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Are government expenditures more cyclical the more they finance the provision of public goods? 政府支出是否越是用于提供公共产品，周期性就越强？
IF 1.5 3区 经济学
Kyklos Pub Date : 2024-03-25 DOI: 10.1111/kykl.12378
Andrew Abbott, Philip Jones
{"title":"Are government expenditures more cyclical the more they finance the provision of public goods?","authors":"Andrew Abbott,&nbsp;Philip Jones","doi":"10.1111/kykl.12378","DOIUrl":"10.1111/kykl.12378","url":null,"abstract":"<p>The “publicness” of services provided by governments can be gauged with reference to the extent to which services are “non-rival in consumption.” Services that are more “rival in consumption” (e.g., education and medical care) are more likely to be “parceled out” between citizens. With greater personal experience, voters are more likely to be aware of private-good benefits and therefore are far more likely to perceive these services as part of a personal “endowment.” In economic downturns, they attach priority to sustaining expenditures on more “private” services and vote-maximizing governments respond by diverting expenditure from “more public” to “more private” services. Consequently, government expenditures are more cyclical the more they finance non-rival services. Predictions are tested with reference to government expenditures in 28 OECD countries between 1997 and 2019.</p>","PeriodicalId":47739,"journal":{"name":"Kyklos","volume":null,"pages":null},"PeriodicalIF":1.5,"publicationDate":"2024-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/kykl.12378","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140324425","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Corporate philanthropy, political connections, and costs of equity capital 企业慈善、政治关系和股权资本成本
IF 1.5 3区 经济学
Kyklos Pub Date : 2024-03-19 DOI: 10.1111/kykl.12376
Chuyuan Liu, Jing Tang, Chenghao Huang
{"title":"Corporate philanthropy, political connections, and costs of equity capital","authors":"Chuyuan Liu,&nbsp;Jing Tang,&nbsp;Chenghao Huang","doi":"10.1111/kykl.12376","DOIUrl":"10.1111/kykl.12376","url":null,"abstract":"<p>We examine how investors' perceptions of firms' philanthropic behaviors alter the effect of corporate philanthropy on costs of equity capital. Using a sample of Chinese A-share listed firms from 2007 to 2018, we find that firms making philanthropic donations have higher equity financing costs. In contrast, firms without politically connected executives, experiencing provincial official turnovers, and located in provinces with fiscal pressure do not see an increase in costs of equity capital. In addition, Chinese investors consider strategic corporate philanthropy to establish political connections less valuable after anticorruption campaigns are launched, hence requiring higher rates of return from firms making monetary donations. Overall, this paper provides evidence that investors' perceptions of firm behavior are shaped by unique institutional factors in emerging markets, resulting in unintended economic consequences for firms.</p>","PeriodicalId":47739,"journal":{"name":"Kyklos","volume":null,"pages":null},"PeriodicalIF":1.5,"publicationDate":"2024-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140230214","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Dynamic panel analysis of the EU's fiscal reaction function with threshold effects 带门槛效应的欧盟财政反应函数的动态面板分析
IF 1.5 3区 经济学
Kyklos Pub Date : 2024-03-11 DOI: 10.1111/kykl.12377
Emmanuel Mamatzakis
{"title":"Dynamic panel analysis of the EU's fiscal reaction function with threshold effects","authors":"Emmanuel Mamatzakis","doi":"10.1111/kykl.12377","DOIUrl":"10.1111/kykl.12377","url":null,"abstract":"<p>This study contributes to the ongoing reform of the EU's economic governance, particularly about fiscal performance. We opt for a fiscal reaction function of the cyclically adjusted primary balance. Given concerns over underlying endogeneity and heterogeneity across countries we employ a threshold dynamic analysis. The findings confirm that the fiscal policy in the EU has been procyclical overall. However, we identify two regimes of output gap. Fiscal policy has been countercyclical for EU member states in the higher output gap regime while EU member states follow a procyclical fiscal policy in the lower regime. We reveal also that the endogenous debt-to-GDP ratio threshold is at 75.6% for the EU and 78.7% for the Euro area, which notably exceeds the EU Treaty's reference value of 60%. Fiscal rules and fiscal councils mitigate procyclical fiscal policies, being more effective for low debt countries. In terms of policy implications, the identified fiscal thresholds and variability across countries warrant a higher degree of fiscal coordination in the EU, particularly in the Euro area.</p>","PeriodicalId":47739,"journal":{"name":"Kyklos","volume":null,"pages":null},"PeriodicalIF":1.5,"publicationDate":"2024-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140108030","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Public goods and diversity in democracies and non-democracies 民主和非民主国家的公益和多样性
IF 1.5 3区 经济学
Kyklos Pub Date : 2024-03-05 DOI: 10.1111/kykl.12374
Roxanne Raabe, Christian J. Sander, Andrea Schneider
{"title":"Public goods and diversity in democracies and non-democracies","authors":"Roxanne Raabe,&nbsp;Christian J. Sander,&nbsp;Andrea Schneider","doi":"10.1111/kykl.12374","DOIUrl":"10.1111/kykl.12374","url":null,"abstract":"<p>This paper analyzes how ethnic diversity affects the provision of public goods in democratic and non-democratic societies when political parties compete for voter support by offering a mix of private and public goods. Our model implies that increasing diversity that leads to more heterogeneous preferences for public goods decreases the provision of public goods in democracies, where political power is distributed equally among citizens, while there is a weaker or no effect in non-democracies, where political power is distributed unequally among citizens. When measuring diversity by ethnic fractionalization and public good provision by either levels of government expenses, expenditures on health, or life expectancy, we indeed observe a negative association between diversity and the provision of public goods in democracies but no or only a weak association in non-democracies.</p>","PeriodicalId":47739,"journal":{"name":"Kyklos","volume":null,"pages":null},"PeriodicalIF":1.5,"publicationDate":"2024-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/kykl.12374","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140056920","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
The political process in nations: Civil society participation and income inequality 国家的政治进程：民间社会参与和收入不平等
IF 1.5 3区 经济学
Kyklos Pub Date : 2024-03-01 DOI: 10.1111/kykl.12375
Andreas Sintos, Michael Chletsos, Konstantinos Kontos
{"title":"The political process in nations: Civil society participation and income inequality","authors":"Andreas Sintos,&nbsp;Michael Chletsos,&nbsp;Konstantinos Kontos","doi":"10.1111/kykl.12375","DOIUrl":"10.1111/kykl.12375","url":null,"abstract":"<p>This study delves into the influence of civil society participation on income inequality, a topic that has received limited scholarly attention. Civil society participation refers to the activities of citizens who organize into various groups, known as civil society organizations, to pursue common interests and goals. These organizations span a wide range, including interest groups, labor unions, spiritual bodies engaging in civic or political activities, social movements, professional associations, charities, and other nongovernmental entities. Our research utilizes an extensive panel dataset, encompassing a global sample of countries from 1975 to 2019. We aim to comprehensively analyze the direct effects of civil society participation on income inequality. Our findings reveal that higher levels of civil society participation are effective in reducing inequality over the short, medium, and long term. These results have significant implications for policymakers. They suggest that encouraging and facilitating civil society participation could be a viable strategy for addressing income inequality. By understanding the dynamics of how civil society engagement influences economic disparities, policymakers can better design and implement measures that promote more equitable economic outcomes. This research contributes to the broader discourse on economic inequality and the potential role of civil society in mitigating it.</p>","PeriodicalId":47739,"journal":{"name":"Kyklos","volume":null,"pages":null},"PeriodicalIF":1.5,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/kykl.12375","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140037133","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
A family member's death increases religious activity: Evidence from Germany 家庭成员的死亡会增加宗教活动：来自德国的证据
IF 1.9 3区 经济学
Kyklos Pub Date : 2024-02-16 DOI: 10.1111/kykl.12372
Tim Friehe, Christian Pfeifer
{"title":"A family member's death increases religious activity: Evidence from Germany","authors":"Tim Friehe,&nbsp;Christian Pfeifer","doi":"10.1111/kykl.12372","DOIUrl":"10.1111/kykl.12372","url":null,"abstract":"<p>Religiosity influences economic behavior in various domains, but what determines religiosity? Using data from the representative Socio-Economic Panel Study for Germany (SOEP), this paper shows that religious activity increases after a family member's death. The life event's effect is larger after a partner's death when compared to a parent's death. Our results indicate that the influence of a family member's death on religious activity is temporary and are consistent with the religious coping hypothesis.</p>","PeriodicalId":47739,"journal":{"name":"Kyklos","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2024-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/kykl.12372","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139924432","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
An empirical application of herding behavior and compliance in the COVID-19 crisis 在 COVID-19 危机中对羊群行为和遵纪守法的实证应用
IF 1.9 3区 经济学
Kyklos Pub Date : 2024-02-15 DOI: 10.1111/kykl.12373
Helena Nilsson, Mikaela Backman
{"title":"An empirical application of herding behavior and compliance in the COVID-19 crisis","authors":"Helena Nilsson,&nbsp;Mikaela Backman","doi":"10.1111/kykl.12373","DOIUrl":"10.1111/kykl.12373","url":null,"abstract":"<p>There is evidence that individuals engage in herding behavior in diverse settings, ranging from fashion choices to financial markets. By examining the exogenous shock caused by the outbreak of COVID-19 and unique data measuring the footfalls in downtown Jönköping, Sweden, we empirically assess how individuals respond to the restrictions imposed by the government <i>and</i> to the behavior of others, that is, herding. To this end, a regression discontinuity analysis with time as the running variable is applied. We find a negative effect of the restriction on footfalls, indicating that individuals follow the imposed governmental restrictions. However, we also find indications that individuals imitate the actions of others and engage in herd behavior even when the cost of doing so is very high; that is, it could result in severe illness or even death. With the use the unique setting of Sweden, where there have been no enforced lockdowns, we contribute with knowledge related to how effective voluntary restrictions are and the influence of others on one's decision making. Although the nature of the studied sample limits the external generalizability of the results, it may offer guidance for future interventions in clearly delineated settings.</p>","PeriodicalId":47739,"journal":{"name":"Kyklos","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2024-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/kykl.12373","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139835710","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Smartphones and attitudes to intimate partner violence: Evidence from Africa 智能手机与对亲密伴侣暴力的态度：来自非洲的证据
IF 1.9 3区 经济学
Kyklos Pub Date : 2024-02-04 DOI: 10.1111/kykl.12371
Robert Gillanders, Glenn McNamara
{"title":"Smartphones and attitudes to intimate partner violence: Evidence from Africa","authors":"Robert Gillanders,&nbsp;Glenn McNamara","doi":"10.1111/kykl.12371","DOIUrl":"10.1111/kykl.12371","url":null,"abstract":"<p>This paper, using data from the Afrobarometer surveys, examines the potential for smartphones to influence attitudes to intimate partner violence (IPV). Controlling for ownership of television and radio, we find that those living in areas with a higher incidence of smartphone ownership are more likely to state that it is never justifiable for a man to beat his wife. This is the case for both male and female respondents. We find that the strength of the association between regional smartphone proliferation and attitudes to IPV is similar for those who frequently get news from social media and those who get news from elsewhere. This suggests that our results are not driven entirely by personal social media use. Finally, we only find a statistically significant relationship for those who are socially conservative.</p>","PeriodicalId":47739,"journal":{"name":"Kyklos","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2024-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/kykl.12371","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139750767","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Does food import contribute to rising obesity in low- and middle-income countries? 食品进口是否导致中低收入国家肥胖率上升？
IF 1.9 3区 经济学
Kyklos Pub Date : 2024-01-28 DOI: 10.1111/kykl.12369
Marta Marson, Donatella Saccone, Elena Vallino
{"title":"Does food import contribute to rising obesity in low- and middle-income countries?","authors":"Marta Marson,&nbsp;Donatella Saccone,&nbsp;Elena Vallino","doi":"10.1111/kykl.12369","DOIUrl":"https://doi.org/10.1111/kykl.12369","url":null,"abstract":"<p>Several studies show a positive association between the rise of obesity in developing countries and globalization, trade, and food trade, but most do not account for reverse causality between the prevalence of obesity and trade flows. Moreover, most studies adopt broad definitions of trade and food trade, notwithstanding the main effects of trade on obesity may pass through import of specific foods. We address these concerns by empirically investigating the impact of food import on obesity in a sample of 116 developing countries (2000–2016) and by focusing, particularly, on processed and sugar-rich food. This is done by controlling for other globalization-related factors and by correcting the bias stemming from potential reverse causality through a two-step approach instrumenting obesity with the average height of adult population. One main robust conclusion emerges: it is neither economic and cultural globalization nor general food import, but rather the import of processed and sugar-rich food, which contributes to increase obesity.</p>","PeriodicalId":47739,"journal":{"name":"Kyklos","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2024-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140333328","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
The shape of business cycles: A cross-country analysis of Friedman's plucking theory 商业周期的形态：弗里德曼采摘理论的跨国分析
IF 1.9 3区 经济学
Kyklos Pub Date : 2024-01-19 DOI: 10.1111/kykl.12370
Emanuel Kohlscheen, Richhild Moessner, Daniel M. Rees
{"title":"The shape of business cycles: A cross-country analysis of Friedman's plucking theory","authors":"Emanuel Kohlscheen,&nbsp;Richhild Moessner,&nbsp;Daniel M. Rees","doi":"10.1111/kykl.12370","DOIUrl":"10.1111/kykl.12370","url":null,"abstract":"<p>We test the international applicability of Friedman's plucking theory of the business cycle in 18 advanced economies between 1970 and 2019. We find that in countries where labour markets are more flexible (Australia, Canada, Denmark, Switzerland, United Kingdom, United States), unemployment rates typically return to pre-recession levels, in line with Friedman's theory. Elsewhere, unemployment rate recoveries are less complete. Output recoveries differ less across countries, but more across episodes: on average, half of the decline in GDP during a recession persists. In contrast, the extent of labour market tightening or output growth during a boom generally does not provide any information about the intensity of the subsequent recession. In terms of sectors, declines in manufacturing are typically fully reversed. In contrast, construction-driven recessions, which are often associated with bursting property price bubbles, tend to be persistent.</p>","PeriodicalId":47739,"journal":{"name":"Kyklos","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2024-01-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139556359","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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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