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Quality distortions in monopolistic competition 垄断竞争中的质量扭曲
IF 4.7 2区 经济学
Economic Modelling Pub Date : 2025-07-29 DOI: 10.1016/j.econmod.2025.107237
Sergei Kichko , Alina Ozhegova , Alexander Tarasov
{"title":"Quality distortions in monopolistic competition","authors":"Sergei Kichko ,&nbsp;Alina Ozhegova ,&nbsp;Alexander Tarasov","doi":"10.1016/j.econmod.2025.107237","DOIUrl":"10.1016/j.econmod.2025.107237","url":null,"abstract":"<div><div>In this paper, we explore how heterogeneous firms decide on complementary and substitutable qualities of their products. We show that if increasing the product qualities appears to be relatively costly, more productive firms choose higher complementary quality but lower substitutable quality. We also document distortions that arise in our framework. Specifically, we find that in the market equilibrium, firms tend to underinvest in substitutable quality but overinvest in complementary quality compared to the first best allocation. Using data from pizzerias in Oslo, Norway, we provide a calibration exercise to estimate welfare losses due to the quality distortions.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"152 ","pages":"Article 107237"},"PeriodicalIF":4.7,"publicationDate":"2025-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144724648","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
Does the supply network shape the firm size distribution? The Japanese case 供给网络是否影响企业规模分布？日本的案例
IF 4.7 2区 经济学
Economic Modelling Pub Date : 2025-07-29 DOI: 10.1016/j.econmod.2025.107238
Corrado Di Guilmi , Yoshi Fujiwara
{"title":"Does the supply network shape the firm size distribution? The Japanese case","authors":"Corrado Di Guilmi ,&nbsp;Yoshi Fujiwara","doi":"10.1016/j.econmod.2025.107238","DOIUrl":"10.1016/j.econmod.2025.107238","url":null,"abstract":"<div><div>The paper examines the relationship between the structure of the Japanese supply network and the firm size distribution. We obtain five main original results through a combination of empirical analysis, analytical decomposition of growth rate volatility, and numerical simulations. First, Gibrat’s law only holds for larger firms, which are typically located upstream in the supply network, while it breaks down for smaller firms, which are more likely to be located downstream. Second, this structural asymmetry explains why downstream firms are concentrated in the power-law tail of the size distribution. Third, final demand shocks are amplified when propagating to upstream firms, explaining their higher growth rate volatility and consequently smaller average growth. Fourth, the magnitude of this amplification is determined by the degree of complexity of the network structure and the market power of the downstream firms. Finally, the power-law tail disappears in completely connected networks that lack layers or hierarchical structure. A significant implication of our findings is that aggregate demand shocks can affect the economy both directly, by reducing output for downstream firms, and indirectly, by shaping the firm size distribution.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"152 ","pages":"Article 107238"},"PeriodicalIF":4.7,"publicationDate":"2025-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144725047","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
Systematic index option-writing strategies with Black-Scholes-Merton and Variance-Gamma Models 基于Black-Scholes-Merton和Variance-Gamma模型的系统指数期权撰写策略
IF 4.7 2区 经济学
Economic Modelling Pub Date : 2025-07-26 DOI: 10.1016/j.econmod.2025.107234
Maciej Wysocki , Robert Ślepaczuk
{"title":"Systematic index option-writing strategies with Black-Scholes-Merton and Variance-Gamma Models","authors":"Maciej Wysocki ,&nbsp;Robert Ślepaczuk","doi":"10.1016/j.econmod.2025.107234","DOIUrl":"10.1016/j.econmod.2025.107234","url":null,"abstract":"<div><div>This study evaluates systematic S&amp;P 500 Index option-writing strategies, comparing the hedging performance of the Black–Scholes-Merton (BSM) and Variance-Gamma (VG) models, bridging the gap between theoretical models and their practical applications in trading. Using 1-minute data from 2018 to 2023, we assess hedged and unhedged strategies against buy-and-hold benchmarks, incorporating transaction costs to validate different hedging and sizing methodologies. Our findings reveal that systematic option writing can generate superior risk-adjusted returns. The BSM model generally outperforms the VG model in hedging, leveraging implied volatility to reflect market conditions accurately. However, the VG model proves valuable for position sizing in certain naked strategies, capturing skewness and kurtosis to manage tail risks. Intraday hedging at 130 min intervals offers effective downside protection while preserving return potential. The insights on hedging and sizing presented in this study provide actionable guidance for institutional and non-institutional participants in options markets.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"152 ","pages":"Article 107234"},"PeriodicalIF":4.7,"publicationDate":"2025-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144724643","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
Optimal investment and financing with government subsidies under time to build 最优投融资配合政府补贴时间建设
IF 4.7 2区 经济学
Economic Modelling Pub Date : 2025-07-25 DOI: 10.1016/j.econmod.2025.107232
Xin Xia , Shaoyong Hu , Liu Gan
{"title":"Optimal investment and financing with government subsidies under time to build","authors":"Xin Xia ,&nbsp;Shaoyong Hu ,&nbsp;Liu Gan","doi":"10.1016/j.econmod.2025.107232","DOIUrl":"10.1016/j.econmod.2025.107232","url":null,"abstract":"<div><div>This paper develops a real-options model that incorporates the game-theoretic interaction between firms and the government. We examine how government subsidies influence a firm’s optimal investment and financing decisions when accounting for time-to-build delays. Our findings indicate that subsidies induce leveraged firms to accelerate investment, albeit with a smaller investment scale and more conservative debt financing. Additionally, despite receiving fewer subsidies, leveraged firms tend to invest both earlier and at a larger scale than unleveraged firms. Furthermore, as subsidies become more effective at reducing time to build, investment is accelerated, leverage declines, and the optimal investment scale exhibits a U-shaped pattern. Lastly, compared to non-negotiated debt, the effect of negotiated-debt financing on optimal subsidies and investment scale depends on shareholders’ bargaining power. Our model offers novel and practical insights for policymakers designing effective subsidy programs and for managers formulating sound business strategies.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"152 ","pages":"Article 107232"},"PeriodicalIF":4.7,"publicationDate":"2025-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144721856","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
FDI spillovers, innovation and the role of industrial clusters: Evidence from innovative Indian manufacturing firms FDI溢出、创新与产业集群的作用：来自印度创新型制造业企业的证据
IF 4.7 2区 经济学
Economic Modelling Pub Date : 2025-07-23 DOI: 10.1016/j.econmod.2025.107240
Pompi Chetia , Smruti Ranjan Behera , Tapas Mishra , Mamta Parhi
{"title":"FDI spillovers, innovation and the role of industrial clusters: Evidence from innovative Indian manufacturing firms","authors":"Pompi Chetia ,&nbsp;Smruti Ranjan Behera ,&nbsp;Tapas Mishra ,&nbsp;Mamta Parhi","doi":"10.1016/j.econmod.2025.107240","DOIUrl":"10.1016/j.econmod.2025.107240","url":null,"abstract":"<div><div>This paper studies the impacts of horizontal and vertical foreign direct investment (FDI) spillovers on innovation activities of Indian manufacturing firms by comparing effects within major industrial clusters with those outside. We find that a great breadth of innovations arises via horizontal linkages among firms within the industrial clusters. Conversely, firms outside industrial clusters do not portend measurable innovation effects from FDI spillovers. Our results highlight the crucial role of geographical proximity in harnessing innovation spillovers, further emphasizing the need for tailored policies for firms outside major industrial clusters to maximize their innovation potential. A Difference-in-Differences estimation to gauge the effect of the 2014 FDI liberalization policy on firms’ innovation output shows that foreign firms have significantly increased their innovation activities relative to domestic firms post-2014 FDI liberalization policy.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"152 ","pages":"Article 107240"},"PeriodicalIF":4.7,"publicationDate":"2025-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144724647","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
Sectoral exposure and its impact on bank risk: Evidence from India 行业风险敞口及其对银行风险的影响：来自印度的证据
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2025-07-22 DOI: 10.1016/j.econmod.2025.107228
Mohammad Zeeshan , Manish K. Singh
{"title":"Sectoral exposure and its impact on bank risk: Evidence from India","authors":"Mohammad Zeeshan ,&nbsp;Manish K. Singh","doi":"10.1016/j.econmod.2025.107228","DOIUrl":"10.1016/j.econmod.2025.107228","url":null,"abstract":"<div><div>This study investigates how banks’ sectoral loan exposures affect their risk profiles. We introduce two market-derived measures: <em>Aggregate diversification</em>, which gauges vulnerability to sector-specific shocks, and <em>Differential specialization</em>, indicating how much a bank’s sectoral focus diverges from industry average. Analyzing data from 2006 to 2022 for Indian commercial banks, we find that greater aggregate diversification significantly reduces bank risk, while higher differential specialization increases it. Specifically, a one standard deviation increase in <em>Aggregate diversification</em> improves bank stability by 3.4%, whereas a comparable increase in <em>Differential specialization</em> reduces stability by 7.2%. The stabilizing effect of diversification stems from reduced stock volatility, lower financing costs, and enhanced market valuations. Specialization conversely correlates with higher non-performing loans and diminished shareholder value. These results emphasize the importance of employing high-frequency return data to measure risk and underscore the sectoral context and institutional capacity in shaping the risk-return trade-offs between diversification and specialization.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"151 ","pages":"Article 107228"},"PeriodicalIF":4.2,"publicationDate":"2025-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144711502","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
Key industrial policy, market competition and firms’ markup: Evidence from China 关键产业政策、市场竞争与企业加价：来自中国的证据
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2025-07-22 DOI: 10.1016/j.econmod.2025.107245
Guifu Chen, Hongwei Yuan
{"title":"Key industrial policy, market competition and firms’ markup: Evidence from China","authors":"Guifu Chen,&nbsp;Hongwei Yuan","doi":"10.1016/j.econmod.2025.107245","DOIUrl":"10.1016/j.econmod.2025.107245","url":null,"abstract":"<div><div>The relationship between the government and the market has long been a core issue in economics. This study analyzes key industrial policy information in the “Five-Year Plan” of the Chinese central government. We use data from the Annual Survey of Industrial Firms to test the impact and mechanisms of key industrial policies on markups, and further analyze these findings. The empirical results demonstrate that key industrial policies significantly reduce firms' markups, and this conclusion remains robust across different tests. Additionally, the mechanism by which key industrial policy reduces firms’ markups is primarily through the “transaction cost channel,” the “factor resource cost channel” and “market competition effect.” For different types of firms, industrial policies have heterogeneous effects on markups, with key industrial policies having noticeable asymmetric effects on firms occupying different positions in the market. Our findings provide further insights into the interaction mechanisms between the government and the market.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"151 ","pages":"Article 107245"},"PeriodicalIF":4.2,"publicationDate":"2025-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144702469","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
Does the self-holding behavior of fund managers foster fund sustainable investment? 基金经理的持股行为是否促进了基金的可持续投资？
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2025-07-21 DOI: 10.1016/j.econmod.2025.107242
Hu Wang, Yuanqiang Lian, Hong Shen
{"title":"Does the self-holding behavior of fund managers foster fund sustainable investment?","authors":"Hu Wang,&nbsp;Yuanqiang Lian,&nbsp;Hong Shen","doi":"10.1016/j.econmod.2025.107242","DOIUrl":"10.1016/j.econmod.2025.107242","url":null,"abstract":"<div><div>Whether fund managers investing in their own funds, a practice often viewed as a way to align interests and mitigate agency conflicts, actually encourages sustainable investment remains an important but underexplored question. Leveraging data on fund managers' personal fund holdings, portfolio compositions, and environmental, sustainability, and governance (ESG) ratings, we examine how self-holding behavior relates to funds' sustainable investment practices. Our results show a positive association between fund managers’ self-investment and fund sustainable investment. Fund managers who invest in the funds they manage are more likely to adopt sustainable investment strategies aimed at boosting returns and reducing portfolio risk. Moreover, firms held by these funds experience lower stock price crash risk and demonstrate a stronger tendency to meet their ESG obligations.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"151 ","pages":"Article 107242"},"PeriodicalIF":4.2,"publicationDate":"2025-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144711504","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
Can monetary policy tame asset price fluctuations? Evaluating the dynamic trade-offs 货币政策能抑制资产价格波动吗？评估动态权衡
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2025-07-19 DOI: 10.1016/j.econmod.2025.107239
Yuzhe Huang , Long Jin , Changchun Pan
{"title":"Can monetary policy tame asset price fluctuations? Evaluating the dynamic trade-offs","authors":"Yuzhe Huang ,&nbsp;Long Jin ,&nbsp;Changchun Pan","doi":"10.1016/j.econmod.2025.107239","DOIUrl":"10.1016/j.econmod.2025.107239","url":null,"abstract":"<div><div>Using an external instrumental variable within a Proxy TVP-SVAR framework, we investigate the dynamic trade-offs involved in employing countercyclical monetary policy to moderate asset price fluctuations. Our findings show that tightening monetary policy simultaneously curtails the money supply, suppresses asset prices, and depresses economic activity. Notably, asset prices respond more aggressively, yet recover more quickly compared to output and inflation. These impulse responses illustrate that countercyclical monetary interventions can effectively stabilize asset markets—especially when timed strategically during pronounced asset price surges—thus minimizing associated economic costs. However, achieving asset price stability often entails sacrificing some degree of monetary stability, underscoring an inherent policy trade-off. Our results provide empirical guidance for policymakers, emphasizing that, with optimal timing, monetary policy interventions can mitigate asset price bubbles efficiently, achieving substantial financial stability benefits with manageable economic trade-offs.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"151 ","pages":"Article 107239"},"PeriodicalIF":4.2,"publicationDate":"2025-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144711501","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
Do macroprudential policies influence FinTech credit growth? 宏观审慎政策会影响金融科技信贷增长吗？
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2025-07-18 DOI: 10.1016/j.econmod.2025.107233
Onneetse L. Sikalao-Lekobane
{"title":"Do macroprudential policies influence FinTech credit growth?","authors":"Onneetse L. Sikalao-Lekobane","doi":"10.1016/j.econmod.2025.107233","DOIUrl":"10.1016/j.econmod.2025.107233","url":null,"abstract":"<div><div>This study examines the impact of macroprudential policies on FinTech credit growth using unbalanced panel dataset from 25 countries, comprising advanced and emerging economies, covering 2005q1 to 2018q4. Employing fixed effects (FE) and feasible generalized least squares (FGLS) models, the analysis reveals that aggregate macroprudential policy action positively influences FinTech credit growth. The analysis further uncovers that the tightening action of macroprudential policies largely drives this effect, suggesting regulatory arbitrage where credit shifts from banks to the nonbank FinTech sector. The findings raise concerns that macroprudential policies effectiveness may be undermined by FinTech credit expansion, potentially increasing financial stability risks. The research calls for policy measures addressing FinTech credit to ensure a stable financial system and prevent regulatory leakage. It also provides insights into the debate on using macroprudential policies beyond the banking sector.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"151 ","pages":"Article 107233"},"PeriodicalIF":4.2,"publicationDate":"2025-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144687412","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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