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Effect of COVID-19 Lockdown on the Profitability of Firms in India* 新冠肺炎封锁对印度企业盈利能力的影响*
IF 0.9
Economic Papers Pub Date : 2023-01-16 DOI: 10.1111/1759-3441.12377
Ritika Jain, Rajnish Kumar
{"title":"Effect of COVID-19 Lockdown on the Profitability of Firms in India*","authors":"Ritika Jain,&nbsp;Rajnish Kumar","doi":"10.1111/1759-3441.12377","DOIUrl":"https://doi.org/10.1111/1759-3441.12377","url":null,"abstract":"<p>We examine the effect of COVID-19-induced lockdown on the profitability of listed firms in India. We use quarterly income statement of 4168 listed firms for the period between April–June 2020 quarter and April–June 2022 quarter and compare their financial data with previous quarters (2015–2019). Using a difference-in-difference estimation framework and various profitability measures, we find that the COVID-19 lockdown has reduced profits by around 15 per cent for listed firms in India. Our results are robust to various robustness tests and alternate specifications. We find evidence of firms losing revenues more than expenses, thus leading to decline in profits. The main effect is conditioned by firm-specific factors. Specifically, firms that are smaller, older, unlisted and that do not belong to any group witnessed larger decline in profitability due to lockdown. Additionally, the effect of lockdown is more pronounced in areas that had lower mobility and higher COVID-19 spread. These results underscore the importance of institutional factors and pre-existing firm characteristics in conditioning the impact of lockdown on firm profitability.</p>","PeriodicalId":45208,"journal":{"name":"Economic Papers","volume":"42 1","pages":"54-71"},"PeriodicalIF":0.9,"publicationDate":"2023-01-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50134560","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: 1
Driving on Sunbeams: Interactions Between Price Incentives for Electric Vehicles, Residential Solar Photovoltaics and Household Battery Systems* 在阳光下行驶:电动汽车、住宅太阳能光伏和家用电池系统价格激励之间的相互作用*
IF 0.9
Economic Papers Pub Date : 2022-12-15 DOI: 10.1111/1759-3441.12376
Leslie A. Martin
{"title":"Driving on Sunbeams: Interactions Between Price Incentives for Electric Vehicles, Residential Solar Photovoltaics and Household Battery Systems*","authors":"Leslie A. Martin","doi":"10.1111/1759-3441.12376","DOIUrl":"10.1111/1759-3441.12376","url":null,"abstract":"<p>I discuss how electric vehicles (EVs) link transportation externalities to the regulations that govern our electricity markets. Specifically, I contrast the consequences of the incentives faced by joint EV and residential PV adopters under a system of monthly net metering to those under a system of instantaneous metering with feed-in tariffs and behind-the-meter own consumption. I also discuss how, even within Australia, households under new solar PV contracts and early adopters under legacy contracts face very different private costs of operating EVs, which have environmental and congestion implications. I briefly discuss how these incentives interact with the profitability and environmental benefit of household battery systems. Finally, I comment on how these short-term incentives are likely to evolve in the longer run transition to a much cleaner grid and warn about the potential negative distributional impacts of using purchase subsidies to accelerate the adoption of these technologies.</p>","PeriodicalId":45208,"journal":{"name":"Economic Papers","volume":"41 4","pages":"369-384"},"PeriodicalIF":0.9,"publicationDate":"2022-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1759-3441.12376","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116344154","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
Organising Thinking about Disinflation Policy* 反通货膨胀政策的组织思考*
IF 0.9
Economic Papers Pub Date : 2022-12-14 DOI: 10.1111/1759-3441.12375
Eduardo Pol
{"title":"Organising Thinking about Disinflation Policy*","authors":"Eduardo Pol","doi":"10.1111/1759-3441.12375","DOIUrl":"https://doi.org/10.1111/1759-3441.12375","url":null,"abstract":"<p>This paper offers a plain model to organise thinking about the disinflation policy. It exploits the insight that monetary and fiscal policy are intertwined. The model links inflationary expectations, monetary policy and fiscal policy, and contemplates a disinflation policy consisting of two plans, not necessarily connected: a monetary plan and a fiscal plan. The central question examined is which type of policy generates a lower policy interest rate – a monetary plan without fiscal cooperation or a monetary plan with fiscal austerity? The economic logic articulated by the model generates the following answer: the equilibrium policy rate set by the central bank can always be brought down by reducing the budget deficit. This qualitatively unambiguous prediction may be dependent on silent omissions, which are briefly discussed at the end of the paper.</p>","PeriodicalId":45208,"journal":{"name":"Economic Papers","volume":"42 1","pages":"92-106"},"PeriodicalIF":0.9,"publicationDate":"2022-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1759-3441.12375","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50132713","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
Be Wary of Paying Wounded Bulls – Capacity Markets in Australia's National Electricity Market* 警惕为受伤的公牛买单——澳大利亚国家电力市场的容量市场*
IF 0.9
Economic Papers Pub Date : 2022-12-10 DOI: 10.1111/1759-3441.12374
Tim Nelson, Joel Gilmore, Tahlia Nolan
{"title":"Be Wary of Paying Wounded Bulls – Capacity Markets in Australia's National Electricity Market*","authors":"Tim Nelson,&nbsp;Joel Gilmore,&nbsp;Tahlia Nolan","doi":"10.1111/1759-3441.12374","DOIUrl":"https://doi.org/10.1111/1759-3441.12374","url":null,"abstract":"<p>Australia's Energy Security Board is currently considering whether to pivot the east-coast Australian National Electricity Market from an energy-only market to include some form of capacity remuneration. This discussion is occurring during an unprecedented energy crisis where the wholesale market was suspended following a 275% increase in underlying wholesale energy prices. This article unpacks the root causes of the current energy crisis and how a traditional capacity market would have been ineffective in addressing it. We find that a traditional capacity market may provide windfall gains to wounded bull coal generators and be counterproductive in driving new investment in dispatchable technologies. Our recommendation is that policy-makers should focus on utilising existing regulatory tools and a capacity reserve to insure against the unanticipated failures of ageing coal plants.</p>","PeriodicalId":45208,"journal":{"name":"Economic Papers","volume":"42 1","pages":"72-91"},"PeriodicalIF":0.9,"publicationDate":"2022-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50127542","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: 1
Increasing Australian Lithium Production to Meet Electric Vehicles and Net Zero Global Targets: A Decarbonisation Tax Discount?* 增加澳大利亚锂产量以满足电动汽车和净零全球目标:脱碳税收优惠?＊
IF 0.9
Economic Papers Pub Date : 2022-12-01 DOI: 10.1111/1759-3441.12372
Russell Smyth, Joaquin Vespignani
{"title":"Increasing Australian Lithium Production to Meet Electric Vehicles and Net Zero Global Targets: A Decarbonisation Tax Discount?*","authors":"Russell Smyth,&nbsp;Joaquin Vespignani","doi":"10.1111/1759-3441.12372","DOIUrl":"10.1111/1759-3441.12372","url":null,"abstract":"<p>Current commitments with net zero 2050 require that more than two billion electric vehicles (EVs) be produced globally by 2035. Australia produces more than 55% of the global lithium in the world. We argue that Australia's most significant contribution to realising net zero 2050 could be to increase lithium production 10-20-fold by 2035. A similar case could equally be made for increasing other critical minerals. This would also contribute to securing Australia's energy and national security. To realise these benefits current investment in lithium is much lower than the production of lithium batteries used in EVs requires, reflecting suboptimal tax rates. We conclude by proposing that a decarbonisation tax discount for critical minerals is needed.</p>","PeriodicalId":45208,"journal":{"name":"Economic Papers","volume":"41 4","pages":"385-389"},"PeriodicalIF":0.9,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127735715","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
Global Value Chains and Exchange Rate Disconnect* 全球价值链与汇率脱节*
IF 0.9
Economic Papers Pub Date : 2022-11-17 DOI: 10.1111/1759-3441.12370
Bhushan Praveen Jangam, Hari Venkatesh
{"title":"Global Value Chains and Exchange Rate Disconnect*","authors":"Bhushan Praveen Jangam,&nbsp;Hari Venkatesh","doi":"10.1111/1759-3441.12370","DOIUrl":"10.1111/1759-3441.12370","url":null,"abstract":"<p>This study examines the effect of global value chains (GVCs) on the association between gross exports and the exchange rate. To do so, we quantify the composition of the GVCs using output-related measures for sixty-one countries from 2007 to 2020. This approach is better than the existing measures in capturing all the linkages of GVCs. Second, we analyse the importance of GVCs on the link between gross exports and the exchange rate using an econometric technique – the generalised method of moments. Our results show that GVC participation disconnects the exchange rate elasticity of exports. The empirical findings are robust and consistent across the sectors and income groups. Therefore, it is vital for policy-makers to consider the implications of GVCs while devising any policy related to exports.</p>","PeriodicalId":45208,"journal":{"name":"Economic Papers","volume":"41 4","pages":"347-359"},"PeriodicalIF":0.9,"publicationDate":"2022-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124100822","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
Weak Emission Standards and Australia's Low Takeup of Electric Vehicles 低排放标准与澳大利亚电动汽车的低占有率
IF 0.9
Economic Papers Pub Date : 2022-11-15 DOI: 10.1111/1759-3441.12371
Peter Martin
{"title":"Weak Emission Standards and Australia's Low Takeup of Electric Vehicles","authors":"Peter Martin","doi":"10.1111/1759-3441.12371","DOIUrl":"10.1111/1759-3441.12371","url":null,"abstract":"<p>Australia is unusual among developed countries both in lacking fleet-wide vehicle carbon dioxide emission standards and in having a very low takeup of all-electric vehicles. This paper outlines how fleet-wide vehicle carbon dioxide emission standards operate and identifies mechanisms by which their absence might lead to a low takeup of electric vehicles in countries such as Australia. Although hard to verify one of those mechanisms in Australia (higher prices charged for all-electric vehicles), it is easy to verify the unusually low number of models of all-electric models made available for sale. The paper also outlines Australia's slow 15-year journey towards standards, pointing to the possible role of political machinations and political caution in delaying their introduction. It identifies one group of employees with much to lose from a rapid uptake of electric vehicles—motor mechanics.</p>","PeriodicalId":45208,"journal":{"name":"Economic Papers","volume":"41 4","pages":"390-395"},"PeriodicalIF":0.9,"publicationDate":"2022-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1759-3441.12371","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131304214","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
Occupational Mobility in the ALife Data: How Reliable are Occupational Patterns from Administrative Australian Tax Records?* ALife数据中的职业流动性:来自澳大利亚行政税务记录的职业模式有多可靠?＊
IF 0.9
Economic Papers Pub Date : 2022-11-13 DOI: 10.1111/1759-3441.12369
Clara Hathorne, Robert Breunig
{"title":"Occupational Mobility in the ALife Data: How Reliable are Occupational Patterns from Administrative Australian Tax Records?*","authors":"Clara Hathorne,&nbsp;Robert Breunig","doi":"10.1111/1759-3441.12369","DOIUrl":"https://doi.org/10.1111/1759-3441.12369","url":null,"abstract":"<p>The purpose of this paper is to compare the distribution of occupation and rates of occupational mobility in the ATO Longitudinal Information Files (ALife) and the Household, Income and Labour Dynamics in Australia (HILDA) datasets. As tax is not occupation dependent, occupation data from tax records may not be reliable. We find that occupational mobility in the ALife data is less than half that in the nationally representative HILDA data. In contrast, the distribution of occupation and its relationship with most key socio-economic characteristics appear relatively similar across the two datasets. However, occupation evolves differently over time in the two datasets and there are some differences between the sexes.</p>","PeriodicalId":45208,"journal":{"name":"Economic Papers","volume":"41 4","pages":"297-324"},"PeriodicalIF":0.9,"publicationDate":"2022-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1759-3441.12369","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137828356","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
COVID-19 Induced Income Loss among Migrant Workers: Evidence from Eight Villages of Bihar 2019冠状病毒病导致的农民工收入损失:来自比哈尔邦八个村庄的证据
IF 0.9
Economic Papers Pub Date : 2022-10-31 DOI: 10.1111/1759-3441.12368
Niladri Sekhar Dhar, Shreya Nupur, Meghna Dutta
{"title":"COVID-19 Induced Income Loss among Migrant Workers: Evidence from Eight Villages of Bihar","authors":"Niladri Sekhar Dhar,&nbsp;Shreya Nupur,&nbsp;Meghna Dutta","doi":"10.1111/1759-3441.12368","DOIUrl":"10.1111/1759-3441.12368","url":null,"abstract":"<p>The COVID-19 crisis re-shaped many livelihood options and placed significant burdens on those with precarious incomes exacerbating persisting vulnerabilities, especially among a large section of the migrant population. This group faced a dual threat – both to their livelihood and health. To understand the consequences of this pandemic on the income of the migrant population, a household level survey was conducted in the state of Bihar, India, which is one of the highest migrant-sending states. We examine the role of differences in the socio-economic status of migrants and their households in determining the extent of vulnerability caused by the COVID-19 crisis. Vulnerability is proxied by the income lost by migrants during the lockdown. The results suggest that households with diversified income portfolio, larger landholdings, and those receiving government benefits suffered significantly lower income loss whereas, larger household size and greater distance from town tended to escalate income loss. Additionally, private salaried workers faced higher income loss and an increment in years of education lowers the losses significantly. It is observed that individual-level characteristics also played a significant role in determining economic loss due to the lockdown. Our findings suggest a binding necessity to actively shape policies considering the financial insecurity of vulnerable migrants at their destination and the household members at the origin.</p>","PeriodicalId":45208,"journal":{"name":"Economic Papers","volume":"41 4","pages":"325-346"},"PeriodicalIF":0.9,"publicationDate":"2022-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133637647","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
Lifting Diversity and Inclusion in Economics: How the Australian Women in Economics Network Put the Evidence into Action* 提升经济学的多样性和包容性：澳大利亚女性经济学网络如何将证据付诸行动*
IF 0.9
Economic Papers Pub Date : 2022-10-31 DOI: 10.1111/1759-3441.12367
Rebecca Cassells, Leonora Risse, Danielle Wood, Duygu Yengin
{"title":"Lifting Diversity and Inclusion in Economics: How the Australian Women in Economics Network Put the Evidence into Action*","authors":"Rebecca Cassells,&nbsp;Leonora Risse,&nbsp;Danielle Wood,&nbsp;Duygu Yengin","doi":"10.1111/1759-3441.12367","DOIUrl":"https://doi.org/10.1111/1759-3441.12367","url":null,"abstract":"<p>To support broader global efforts to improve diversity and inclusion in economics, this paper provides a statistical picture of the gender composition of the economics profession in Australia and the evidence-based initiatives taken by the Women in Economics Network (WEN) to improve women's representation and recognition. WEN's impact is evaluated across a range of metrics. This includes a case study of WEN's mentorship programme for university students that was delivered as a behavioural intervention and evaluated as a randomised control trial. Drawing on practical experiences in combination with research insights, the paper identifies some of the challenges encountered and the lessons that can be shared with similar organisations globally that are pursuing diversity and inclusion goals.</p>","PeriodicalId":45208,"journal":{"name":"Economic Papers","volume":"42 1","pages":"1-29"},"PeriodicalIF":0.9,"publicationDate":"2022-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1759-3441.12367","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50149466","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
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