Australian Economic Papers最新文献

{"title":"The Effectiveness of Macroprudential Policies on Credit Growth in Vietnam","authors":"Thi Thu Hong Dinh,&nbsp;Tuan Huu Nguyen","doi":"10.1111/1467-8454.12393","DOIUrl":"https://doi.org/10.1111/1467-8454.12393","url":null,"abstract":"<div>\u0000 \u0000 <p>This study presents a comprehensive analysis of the effectiveness of macroprudential policies on credit growth in Vietnam. It introduces an advanced approach to create a macroprudential index (MPI) that measures the state of macroprudential policy. The MPI is then applied to a high-frequency database on a monthly basis to estimate its impact on real credit growth and the country's credit growth cycle. The study's comprehensive nature is evident in the manual survey of the policies of the State Bank of Vietnam and the information published by commercial banks from January 1999 to June 2023. The findings reveal that, unlike flexible monetary policy, macroprudential policy tools have gained prominence and have been tightened since 1999. Moreover, empirical evidence suggests that tightening macroprudential policies in Vietnam has helped reduce real credit growth, although they have not been effective in smoothing real credit growth cycles.</p>\u0000 </div>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"64 1","pages":"139-151"},"PeriodicalIF":1.2,"publicationDate":"2025-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143530619","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}

{"title":"Government Intervention in Land Markets: The Role of Industrial Policies in Shaping Land Use Costs","authors":"Kaishun Li,&nbsp;Kaiming Li","doi":"10.1111/1467-8454.12391","DOIUrl":"https://doi.org/10.1111/1467-8454.12391","url":null,"abstract":"<div>\u0000 \u0000 <p>Industrial policies influence national economic development by allocating industrial land resources. Unlike the market-oriented industrial land transaction systems in developed countries, China's industrial land transactions are significantly influenced by governmental intervention. However, there is insufficient research on the extent and mechanisms of industrial policy's influence on land use costs in this context. Therefore, this study combines land transactions, industrial policy, urban statistics, and listed company data, creating a dataset of 9705 land transactions from 2011 to 2020 to analyze industrial policies' impact on land use costs. The findings are as follows: First, different industrial policies have differentiated effects on land use costs, with lower costs for key industries and higher costs for heavily polluting industries. Second, the impact is more pronounced when the land parcel is situated outside the development zone, transferred by the prefecture-level city government, and the proportion of the tertiary industry in the province is relatively low. Third, local governments achieve regulation of land use costs through industrial policies by employing listing method and transferring land to state-owned enterprises. Furthermore, subsequent investigations reveal that industrial policies can mitigate the decline in total factor productivity caused by increased land use costs for enterprises. This article holds significant implications for optimizing industrial land resource allocation and facilitating industrial transformation and upgrading in developing countries.</p>\u0000 </div>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"64 2","pages":"267-278"},"PeriodicalIF":1.2,"publicationDate":"2025-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144207034","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}

{"title":"Hourly Asymmetric Multifractality and Dynamic Efficiency in Cryptocurrency Markets: The Effects of COVID-19 and Russia–Ukraine Tension","authors":"Walid Mensi,&nbsp;Ramzi Nekhili,&nbsp;Xuan Vinh Vo,&nbsp;Sang Hoon Kang","doi":"10.1111/1467-8454.12390","DOIUrl":"https://doi.org/10.1111/1467-8454.12390","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper examines the hourly downward/upward multifractality and dynamic efficiency of four cryptocurrencies—Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC)— before and during the COVID-19 pandemic, and during the Russia–Ukraine tension. Using the asymmetric multifractal detrended fluctuation analysis method, the results show significant asymmetric multifractality in all series, which intensifies for BTC only throughout the COVID-19 crisis and narrows for ETH, XRP, and LTC. Moreover, we show that cryptocurrency markets are more inefficient during the upward (downward) trend and before (during) the COVID-19 crisis. LTC is the least inefficient market pre COVID-19, whereas XRP is the least inefficient during the pandemic crisis. The results show evidence of excessive asymmetric multifractality for all four crypto markets. Before the COVID-19 crisis, positive values of excess asymmetry in multifractality have been identified for BTC and LTC markets, whereas the excess asymmetry values were negative for ETH and XRP markets. BTC and ETH markets showed wider multifractality fluctuations compared to LTC and XRP, indicating a stronger reaction to the war's impact.</p>\u0000 </div>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"64 2","pages":"251-266"},"PeriodicalIF":1.2,"publicationDate":"2025-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144206951","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}

{"title":"The Predictive Power of Economic Policy Uncertainty for Exchange Rate Volatility: Evidence From Multiple Economies","authors":"Qing Wei,&nbsp;Bisharat Hussain Chang,&nbsp;Yingyuan Cai","doi":"10.1111/1467-8454.12389","DOIUrl":"https://doi.org/10.1111/1467-8454.12389","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper evaluates the in-sample and out-of-sample forecasting performance of EPU vis-à-vis other widely used macroeconomic variables for volatility in exchange rate variability. Our findings, based on both in-sample and out-of-sample forecasting across a range of economies, indicate that the differential of the EPU between any two nations is persistently one step ahead of alternative macroeconomic predictors. Monte Carlo simulations and mechanism analysis indicate that a greater differential of the EPU is negatively correlated with bilateral trade, on the one hand, and positively with bilateral foreign exchange trading activities, on the other hand. The findings further indicate that EPU is a formidable predictor of both short-run and long-run exchange rate volatility once the endogeneity problem has been addressed, along with using multiple proxies. These results have important implications for studies about the causes of exchange rate fluctuations and enlighten policymakers and market participants on managing foreign exchange risks.</p>\u0000 </div>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"64 2","pages":"235-250"},"PeriodicalIF":1.2,"publicationDate":"2024-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144207061","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}

{"title":"Petrol Prices, Food Prices, and Inflation Perceptions in New Zealand—Evidence From a Threshold Analysis","authors":"Puneet Vatsa,&nbsp;Gabriel Pino","doi":"10.1111/1467-8454.12388","DOIUrl":"https://doi.org/10.1111/1467-8454.12388","url":null,"abstract":"<div>\u0000 \u0000 <p>Inflation perceptions shape inflation expectations. However, little is known about the factors influencing these perceptions. In this study, we address this gap by employing threshold regressions to analyze the associations between changes in petrol and food prices—two of the most conspicuous prices—and inflation perceptions in New Zealand. Findings reveal a positive association between petrol and food price inflation on the one hand and inflation perceptions on the other, with some evidence suggesting closer associations for food price inflation. Furthermore, the relationships do not change when high inflation rates are considered instead of low inflation rates. Finally, inflation perceptions are more closely related to petrol and food price inflation over the previous year than just the most recent quarter.</p>\u0000 </div>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"64 2","pages":"170-178"},"PeriodicalIF":1.2,"publicationDate":"2024-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144207039","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}

{"title":"Effective Market Power and Welfare Loss","authors":"Zhongqi Deng,&nbsp;Yue Luo,&nbsp;Cailin Yang,&nbsp;Xuecheng Fan","doi":"10.1111/1467-8454.12386","DOIUrl":"https://doi.org/10.1111/1467-8454.12386","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper introduces a straightforward and effective estimation methodology for quantifying firm-level welfare losses attributable to market power in monopolistic competition markets. Our analysis underscores that welfare losses are primarily contingent on effective market power, expressed as the product of the Lerner index and market share. Furthermore, our study demonstrates that welfare loss computed using the Hicksian measurement is smaller than that obtained through the Marshallian measurement. Finally, we apply this methodology to estimate firm-level market power and welfare losses in the Chinese carbonated beverage industry.</p>\u0000 </div>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"64 2","pages":"279-287"},"PeriodicalIF":1.2,"publicationDate":"2024-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144207069","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}

{"title":"Analyzing Healthcare Production Under Uncertainty in a State-Contingent Framework","authors":"Sriram Shankar","doi":"10.1111/1467-8454.12387","DOIUrl":"https://doi.org/10.1111/1467-8454.12387","url":null,"abstract":"<div>\u0000 \u0000 <p>In health care, decision-makers grapple with uncertainty, influencing production choices. This paper introduces a model exploring healthcare production under uncertainty using a state-contingent framework. Employing a parametric model and a general utility function, it calculates decision-makers' subjective probabilities for potential future states. Through numerical examples, it illustrates how optimal production choices are made. The model defines production technologies as state-allocable, facilitating resource allocation among various states and allowing for substitution of state-specific outputs. This approach offers more flexibility compared to traditional production analyses, empowering healthcare producers to better adapt and respond to uncertainties.</p>\u0000 </div>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"64 2","pages":"179-188"},"PeriodicalIF":1.2,"publicationDate":"2024-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144206449","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}

{"title":"Cybersecurity Transparency and Firm Success: Insights From the Australian Landscape","authors":"Hamzeh Al Amosh,&nbsp;Saleh F. A. Khatib","doi":"10.1111/1467-8454.12385","DOIUrl":"https://doi.org/10.1111/1467-8454.12385","url":null,"abstract":"<p>Amid the increasing prevalence of cybersecurity challenges on a global scale, the significance of disseminating details pertaining to a company's ability to counteract cybersecurity threats becomes evident, reflecting the vigilance and preparedness of the organization in addressing such risks. This study aims to investigate the correlation between the disclosure of cybersecurity practices and the performance of companies within the Australian S&amp;P/ASX 300 index spanning the period from 2010 to 2020. To analyze this connection, the generalized method of moments (GMM) technique was employed on the panel dataset of 2376 observations to address potential endogeneity issues identified in the initial findings. Our results indicate a positive impact on both accounting and market-based performance metrics due to increased corporate cybersecurity disclosure. Consequently, broadening the range of disclosed cyber-related information enhances companies' performance by furnishing valuable insights to stakeholders. The findings underscore the significance and reach of cybersecurity disclosure, affirming that meeting stakeholder expectations through the divulgence of cybersecurity information yields financial advantages and increases company performance. Furthermore, heightened transparency in cybersecurity matters mitigates information asymmetry, curtails agency problems, and reduces associated costs. Consequently, the disclosure of cybersecurity practices and incidents emerges as a strategic avenue for companies to bolster corporate well-being in the future, fostering transparency, building trust with stakeholders, and potentially augmenting revenue. In light of these findings, it is increasingly imperative for companies to prioritize cybersecurity and proactively disclose their cybersecurity practices and incidents. To the best of our knowledge, this study stands out as one of the limited inquiries examining the impact of cybersecurity disclosure on company performance, specifically within the Australian context. The insights derived from this research carry significance for regulators, policymakers, investors, lenders, and a diverse array of stakeholders. By shedding light on the crucial role of cybersecurity disclosure practices, this study offers valuable guidance for these entities in understanding the pivotal connection between such disclosures and a company's ability to attain its financial objectives.</p>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"64 2","pages":"189-204"},"PeriodicalIF":1.2,"publicationDate":"2024-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8454.12385","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144206922","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}

{"title":"Can Trade Policy Uncertainty Drive Green Innovation? Empirical Evidence From the US–China Trade War","authors":"Tingting Cao,&nbsp;Yifan Hu","doi":"10.1111/1467-8454.12384","DOIUrl":"https://doi.org/10.1111/1467-8454.12384","url":null,"abstract":"<div>\u0000 \u0000 <p>China's rapid economic growth in recent years has coincided with heightened environmental regulations and an upsurge in greenhouse gas emissions, necessitating a greater emphasis on green innovation to mitigate environmental risks. Concurrently, the US–China trade war has elevated trade policy uncertainty (TPU). This study uses the TPU surge from the trade war as a quasi-natural experiment, employing text analysis of annual reports to assess firms' TPU perceptions. Using a difference-in-differences method, we find that increased TPU significantly hinders green innovation. Firms' responses vary with environmental advantages, regulation levels, and government subsidies. Mechanisms include reduced environmental investment, decreased executive attention to environmental issues,  and corporate social responsibility. These findings underscore the importance of a stable trading environment for promoting green innovation.</p>\u0000 </div>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"64 2","pages":"153-169"},"PeriodicalIF":1.2,"publicationDate":"2024-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144207017","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}

{"title":"Digital Financial Inclusion and Diversity of Household Financial Asset Allocation: Evidence From China","authors":"Tingfeng Jiang,&nbsp;Wen Li,&nbsp;Wenjie Sun,&nbsp;Zunhui Yang","doi":"10.1111/1467-8454.12382","DOIUrl":"https://doi.org/10.1111/1467-8454.12382","url":null,"abstract":"<div>\u0000 \u0000 <p>Using panel data from the China Household Finance Survey (CHFS) and the Digital Financial Inclusion Index (DFII) of Peking University, this paper investigates the impacts of DFI development on household financial asset allocation. The results show that DFI development significantly increases the diversity of household financial assets and enhances the breadth and depth of household participation in the investment of stocks, funds, and internet finance products. These effects remain robust to various tests, including the use of instrumental variables, reconstructing the dependent variable, and adopting different regression models. Specifically, DFI increases household asset diversity through two main channels: improving financial literacy and alleviating liquidity constraints. Additionally, the heterogeneity analyses indicate that the promotive effect of DFI is stronger for households with younger heads, higher risk aversion, and greater income uncertainty or those located in rural areas. This research underscores the importance of digital financial inclusion in fostering a more diverse asset allocation landscape in China, with potential implications for other economies as well.</p>\u0000 </div>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"64 2","pages":"205-220"},"PeriodicalIF":1.2,"publicationDate":"2024-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144206692","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}