Australian Economic Papers最新文献

{"title":"The signalling role of the government-market relationship in debt financing: Evidence from China","authors":"Yuan Yuan,&nbsp;Ye Meng","doi":"10.1111/1467-8454.12361","DOIUrl":"10.1111/1467-8454.12361","url":null,"abstract":"<p>A proper government-market relationship (GMR) serves as an important institutional environment for investors to make rational economic decisions. Theoretically, by embedding the GMR into the signalling model, this study finds that (a) the improvement in the GMR can enable high-return firms to obtain more debt financing and (b) the mechanism is that a higher GMR, as a signal, increases the accuracy of investors' inference on firms' returns. Using data of Chinese A-share listed firms (2009–2019) and the two-step system GMM, this study empirically demonstrates that the GMR does help investors infer firms' returns more accurately, thus enlarging the debt financing scales of high-return firms. Moreover, the positive impact of the GMR on high-return firms is significant within privately owned firms and more substantial in markets characterised by lower industry concentration.</p>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"63 4","pages":"667-686"},"PeriodicalIF":1.2,"publicationDate":"2024-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140989424","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":"Urban industrial land misallocation and green total factor productivity: Evidence from China's Yellow River Basin regions","authors":"Lei Nie,&nbsp;Zhenzhen Ren,&nbsp;Yanrui Wu,&nbsp;Qizhou Luo","doi":"10.1111/1467-8454.12359","DOIUrl":"10.1111/1467-8454.12359","url":null,"abstract":"<p>This study aims to investigate the repercussions of urban industrial land misallocation on green total factor productivity (GTFP) within the context of China's Yellow River Basin regions. Utilising data from 99 prefecture-level cities over the period from 2007 to 2020, the analysis reveals that the misallocation of urban industrial land exhibits regional variations and exerts a significant and persistent negative influence on GTFP, with notable regional disparities. Further analysis shows the mechanism of this effect is the obstacle to urban innovation due to industrial land misallocation. In addition, education expenditure plays a moderating role both directly and indirectly. These findings imply the need to continuously improve the performance evaluation and financial system of local governments, reduce government intervention, and make use of the market mechanism in the allocation of urban industrial land.</p>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"63 4","pages":"646-666"},"PeriodicalIF":1.2,"publicationDate":"2024-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8454.12359","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140660239","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":"5A accreditation of tourist attractions in China and international tourist arrivals: A system generalised method of moments approach","authors":"Honghong Wei,&nbsp;Mingming Cheng,&nbsp;Li Huang","doi":"10.1111/1467-8454.12349","DOIUrl":"10.1111/1467-8454.12349","url":null,"abstract":"<p>While international accreditations for tourist attractions have been extensively examined, the impact of nationally developed accreditations has been less systematically investigated. Employing the system generalised method of moments approach, this study investigates the relationship between 5A tourist attractions, based on China's accreditation system, and international tourist arrivals in China, using annual city-level panel data spanning from 2002 to 2017. The empirical results suggest that the 5A accreditation has a significantly positive effect on international tourists' arrivals. Furthermore, our findings indicate that the 5A accreditation has a substantial impact on the number of international tourists visiting lesser-known cities. Moreover, the study reveals that international tourists from different countries respond differently to cultural and natural sites. This research provides valuable insights into tourism development strategies for local governments and tourist attractions.</p>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"63 4","pages":"627-645"},"PeriodicalIF":1.2,"publicationDate":"2024-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140670366","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":"Tackling barriers to (beneficial) housing mobility","authors":"Andrew Barker,&nbsp;Aaron Korczak-Krzeczowski","doi":"10.1111/1467-8454.12355","DOIUrl":"10.1111/1467-8454.12355","url":null,"abstract":"<p>Housing mobility can provide welfare benefits to households who move to more suitable housing, while also enabling productivity gains through better matching of skills to jobs. Compared with other developed countries, Australians regularly move home, but rarely do so for work. Tenure security for private renters is low and in stark contrast to the United States, Australian renters are more likely to be forced to move by their landlord than choose to move for work. Reforms are recommended to level the playing field, by removing landlords' capacity to evict tenants without due cause and enabling greater entry of institutional investors into the housing market. Opportunities to reduce barriers to moving for owner–occupiers are identified: stamp duties could be replaced with less distortionary forms of taxation and exclusion of the family home in pension asset testing should be reviewed, as this exclusion discourages downsizing where doing so would reduce pension income.</p>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"63 3","pages":"530-546"},"PeriodicalIF":1.2,"publicationDate":"2024-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140630096","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":"Australian first home ownership assistance schemes: International comparison and assessment","authors":"Chris Martin,&nbsp;Hal Pawson","doi":"10.1111/1467-8454.12357","DOIUrl":"10.1111/1467-8454.12357","url":null,"abstract":"<p>Australia, like most developed countries, has promoted homeownership as an express housing policy goal for many decades. Domestically and internationally, recent years have seen growing efforts to enhance access to owner-occupation for prospective first home buyers (FHBs). FHB assistance takes many forms. Presenting a new typology of such measures, our multi-method study investigates current approaches in Australia and in seven high-income comparator countries. Australia stands out for its modern emphasis on demand-side assistance (e.g., grants and tax concessions), rather than supply-side measures (e.g., government-developed housing for low-cost sale). Lately, several Australian governments (federal and state) have diversified approaches to FHB assistance, particularly via shared equity and low-deposit mortgage schemes, taking cues from international practice. While more administratively demanding, these types of assistance are considered attractive because they require little outlay or operate on a ‘revolving fund’ basis, with government potentially sharing capital gains. However, they potentially place governments even more among housing's ‘insiders’, with a material interest in continually rising prices.</p>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"63 3","pages":"507-529"},"PeriodicalIF":1.2,"publicationDate":"2024-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8454.12357","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140614364","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":"Planning deregulation: What if land markets are monopolies?","authors":"Emily Sims,&nbsp;Jesse Hermans","doi":"10.1111/1467-8454.12341","DOIUrl":"10.1111/1467-8454.12341","url":null,"abstract":"<p>Upzoning and land-use reform are widely discussed as a way to improve housing supply and affordability. However, some literature contests this view and leads to apparent contradictions. We consider the theoretical frameworks and literature underpinning these divergent views in the hopes to establish mutual coherence, as well as questions for further research and the nascent but growing literature of empirical studies that could evaluate them.</p>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"63 3","pages":"493-506"},"PeriodicalIF":1.2,"publicationDate":"2024-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140224569","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":"State capacity, tax evasion, and wage inequality","authors":"Jiancai Pi,&nbsp;Xinyi Liu","doi":"10.1111/1467-8454.12342","DOIUrl":"10.1111/1467-8454.12342","url":null,"abstract":"<p>This paper explores how state capacity in the sense of controlling tax evasion affects wage inequality through constructing several general equilibrium models. We analyse six types of redistribution in urban areas, and find that effect variations in urban wage inequality arise depending on the specific recipients of redistribution. Notably, under redistribution to urban unskilled labour, changes in wage inequality will depend on the capital intensity of the urban skilled sector when state capacity increases.</p>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"63 4","pages":"594-626"},"PeriodicalIF":1.2,"publicationDate":"2024-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140107442","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":"Hiding the elephant: The tragedy of COVID policy and its economist apologists","authors":"Gigi Foster,&nbsp;Paul Frijters","doi":"10.1111/1467-8454.12293","DOIUrl":"https://doi.org/10.1111/1467-8454.12293","url":null,"abstract":"<p>In 2020 and 2021, the world witnessed policies that caused enormous net damage to most countries. We demonstrate the usefulness of the new WELLBY currency in gauging the costs and benefits of COVID policies and review the contributions of Australian economists to the scholarly and public debates about these policies. Our analysis documents the value of what was destroyed, the weak resistance mounted by the Australian economics profession during this period, and the role played by many Australian economists as apologists for what we view as Australia's most catastrophic peacetime economic policy failure. We close with ideas for working towards a better future.</p>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"63 1","pages":"106-144"},"PeriodicalIF":1.9,"publicationDate":"2024-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8454.12293","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140053146","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":"Introduction to special issue: The economics of catastrophes","authors":"Markus Brueckner","doi":"10.1111/1467-8454.12333","DOIUrl":"https://doi.org/10.1111/1467-8454.12333","url":null,"abstract":"&lt;p&gt;According to the Online Etymology Dictionary, the word &lt;i&gt;catastrophe&lt;/i&gt; can be traced back to the 1530s when its meaning was ‘reversal of what is expected’ (especially a fatal turning point in a drama, the winding up of the plot)—from Latin &lt;i&gt;catastropha&lt;/i&gt;, from Greek &lt;i&gt;katastrophē&lt;/i&gt; ‘an overturning; a sudden end’. In contemporary macroeconomic textbooks, the reader will be familiar with the term ‘adverse (or negative) shocks’. Adverse shocks are those events that are unpredictable, that is, cannot be forecasted, and that negatively affect GDP, or its components. Adverse shocks are probably what is most closely related to the etymological meaning of the word &lt;i&gt;catastrophe&lt;/i&gt;. This special issue, titled, ‘The Economics of Catastrophes’ brings together the work of leading scholars on the topic. It contains eight papers, five of which are specifically on the Australian economy. The following paragraphs provide a brief summary of each of the papers contained in the special issue.&lt;/p&gt;&lt;p&gt;John Freebairn's paper, titled ‘Natural disasters and economic policy challenges’, evaluates the impacts of natural disasters on economic and policy decisions. Freebairn (&lt;span&gt;2024&lt;/span&gt;) proposes that while governmental subsidies for flood-affected households aim to provide immediate relief, such subsidies may inadvertently incentivise lower-income individuals to continue living in more disaster-prone regions—causing long-term negative societal impacts. Freebairn critically evaluates the role governments play in shaping the decisions of households and businesses when opting for locations prone to natural disasters. He deliberates on the provision of special financial subsidies to disaster-affected households and businesses, a decision often influenced by media and political pressures. Freebairn argues that subsidies for flood-affected households can unintentionally discourage individuals from relocating to safer areas while also reducing incentives for implementing disaster mitigation strategies. As a result of subsidies, the costs of future disaster events to society may increase while contributing to inequity over the long term. It is important to note that Freebairn's argument applies to subsidies that are granted in case of expected natural disasters: that is, to people living in areas which are well-known to have a non-zero probability of being struck by major floods.&lt;/p&gt;&lt;p&gt;‘Catastrophe theory and economic modelling at the back of an envelope’ by Eduardo Pol (&lt;span&gt;2024&lt;/span&gt;) provides a detailed examination of the application of catastrophe theory (CT) in economic modelling. Pol outlines a step-by-step process of how to use CT in economic modelling. Pol addresses prior critiques of CT's limited relevance in economic modelling. He discusses how CT combines optimisation, comparative statics, and dynamics into a single mathematical tool and gives a systematic procedure for its application in economics.&lt;/p&gt;&lt;p&gt;The paper ‘How Australia's economy gained","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"63 1","pages":"1-4"},"PeriodicalIF":1.9,"publicationDate":"2024-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8454.12333","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140053148","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":"Income diversification patterns and their impact on bank risk","authors":"Parneet Kaur,&nbsp;Aanchal Bansal","doi":"10.1111/1467-8454.12339","DOIUrl":"10.1111/1467-8454.12339","url":null,"abstract":"<p>This study focuses on the crucial topic of income diversification and its implications for bank risk, using the context of India's public and private Sector banks. The research spans the years 2005–2021, investigating the influence of varying degrees of non-interest income on the risk profiles of Indian banks. Employing a program impact evaluation methodology, the study employs the generalised propensity score-fractional dose–response function technique to ascertain the impact of different levels of non-interest income on bank risk. The outcomes underscore the diverse effects of diversification contingent upon factors like bank size and ownership type, including large and small banks as well as public and private sector institutions. Notably, the aftermath of the Global Financial Crisis introduced distinctive dynamics to income diversification's impact. By segmenting the study timeline into two periods—2005–2013 and 2014–2021—it emerges that income diversification lowered bank risk in the earlier period, while conversely amplifying risk in the latter phase. These insights bear significance as an early warning mechanism for bank executives, policymakers, and regulatory authorities, enabling them to navigate strategic transitions associated with non-interest income. Employing a novel approach, this research contributes to the literature by evaluating the interplay between income diversification and bank risk across diverse levels of non-interest income mix. In contrast to conventional econometric methods, the use of the generalised propensity score method stands out as a robust technique to mitigate confounding biases inherent in non-experimental inquiries.</p>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"63 4","pages":"570-593"},"PeriodicalIF":1.2,"publicationDate":"2024-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139950859","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}