发布求助
文献互助 智能选刊 最新文献

Economic Modelling最新文献

筛选
英文 中文
Asymmetric overnight rate pass-through to bank loan rates: A meta-analysis 不对称隔夜利率传导至银行贷款利率：一项元分析
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2025-07-03 DOI: 10.1016/j.econmod.2025.107198
Tersoo David Iorngurum
{"title":"Asymmetric overnight rate pass-through to bank loan rates: A meta-analysis","authors":"Tersoo David Iorngurum","doi":"10.1016/j.econmod.2025.107198","DOIUrl":"10.1016/j.econmod.2025.107198","url":null,"abstract":"<div><div>The literature offers mixed results on how bank lending rates respond to positive and negative fluctuations in the overnight interbank rate. Therefore, using data from 80 studies covering 30 years of research, this study employs meta-regression methods to investigate asymmetry in the overnight rate pass-through. The results show that the pass-through is asymmetric, with bank lending rates reacting more strongly to positive fluctuations than negative fluctuations. The results also show that the pass-through increases with trade openness and private sector credit supply but decreases with net national savings, while the degree of asymmetry increases with stock market size and trade openness but diminishes with central bank independence, net national savings, and monetary integration. Altogether, these findings reconcile the literature and offer new insights into the determinants of asymmetry and heterogeneity, underscoring the need to control for both in modeling the overnight rate pass-through.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"151 ","pages":"Article 107198"},"PeriodicalIF":4.2,"publicationDate":"2025-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144562852","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
Mutual fund investor response to climate activism: Evidence from the 2019 Global Climate Strike 共同基金投资者对气候行动主义的反应：来自2019年全球气候罢工的证据
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2025-07-03 DOI: 10.1016/j.econmod.2025.107197
Fei Fang , Sitikantha Parida
{"title":"Mutual fund investor response to climate activism: Evidence from the 2019 Global Climate Strike","authors":"Fei Fang ,&nbsp;Sitikantha Parida","doi":"10.1016/j.econmod.2025.107197","DOIUrl":"10.1016/j.econmod.2025.107197","url":null,"abstract":"<div><div>This study examines the impact of the March 2019 Global Climate Strike on U.S. mutual fund flows, addressing a gap in the literature on how climate activism influences fund investment behavior. Using a sample of U.S. equity funds and an event study methodology, we find that low-carbon funds receive significantly higher net inflows than high-carbon funds during the strike month and the following two months. This effect is stronger for retail investors relative to institutional investors. Additionally, the study examines the impact of Morningstar's continuous carbon risk metrics on investment decisions. Together, our findings suggest that the climate strike heightened awareness of climate risks, prompting increased investment in low-carbon funds. This response underscores the effectiveness of climate activism in driving investment toward a low-carbon economy.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"151 ","pages":"Article 107197"},"PeriodicalIF":4.2,"publicationDate":"2025-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144562850","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
Post-pandemic recovery: Search and matching, market power, and endogenous labor demand 大流行后的复苏：搜索与匹配、市场力量和内生劳动力需求
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2025-07-02 DOI: 10.1016/j.econmod.2025.107183
Konstantin Platonov
{"title":"Post-pandemic recovery: Search and matching, market power, and endogenous labor demand","authors":"Konstantin Platonov","doi":"10.1016/j.econmod.2025.107183","DOIUrl":"10.1016/j.econmod.2025.107183","url":null,"abstract":"<div><div>Following the COVID-19 pandemic, United States (US) output rebounded quickly, labor productivity rose above pre-pandemic levels, profit rates increased, and the labor market tightened, all despite high unemployment. These observations can be reconciled in a search and matching model of the labor market with two new assumptions of strong firm market power and endogenous labor demand. Market power encourages firm entry when prices rise, while endogenous labor demand enables firms to adapt to shocks rather than shut down. Two regimes arise: one with weak market power, representing the pre-pandemic era and another with strong market power, explaining the post-pandemic recovery. Under strong market power, firm entry drives recovery following recessions, the labor market becomes tight, wages and producer prices rise, and the average firm size shrinks, which is consistent with the post-pandemic data. This study demonstrates how a typical business cycle can be reconciled with US post-pandemic recovery within a unified model, highlighting the non-trivial role of firms’ market power in shaping macroeconomic outcomes.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"151 ","pages":"Article 107183"},"PeriodicalIF":4.2,"publicationDate":"2025-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144563271","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
Precautionary saving under anticipated regret 在预期的遗憾之下预防性储蓄
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2025-07-01 DOI: 10.1016/j.econmod.2025.107188
Jiakun Zheng
{"title":"Precautionary saving under anticipated regret","authors":"Jiakun Zheng","doi":"10.1016/j.econmod.2025.107188","DOIUrl":"10.1016/j.econmod.2025.107188","url":null,"abstract":"<div><div>This study examines the saving behavior of a regret-averse agent within a two-period model. The analysis demonstrates that disproportionate aversion to large regrets induces a pseudo effect resembling probability weighting. In particular, the agent assigns greater weight to states in which significant saving regret might arise. As a result, regret aversion encourages precautionary saving when income shocks are sufficiently negatively skewed but diminishes or even reverses precautionary saving when they are not. The exact skewness condition under which the agent saves more than a discounted utility counterpart is characterized in the context of small binary risks. Notably, this condition becomes more restrictive as the traditional measure of absolute prudence increases. A simulation involving large income shocks further confirms that the qualitative insights derived from the small-risk case extend to broader scenarios, highlighting that regret aversion can substantially influence saving behavior when income risks are skewed.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"151 ","pages":"Article 107188"},"PeriodicalIF":4.2,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144523174","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
Quantifying firm-level carbon risk: A novel emission reduction stress factor 量化企业碳风险：一种新的减排压力因子
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2025-06-28 DOI: 10.1016/j.econmod.2025.107210
Jie Shen, Haitao Zheng, Lei Zhu
{"title":"Quantifying firm-level carbon risk: A novel emission reduction stress factor","authors":"Jie Shen,&nbsp;Haitao Zheng,&nbsp;Lei Zhu","doi":"10.1016/j.econmod.2025.107210","DOIUrl":"10.1016/j.econmod.2025.107210","url":null,"abstract":"<div><div>This study examines the impact of carbon emission reduction stress (ERS) on stock pricing, addressing a key gap in the climate finance literature concerning the quantification of carbon risk. Using data from 80 of China's top carbon-intensive firms from 2019 to 2022, we apply the Fama–French factor model to test the hypothesis that ERS significantly influences stock returns. Our analysis demonstrates that ERS is a meaningful risk factor, outperforming traditional proxies such as carbon emission levels and emission intensity. The ERS index not only effectively isolates the size effect from emission levels but also captures carbon risk arising from excessive emissions. These findings provide new insights into the pricing of carbon risk in financial markets and offer practical implications for sustainable investment strategies and climate policy, thereby supporting more informed decision-making during the decarbonization of carbon-intensive firm.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"151 ","pages":"Article 107210"},"PeriodicalIF":4.2,"publicationDate":"2025-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144523177","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
Homeownership in the UK: The role of wealth inequality and family life cycles 英国的房屋所有权：财富不平等和家庭生命周期的作用
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2025-06-28 DOI: 10.1016/j.econmod.2025.107211
Jalal Siddiki
{"title":"Homeownership in the UK: The role of wealth inequality and family life cycles","authors":"Jalal Siddiki","doi":"10.1016/j.econmod.2025.107211","DOIUrl":"10.1016/j.econmod.2025.107211","url":null,"abstract":"<div><div>Homeownership is a valuable social institution, yet there is limited research on how wealth inequality and family life cycles influence the homeownership rate in the UK. This paper addresses this gap by using data from 1950 to 2022 and applying quantile regression methods to examine the effects of these factors on UK homeownership. The findings reveal that wealth inequality has a negative impact on homeownership, with its adverse effects becoming more pronounced at higher levels of the homeownership rate and diminishing as wealth inequality increases. Delays in family formation and life cycle transitions produce asymmetric effects — positively influencing homeownership at the lower quartile but exerting a negative influence at the upper quartile. Additionally, periods of Conservative Party governance are associated with lower homeownership rates. These results provide new insights into the interplay between socioeconomic dynamics and homeownership that suggest policies aimed at reducing wealth inequality and supporting family formation.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"151 ","pages":"Article 107211"},"PeriodicalIF":4.2,"publicationDate":"2025-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144534279","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
Minority shareholders protection and executive compensation contract effectiveness: Evidence from the establishment of the China Securities Investor Service Center 中小股东保护与高管薪酬合同效力：来自中国证券投资者服务中心设立的证据
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2025-06-28 DOI: 10.1016/j.econmod.2025.107213
Xiang Zhang , Chongjie Xu , Hongzhan Li
{"title":"Minority shareholders protection and executive compensation contract effectiveness: Evidence from the establishment of the China Securities Investor Service Center","authors":"Xiang Zhang ,&nbsp;Chongjie Xu ,&nbsp;Hongzhan Li","doi":"10.1016/j.econmod.2025.107213","DOIUrl":"10.1016/j.econmod.2025.107213","url":null,"abstract":"<div><div>This study examines the governance effect of minority shareholders from the perspective of executive compensation stickiness. Taking the China Securities Investor Service Center's (ISC) execution of shareholder rights as a quasi-natural experiment, with a sample from China's A-share listed companies from 2013 to 2022, our findings reveal that ISC shareholder rights enforcement significantly reduces executive compensation stickiness. This is achieved through increased external attention, which mitigates information asymmetry, and by curbing tunneling behavior from controlling shareholders. Further analysis highlights that the impact of ISC enforcement is more pronounced for firms with lower external auditor monitoring, less developed legal environment, lower institutional ownership, and higher managerial power. These findings underscore the ISC's role in enhancing corporate governance and protecting minority shareholder benefits, offering policy implications for strengthening investor rights and regulatory oversight mechanisms.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"151 ","pages":"Article 107213"},"PeriodicalIF":4.2,"publicationDate":"2025-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144557000","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
Are two networks one too many? Optimal network sizes under uncertain technological progress 两个电视网一个是不是太多了？不确定技术进步下的最优网络规模
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2025-06-28 DOI: 10.1016/j.econmod.2025.107176
Martin Quaas , Till Requate
{"title":"Are two networks one too many? Optimal network sizes under uncertain technological progress","authors":"Martin Quaas ,&nbsp;Till Requate","doi":"10.1016/j.econmod.2025.107176","DOIUrl":"10.1016/j.econmod.2025.107176","url":null,"abstract":"<div><div>Physical networks are often built under uncertainty about the future benefits of new network technologies. In this paper, we examine the trade-off between the gains from constructing a single, large physical network and the value of maintaining technological flexibility by building multiple, smaller networks. We derive conditions under which either one large network or several smaller networks are socially optimal, finding that socially optimal network allocations can arise as equilibria in a decentralized economy, but suboptimal equilibria may also occur. To address this, we propose a regulatory scheme that combines the auctioning of network licenses with subsidies to network operators, ensuring a socially optimal allocation through a unique equilibrium.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"151 ","pages":"Article 107176"},"PeriodicalIF":4.2,"publicationDate":"2025-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144518003","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
Creditor protection shocks and corporate cash holdings: Insights from online judicial auctions 债权人保护冲击与企业现金持有量：来自网上司法拍卖的见解
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2025-06-27 DOI: 10.1016/j.econmod.2025.107208
Weilun Tian , Junru Guo , Dongyan Li , Jiarui Wang
{"title":"Creditor protection shocks and corporate cash holdings: Insights from online judicial auctions","authors":"Weilun Tian ,&nbsp;Junru Guo ,&nbsp;Dongyan Li ,&nbsp;Jiarui Wang","doi":"10.1016/j.econmod.2025.107208","DOIUrl":"10.1016/j.econmod.2025.107208","url":null,"abstract":"<div><div>This study examines the influence of creditor protection on corporate cash holdings using the staggered implementation of Online Judicial Auctions (OJAs) in China as a quasi-natural experiment. OJAs strengthen creditors' rights to recover their claims and thus enhance creditor protection. Using a stacked sample of Chinese-listed corporates, we find that corporate cash holdings decrease significantly after OJAs are introduced. This effect is primarily driven by increased bank credit supply and improved access to corporate credit, which mitigates the precautionary demand for cash. The reduction is more pronounced among corporates in the growth stage, and those in regions with higher OJAs participation, weaker bank competition, and less favorable legal environments. These findings suggest that OJAs help reinforce credit resource allocation and improve the efficiency of legal enforcement. Furthermore, OJAs can stimulate corporates’ real investments and lower financial risks. Overall, our results underscore the critical role of creditor protection in shaping corporate cash management strategies and shed light on the value of advancing the digitalization of judicial enforcement.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"151 ","pages":"Article 107208"},"PeriodicalIF":4.2,"publicationDate":"2025-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144516967","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
From digital wallets to social dividends: How digital financial inclusion drives household prosocial behavior in China 从数字钱包到社会红利：数字普惠金融如何推动中国家庭亲社会行为
IF 4.2 2区 经济学
Economic Modelling Pub Date : 2025-06-26 DOI: 10.1016/j.econmod.2025.107205
Shujin Zhu , He Chen , Yiding Tang
{"title":"From digital wallets to social dividends: How digital financial inclusion drives household prosocial behavior in China","authors":"Shujin Zhu ,&nbsp;He Chen ,&nbsp;Yiding Tang","doi":"10.1016/j.econmod.2025.107205","DOIUrl":"10.1016/j.econmod.2025.107205","url":null,"abstract":"<div><div>This study examines how digital financial inclusion (DFI) triggers prosocial behavior, shifting focus from its well-documented economic impacts to its understudied societal implications. Using longitudinal data from the China Family Panel Studies and city-level DFI indices, we find a 1 % DFI increase raises household donations by 1.47 % via three channels: household financial gains, reduced inequality perceptions, and improved well-being. Geographic peer effects emerge, with prosociality clustering spatially but fading with distance. Married and older heads weaken this relationship: marital status prioritizes family needs over social giving, while older heads’ limited digital skills hinder DFI adoption. These results position DFI as a dual tool—boosting economic engagement while fostering social cohesion—but reveal demographic constraints on its societal benefits. The findings inform policies balancing financial inclusion with social cohesion in developing contexts.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"151 ","pages":"Article 107205"},"PeriodicalIF":4.2,"publicationDate":"2025-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144516959","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
下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：604180095
Book学术官方微信