International Studies of Economics最新文献

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Supply chains and risk premia in Chinese stock market: A sorted-portfolio approach 供应链与中国股市风险溢价:一种排序投资组合方法
4区 经济学
International Studies of Economics Pub Date : 2023-01-19 DOI: 10.1002/ise3.44
Chao Yang, Yajun Zhao
{"title":"Supply chains and risk premia in Chinese stock market: A sorted-portfolio approach","authors":"Chao Yang,&nbsp;Yajun Zhao","doi":"10.1002/ise3.44","DOIUrl":"https://doi.org/10.1002/ise3.44","url":null,"abstract":"<p>In the recent literature, increasing attention has been paid to cases when the shocks to a small number of firms would lead to large volatility in many sectors. Theorists find that supply chains play a role, as the shocks to a firm or a sector may propagate through the input–output linkages and form risks in the whole network. In this paper, we investigate the impact of risks from supply-chain variations on risk premia of the A-listed firms in the Chinese stock market from 2007 to 2021. Based on network statistics, we measure a firm's local status in the supply chains by the customer- and supplier-concentration, and its global position by the centrality. We then construct corresponding risk factors using diversified portfolios sorted according to these indices. It is found that the supply-chain positions are related to risk exposure. Firms with de-concentrated customers/suppliers have larger risk premia than concentrated firms. Moreover, with Size controlled, the firms in the center of cross-sector trade have higher risk premia than the peripheral ones. When these supply-chain factors are added to Fama and French's five-factor model with Market, Size, B/M ratio, Operating profitability, and Investment, the proportion of return variances that could be explained would increase from 51.1% to 54.9% on average.</p>","PeriodicalId":29662,"journal":{"name":"International Studies of Economics","volume":"18 3","pages":"277-305"},"PeriodicalIF":0.0,"publicationDate":"2023-01-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ise3.44","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50152350","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Introduction to the Special Issue on the Economics of the Belt and Road Initiative “一带一路”倡议的经济学特刊简介
4区 经济学
International Studies of Economics Pub Date : 2022-11-15 DOI: 10.1002/ise3.40
Ding Lu
{"title":"Introduction to the Special Issue on the Economics of the Belt and Road Initiative","authors":"Ding Lu","doi":"10.1002/ise3.40","DOIUrl":"10.1002/ise3.40","url":null,"abstract":"&lt;p&gt;The Belt and Road Initiative (BRI) has been China's flagship foreign policy since 2013. Perceived as an emblem of China's rising soft power, the BRI has aroused widespread research interest among academics of various disciplines. To facilitate economic studies of the BRI, the Editorial Board of this journal made a Call for Papers a year ago for a symposium on the economics of the BRI. The manuscripts finally published in this Special Issue were selected by an expedited review process from dozens of the works submitted.&lt;/p&gt;&lt;p&gt;According to the Chinese government's official manifesto of the BRI, the initiative “is designed to uphold the global free trade regime and the open world economy in the spirit of open regional cooperation” (National Development and Reform Commission, &lt;span&gt;2015&lt;/span&gt;). The tenet is seeking mutual benefit and a conjunction of interests for cooperating partners. The Initiative is claimed to be “a global public good,” built in line with the purposes and principles of the UN Charter; open for cooperation to all countries, and international/regional organizations; harmonious and inclusive for different civilizations and nations; and abiding by market rules and international norms. It covers vast areas along Eurasian trade routes between the East Asia economic circle at one end and the European economic circle at the other.&lt;/p&gt;&lt;p&gt;Since its inception, the BRI has become an integral part of China's national plan for economic and social development. The 13th Five-year Plan (2016–2020) includes in it a chapter on the BRI, which specifies policies about cooperation mechanisms, economic corridors, and open and inclusive cultural exchanges (State Council, &lt;span&gt;2016&lt;/span&gt;). The 14th Five-year Plan (2021–2025) also has a chapter on the BRI, which describes policies to strengthen the linkage of development strategies and policies, promote interconnectivity and interoperability of infrastructure, deepen pragmatic economic, trade, and investment cooperation, and build a bridge for mutual learning among civilizations (State Council, &lt;span&gt;2021&lt;/span&gt;).&lt;/p&gt;&lt;p&gt;Garlick (&lt;span&gt;2020&lt;/span&gt;) also concedes in his book, &lt;i&gt;The Impact of China's Belt and Road Initiative&lt;/i&gt;, that “the BRI, despite its material real-world impacts such as investments and infrastructure projects, is wide open to a range of possible understandings. In fact, in a very important sense, the BRI is not one thing but is a matter of perception” (Garlick, &lt;span&gt;2020&lt;/span&gt;, p. 14).&lt;/p&gt;&lt;p&gt;It is nevertheless evident that the BRI is first and foremost an initiative for international economic cooperation launched and led by China. For us economists, the most relevant research topics are, mainly, what the economic purposes of this Initiative are, how the BRI works, and what effects it has on international trade and investment.&lt;/p&gt;&lt;p&gt;The leading article in this Special Issue, “Necessary and Sufficient Conditions for the BRI Success” (Chen and Guo), presents a framework for unders","PeriodicalId":29662,"journal":{"name":"International Studies of Economics","volume":"17 4","pages":"412-416"},"PeriodicalIF":0.0,"publicationDate":"2022-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ise3.40","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75786368","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Group lying with negative externality 负外部性集团
4区 经济学
International Studies of Economics Pub Date : 2022-11-07 DOI: 10.1002/ise3.37
Lan Yao, Chong Zhou
{"title":"Group lying with negative externality","authors":"Lan Yao,&nbsp;Chong Zhou","doi":"10.1002/ise3.37","DOIUrl":"https://doi.org/10.1002/ise3.37","url":null,"abstract":"<p>We use a modified die-rolling experiment to study whether negative externality affects a group's decisions about whether to cheat. Our results show that group members are less likely to lie when faced with a passive out-group player only if two members of the group share an unequal payment for lying. The less-paid party in the group plays a dominant role in the honest decision by proposing the true number more frequently in arguments for group coordination.</p>","PeriodicalId":29662,"journal":{"name":"International Studies of Economics","volume":"18 2","pages":"184-192"},"PeriodicalIF":0.0,"publicationDate":"2022-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ise3.37","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50124448","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Production network: Application in China 生产网络:在中国的应用
4区 经济学
International Studies of Economics Pub Date : 2022-11-02 DOI: 10.1002/ise3.35
Dianfan Yu, Rui Long, Chao Wang
{"title":"Production network: Application in China","authors":"Dianfan Yu,&nbsp;Rui Long,&nbsp;Chao Wang","doi":"10.1002/ise3.35","DOIUrl":"https://doi.org/10.1002/ise3.35","url":null,"abstract":"<p>Based on the input–output table and the supplier–customer data disclosed by the listed companies in China, this paper builds China's production network on both industry level and firm level. We describe the characteristics of such network using various network indexes and obtain the following results: first, China's production network on industry level is featured by “small world” and “sparsity,” and continues to become sparser. The existence of hub-like sectors makes the influence of sectoral shocks on macro fluctuations increasingly important. Second, China's production network on firm level has three types of structures: horizontal, ring, and star. Automobile and pharmaceutical industries show obvious intra-industry network cluster features. This paper aims to deepen the understanding of production network on both macro and micro levels, and provide a basis for future study on the propagation of external shocks in production networks.</p>","PeriodicalId":29662,"journal":{"name":"International Studies of Economics","volume":"18 2","pages":"159-183"},"PeriodicalIF":0.0,"publicationDate":"2022-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ise3.35","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50129394","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Necessary and sufficient conditions for the BRI success “一带一路”建设成功的充分必要条件
4区 经济学
International Studies of Economics Pub Date : 2022-11-01 DOI: 10.1002/ise3.38
Yongjun Chen, Chenglong Guo
{"title":"Necessary and sufficient conditions for the BRI success","authors":"Yongjun Chen,&nbsp;Chenglong Guo","doi":"10.1002/ise3.38","DOIUrl":"10.1002/ise3.38","url":null,"abstract":"<p>This paper presents a general theoretical framework for understanding the Belt-and-Road Initiative (BRI). We begin with an introduction to the connotations of the BRI and a review of the initiative's main achievements since its inception. From these achievements, we identify the existence of a potential match between supply and demand in jointly building the BRI to be the foremost necessary condition for win–win cooperation for participating countries. Several features of China's contemporary economic structure are shown to provide the huge potential of supply that matches the massive demand of many Belt-and-Road countries for infrastructure development. To unleash the full potential of the BRI, a series of sufficient conditions must be met so that supply and demand interact in a virtuous manner. In the first stage of jointly building the BRI, the key to turn the initiative's potential into reality is to develop the “Five Links” of policy coordination, infrastructure connectivity, unimpeded trade, financial integration, and people-to-people bond. Now that the BRI has entered the high-quality development stage, we demonstrate that China has taken or needs to work on policy measures in 10 areas to ensure the continuing and sustainable success of the BRI construction.</p>","PeriodicalId":29662,"journal":{"name":"International Studies of Economics","volume":"17 4","pages":"417-429"},"PeriodicalIF":0.0,"publicationDate":"2022-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ise3.38","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84915937","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Why do we resolutely prevent minors from indulging in online games 为什么坚决防止未成年人沉迷网络游戏
4区 经济学
International Studies of Economics Pub Date : 2022-10-31 DOI: 10.1002/ise3.39
Moye Li, Mingxiong Zhu
{"title":"Why do we resolutely prevent minors from indulging in online games","authors":"Moye Li,&nbsp;Mingxiong Zhu","doi":"10.1002/ise3.39","DOIUrl":"https://doi.org/10.1002/ise3.39","url":null,"abstract":"<p>The Chinese central government recently published a new regulation to strictly limit the time minors spend on online games, providing a favorable policy environment for the protection of their physical and mental health as well as their overall development. We first provide empirical evidence that children having more frequent online entertainment would suffer worse school performance. We then adopt analytic hierarchy process to analyze the possible hazards of minors' addiction to online games from such aspects as physical health, academic performance, family relationship, and teacher–student relationship. Recommendations are finally given on how to prevent minors from being addicted to online games.</p>","PeriodicalId":29662,"journal":{"name":"International Studies of Economics","volume":"18 1","pages":"120-134"},"PeriodicalIF":0.0,"publicationDate":"2022-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ise3.39","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50149473","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Investigating whether connecting people can promote subnational economic development: Evidence from China–ASEAN friendship cities 中国—东盟友好城市对地方经济发展的实证研究
4区 经济学
International Studies of Economics Pub Date : 2022-10-18 DOI: 10.1002/ise3.24
Fangying Pang, Jingjing Tang, Hanwen Xie
{"title":"Investigating whether connecting people can promote subnational economic development: Evidence from China–ASEAN friendship cities","authors":"Fangying Pang,&nbsp;Jingjing Tang,&nbsp;Hanwen Xie","doi":"10.1002/ise3.24","DOIUrl":"10.1002/ise3.24","url":null,"abstract":"<p>Whether maintaining a close relationship with China can benefit economic performance in the postpandemic era is a crucial concern for countries around the world. This study employs the difference-in-difference (DID) model and propensity score matching to estimate the impact of connecting people proposed by the Belt and Road Initiate (BRI) on the subnational economic development of the Association of Southeast Asian Nations (ASEAN) cities. The quasi-natural experiment of DID is based on the establishment of China–ASEAN friendship cities. We capture the ASEAN subnational economic development by calibrated satellite nighttime light data. Our findings show that the establishment of a friendship-city relationship has a positive impact on the subnational economic development of China–ASEAN cities. Further analysis indicates that bilateral trade, China's direct investment in contracted projects, and mutual visits by national leaders may be the underlying channels for boosting the economic development of China–ASEAN friendship cities. This study contributes to the literature on friendship city and provides ex-ante implications on the BRI from the perspective of connecting people with first-hand empirical evidence.</p>","PeriodicalId":29662,"journal":{"name":"International Studies of Economics","volume":"17 4","pages":"499-530"},"PeriodicalIF":0.0,"publicationDate":"2022-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ise3.24","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72421583","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Catalyst or barrier? Heterogeneous effects of standards on agricultural trade between China and the Belt and Road countries 催化剂还是屏障?标准对中国与一带一路国家农产品贸易的异质性影响
4区 经济学
International Studies of Economics Pub Date : 2022-10-14 DOI: 10.1002/ise3.25
Lijuan Yang, Weigong Du
{"title":"Catalyst or barrier? Heterogeneous effects of standards on agricultural trade between China and the Belt and Road countries","authors":"Lijuan Yang,&nbsp;Weigong Du","doi":"10.1002/ise3.25","DOIUrl":"https://doi.org/10.1002/ise3.25","url":null,"abstract":"<p>There is an ongoing debate about whether standards act as trade catalysts or barriers. This article uses a gravity model to analyze the effects of national standards on the trade of agricultural products between China and the 64 Belt and Road (B&amp;R) countries from 1990 to 2019. Mandatory country-specific standards have positive and significant effects on total trade, exports, and imports. Mandatory international harmonization standards have positive and significant effects on total trade and exports. Voluntary country-specific standards positively (and significantly) affect exports, while voluntary internationally harmonized standards positively (and significantly) affect total trade, exports, and imports. The magnitude of coefficients of mandatory country-specific standards is the highest, followed by mandatory internationally harmonized standards and voluntary internationally harmonized standards. It is beneficial for China and the B&amp;R countries to strengthen standards cooperation, actively adopt international standards, and evaluate the implementation effect of standards over time.</p>","PeriodicalId":29662,"journal":{"name":"International Studies of Economics","volume":"18 1","pages":"53-79"},"PeriodicalIF":0.0,"publicationDate":"2022-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ise3.25","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50133244","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
The impact of e-commerce city pilot on the spatial agglomeration of high-end service industry in China 电子商务城市试点对中国高端服务业空间集聚的影响
4区 经济学
International Studies of Economics Pub Date : 2022-10-08 DOI: 10.1002/ise3.31
Xuwen Pan, Cai Zhou
{"title":"The impact of e-commerce city pilot on the spatial agglomeration of high-end service industry in China","authors":"Xuwen Pan,&nbsp;Cai Zhou","doi":"10.1002/ise3.31","DOIUrl":"https://doi.org/10.1002/ise3.31","url":null,"abstract":"<p>We employ the data of 290 cities in China from 2006 to 2019 as a research sample and use the Multi-period DID method to test the policy shock of National E-commerce Demonstration Cities (NEDC) pilots on high-end service industry agglomeration. We find that after becoming pilot cities, the specialized agglomeration level of its high-end service industry increases by about 14.1% on average, and the diversified agglomeration level decreases by about 2.7% on average. And NEDC policy can affect the spatial agglomeration of high-end service industry through three channels: Enhancing the inclusiveness of digital finance, improving the degree of market competition, and promoting regional innovation ability. Moreover, NEDC policy has the characteristics of spatial heterogeneity. NEDC policy has a significant spillover effect on the specialized agglomeration of high-end service industry in the first-tier cities, while the second-tier cities show the characteristics of diversification dispersion. In addition, NEDC policy has a more obvious impact on the agglomeration effect of high-end service industry under the radiation and driving effect of megalopolis.</p>","PeriodicalId":29662,"journal":{"name":"International Studies of Economics","volume":"18 3","pages":"326-350"},"PeriodicalIF":0.0,"publicationDate":"2022-10-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ise3.31","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50125406","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
How free trade agreement affects the success of China's Belt and Road infrastructure projects 自由贸易协定如何影响中国“一带一路”基础设施项目的成功
4区 经济学
International Studies of Economics Pub Date : 2022-10-07 DOI: 10.1002/ise3.32
Beibei Hu, Yuying Jin, Kai Wang
{"title":"How free trade agreement affects the success of China's Belt and Road infrastructure projects","authors":"Beibei Hu,&nbsp;Yuying Jin,&nbsp;Kai Wang","doi":"10.1002/ise3.32","DOIUrl":"10.1002/ise3.32","url":null,"abstract":"<p>After China launched the Belt and Road Initiative in 2013, the Chinese government has invested over 1200 infrastructure projects in countries along the Belt and Road, and nearly 10% of the projects have failed or been delayed. China has also concluded free trade agreements with many countries along the Belt and Road to reduce trade and investment barriers to promote economic and trade cooperation. This paper analyzes whether the signing of the free trade agreement (FTA) is conducive to promoting China's infrastructure investment projects’ success in the countries along the Belt and Road. We conclude that the signing of the FTA agreement is conducive to reducing the failure rate of China's infrastructure investment in the countries along the Belt and Road. For deeper FTAs, the effect is more pronounced. This paper further explores the investment provision of FTA and concludes that investment provision can improve the success rate of investment, especially if it includes provision of national treatment in the pre-establishment and the dispute settlement mechanism.</p>","PeriodicalId":29662,"journal":{"name":"International Studies of Economics","volume":"17 4","pages":"484-498"},"PeriodicalIF":0.0,"publicationDate":"2022-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ise3.32","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90569565","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
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