European Journal of Political Economy最新文献

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Doom loop, trilemma, and moral hazard: Which narrative of the banking union did stock market investors buy? 厄运循环、三难困境和道德风险:股市投资者相信银行业联盟的哪一种说法?
IF 2.3 3区 经济学
European Journal of Political Economy Pub Date : 2025-06-01 DOI: 10.1016/j.ejpoleco.2025.102683
Tobias Körner , Michael Papageorgiou
{"title":"Doom loop, trilemma, and moral hazard: Which narrative of the banking union did stock market investors buy?","authors":"Tobias Körner ,&nbsp;Michael Papageorgiou","doi":"10.1016/j.ejpoleco.2025.102683","DOIUrl":"10.1016/j.ejpoleco.2025.102683","url":null,"abstract":"<div><div>We analyze the impact of the announcement of the banking union on stock market returns of euro area banks against the backdrop of three commonly held views of the banking union. We document positive individual abnormal returns for most banks. Abnormal returns are large and positive on average, and they vary substantially across banks. The more systemically important a bank is, the higher are the abnormal returns, both in ‘crisis countries’ and ‘non-crisis countries’. Moreover, abnormal returns of banks are positively related to sovereign risk, with Greek banks experiencing extremely high abnormal returns. By contrast, abnormal returns are not robustly related to bank risk. These findings reveal market expectations consistent with the view that the banking union makes banks less dependent on their home country’s sovereign strength and mitigates a financial trilemma. However, market participants do not seem to take the view that the banking union reduces a moral hazard problem that may emerge from a common lender of last resort and national responsibilities for banking supervision and resolution.</div></div>","PeriodicalId":51439,"journal":{"name":"European Journal of Political Economy","volume":"88 ","pages":"Article 102683"},"PeriodicalIF":2.3,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144196165","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
State building and social control 国家建设和社会控制
IF 2.3 3区 经济学
European Journal of Political Economy Pub Date : 2025-06-01 DOI: 10.1016/j.ejpoleco.2025.102699
Alberto Chong , Mark Gradstein
{"title":"State building and social control","authors":"Alberto Chong ,&nbsp;Mark Gradstein","doi":"10.1016/j.ejpoleco.2025.102699","DOIUrl":"10.1016/j.ejpoleco.2025.102699","url":null,"abstract":"<div><div>A modicum of homogeneity of social norms is deemed valuable by societies, and social control is a way to achieve it. In this paper, we posit an economy populated by masses and elites, whereby the social norms of the former affect the welfare of the latter group. Consequently, the elites may exercise social control to induce the masses to embrace norms aligned with their own preferences. Our analysis reveals, in particular, that social control may go hand in hand with the prevalence of mass education, which induces homogeneity of norms. This is shown to be consistent with historical evidence on the emergence of public schooling.</div></div>","PeriodicalId":51439,"journal":{"name":"European Journal of Political Economy","volume":"88 ","pages":"Article 102699"},"PeriodicalIF":2.3,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144196166","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Lady Justice: The impact of female judges on jury trial verdicts in North Carolina 女法官:北卡罗莱纳州女法官对陪审团审判判决的影响
IF 2.3 3区 经济学
European Journal of Political Economy Pub Date : 2025-06-01 DOI: 10.1016/j.ejpoleco.2025.102678
Alessandra Foresta
{"title":"Lady Justice: The impact of female judges on jury trial verdicts in North Carolina","authors":"Alessandra Foresta","doi":"10.1016/j.ejpoleco.2025.102678","DOIUrl":"10.1016/j.ejpoleco.2025.102678","url":null,"abstract":"<div><div>This study evaluates the impact of judges’ gender on jury trial outcomes in the U.S. state of North Carolina. The identification strategy is based on conditional random assignment of judges to cases. Specifically, I take advantage of the compulsory judges’ rotation imposed by the North Carolina Constitution. The results indicate that the presence of a female judge increases of 9.64–13.50 percentage points the probability of having at least one guilty verdict from the jury and of 9.5%–13.45% increase in the proportion of guilty verdicts expressed by the jury. Additionally, I perform a series of robustness and heterogeneity checks. I also investigate the potential mechanisms driving the results, exploring the influence of the jury selection process and women’s attitudes toward the courts and sentencing.</div></div>","PeriodicalId":51439,"journal":{"name":"European Journal of Political Economy","volume":"88 ","pages":"Article 102678"},"PeriodicalIF":2.3,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144196164","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Conflict, information and regime-change 冲突、信息和政权更迭
IF 2.3 3区 经济学
European Journal of Political Economy Pub Date : 2025-05-28 DOI: 10.1016/j.ejpoleco.2025.102681
Davide Bosco , Luca Colombo , Gianluca Femminis
{"title":"Conflict, information and regime-change","authors":"Davide Bosco ,&nbsp;Luca Colombo ,&nbsp;Gianluca Femminis","doi":"10.1016/j.ejpoleco.2025.102681","DOIUrl":"10.1016/j.ejpoleco.2025.102681","url":null,"abstract":"<div><div>We study the choice between media freedom and censorship by an autocratic regime whose power can be challenged by citizens’ riots. To mitigate the risk of revolts, the regime can reduce citizens’ discontent, which is unknown to all, through public goods provision. To fine-tune such provision, the regime needs reliable information about discontent. However, public information has the unintended effect of helping citizens to coordinate towards rioting. We find that, <em>ex ante</em>, media freedom is preferred by strong and weak regimes, whereas censorship is preferred by regimes of intermediate strength. We also show that, absent policy-making, all regimes would prefer censorship, implying that media freedom is important for the fine-tuning of public goods provision, and hence for building popular consensus.</div></div>","PeriodicalId":51439,"journal":{"name":"European Journal of Political Economy","volume":"89 ","pages":"Article 102681"},"PeriodicalIF":2.3,"publicationDate":"2025-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144205672","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Kin-based institutions and state capacity 以亲属为基础的制度和国家能力
IF 2.3 3区 经济学
European Journal of Political Economy Pub Date : 2025-05-22 DOI: 10.1016/j.ejpoleco.2025.102676
Roberto Ezcurra
{"title":"Kin-based institutions and state capacity","authors":"Roberto Ezcurra","doi":"10.1016/j.ejpoleco.2025.102676","DOIUrl":"10.1016/j.ejpoleco.2025.102676","url":null,"abstract":"<div><div>This paper examines the relationship between kin-based institutions and state capacity. The results show that the intensity of kinship networks is a strong predictor of present-day state capacity, both across and within countries. Societies historically characterized by more intensive kinship systems tend to have weaker states today. This finding holds after accounting for various variables that may be correlated with both kinship network intensity and state capacity, including a broad range of geographic, historical, and contemporary factors. The results are also robust when employing an instrumental variable approach that exploits plausibly exogenous variation in historical exposure to the marriage laws of the medieval Catholic Church. Additionally, the analysis reveals that societies with intensive kin-based institutions typically exhibit lower political centralization. Given the essential role of political centralization in establishing state capacity, this finding helps explain the negative association between kinship intensity and state capacity.</div></div>","PeriodicalId":51439,"journal":{"name":"European Journal of Political Economy","volume":"88 ","pages":"Article 102676"},"PeriodicalIF":2.3,"publicationDate":"2025-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144105203","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Spend on what? Insights on military spending efficiency 花在什么上?对军费开支效率的洞察
IF 2.3 3区 经济学
European Journal of Political Economy Pub Date : 2025-05-17 DOI: 10.1016/j.ejpoleco.2025.102696
Dimitrios Dimitriou , Eleftherios Goulas , Christos Kallandranis
{"title":"Spend on what? Insights on military spending efficiency","authors":"Dimitrios Dimitriou ,&nbsp;Eleftherios Goulas ,&nbsp;Christos Kallandranis","doi":"10.1016/j.ejpoleco.2025.102696","DOIUrl":"10.1016/j.ejpoleco.2025.102696","url":null,"abstract":"<div><div>This study investigates the role of military sector efficiency on the economic growth-defence spending relationship in 135 countries from 1992 to 2020. Efficiency stems from capital intensity of the military sector and the existence of technological externalities and economies of scale associated with armaments exports. Our findings indicate that a higher level of efficiency can moderate or eliminate the adverse effects of military burden on economic growth. Introducing alliance participation, we highlight the ‘protective’ role of NATO for its member-states with lower efficiency levels, while SCO seems to be less supportive.</div></div>","PeriodicalId":51439,"journal":{"name":"European Journal of Political Economy","volume":"88 ","pages":"Article 102696"},"PeriodicalIF":2.3,"publicationDate":"2025-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144072065","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Social media campaigning and voter behavior–evidence for the German federal election 2021
IF 2.3 3区 经济学
European Journal of Political Economy Pub Date : 2025-05-08 DOI: 10.1016/j.ejpoleco.2025.102685
Abeer Ibtisam Aziz, Ivo Bischoff
{"title":"Social media campaigning and voter behavior–evidence for the German federal election 2021","authors":"Abeer Ibtisam Aziz,&nbsp;Ivo Bischoff","doi":"10.1016/j.ejpoleco.2025.102685","DOIUrl":"10.1016/j.ejpoleco.2025.102685","url":null,"abstract":"<div><div>We analyze the relationship between party campaigning on social media and the voting intentions voiced by respondents in a large representative survey in the German federal election campaign in 2021. We argue that online campaigns spread through the online and offline networks of the initial recipients – thereby influencing substantial parts of the electorate. We exploit inter-temporal, inter-regional, and inter-party differences in the intensity of campaigning by parties and candidates on Facebook and Twitter. In addition, we control for the respondents' choice in the previous federal election and a number of other personal characteristics. Using a multinomial logit model with alternative-specific constants, we find the probability of a respondent's intention to vote for a party to increase in the state-specific campaigning activities on social media of this party the days before. While the literature suggests that especially populist right-wing parties will benefit from campaigning on social media, we find the marginal impact to be significantly higher for Christian democrats, Social Democrats, and Greens than for the right-wing “Alternative für Deutschland”.</div></div>","PeriodicalId":51439,"journal":{"name":"European Journal of Political Economy","volume":"88 ","pages":"Article 102685"},"PeriodicalIF":2.3,"publicationDate":"2025-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143943605","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Capital vs. labour: The effect of income sources on attitudes toward the top 1 percent 资本与劳动力:收入来源对人们对收入最高的1%的态度的影响
IF 2.3 3区 经济学
European Journal of Political Economy Pub Date : 2025-05-03 DOI: 10.1016/j.ejpoleco.2025.102684
Oscar Barrera-Rodríguez , Emmanuel Chávez
{"title":"Capital vs. labour: The effect of income sources on attitudes toward the top 1 percent","authors":"Oscar Barrera-Rodríguez ,&nbsp;Emmanuel Chávez","doi":"10.1016/j.ejpoleco.2025.102684","DOIUrl":"10.1016/j.ejpoleco.2025.102684","url":null,"abstract":"<div><div>We conduct a randomized online survey to study how information on the share of top earners' income derived from capital and labour affects attitudes toward top earners. Our findings re-veal that: (i) At the baseline, respondents tend to overestimate the income of the top 1 percent, have no clear priors on their capital vs. labor shares, and want them to pay a higher income tax rate than the current one; (ii) quantitative information on top earners’ income sources leads people to have more unfavorable views toward the rich; (iii) individuals most responsive to our treatments vote for left-wing candidates and have egalitarian notions of justice.</div></div>","PeriodicalId":51439,"journal":{"name":"European Journal of Political Economy","volume":"88 ","pages":"Article 102684"},"PeriodicalIF":2.3,"publicationDate":"2025-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143932156","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Assessing the efficacy of China's anti-corruption drive: Insights from consumer expenditure patterns 评估中国反腐运动的效果:来自消费者支出模式的洞察
IF 2.3 3区 经济学
European Journal of Political Economy Pub Date : 2025-04-24 DOI: 10.1016/j.ejpoleco.2025.102680
Zhengang Xu
{"title":"Assessing the efficacy of China's anti-corruption drive: Insights from consumer expenditure patterns","authors":"Zhengang Xu","doi":"10.1016/j.ejpoleco.2025.102680","DOIUrl":"10.1016/j.ejpoleco.2025.102680","url":null,"abstract":"<div><div>This paper examines the economic impact of China's President Xi Jinping's Eight Regulations of Austerity and the coordinated anti-corruption campaign. Specifically, I analyze the effects of this campaign on household expenditure patterns in China using a triple differences approach. I compare the expenditures of households with government employees to those without, both before and after the anti-corruption reform, across commodities likely to be subject to corruption versus those unlikely to be affected. The findings demonstrate that, in the post-reform period, government-affiliated families allocate relatively more expenditure towards goods they likely obtained illegally through bribes previously. Conversely, expenditure patterns for goods less susceptible to corruption do not show a relative increase in the post-reform period. These expenditure shifts are most pronounced among families of low-level officials, with the majority of the increase observed among non-Chinese Communist Party member government employees and those outside Xi Jinping's power base. This suggests that individuals with the strongest party ties were able to circumvent the effects of the anti-corruption campaign.</div></div>","PeriodicalId":51439,"journal":{"name":"European Journal of Political Economy","volume":"88 ","pages":"Article 102680"},"PeriodicalIF":2.3,"publicationDate":"2025-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144123504","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Heterogeneity of institutions and model uncertainty in the income inequality nexus 收入不平等关系中的制度异质性和模型不确定性
IF 2.3 3区 经济学
European Journal of Political Economy Pub Date : 2025-04-01 DOI: 10.1016/j.ejpoleco.2025.102670
Pinar Deniz , Thanasis Stengos
{"title":"Heterogeneity of institutions and model uncertainty in the income inequality nexus","authors":"Pinar Deniz ,&nbsp;Thanasis Stengos","doi":"10.1016/j.ejpoleco.2025.102670","DOIUrl":"10.1016/j.ejpoleco.2025.102670","url":null,"abstract":"<div><div>This study revisits the drivers of income inequality with political institutions at the core. We take a multidimensional institutional approach by defining political institutions in terms of governance, political freedom, political fragmentation and political scale. We carry out an extensive empirical analysis of the role of political institutions by decomposing it into distinct elements and providing available proxies for each dimension. Considering the difficulty and the lack of consensus and clarity regarding model selection in the literature, we follow a model averaging methodology to deal with the issue of model uncertainty and model specification that impacts the role of institutions. We combine an analysis of club convergence, a clustering mechanism according to the long term income trajectories of the countries, with Bayesian Model Averaging (BMA) to determine the most important variables that affect inequality out of a large set of potential determinants for each homogeneous country clusters in terms of their development path. Our results show that drivers of income inequality do not act the same irrespective of different economic development patterns and that there is no “one size fits all” policy prescription that links political institutions and income inequality.</div></div>","PeriodicalId":51439,"journal":{"name":"European Journal of Political Economy","volume":"87 ","pages":"Article 102670"},"PeriodicalIF":2.3,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143838383","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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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