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Systemic risk and macro-financial interconnectedness using an FSAM framework 使用FSAM框架的系统性风险和宏观金融互联性
IF 2.5 4区 经济学
Economic Systems Research Pub Date : 2021-12-17 DOI: 10.1080/09535314.2021.1981830
L. Pedauga, Agustin Velazquez, Elvis Hernández-Perdomo
{"title":"Systemic risk and macro-financial interconnectedness using an FSAM framework","authors":"L. Pedauga, Agustin Velazquez, Elvis Hernández-Perdomo","doi":"10.1080/09535314.2021.1981830","DOIUrl":"https://doi.org/10.1080/09535314.2021.1981830","url":null,"abstract":"We provide a general framework to assess the traceability of systemic risk and macro interconnectedness to understand the financial risk transmissions channels. Our contribution help address the information need established in the DGI-2 in a FSAM-based model that fully captures the interconnectedness between real and financial sectors. Recent developments in the field of IO and SAM evaluations have led to a renewed interest in the usage of linkage analysis to measure the role that a sector play within the economy. Focusing on the backward and forward linkage, hypothetical extraction method, and structural path analysis, we show how feasible it is to include heterogeneous financial institutions to study risk interactions effects on macroeconomic outcomes. This paper’s proposal may be useful for thinking about how micro-data and macro-aggregates can be incorporated into the set of financial soundness indicators, allowing to obtain an idea of the vulnerabilities of the financial sector.","PeriodicalId":47760,"journal":{"name":"Economic Systems Research","volume":" ","pages":""},"PeriodicalIF":2.5,"publicationDate":"2021-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47471398","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}
引用次数: 0
Welfare impacts of a negative income tax on regions of Brazil 负所得税对巴西各地区的福利影响
IF 2.5 4区 经济学
Economic Systems Research Pub Date : 2021-12-17 DOI: 10.1080/09535314.2021.1975098
Rayan Wolf, A. Gurgel, L. Cardoso, I. Trotter, M. S. Nazareth, E. Teixeira
{"title":"Welfare impacts of a negative income tax on regions of Brazil","authors":"Rayan Wolf, A. Gurgel, L. Cardoso, I. Trotter, M. S. Nazareth, E. Teixeira","doi":"10.1080/09535314.2021.1975098","DOIUrl":"https://doi.org/10.1080/09535314.2021.1975098","url":null,"abstract":"This paper aims to analyze the effects of a public policy based on negative income tax (NIT) ideals as an alternative to the current social programs of income transfer in Brazil. A multiregional applied computable general equilibrium model of Brazil's economy is used to analyze the impacts on households' welfare, split into 10 income classes, and 2 factors (capital and labor) for each of 5 major regions. By analyzing two scenarios for the proposed policy, we show that the NIT could be more effective than the current social programs as well as resulting in longer lasting outcomes.","PeriodicalId":47760,"journal":{"name":"Economic Systems Research","volume":"35 1","pages":"301 - 323"},"PeriodicalIF":2.5,"publicationDate":"2021-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48847195","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}
引用次数: 0
Multi-level comparisons of input–output tables using cross-entropy indicators 使用交叉熵指标对投入产出表进行多层次比较
IF 2.5 4区 经济学
Economic Systems Research Pub Date : 2021-11-24 DOI: 10.1080/09535314.2021.1990869
Muhammad Daaniyall Abd Rahman, B. Los, Anne Owen, M. Lenzen
{"title":"Multi-level comparisons of input–output tables using cross-entropy indicators","authors":"Muhammad Daaniyall Abd Rahman, B. Los, Anne Owen, M. Lenzen","doi":"10.1080/09535314.2021.1990869","DOIUrl":"https://doi.org/10.1080/09535314.2021.1990869","url":null,"abstract":"We introduce a cross-entropy (CE) indicator to quantify the extent to which two input–output tables or two tables with results based on input–output analysis differ from each other. Our work deploys a unique feature of the CE indicator: it can be decomposed, allowing for matrix comparisons at various levels within one coherent framework. To illustrate the power of this approach, we apply the technique to five multi-region input–output (MRIO) tables for 2011, derived from the Eora, EXIOBASE, GTAP, OECD and WIOD databases. We make pairwise comparisons between MRIOs and between global value chain (GVC) computations based on these MRIOs. We find that answers to questions related to broader aggregates are generally quite similar, but that answers to questions at the level of single industries can be rather different across MRIOs.","PeriodicalId":47760,"journal":{"name":"Economic Systems Research","volume":"35 1","pages":"75 - 94"},"PeriodicalIF":2.5,"publicationDate":"2021-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45505017","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}
引用次数: 1
Global value chains and labour markets – simultaneous analysis of wages and employment 全球价值链和劳动力市场——工资和就业的同时分析
IF 2.5 4区 经济学
Economic Systems Research Pub Date : 2021-10-06 DOI: 10.1080/09535314.2021.1982678
Sabina Szymczak, Joanna Wolszczak-Derlacz
{"title":"Global value chains and labour markets – simultaneous analysis of wages and employment","authors":"Sabina Szymczak, Joanna Wolszczak-Derlacz","doi":"10.1080/09535314.2021.1982678","DOIUrl":"https://doi.org/10.1080/09535314.2021.1982678","url":null,"abstract":"This study examines the overall effect of global value chains (GVCs) on wages and labour demand. It exploits the World Input–Output Database to measure GVC involvement via recently developed participation indices (using both backward and forward linkages) and the relative GVC position using three-stage least squares regression. We find that the relative GVC position is negatively correlated with wages and employment and that the GVC participation effect depends on whether backward or forward linkages are considered. Moreover, we find heterogeneity across both countries (middle- vs high-income) and sectors (manufacturing versus services). Notably, the effect of GVC involvement on the labour market differs from that produced by traditional domestic trade.","PeriodicalId":47760,"journal":{"name":"Economic Systems Research","volume":"34 1","pages":"69 - 96"},"PeriodicalIF":2.5,"publicationDate":"2021-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42394972","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}
引用次数: 21
Structural components of income growth: an application to the evolution of the Spanish economy, 1980–2014 收入增长的结构性成分:1980-2014年西班牙经济演变的应用
IF 2.5 4区 经济学
Economic Systems Research Pub Date : 2021-09-28 DOI: 10.1080/09535314.2021.1974353
Julio Sánchez Chóliz, R. Duarte, Sofía Jiménez
{"title":"Structural components of income growth: an application to the evolution of the Spanish economy, 1980–2014","authors":"Julio Sánchez Chóliz, R. Duarte, Sofía Jiménez","doi":"10.1080/09535314.2021.1974353","DOIUrl":"https://doi.org/10.1080/09535314.2021.1974353","url":null,"abstract":"This paper analyses the structural and technical changes in Spain since the 1980s, using annual input–output tables. Specifically, a differential structural decomposition analysis (SDA) is applied to shifts in value-added, revealing eight different components and allowing the estimation of the impacts of technical change on the process of economic transformation on a sector-by-sector basis. We conclude that growth in the Spanish economy in recent decades was a mix of technological modernization and general economic expansion, although with some heterogeneity among sectors over time. High-technology services played a key role in modernization in the late 1980s and 1990s. In fact, the growth of High-technology, Medium-high-technology, Energy and Construction sectors accelerated through the 2008 crisis. Labour compensation and returns from capital followed different trends both during expansions and recessions, intensifying income inequality in Spain.","PeriodicalId":47760,"journal":{"name":"Economic Systems Research","volume":"34 1","pages":"151 - 166"},"PeriodicalIF":2.5,"publicationDate":"2021-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42187225","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}
引用次数: 1
Regional CO2 emissions and cross-boundary mitigation potential in China 中国区域二氧化碳排放和跨界减缓潜力
IF 2.5 4区 经济学
Economic Systems Research Pub Date : 2021-09-17 DOI: 10.1080/09535314.2021.1974354
N. Chang, Chao Han
{"title":"Regional CO2 emissions and cross-boundary mitigation potential in China","authors":"N. Chang, Chao Han","doi":"10.1080/09535314.2021.1974354","DOIUrl":"https://doi.org/10.1080/09535314.2021.1974354","url":null,"abstract":"This paper presents a new framework for investigating regional CO2 emissions from the perspective of the domestic supply chain, with a combination of linkage analysis and structural decomposition analysis (SDA), which allows for a better understanding of spatial emission distributions and cross-boundary potential for CO2 mitigation. Based on the multi-regional input–output (MRIO) tables of 2007 and 2012, Chinese provinces (cities) are categorised into three groups according to linkage characteristics, among which, Group I is suggested to be given priority in formulating mitigation policies due to their stronger regional CO2 influence characteristics. Moreover, regions in Group I have been more affected by inter-regional trade than other groups with regard to their local CO2 emissions. Therefore, turning Group I into a low-carbon production pattern could help construct greener domestic supply chains. The results emphasise that regional analysis on CO2 emissions should go beyond the local factors, and that regional mitigation polices should consider the position and participation degree of different regions in domestic supply chains.","PeriodicalId":47760,"journal":{"name":"Economic Systems Research","volume":"34 1","pages":"367 - 382"},"PeriodicalIF":2.5,"publicationDate":"2021-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59621622","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}
引用次数: 2
Filter methods for MRIO tables: an evaluation MRIO表的过滤方法:一个评估
IF 2.5 4区 经济学
Economic Systems Research Pub Date : 2021-09-15 DOI: 10.1080/09535314.2021.1971629
Markus Simbürger
{"title":"Filter methods for MRIO tables: an evaluation","authors":"Markus Simbürger","doi":"10.1080/09535314.2021.1971629","DOIUrl":"https://doi.org/10.1080/09535314.2021.1971629","url":null,"abstract":"Researchers who deal with network analysis based on multi-regional input–output (MRIO) tables cannot avoid the intensively discussed issue of filtering, which means identification of the most important and significant trade connections. The question of what is an appropriate filter method remains. This paper expands the existing discussion and brings new insight based on the evaluation of existing filter methods for MRIO tables. Six filter methods from the prevailing literature are identified as relevant and tested on the published MRIO tables: EORA26 and EXIOBASE. The results are verified by a case study. The evaluation shows that the Tolerable Limit approach and filter based on the Weaver–Thomas Index are the most restrictive. The Leontief filter and the filter based on holistic accuracy can be partially recommended. The filter on absolute trade values and average transactions can be recommended as ‘good’ methods.","PeriodicalId":47760,"journal":{"name":"Economic Systems Research","volume":"35 1","pages":"136 - 155"},"PeriodicalIF":2.5,"publicationDate":"2021-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44380236","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}
引用次数: 0
The true cost of trade among neighbors: the role of Japanese imports in waste generation in China 邻国之间贸易的真实成本：日本进口在中国废物产生中的作用
IF 2.5 4区 经济学
Economic Systems Research Pub Date : 2021-09-15 DOI: 10.1080/09535314.2021.1971947
M. Tsukui, Chen-Hua Lin, Kaiyan Ji, Xiaoliang Lang
{"title":"The true cost of trade among neighbors: the role of Japanese imports in waste generation in China","authors":"M. Tsukui, Chen-Hua Lin, Kaiyan Ji, Xiaoliang Lang","doi":"10.1080/09535314.2021.1971947","DOIUrl":"https://doi.org/10.1080/09535314.2021.1971947","url":null,"abstract":"China’s rapid economic development has caused considerable environmental problems in waste generation and treatment. One important reason for this is China’s manufacturing exports to other countries such as Japan, a major trading partner. However, the contribution of such importing countries has not yet been fully explored. This study quantitatively examined how final demand in trade between China and Japan affects both countries’ economies and waste generation. The results show that imports of final consumption goods from China to Japan induced enormous waste generation in China, while the wastes induced in Japan were negligible. Even if final demand exports from China to Japan are significantly economically beneficial to China, the cost to China from addressing the induced waste generation seems too much to make these exports worthwhile. To encourage constructive discussions, improvement of reliability and transparency of waste statistics in China that allows comparison with other countries would be significant.","PeriodicalId":47760,"journal":{"name":"Economic Systems Research","volume":"34 1","pages":"343 - 366"},"PeriodicalIF":2.5,"publicationDate":"2021-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46233960","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}
引用次数: 0
Measuring trade in value added: how valid is the proportionality assumption? 衡量增加值贸易:比例假设的有效性如何?
IF 2.5 4区 经济学
Economic Systems Research Pub Date : 2021-08-23 DOI: 10.1080/09535314.2021.1965549
A. Patunru, P. Athukorala
{"title":"Measuring trade in value added: how valid is the proportionality assumption?","authors":"A. Patunru, P. Athukorala","doi":"10.1080/09535314.2021.1965549","DOIUrl":"https://doi.org/10.1080/09535314.2021.1965549","url":null,"abstract":"For countries that have only aggregate (‘competitive type’) input–output (IO) tables, value added in exports is commonly estimated using the ‘proportionality assumption’ to separate imported-inputs from domestically procured inputs. We test the validity of this assumption using non-competitive type IO tables, which contain separately compiled domestic- and imported-input matrices, for Indonesia, Thailand, Malaysia, Taiwan, and Australia. The results show that the proportionality assumption leads to an overestimation of domestic value-added in exports, and that the magnitude of the bias becomes amplified when the export composition of a country shifts from primary products to manufactured goods through integration into global production networks.","PeriodicalId":47760,"journal":{"name":"Economic Systems Research","volume":"35 1","pages":"292 - 300"},"PeriodicalIF":2.5,"publicationDate":"2021-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47815137","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}
引用次数: 3
Revealing embedded carbon emissions within the Comprehensive and Progressive Agreement for Trans-Pacific Partnership 揭示《全面与进步跨太平洋伙伴关系协定》隐含的碳排放
IF 2.5 4区 经济学
Economic Systems Research Pub Date : 2021-08-19 DOI: 10.1080/09535314.2021.1964941
S. Hasan, Michael O. Wood, S. Singh
{"title":"Revealing embedded carbon emissions within the Comprehensive and Progressive Agreement for Trans-Pacific Partnership","authors":"S. Hasan, Michael O. Wood, S. Singh","doi":"10.1080/09535314.2021.1964941","DOIUrl":"https://doi.org/10.1080/09535314.2021.1964941","url":null,"abstract":"The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), representing approximately USD 13.5 trillion of the global GDP, is one of the largest free-trade agreements in the world. This trade agreement considers many important issues yet fails to address climate change or carbon dioxide (CO2) emissions. CO2 emissions in trade are critical as all CPTPP parties have made significant carbon emissions reduction commitments of between 8-36% through the COP21- Paris Agreement. Herein lies a paradox. This study assesses the amount of embedded CO2 emissions in the CPTPP through an input-output analysis of consumption-based emissions in ten carbon-intensive sectors, under three scenarios. The results reveal that as trade between partners increases, so will CO2 emissions across those sectors. These findings are essential for policymakers who are striving to grow Partnerships (Sustainable Development Goal 17) while seeking to address Climate Action (Sustainable Development Goal 13), which appear to be conflicting goals.","PeriodicalId":47760,"journal":{"name":"Economic Systems Research","volume":"34 1","pages":"294 - 319"},"PeriodicalIF":2.5,"publicationDate":"2021-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42829536","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}
引用次数: 0
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