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The employment effects of anticorruption: Evidence from China 反腐败的就业效应：来自中国的证据
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-04-03 DOI: 10.1016/j.ememar.2025.101290
Xiangbing Xu , Nanyan Dong , Chengzhang Wu , Sicheng Luo
{"title":"The employment effects of anticorruption: Evidence from China","authors":"Xiangbing Xu ,&nbsp;Nanyan Dong ,&nbsp;Chengzhang Wu ,&nbsp;Sicheng Luo","doi":"10.1016/j.ememar.2025.101290","DOIUrl":"10.1016/j.ememar.2025.101290","url":null,"abstract":"<div><div>This study examines whether China's anticorruption efforts affect firm employment. We find that Chinese provinces with higher pre-existing levels of corruption experience significant increases in the employment scale of listed firms post-campaign. Two channels through which anticorruption affects employment are identified: the mitigation of expropriation risk and the alleviation of financing pressure. The employment effects are more pronounced in firms with higher labor costs, lower management fees, and those located in regions with weaker marketization. Moreover, the campaign can mitigate underhiring and its effects on employment will not come at the expense of compensation or firm profitability.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"66 ","pages":"Article 101290"},"PeriodicalIF":5.6,"publicationDate":"2025-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143791857","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Risk-sharing networks, consumption, and asset allocation: Micro-evidence from China 风险分担网络、消费和资产配置：来自中国的微观证据
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-04-03 DOI: 10.1016/j.ememar.2025.101289
Ying Fan , Yidi Wang , Zan Yang
{"title":"Risk-sharing networks, consumption, and asset allocation: Micro-evidence from China","authors":"Ying Fan ,&nbsp;Yidi Wang ,&nbsp;Zan Yang","doi":"10.1016/j.ememar.2025.101289","DOIUrl":"10.1016/j.ememar.2025.101289","url":null,"abstract":"<div><div>Kinship networks play an important role in sharing risk under insufficient social security. We examine the heterogeneous risk-sharing networks and their impacts on household finance. Based on a staggered DID design, we find that households under negative shocks obtain a larger extent of social capital from extended family members with blood ties and geo-proximities, similar income positions, and lower uncertainty exposures. The vehicles of risk-sharing differ across networks, and direct monetary transfers over quasi-credits are facilitated by altruism and social norms. However, over-reliance on risk-sharing networks reduces willingness to engage in life-cycle financial planning and dampens long-term financial performance.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"66 ","pages":"Article 101289"},"PeriodicalIF":5.6,"publicationDate":"2025-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143783964","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Targeted monetary policy and household business credit access: Based on the credit asset pledge relending policy 定向货币政策与家庭企业信贷准入：基于信贷资产质押的再贷款政策
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-04-03 DOI: 10.1016/j.ememar.2025.101288
Mingxin Zhang , Min Lin , Yanmei Sun , Weixing Wu
{"title":"Targeted monetary policy and household business credit access: Based on the credit asset pledge relending policy","authors":"Mingxin Zhang ,&nbsp;Min Lin ,&nbsp;Yanmei Sun ,&nbsp;Weixing Wu","doi":"10.1016/j.ememar.2025.101288","DOIUrl":"10.1016/j.ememar.2025.101288","url":null,"abstract":"<div><div>This paper reveals the impact of targeted monetary policy on household business credit access, emphasizing its implications on entities not explicitly targeted by the policy. The primary goal of the Credit Asset Pledge Relending Policy lies in motivating financial institutions to extend credit to the agricultural sector and small enterprises. However, stringent relending regulations often render loans extended to entities with insufficient financial information ineligible as collateral for further relending. By utilizing data from the China Household Finance Survey, we demonstrate that the Credit Asset Pledge Relending Policy, which is supposed to inject additional liquidity into the market, paradoxically results in a notable reduction in household commercial loans. Based on our heterogeneity analysis, regions with limited capital liquidity and heightened bank competition witness more significant effects on household business loans. Finally, households with an increased aversion to risk or lower financial literacy encounter greater financing constraints in accessing business credit.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"66 ","pages":"Article 101288"},"PeriodicalIF":5.6,"publicationDate":"2025-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143800401","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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 financial connectedness among the US, China, and countries of the Belt and Road Initiative 美国、中国和“一带一路”沿线国家的金融互联互通充满活力
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-04-01 DOI: 10.1016/j.ememar.2025.101286
Walter Bazán-Palomino, Diego Winkelried
{"title":"Dynamic financial connectedness among the US, China, and countries of the Belt and Road Initiative","authors":"Walter Bazán-Palomino,&nbsp;Diego Winkelried","doi":"10.1016/j.ememar.2025.101286","DOIUrl":"10.1016/j.ememar.2025.101286","url":null,"abstract":"<div><div>How have the financial linkages among the US, China, and emerging markets changed since the launch of the Belt and Road Initiative (BRI)? Using intraday data from 2013 to 2023, we study the financial connectedness of stock markets in the US, China, and the regions with BRI countries. Our time-varying measures of connectedness indicate that the BRI has not significantly changed the financial relationships between China and BRI countries nor has it diminished the financial connections between these countries and the US. Our net directional connectedness analysis finds that the Middle East and Africa region, and the Central Asia and Europe region are the most susceptible to shocks from the US and China. Policymakers and investors should be concerned about periods and regions susceptible to American and Chinese financial shocks, as these can increase network connectivity, thereby heightening financial instability and reducing the benefits of portfolio diversification.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"66 ","pages":"Article 101286"},"PeriodicalIF":5.6,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143791858","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Borrowing constraints, financial development and the aggregate savings: Theory and evidence 借贷约束、金融发展与总储蓄：理论与证据
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-03-29 DOI: 10.1016/j.ememar.2025.101282
Pengfei Wang , Lifang Xu , Zhiwei Xu
{"title":"Borrowing constraints, financial development and the aggregate savings: Theory and evidence","authors":"Pengfei Wang ,&nbsp;Lifang Xu ,&nbsp;Zhiwei Xu","doi":"10.1016/j.ememar.2025.101282","DOIUrl":"10.1016/j.ememar.2025.101282","url":null,"abstract":"<div><div>In most countries, both firms and households face borrowing constraints. Based on this fact, the paper builds a dynamic general equilibrium model with borrowing constraints on both households and firms. The model implies that the relationship between financial development and the saving rate is non-monotonic. The paper also provides some empirical evidence that supports this prediction. This non-monotonic relationship has several important implications.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"66 ","pages":"Article 101282"},"PeriodicalIF":5.6,"publicationDate":"2025-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143767485","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Spillover effects of short selling on corporate bond financing costs: Evidence from Chinese listed firms 卖空对公司债券融资成本的溢出效应：来自中国上市公司的证据
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-03-28 DOI: 10.1016/j.ememar.2025.101285
Xianzhe Jin , Haitao Si , Dandan Zhu , Yuyan Li
{"title":"Spillover effects of short selling on corporate bond financing costs: Evidence from Chinese listed firms","authors":"Xianzhe Jin ,&nbsp;Haitao Si ,&nbsp;Dandan Zhu ,&nbsp;Yuyan Li","doi":"10.1016/j.ememar.2025.101285","DOIUrl":"10.1016/j.ememar.2025.101285","url":null,"abstract":"<div><div>This study examines the impact of short selling on corporate bond financing costs. Using a quasi-natural experiment and panel data from Chinese A-share listed companies from 2007 to 2022, we find that short selling significantly reduces corporate bond financing costs, primarily by mitigating information asymmetry. Further analysis reveals that this effect is particularly pronounced in regions with well-developed financial markets and strong legal environments. Our findings remain robust after controlling for potential confounders and addressing endogeneity through propensity score matched difference-in-differences (PSM-DID) analysis. This study provides a novel perspective on short selling in China, highlighting its cross-market spillover effects between equity and bond markets.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"66 ","pages":"Article 101285"},"PeriodicalIF":5.6,"publicationDate":"2025-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143791859","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Demographic shifts and the strategic use of flexible off-budget debt tools 人口结构的变化和灵活的预算外债务工具的战略性使用
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-03-28 DOI: 10.1016/j.ememar.2025.101283
Tianyuan Jiang , Manling Zhang , Jing Chen
{"title":"Demographic shifts and the strategic use of flexible off-budget debt tools","authors":"Tianyuan Jiang ,&nbsp;Manling Zhang ,&nbsp;Jing Chen","doi":"10.1016/j.ememar.2025.101283","DOIUrl":"10.1016/j.ememar.2025.101283","url":null,"abstract":"<div><div>Demographic shifts pose significant fiscal challenges for local governments worldwide. This paper examines how municipal corporate bonds (MCBs), a flexible and off-budget financing solution, help address financing gaps caused by demographic shifts. Using location-based service data and an IV approach, we identify a causal effect of net population change on MCB issuance. We find that growing cities increase MCB issuance in response to population influx, but this pattern is absent in shrinking cities. In addition, the relationship weakens under stricter central government debt policies. Our findings reveal how demographic shifts and regulatory environments jointly shape municipal financing behaviors.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"66 ","pages":"Article 101283"},"PeriodicalIF":5.6,"publicationDate":"2025-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143767484","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Digital finance and stock price crash: Evidence from China 数字金融与股价暴跌：来自中国的证据
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-03-28 DOI: 10.1016/j.ememar.2025.101287
Ping Zhang , Yiru Wang
{"title":"Digital finance and stock price crash: Evidence from China","authors":"Ping Zhang ,&nbsp;Yiru Wang","doi":"10.1016/j.ememar.2025.101287","DOIUrl":"10.1016/j.ememar.2025.101287","url":null,"abstract":"<div><div>In this paper, we study the impact of digital finance on stock price crash risk based on 293 Chinese city-level digital finance indexes and all A-share listed companies from 2011 to 2022. We find that digital finance can decrease stock price crash risk by the Generalized Method of Moments (GMM) dynamic panel regression model. The promotion of digital transformation, the increase of information transparency, and the decrease of financial risks are three plausible channels that allow digital finance to reduce stock price crash risk. These mechanisms shed light on the pathways through which digital finance can enhance market stability. Furthermore, our investigation reveals that the reducing effect is more pronounced in higher competitive industries and new technology firms. The conclusion enriches and expands the research on digital finance and corporate stock price crash risk, providing a theoretical basis for improving and stabilizing the Chinese capital market and promoting the development strategy of digital finance.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"66 ","pages":"Article 101287"},"PeriodicalIF":5.6,"publicationDate":"2025-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143760657","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Trade sanctions and global value chains: The role of financial development and capital openness in emerging markets 贸易制裁与全球价值链：新兴市场金融发展和资本开放的作用
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-03-28 DOI: 10.1016/j.ememar.2025.101281
Maria Cipollina , Silvia Dal Bianco
{"title":"Trade sanctions and global value chains: The role of financial development and capital openness in emerging markets","authors":"Maria Cipollina ,&nbsp;Silvia Dal Bianco","doi":"10.1016/j.ememar.2025.101281","DOIUrl":"10.1016/j.ememar.2025.101281","url":null,"abstract":"<div><div>This study assesses the impact of financial development and capital openness on global value chains (GVC) participation in the context of trade sanctions. Specifically, we test three hypotheses: first, whether financial development and capital openness mitigate the impact of trade sanctions on access to foreign intermediate goods (backward linkages); second, whether they alleviate the consequences of trade sanctions that increase the cost of finished products (forward linkages); and finally, whether the moderation effect matters for emerging markets. Using a gravity model with a purpose-built dataset covering GVC participation indices in 66 source and destination countries and 23 sectors from 1995 to 2020, our analysis reveals a negative impact of sanctions on GVC participation, with a notable persistence in interrupting backward participation. Higher levels of financial development and capital openness enhance countries' resilience to sanctions, particularly for backward participation and in countries with limited access to international capital. Focusing on emerging markets, we find evidence of significant interplay between foreign and domestic financial resources, where underdeveloped internal financial conditions are eased by international finance and vice-versa, allowing emerging markets to partially offset the adverse impact of sanctions.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"67 ","pages":"Article 101281"},"PeriodicalIF":5.6,"publicationDate":"2025-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143838709","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Bank market power and monetary policy transmission: Evidence from loan-level data 银行市场力量与货币政策传导：来自贷款层面数据的证据
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-03-20 DOI: 10.1016/j.ememar.2025.101280
Nadezhda Ivanova , Svetlana Popova , Konstantin Styrin
{"title":"Bank market power and monetary policy transmission: Evidence from loan-level data","authors":"Nadezhda Ivanova ,&nbsp;Svetlana Popova ,&nbsp;Konstantin Styrin","doi":"10.1016/j.ememar.2025.101280","DOIUrl":"10.1016/j.ememar.2025.101280","url":null,"abstract":"<div><div>This paper asks the following questions. How does bank' market power reshape the transmission of monetary policy to bank lending? How does it affect loan characteristics such as the loan volume and maturity, lending interest rates, risk, and the extensive margin of lending? Is there a trade-off between financial stability and the strength of monetary transmission? We find that, for credit institutions with greater market power, monetary policy has a muted effect on fixed and floating lending interest rates, loan maturities and the extensive margin of lending at floating rates, whereas its influence on the loan volume and the extensive margin for fixed-rate loans, and risk-taking is neutral. Our current findings implying no trade-off between the strength of monetary policy transmission and financial stability are indecisive and subject to further investigation.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"66 ","pages":"Article 101280"},"PeriodicalIF":5.6,"publicationDate":"2025-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143815081","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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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