Economic Papers最新文献_第2页

Impact of Public Debt on the Relationship between Public Education Expenditure and Income Inequality: Evidence from Developing Countries* 公共债务对公共教育支出与收入不平等关系的影响：来自发展中国家的证据*

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Economic Papers Pub Date : 2025-06-10 DOI: 10.1111/1759-3441.12439

Gift Mbewe, Yanzhi Zhao, Chuanzhong Tang

{"title":"Impact of Public Debt on the Relationship between Public Education Expenditure and Income Inequality: Evidence from Developing Countries*","authors":"Gift Mbewe, Yanzhi Zhao, Chuanzhong Tang","doi":"10.1111/1759-3441.12439","DOIUrl":"https://doi.org/10.1111/1759-3441.12439","url":null,"abstract":"This study investigates the impact of public education expenditure on income inequality, focusing on the moderating role of public debt. Using a dataset of 74 developing countries spanning 1974–2022, the analysis applies the System Generalised Method of Moments (GMM) and the Dynamic Panel Threshold Regression Model (DPTRM). While previous research has predominantly examined the linear relationship between education expenditure and income inequality, this study further explores their nonlinear dynamics in the presence of public debt. The System GMM findings confirm that an increase in public education expenditure reduces income inequality, consistent with existing literature and the inverted U-shaped hypothesis. Furthermore, the study finds evidence of a nonlinear relationship between public education expenditure and income inequality; more specifically, a significant threshold effect of public debt is identified. Below the threshold level of the public debt-to-GDP ratio, increased education expenditure effectively reduces income inequality. Conversely, above the threshold, the impact of education expenditure on inequality becomes positive and loses statistical significance. The study offers a novel perspective for policymakers, emphasising that the effectiveness of education policy interventions, particularly education spending, is contingent on macroeconomic conditions such as debt sustainability.","PeriodicalId":45208,"journal":{"name":"Economic Papers","volume":"44 2","pages":"147-163"},"PeriodicalIF":0.9,"publicationDate":"2025-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144598402","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Impact of COVID-19 Pandemic on Asia-Pacific Banks 新冠肺炎疫情对亚太地区银行的影响

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Economic Papers Pub Date : 2025-04-18 DOI: 10.1111/1759-3441.12437

Moses Kangogo, Judith Mutuku

{"title":"Impact of COVID-19 Pandemic on Asia-Pacific Banks","authors":"Moses Kangogo, Judith Mutuku","doi":"10.1111/1759-3441.12437","DOIUrl":"https://doi.org/10.1111/1759-3441.12437","url":null,"abstract":"The outbreak of the Coronavirus (COVID-19) pandemic led to global economic consequences. This paper measures the dynamics of spillover effects before and during the COVID-19 pandemic among Asia-Pacific banks. Spillover effects provide an accurate representation of the transmission of shocks across financial institutions during adverse events, such as the COVID-19 pandemic. We apply the Diebold-Yilmaz spillover index to investigate the impact of COVID-19 on spreading shocks in the banking system. We consider the interactions of the 50 largest banks in the Asia-Pacific region over the period 1 January 2018 to 18 November 2021. The empirical results show varying patterns of spillover before and during the COVID-19 pandemic. The total spillovers intensify following the COVID-19 outbreak. Total spillovers decreased after governments adopted measures to mitigate the spread of COVID-19, including lockdowns, social distancing, wearing face masks, and vaccinations. This shows that the COVID-19 pandemic led to an increase in systemic risk. Caution needs to be put in place to monitor these banks to reduce instability in the banking sector.","PeriodicalId":45208,"journal":{"name":"Economic Papers","volume":"44 2","pages":"186-205"},"PeriodicalIF":0.9,"publicationDate":"2025-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1759-3441.12437","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144598652","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Causality by Vote: Aggregating Evidence on Causal Relations in Economic Growth Processes* 投票因果关系：经济增长过程中因果关系的综合证据*

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Economic Papers Pub Date : 2025-04-01 DOI: 10.1111/1759-3441.12436

Manuel de Mier, Fernando Delbianco, Fernando Tohmé

引用次数: 0

Propagation of Geopolitical Risks to the Federal Reserve's Policy Toolkit 地缘政治风险的传播对美联储政策工具包的影响

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Economic Papers Pub Date : 2025-03-27 DOI: 10.1111/1759-3441.12435

Langfeng Zhou

{"title":"Propagation of Geopolitical Risks to the Federal Reserve's Policy Toolkit","authors":"Langfeng Zhou","doi":"10.1111/1759-3441.12435","DOIUrl":"https://doi.org/10.1111/1759-3441.12435","url":null,"abstract":"This paper investigates the transmission mechanisms through which geopolitical risk (GPR) shocks affect Federal Reserve (Fed) monetary policy, incorporating both conventional and unconventional policy tools. It introduces a structural model – the Macro-Monetary Geopolitical Risk (MM-GPR) model – that integrates New Keynesian features, such as nominal frictions and rational expectations. The findings indicate that GPR significantly impacts the economy, prompting corresponding responses from the Fed. Heightened geopolitical uncertainty leads to rising inflation, suppressing real economic activity by reducing consumption and investment, while increasing unemployment. Two monetary policy experiments simulate the Fed's expansionary and contractionary responses under GPR surges and reliefs. The results reveal that, whether GPR rises or subsides, the optimal monetary policy for the Fed remains expansionary. These findings offer crucial guidance for policy-makers in navigating monetary policy amid geopolitical uncertainty. This paper contributes to both theoretical and empirical macroeconomic and monetary policy modelling by incorporating GPR shocks into the monetary policy framework, addressing a key gap in existing structural models by including unconventional policy tools.","PeriodicalId":45208,"journal":{"name":"Economic Papers","volume":"44 1","pages":"15-48"},"PeriodicalIF":0.9,"publicationDate":"2025-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143831491","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The Effect of Tax Evasion on Consumption in OECD Countries 经济合作与发展组织国家逃税对消费的影响

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Economic Papers Pub Date : 2025-03-24 DOI: 10.1111/1759-3441.12433

Alexi Thompson, James J. Jozefowicz, Cynthia Bley Ndede Epse Hourizene

引用次数: 0

Superannuation Tax Burdens: Conceptual Issues* 退休金税收负担：概念问题*

IF 0.9

Economic Papers Pub Date : 2025-03-14 DOI: 10.1111/1759-3441.12434

Jonathan James Pincus

{"title":"Superannuation Tax Burdens: Conceptual Issues*","authors":"Jonathan James Pincus","doi":"10.1111/1759-3441.12434","DOIUrl":"https://doi.org/10.1111/1759-3441.12434","url":null,"abstract":"Taxes are levied on contributions to and earnings of Australian superannuation funds (but not on superannuants' withdrawals). For most people, the statutory rates are lower than the marginal personal income tax rate on their labour income. However, the effective rate of superannuation taxes can be much higher than the statutory rates, due to the compounding of taxes on fund earnings. Important normative and policy questions relate to whether the taxes on superannuation are too heavy or too light; imposed at the right junctures or not; equitable or inequitable between taxpayers. The answers should depend on objective claims about the effects of the taxation arrangements. To support those objective claims, various indices have been used to measure the burden of taxation on superannuation. This article questions the validity and interpretation of those indices and proposes an alternative. No attempt is made to sketch the optimal tax system for superannuation: The Tax and Transfer Policy Institute has issued a thoughtful paper on that (TTPI 2020). My objectives are limited: to critique the prevailing indicators of the effective rates of taxation and of the rate and quantum of tax concessions; to offer a preferred alternative; and to illustrate the quantitative and policy relevance.","PeriodicalId":45208,"journal":{"name":"Economic Papers","volume":"44 2","pages":"119-135"},"PeriodicalIF":0.9,"publicationDate":"2025-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1759-3441.12434","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144598462","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The State of Economics* 经济状况*

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Economic Papers Pub Date : 2025-02-26 DOI: 10.1111/1759-3441.12431

Jacqui Dwyer

引用次数: 0

How Margaret Thatcher's Ideology Emboldened Her to Bite the Anti-inflationary Bullet 玛格丽特•撒切尔（Margaret Thatcher）的意识形态如何让她敢于直面反通胀

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Economic Papers Pub Date : 2025-02-07 DOI: 10.1111/1759-3441.12432

Ian M. McDonald

引用次数: 0

CEO Gender and ESG Controversies CEO性别与ESG争议

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Economic Papers Pub Date : 2025-01-13 DOI: 10.1111/1759-3441.12430

Hussain Muhammad

引用次数: 0

Unwrapping the Intricate Interplay Between Energy Dependency and Macroeconomic Volatility in OECD Countries 揭开经合组织国家能源依赖与宏观经济波动之间错综复杂的相互作用

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Economic Papers Pub Date : 2024-11-04 DOI: 10.1111/1759-3441.12429

Anjan Kumar Sahu, Mantu Kumar Mahalik

{"title":"Unwrapping the Intricate Interplay Between Energy Dependency and Macroeconomic Volatility in OECD Countries","authors":"Anjan Kumar Sahu, Mantu Kumar Mahalik","doi":"10.1111/1759-3441.12429","DOIUrl":"https://doi.org/10.1111/1759-3441.12429","url":null,"abstract":"While research has explored the connection between oil prices and macroeconomic performance, there is limited understanding of the interaction between overseas energy imports dependency and macroeconomic fluctuations. This work addresses the foregoing study using the augmented mean group (AMG) econometrics technique on panel data of 29 OECD net energy-importing countries from 2001 to 2021. The long-run finding unearthed that energy dependency intensifies macroeconomic instability, confirming that relying on overseas energy imports will hamper the smooth functioning of domestic economic machinery in the form of energy supply interruption. Besides energy dependency, this study uses government consumption spending, regulatory quality, and globalisation as control variables in macroeconomic instability function. The long-run outcomes further depict that government consumption spending and globalisation aggravate macroeconomic instability while regulatory quality reduces it. These findings are further checked by applying the pooled mean group-autoregressive distributed lag (PMG-ARDL) method. In conclusion, this study provides policy implications to prioritise domestically produced energy use and diversify energy sources by increasing the share of clean energy in the total energy mix.","PeriodicalId":45208,"journal":{"name":"Economic Papers","volume":"43 4","pages":"389-410"},"PeriodicalIF":0.9,"publicationDate":"2024-11-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1759-3441.12429","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143248437","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0