Journal of Policy Modeling最新文献

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Minibonds and investment: Do they promote intangible assets? 迷你债券和投资:它们促进了无形资产吗?
IF 3.1 2区 经济学
Journal of Policy Modeling Pub Date : 2025-11-01 Epub Date: 2025-09-19 DOI: 10.1016/j.jpolmod.2025.09.006
Beniamino Pisicoli , Francesco Marchionne , Gabriele Beccari
{"title":"Minibonds and investment: Do they promote intangible assets?","authors":"Beniamino Pisicoli ,&nbsp;Francesco Marchionne ,&nbsp;Gabriele Beccari","doi":"10.1016/j.jpolmod.2025.09.006","DOIUrl":"10.1016/j.jpolmod.2025.09.006","url":null,"abstract":"<div><div>This paper examines whether the 2012 introduction of minibonds, a new market-based financial instrument specifically designed for small and medium enterprises, has promoted intangible investments in Italy. We address selection bias by applying a propensity score matching (PSM) and test our hypotheses using a panel Difference-in-Differences (DID) approach. Our results show that minibond-issuing firms invest in intangibles, a component difficult to finance via bank credit, more than other firms and more than they invest in tangibles. We also find that (i) this effect is persistent over time, (ii) minibond-issuing firms attract additional resources from other intermediaries after issuing minibonds, and (iii) alternative financing, such as minibonds, can reduce financial constraints. Results are corroborated by a large number of robustness exercises, including changes in matching criteria, in the matching algorithms, or when resorting to different estimators.</div></div>","PeriodicalId":48015,"journal":{"name":"Journal of Policy Modeling","volume":"47 6","pages":"Pages 1222-1245"},"PeriodicalIF":3.1,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145384381","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
Beta and sigma convergence: Are the 15 West African countries catching up with the developed world? 贝塔和西格玛趋同:15个西非国家赶上发达国家了吗?
IF 3.1 2区 经济学
Journal of Policy Modeling Pub Date : 2025-11-01 Epub Date: 2025-08-09 DOI: 10.1016/j.jpolmod.2025.07.006
Dennis Nchor, Petr Rozmahel
{"title":"Beta and sigma convergence: Are the 15 West African countries catching up with the developed world?","authors":"Dennis Nchor,&nbsp;Petr Rozmahel","doi":"10.1016/j.jpolmod.2025.07.006","DOIUrl":"10.1016/j.jpolmod.2025.07.006","url":null,"abstract":"<div><div>Studies of economic growth convergence have focused on developed countries with less emphasis on developing countries. We therefore seek to contribute to filling that missing gap by assessing whether the 15 West African countries are converging or catching up with the developed or advanced countries. First, we explored conditional and unconditional beta convergence and secondly, we examined sigma convergence using the mean log deviation and the average GDP per capita relative to the richer USA. We found no evidence of unconditional convergence or sigma convergence between the West African countries and the USA. However, we found evidence of conditional convergence between the two given no variation in structural growth factors. For instance, controlling for investment and population growth, it will take 89 years to cut the gap between the West African countries and the USA into half. Controlling for investment, population growth and human capital accumulation rate, the number of years to cut the gap into half reduces to 78 whereas adding FDI and trade openness increases the speed of convergence to 2 % and reduces the number of years for halving the gap to 35.</div></div>","PeriodicalId":48015,"journal":{"name":"Journal of Policy Modeling","volume":"47 6","pages":"Pages 1305-1321"},"PeriodicalIF":3.1,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145384385","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
Corruption and economic growth: Greasing the wheels or sanding the gears? Evidence from Italian regions 腐败与经济增长:润滑齿轮还是磨砂齿轮?来自意大利地区的证据
IF 3.1 2区 经济学
Journal of Policy Modeling Pub Date : 2025-11-01 Epub Date: 2025-09-24 DOI: 10.1016/j.jpolmod.2025.09.007
Salvatore Capasso , Lodovico Santoro
{"title":"Corruption and economic growth: Greasing the wheels or sanding the gears? Evidence from Italian regions","authors":"Salvatore Capasso ,&nbsp;Lodovico Santoro","doi":"10.1016/j.jpolmod.2025.09.007","DOIUrl":"10.1016/j.jpolmod.2025.09.007","url":null,"abstract":"<div><div>This paper examines how corruption shapes regional growth in Italy and conditions the growth effect of public spending. Using disaggregated judicial data for twenty regions (1991–2015) that distinguish two contractual forms of corruption—active (coercive payments imposed by officials) and passive (collusive bribes initiated by firms)—we estimate dynamic panel models to identify direct and spending-interaction effects. Three results emerge. First, active corruption can display a short-run “grease” association with growth in highly bureaucratic settings, but the effect is non-linear and quickly dissipates at higher levels. Second, active corruption sands the wheels by weakening the growth-promoting role of public expenditure, whereas the passive form shows no comparable interaction. Third, this erosion is strongest in weaker institutional environments, particularly in Southern regions. Policy should therefore shield procurement and frontline services through transparency, risk-based integrity checks, and digital traceability, and target oversight and enforcement where vulnerabilities are greatest. Aligning anti-corruption with regional development priorities is essential to preserve spending multipliers and sustain more balanced growth.</div></div>","PeriodicalId":48015,"journal":{"name":"Journal of Policy Modeling","volume":"47 6","pages":"Pages 1158-1179"},"PeriodicalIF":3.1,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145384378","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
Exclusive quota for economically weaker sections 经济较弱地区的排他性配额
IF 3.1 2区 经济学
Journal of Policy Modeling Pub Date : 2025-11-01 Epub Date: 2025-09-05 DOI: 10.1016/j.jpolmod.2025.09.001
Shivendra Kumar Pandey
{"title":"Exclusive quota for economically weaker sections","authors":"Shivendra Kumar Pandey","doi":"10.1016/j.jpolmod.2025.09.001","DOIUrl":"10.1016/j.jpolmod.2025.09.001","url":null,"abstract":"<div><div>Literature indicates that candidates from higher socio-economic strata within the marginalised castes/ethnicities reap the benefits of affirmative action (AA). Some governments addressed the issue by incorporating socio-economic measures with caste/ethnicity in AA. However, no government has implemented a quota purely based on income for the non-marginalised castes/ethnicities. India provides a unique setting as it started an exclusive quota in higher educational institutes for upper castes’ economically weaker section (EWS) candidates. Our model tests and finds that EWS candidates performed similar to general candidates throughout the academic career and also in the Combined Admissions Test (CAT) for entering into the prestigious Indian Institutes of Managements (IIMs). However, females require AA to make it to the IIMs in sizeable proportions. We recommend adding weight to the magnitude of poverty within the EWS category in the AA policy and providing quotas for females within castes in higher education.</div></div>","PeriodicalId":48015,"journal":{"name":"Journal of Policy Modeling","volume":"47 6","pages":"Pages 1246-1263"},"PeriodicalIF":3.1,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145384382","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
Investment’s share of government spending in the EU14 Since 1995 – convergence or divergence, and why? 1995年以来欧盟14国投资占政府支出的比例——趋同还是分化,为什么?
IF 3.1 2区 经济学
Journal of Policy Modeling Pub Date : 2025-11-01 Epub Date: 2025-08-05 DOI: 10.1016/j.jpolmod.2025.07.002
David Cronin, Niall McInerney
{"title":"Investment’s share of government spending in the EU14 Since 1995 – convergence or divergence, and why?","authors":"David Cronin,&nbsp;Niall McInerney","doi":"10.1016/j.jpolmod.2025.07.002","DOIUrl":"10.1016/j.jpolmod.2025.07.002","url":null,"abstract":"<div><div>With a renewed focus on government investment to address infrastructural, defence and decarbonisation objectives in the EU now arising, the behaviour of its share of government spending across the EU14 countries between 1995 and 2023 is assessed. Greater convergence in that investment ratio has occurred over time, mainly reflecting a decline in periphery member states’ ratios during the 2009–2012 economic crisis. Econometric analysis indicates both cyclical and fiscal variables affecting ratio values, with higher debt ratios associated with relatively lower capital expenditure. With new EU fiscal rules, adopted in April 2024, imposing constraints on government expenditure growth, there is a danger that public capital formation could be constrained relative to identified needs.</div></div>","PeriodicalId":48015,"journal":{"name":"Journal of Policy Modeling","volume":"47 6","pages":"Pages 1284-1304"},"PeriodicalIF":3.1,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145384384","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
The role of nuclear energy in competitive power markets: Policy solutions applied to Turkiye 核能在竞争性电力市场中的作用:适用于土耳其的政策解决方案
IF 3.1 2区 经济学
Journal of Policy Modeling Pub Date : 2025-11-01 Epub Date: 2025-07-31 DOI: 10.1016/j.jpolmod.2025.07.003
Erkan Erdogdu
{"title":"The role of nuclear energy in competitive power markets: Policy solutions applied to Turkiye","authors":"Erkan Erdogdu","doi":"10.1016/j.jpolmod.2025.07.003","DOIUrl":"10.1016/j.jpolmod.2025.07.003","url":null,"abstract":"<div><div>The transition to low-carbon energy sources presents critical challenges for competitive electricity markets, particularly in developing economies. This study examines the role of nuclear energy in achieving net-zero targets while addressing market inefficiencies and policy gaps. Using Turkiye as a case study, our findings reveal that nuclear power, despite its low-carbon benefits, faces financial and regulatory barriers that hinder its competitiveness. Through an empirically validated policy model, we propose market-compatible instruments, such as Contracts for Difference (CfD) and capacity remuneration mechanisms, to enhance nuclear investment. These insights offer actionable policy solutions to reconcile nuclear energy deployment with market efficiency.</div></div>","PeriodicalId":48015,"journal":{"name":"Journal of Policy Modeling","volume":"47 6","pages":"Pages 1322-1343"},"PeriodicalIF":3.1,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145384386","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
Modelling regional exposure to new trade wars 模拟新贸易战对地区的影响
IF 3.1 2区 经济学
Journal of Policy Modeling Pub Date : 2025-09-01 Epub Date: 2025-04-09 DOI: 10.1016/j.jpolmod.2025.04.001
Miguel Ángel Almazán-Gómez , Fatima El Khatabi , Carlos Llano , Julián Pérez
{"title":"Modelling regional exposure to new trade wars","authors":"Miguel Ángel Almazán-Gómez ,&nbsp;Fatima El Khatabi ,&nbsp;Carlos Llano ,&nbsp;Julián Pérez","doi":"10.1016/j.jpolmod.2025.04.001","DOIUrl":"10.1016/j.jpolmod.2025.04.001","url":null,"abstract":"<div><div>The COVID-19 pandemic and recent geopolitical events have triggered a new wave of protectionism. The return of Trump to the White House, a new trade war has just started. With the aim of addressing the territorial effect of trade policy, this study quantifies the effects of two significant protectionism measures announced by the US against the EU before the pandemic: the Boeing-Airbus trade dispute within the WTO and a 25 % tariff on the automotive sector. The impacts are calculated for 297 NUTS-2 European regions combining partial equilibrium and multiregional input-output analysis. The results reveal that the new tariffs would significantly negatively impact the European economy, with unevenly distributed effects across regions. The most affected regions are those heavily specialized in targeted products, such as automotive and aerospace components, and those deeply integrated into European value chains, experiencing substantial indirect impacts. This work underscores the need for targeted policy interventions at the European, national, and regional levels to mitigate these adverse effects. Key policy recommendations include developing contingency plans, promoting sectoral and geographical diversification, and strengthening intra-European trade relations. The findings highlight the strategic importance of the EU’s engagement in global trade negotiations to protect its economic interests and support vulnerable regions. This study wants also to illustrate the potential effects of some of the new tariffs just announced by Trump against the EU to be applied in the first years of his second term.</div></div>","PeriodicalId":48015,"journal":{"name":"Journal of Policy Modeling","volume":"47 5","pages":"Pages 919-940"},"PeriodicalIF":3.1,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144997774","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
Revitalising EU growth: The power of competitive markets 重振欧盟增长:竞争市场的力量
IF 3.1 2区 经济学
Journal of Policy Modeling Pub Date : 2025-09-01 Epub Date: 2025-06-11 DOI: 10.1016/j.jpolmod.2025.05.001
Andrea Camilli , Michele Catalano , Claudio Colacurcio , Adriaan Dierx , Fabienne Ilzkovitz
{"title":"Revitalising EU growth: The power of competitive markets","authors":"Andrea Camilli ,&nbsp;Michele Catalano ,&nbsp;Claudio Colacurcio ,&nbsp;Adriaan Dierx ,&nbsp;Fabienne Ilzkovitz","doi":"10.1016/j.jpolmod.2025.05.001","DOIUrl":"10.1016/j.jpolmod.2025.05.001","url":null,"abstract":"<div><div>The observed decline in competition in the EU has come at a cost. Simulations of the macroeconomic effects of competition using dynamic stochastic general equilibrium models show that the increase in markups observed in the EU since 2000 may have reduced EU GDP by up to 5–7 % compared to the counterfactual. However, without the European Commission’s competition interventions taken over the last ten years, this impact might have been larger by almost one quarter. The paper also suggests that targeted policy measures limiting the market power of high markup companies and tackling the lack of competition in EU lagging countries, each promise to increase GDP by around 4 % after 10 years, counterbalancing the loss due to the increase in EU markups since 2000.</div></div>","PeriodicalId":48015,"journal":{"name":"Journal of Policy Modeling","volume":"47 5","pages":"Pages 1056-1075"},"PeriodicalIF":3.1,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144997782","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
I want to be Green! The role of social engagement in a circular economy transition 我想成为绿色!社会参与在循环经济转型中的作用
IF 3.1 2区 经济学
Journal of Policy Modeling Pub Date : 2025-09-01 Epub Date: 2025-06-10 DOI: 10.1016/j.jpolmod.2025.05.004
Livio Ferrante , Federica Scandurra
{"title":"I want to be Green! The role of social engagement in a circular economy transition","authors":"Livio Ferrante ,&nbsp;Federica Scandurra","doi":"10.1016/j.jpolmod.2025.05.004","DOIUrl":"10.1016/j.jpolmod.2025.05.004","url":null,"abstract":"<div><div>Over the past decades, the circular economy has garnered significant attention from the international community as a paradigm for economic recovery, poverty alleviation, and emissions reduction, all contributing to the overarching objective of sustainable development. Thus, the promotion of the circular economy can be instrumental for governments in attaining their environmental targets. Circular companies play a central role in the transition to sustainable production and consumption systems; however, the factors that promote their development and growth remain unclear. In our study, we analyze the role of civil society engagement in the development and diffusion of circular companies. We use a dataset covering the Italian provinces from 2010 to 2020 and find that community engagement is strongly associated with the number of circular companies and the share of circular employment, even when accounting for spatial effects. The results suggest that policymakers should leverage bottom-up approaches based on civil society engagement when designing tools and interventions to promote a transition that is economically, environmentally, and socially sustainable.</div></div>","PeriodicalId":48015,"journal":{"name":"Journal of Policy Modeling","volume":"47 5","pages":"Pages 941-957"},"PeriodicalIF":3.1,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144997776","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
The impact of government-funded renewable energy R&D on its consumption 政府资助的可再生能源研发对其消费的影响
IF 3.1 2区 经济学
Journal of Policy Modeling Pub Date : 2025-09-01 Epub Date: 2025-06-11 DOI: 10.1016/j.jpolmod.2025.06.001
Dierk Herzer
{"title":"The impact of government-funded renewable energy R&D on its consumption","authors":"Dierk Herzer","doi":"10.1016/j.jpolmod.2025.06.001","DOIUrl":"10.1016/j.jpolmod.2025.06.001","url":null,"abstract":"<div><div>With the increasing urgency to shift away from fossil fuels, many governments are boosting their funding for renewable energy research and development (R&amp;D). The fundamental premise behind these efforts is that government-funded renewable energy R&amp;D contributes to increased consumption of renewable energy. This paper examines this premise employing panel data from 26 countries between 1974 and 2022. Based on panel cointegration methods and panel causality tests, this study finds robust evidence of a statistically significant positive long-term relationship between government-funded renewable energy R&amp;D and renewable energy consumption. It also identifies unidirectional causality running from the former to the latter.</div></div>","PeriodicalId":48015,"journal":{"name":"Journal of Policy Modeling","volume":"47 5","pages":"Pages 903-918"},"PeriodicalIF":3.1,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144997773","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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