Economics of Transition and Institutional Change最新文献

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Export product quality and inclusivity in developing countries 发展中国家出口产品质量和包容性
IF 0.9 4区 经济学
Economics of Transition and Institutional Change Pub Date : 2024-01-08 DOI: 10.1111/ecot.12406
Sèna Kimm Gnangnon
{"title":"Export product quality and inclusivity in developing countries","authors":"Sèna Kimm Gnangnon","doi":"10.1111/ecot.12406","DOIUrl":"10.1111/ecot.12406","url":null,"abstract":"<p>Improving the quality of export products is critical for promoting economic development, including for the achievement of sustainable development goals. The present study has examined the effect of export product quality improvement on inclusivity in developing countries. Inclusivity reflects a concomitant increase in the real per capita income, reduction in within-country income inequality, and poverty reduction. The analysis covers 101 developing countries over the period from 1980 to 2014, and uses primarily the two-step system Generalized Method of Moments estimator. It shows that export product quality improvement results in greater inclusivity, especially in countries that face high levels of economic growth volatility, including large magnitudes of external shocks. Likewise, export product quality improvement leads to greater inclusivity in countries that experience high levels of export product concentration. The analysis sheds light on the positive contribution of export product quality improvement to inclusivity in developing countries.</p>","PeriodicalId":40265,"journal":{"name":"Economics of Transition and Institutional Change","volume":"32 3","pages":"807-843"},"PeriodicalIF":0.9,"publicationDate":"2024-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139446406","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Financial inclusion and monetary policy effectiveness in a monetary union: Heterogenous panel approach 货币联盟中的金融包容性和货币政策有效性:异质性面板方法
IF 0.9 4区 经济学
Economics of Transition and Institutional Change Pub Date : 2024-01-03 DOI: 10.1111/ecot.12402
Jeleta Kebede, Saroja Selvanathan, Athula Naranpanawa
{"title":"Financial inclusion and monetary policy effectiveness in a monetary union: Heterogenous panel approach","authors":"Jeleta Kebede,&nbsp;Saroja Selvanathan,&nbsp;Athula Naranpanawa","doi":"10.1111/ecot.12402","DOIUrl":"10.1111/ecot.12402","url":null,"abstract":"<p>We examine the nexus between financial inclusion and inflation targeting monetary policy effectiveness in West African Economic and Monetary Union countries by employing a heterogenous panel approach that enables us to delineate the responses to policy innovations related to idiosyncratic country-specific shocks, common shocks, and composite shocks. We find that these shocks significantly affect inflation and financial inclusion but with varying magnitudes, signs, time of responses, and persistence. We further demonstrate that inflation targeting monetary policy is differently associated with the various dimensions and indicators of financial inclusion. Overall financial inclusion shocks temporarily increase inflation; deposit shocks reduce inflation; and credit shocks increase inflation. Central bank policy rate differently responds across time horizon to overall financial inclusion shocks; and it increases due to credit shocks highlighting that the monetary authority responds to credit shocks by implementing contractionary monetary policy. Our results highlight that monetary policy aimed at promoting inclusive financial services and responses of monetary policy to financial inclusion should be specific to the dimensions of financial inclusion.</p>","PeriodicalId":40265,"journal":{"name":"Economics of Transition and Institutional Change","volume":"32 3","pages":"779-805"},"PeriodicalIF":0.9,"publicationDate":"2024-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecot.12402","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139372917","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
Sophistication gap between countries: The effect of research and development expenditure 国家之间的先进性差距:研发支出的影响
IF 0.9 4区 经济学
Economics of Transition and Institutional Change Pub Date : 2023-10-31 DOI: 10.1111/ecot.12400
Brice Kamguia, Joseph Keneck-Massil, Henri Njangang, Sosson Tadadjeu
{"title":"Sophistication gap between countries: The effect of research and development expenditure","authors":"Brice Kamguia,&nbsp;Joseph Keneck-Massil,&nbsp;Henri Njangang,&nbsp;Sosson Tadadjeu","doi":"10.1111/ecot.12400","DOIUrl":"10.1111/ecot.12400","url":null,"abstract":"<p>A recent strand of the literature suggests that economic sophistication is a strong predictor of economic development. Given that this branch of literature is relatively young, the determinants of economic sophistication have not yet been fully explored. This study contributes to this literature by examining the effect of research and development (R&amp;D) investments on economic complexity. By applying a dynamic panel model to a panel of 67 countries, the following results are established: First, the results showed that research and development investments are associated with greater economic complexity. Second, when analyzing R&amp;D by sector, the results highlight the importance of research spending by higher education, business, public sector and private non-profit sector in improving economic complexity. In the same vein, investments in different R&amp;D activities, including basic research, applied research and experimental research, increase economic complexity. In addition, we provided evidence that R&amp;D spending in several fields, including medicine, engineering, natural sciences, social sciences and arts, also increases economic complexity. Third, we further analyze the heterogeneity of the results, highlighting the role of natural resource endowment and income level. However, investments in research and development remain associated with higher levels of economic complexity in resource-poor countries in contrast to resource-rich countries, where they have no effect. Based on these results, policy implications were discussed.</p>","PeriodicalId":40265,"journal":{"name":"Economics of Transition and Institutional Change","volume":"32 3","pages":"739-778"},"PeriodicalIF":0.9,"publicationDate":"2023-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135813994","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Do zombie firms affect healthy firms' exporting? Evidence from China 僵尸企业会影响健康企业的出口吗?来自中国的证据
IF 0.9 4区 经济学
Economics of Transition and Institutional Change Pub Date : 2023-10-30 DOI: 10.1111/ecot.12395
Jing Bu, Julan Du, Jiancai Pi
{"title":"Do zombie firms affect healthy firms' exporting? Evidence from China","authors":"Jing Bu,&nbsp;Julan Du,&nbsp;Jiancai Pi","doi":"10.1111/ecot.12395","DOIUrl":"10.1111/ecot.12395","url":null,"abstract":"<p>This paper empirically investigates whether zombie firms affect healthy firms' exporting. Using the 1998–2007 Chinese firm-level dataset, we provide strong evidence that zombie firms significantly decrease exports of healthy firms in each city-industry cluster, that is, both whether to export and export values are affected by zombie firms. Specifically, non-stated-owned enterprises (non-SOEs) are more vulnerable to the effect than their SOE counterparts. In addition, we also identify government subsidies, financial resources and total factor productivity as the sources of the effect, and the heterogeneous export performances of different types of firms are due to the variation in these sources.</p>","PeriodicalId":40265,"journal":{"name":"Economics of Transition and Institutional Change","volume":"32 3","pages":"707-738"},"PeriodicalIF":0.9,"publicationDate":"2023-10-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136105992","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Time preference and economic growth: The case for China and international comparisons 时间偏好与经济增长:中国案例与国际比较
IF 0.9 4区 经济学
Economics of Transition and Institutional Change Pub Date : 2023-10-28 DOI: 10.1111/ecot.12401
Lixin Sun
{"title":"Time preference and economic growth: The case for China and international comparisons","authors":"Lixin Sun","doi":"10.1111/ecot.12401","DOIUrl":"10.1111/ecot.12401","url":null,"abstract":"<p>In this paper, first, we measure Chinese time preferences as a whole and by region based on the Euler equation under an assumption of rational expectation. The calculating results show that the rates of Chinese time preference are markedly low for most hypothetical risk attitudes over the concerning period, and there exists heterogeneity in time preferences across regions in China. Second, compared with the estimates for other advanced and emerging countries under the same assumptions and same methodology, the rates of Chinese time preference are the lowest for any given risk preference, suggesting that Chinese are more patient during the time of our examinations. Third, our measured time preferences are powerful in predicting China's high saving rates and rapid growth rates of gross domestic product. In addition, the differences in economic growth rates between China and other sample countries can be partially explained by the differences of estimated cross-countries time preferences within our sample period. Fourth, we investigate the additional factors that affect the Chinese time preferences. Our study provides insights on the regional and international differences in economic growth rates and other economic outcomes.</p>","PeriodicalId":40265,"journal":{"name":"Economics of Transition and Institutional Change","volume":"32 2","pages":"683-704"},"PeriodicalIF":0.9,"publicationDate":"2023-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136158431","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Zombie firms, misallocation and manufacturing capacity utilization rate: Evidence from China 僵尸企业、配置不当和制造业产能利用率:来自中国的证据
IF 0.9 4区 经济学
Economics of Transition and Institutional Change Pub Date : 2023-10-27 DOI: 10.1111/ecot.12398
Qilin Mao, Jiayun Xu
{"title":"Zombie firms, misallocation and manufacturing capacity utilization rate: Evidence from China","authors":"Qilin Mao,&nbsp;Jiayun Xu","doi":"10.1111/ecot.12398","DOIUrl":"10.1111/ecot.12398","url":null,"abstract":"<p>This paper investigates the effects of zombie firms on Chinese manufacturing capacity utilization rate (CUR hereafter) from the perspectives of both the intra-industry and supply chain propagation. The results show that zombie firms not only significantly reduce the CUR of healthy firms in the same industry, but also inhibit the increase of CUR through the supply chain propagation. Specifically, if the supply chain propagation effect is not considered, the inhibitory effect of intra-industry zombie firms on the healthy firms' CUR would be overestimated on one hand, and the overall inhibitory effect of zombie firms on CUR would be underestimated on the other hand. The heterogeneity analysis demonstrates that the inhibitory effect of zombie firms on CUR is more pronounced for private firms, the firms in the industries with higher external financing dependence and the firms in the areas with a poorer institutional environment. In addition, this paper further studies the relationship among zombie firms, resource misallocation and the manufacturing aggregate CUR at the industry level, and finds that both intra-industry and upstream (downstream) zombie firms have significant inhibitory effects on the growth of manufacturing aggregate CUR. However, there are differences in the ways of influence that, specifically, the upstream (downstream) zombie firms inhibit manufacturing aggregate CUR growth mainly through the within-firm effect, while the intra-industry zombie firms are more likely to restrain manufacturing aggregate CUR growth through resource misallocation. Our study contributes to a profound understanding of the causes of overcapacity in a large transition economy and also expands the research perspective of assessing the economic effects of zombie firms.</p>","PeriodicalId":40265,"journal":{"name":"Economics of Transition and Institutional Change","volume":"32 2","pages":"641-682"},"PeriodicalIF":0.9,"publicationDate":"2023-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136234302","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Killing two birds with one stone? Sound investment with social impact 一石二鸟?具有社会影响的稳健投资
IF 0.9 4区 经济学
Economics of Transition and Institutional Change Pub Date : 2023-10-26 DOI: 10.1111/ecot.12399
Tea Gamtkitsulashvili, Alexander Plekhanov, Alexander Stepanov
{"title":"Killing two birds with one stone? Sound investment with social impact","authors":"Tea Gamtkitsulashvili,&nbsp;Alexander Plekhanov,&nbsp;Alexander Stepanov","doi":"10.1111/ecot.12399","DOIUrl":"10.1111/ecot.12399","url":null,"abstract":"<p>This paper uses a novel dataset on investments by the European Bank for Reconstruction and Development to quantify a (sizeable) trade-off between the impact and financial objectives of a large lender. The unique feature of this dataset is ex ante records of impact. These are made at the early stages of work on each transaction alongside probability-of-default scores. Impact scores are further updated at the final approval stage with around 55 percent of transaction concepts translating into signed deals. We show that this approach delivers a simultaneous selection of debt investments on the quality of credit and impact with a sizable trade-off between pursuing commercial and development objectives. For commercially riskier investments, impact characteristics have a greater bearing on the probability of an investment going ahead. We further use machine-learning analysis to show that the impact of some investments is strengthened prior to project approval.</p>","PeriodicalId":40265,"journal":{"name":"Economics of Transition and Institutional Change","volume":"32 2","pages":"617-640"},"PeriodicalIF":0.9,"publicationDate":"2023-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134909653","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Ceremonial expenditures, informal networks and economic consequences: Evidence from Kyrgyzstan 礼仪支出、非正式网络和经济后果:吉尔吉斯斯坦的证据
IF 0.9 4区 经济学
Economics of Transition and Institutional Change Pub Date : 2023-10-23 DOI: 10.1111/ecot.12391
Alisher Aldashev
{"title":"Ceremonial expenditures, informal networks and economic consequences: Evidence from Kyrgyzstan","authors":"Alisher Aldashev","doi":"10.1111/ecot.12391","DOIUrl":"10.1111/ecot.12391","url":null,"abstract":"<p>We estimate the effect of spending on festivities on various economic outcomes in an IV framework. The estimates show that ceremonial spending causes reduction in food expenditure. Households with higher spending on festivities are more likely to borrow money. Moreover, children are more likely to miss school in such households. One possible explanation for ceremonial expenditure despite its high economic cost is reliance on informal networks. Using the control function approach, we show that ceremonial spending is the means to maintain these networks. Moreover, ceremonial spending reduces the household's income variation. This suggests that these networks may serve the role of informal insurance. We also distinguish between events that are intertemporarily flexible (such as weddings) and intertemporarily inflexible (such as funerals). Intertemporarily inflexible ceremonial spending is less income elastic and thus may present the biggest financial stress to households.</p>","PeriodicalId":40265,"journal":{"name":"Economics of Transition and Institutional Change","volume":"32 2","pages":"571-582"},"PeriodicalIF":0.9,"publicationDate":"2023-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135413570","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Institutional investors, competition and corporate innovation: Evidence from Chinese listed firms 机构投资者、竞争与企业创新:来自中国上市公司的证据
IF 0.9 4区 经济学
Economics of Transition and Institutional Change Pub Date : 2023-10-23 DOI: 10.1111/ecot.12393
Jing Zhang, Kai Li, Cheryl Xiaoning Long
{"title":"Institutional investors, competition and corporate innovation: Evidence from Chinese listed firms","authors":"Jing Zhang,&nbsp;Kai Li,&nbsp;Cheryl Xiaoning Long","doi":"10.1111/ecot.12393","DOIUrl":"10.1111/ecot.12393","url":null,"abstract":"<p>By adapting a well-known model in the literature, the current paper sharpens the theoretical predictions on how competition intensity and institutional ownership interact to influence corporate innovation decisions, and adopts data from Chinese listed firms to empirically test the validity of two potential mechanisms. The split-share reform of 2004–2005, whose timing and speed were largely beyond the firms' control, is used as a quasi-natural experiment to address the potential endogeneity of institutional share. Similar to the existing results, we find support for the career concern mechanism rather than the lazy manager mechanism. But in addition to the complementary effects between institutional share and competition intensity on corporate innovation documented in their work, our findings also imply that competition discourages innovation when the share of institutional investors is low but encourages innovation when the institutional share is high. The opposite effects of competition on innovation with or without institutional shares is accounted for by the negative correlation between competition and innovation success, which is an assumption in our theoretical model that departs from the existing literature, but fits the reality of China's economic transition. Additional evidence relating listed firms' managerial turnover to their institutional shares is also in support of the career concern mechanism. Combined with the substantial increase in innovation after the split-share reform, these findings demonstrate the strong positive role of institutional investors in encouraging innovation, but also offer more insight into the complex process that determines corporate innovation, especially where ownership structure is still in flux.</p>","PeriodicalId":40265,"journal":{"name":"Economics of Transition and Institutional Change","volume":"32 2","pages":"583-615"},"PeriodicalIF":0.9,"publicationDate":"2023-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135412867","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Igniting growth surges: Lessons from the past 点燃增长浪潮:过去的经验教训
IF 0.9 4区 经济学
Economics of Transition and Institutional Change Pub Date : 2023-10-20 DOI: 10.1111/ecot.12397
Jean-Marc B. Atsebi
{"title":"Igniting growth surges: Lessons from the past","authors":"Jean-Marc B. Atsebi","doi":"10.1111/ecot.12397","DOIUrl":"10.1111/ecot.12397","url":null,"abstract":"<p>‘What exactly’ can countries do to initiate an episode of growth surge? I identify 132 episodes of growth surges occurring between 1980 and 2010 in 117 countries. I find that disproportionate improvements in macroeconomic stability and external factors and endowments favour a higher probability of growth surge. They are followed by structural reforms, investments, labour and productivity, trade diversification and quality and, lastly, by institutions. Countries can maximize the likelihood of igniting growth surges if they jointly achieve significant improvements in macroeconomic stability and external conditions and endowments. Also, macroeconomic stability and to some extent, external factors and endowments may be considered as dominant strategies to ignite a growth surge, as no improvements in these determinants, generally constraint the other determinants to have a smaller effect on growth surges. There is a notable difference between decades, regions and levels of development, which calls for careful tailoring of policies aiming at igniting growth surges to local conditions.</p>","PeriodicalId":40265,"journal":{"name":"Economics of Transition and Institutional Change","volume":"32 2","pages":"525-569"},"PeriodicalIF":0.9,"publicationDate":"2023-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135617914","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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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