enterprises in highly competitive industries benefiting more significantly. Additionally, the optimization of the local business environment and the strengthening of intellectual property rights protection can amplify the positive effects of tax cuts and fee reductions. Mechanism analysis reveals that tax cuts and fee reductions primarily influence the new-quality productive forces of enterprises through alleviating financing constraints, improving the efficiency of resource allocation, and promoting cooperation among industry, academia, and research institutions. The study's findings offer a new perspective for understanding the micro-level effects of tax cuts and fee reductions and provide empirical evidence for policymakers to optimize relevant policies.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"102 ","pages":"Article 104327"},"PeriodicalIF":4.8,"publicationDate":"2025-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144522876","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

Balancing economic growth and pension adequacy: The combined effects of contribution rate reduction and retirement age postponement 平衡经济增长与养老金充足：降低缴费率与推迟退休年龄的联合效应

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-06-27 DOI: 10.1016/j.iref.2025.104362

Minglu Wang , Yifan Pan , Peng Jing

{"title":"Balancing economic growth and pension adequacy: The combined effects of contribution rate reduction and retirement age postponement","authors":"Minglu Wang , Yifan Pan , Peng Jing","doi":"10.1016/j.iref.2025.104362","DOIUrl":"10.1016/j.iref.2025.104362","url":null,"abstract":"<div><div>Pension contribution rate reduction and retirement age postponement are two key components of China's pension reform, albeit motivated by distinct policy objectives. This study develops an overlapping generations model to evaluate their effects on economic growth and pension adequacy and identify an appropriate policy mix. The results show that the two policies are theoretically complementary: reducing the contribution rate stimulates economic growth but lowers the pension replacement rate, whereas delaying the mandatory retirement age has the opposite effects. A well-calibrated policy mix can simultaneously promote economic growth and enhance pension adequacy when the output elasticity of physical capital declines or the technological progress accelerates. These findings remain robust when the model incorporates agent heterogeneity and human capital. Moreover, under a flexible retirement scheme, reducing the contribution rate has no discernible impact on economic growth, and the associated decline in pension adequacy is negligible. This suggests that combining contribution rate reduction with flexible retirement may constitute a more effective strategy for balancing economic growth and pension adequacy.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"102 ","pages":"Article 104362"},"PeriodicalIF":4.8,"publicationDate":"2025-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144535141","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

Can social credit demonstration cities reduce urban carbon emissions? 社会信用示范城市能否减少城市碳排放？

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2025-06-27 DOI: 10.1016/j.iref.2025.104341

Yueyue He , Xueping Ning

{"title":"Can social credit demonstration cities reduce urban carbon emissions?","authors":"Yueyue He , Xueping Ning","doi":"10.1016/j.iref.2025.104341","DOIUrl":"10.1016/j.iref.2025.104341","url":null,"abstract":"<div><div>Formal environmental regulations in China, typically imposed through top-down mechanisms, often face enforcement challenges and inefficiencies. In contrast, informal institutions such as social credit systems offer alternative approaches to managing urban environmental issues. This study investigates whether the establishment of Social Credit System Demonstration Cities (SCSDCC) can lower urban carbon emission intensity (CEI). Using panel data from 283 Chinese cities and a multi-period difference-in-differences (DID) framework, we find that SCSDCC significantly reduce CEI, with an average reduction of 18.80 % compared to non-demonstration cities. The findings remain robust after accounting for other concurrent policy pilots and using urban elevation as an instrumental variable to address endogeneity. The results suggest that the SCSDCC promote emission reductions by improving energy efficiency, encouraging technological innovation, and supporting economies of scale. Moreover, the policy generates spatial spillovers, reducing CEI in neighboring areas. The effect is more pronounced in small and medium-sized cities, northern regions, non-resource-based economies, and cities without overlapping pilot programs. These results underscore the environmental value of social credit systems as informal regulatory tools in urban carbon governance.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"102 ","pages":"Article 104341"},"PeriodicalIF":4.8,"publicationDate":"2025-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144522873","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