Economic Systems最新文献

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Origins of post-COVID-19 inflation in Central European countries covid -19后中欧国家通货膨胀的根源
IF 3.3 2区 经济学
Economic Systems Pub Date : 2026-03-01 Epub Date: 2025-07-19 DOI: 10.1016/j.ecosys.2025.101335
Tomáš Šestořád , Natálie Dvořáková
{"title":"Origins of post-COVID-19 inflation in Central European countries","authors":"Tomáš Šestořád ,&nbsp;Natálie Dvořáková","doi":"10.1016/j.ecosys.2025.101335","DOIUrl":"10.1016/j.ecosys.2025.101335","url":null,"abstract":"<div><div>This paper examines the post-pandemic surge in inflation across the Visegrád Group countries (Czechia, Hungary, Poland, and Slovakia), which recorded some of the highest inflation rates in the European Union. Using a Bayesian structural vector autoregression model with sign-zero restrictions and block exogeneity, we analysed the contributions of domestic and foreign shocks to inflation dynamics. Our findings revealed that while foreign demand and non-energy supply shocks played a significant role in driving inflation, domestic factors accounted for cross-country differences in inflation rates. Specifically, supply-side shocks emerged as the primary domestic driver across all countries, whereas exchange rate shocks had a pronounced impact in economies with their own currencies. Conversely, monetary policy shocks had a minor effect, suggesting that central banks acted according to their estimated reactive functions and did not resort to further tightening to subdue inflation. These findings apply to both headline and core inflation.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"50 1","pages":"Article 101335"},"PeriodicalIF":3.3,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147549591","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
Geography, institutions and financial inclusion: A counterfactual approach 地理、制度和金融普惠:一种反事实的方法
IF 3.3 2区 经济学
Economic Systems Pub Date : 2026-03-01 Epub Date: 2025-08-26 DOI: 10.1016/j.ecosys.2025.101341
Hira Yousaf, Khalid Riaz
{"title":"Geography, institutions and financial inclusion: A counterfactual approach","authors":"Hira Yousaf,&nbsp;Khalid Riaz","doi":"10.1016/j.ecosys.2025.101341","DOIUrl":"10.1016/j.ecosys.2025.101341","url":null,"abstract":"<div><div>Financial inclusion is widely regarded as vital for economic development. This study investigates how geography and institutions influence financial inclusion. Specifically, it examines whether geography has a direct effect on financial inclusion (as suggested by Sachs’s geography hypothesis) or whether its influence operates solely through institutions, as proposed by the institutional hypothesis of Acemoglu, Johnson, and Robinson (2001; hereafter AJR). To explore this, the study employs a counterfactual framework using causal mediation analysis. Utilizing data from 64 former colonies over the period 2004–2018, the study finds that geography affects financial inclusion both directly and indirectly. The findings suggest that, to mitigate geography’s adverse impact on financial inclusion, policymakers should prioritize infrastructure development—such as expanding digital banking networks—and undertake institutional reforms aimed at enhancing financial inclusion.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"50 1","pages":"Article 101341"},"PeriodicalIF":3.3,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147549601","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
Spatial analysis of the macroeconomic determinants of crime: Evidence from regions of Türkiye 犯罪的宏观经济决定因素的空间分析:来自<s:1> rkiye地区的证据
IF 3.3 2区 经济学
Economic Systems Pub Date : 2026-03-01 Epub Date: 2025-09-17 DOI: 10.1016/j.ecosys.2025.101350
Serkan Şengül , Şerif Canbay
{"title":"Spatial analysis of the macroeconomic determinants of crime: Evidence from regions of Türkiye","authors":"Serkan Şengül ,&nbsp;Şerif Canbay","doi":"10.1016/j.ecosys.2025.101350","DOIUrl":"10.1016/j.ecosys.2025.101350","url":null,"abstract":"<div><div>This study investigates the macroeconomic and spatial determinants of crime rates in Türkiye by employing spatial panel data models. Using annual data from 12 NUTS-1 regions over the period 2009–2022, the analysis examines the effects of unemployment rate, income inequality (Gini coefficient), inflation rate, per capita income (GDP), public education expenditures, and urbanization on crime rates. Recognizing the spatial dependence structure of regional data, spatial error models are preferred over classical panel estimators. In addition to total crime, the study disaggregates crime data into two major categories—assault and theft—to assess the robustness of results and explore type-specific dynamics. The findings reveal that income inequality, per capita income, and inflation have positive and statistically significant effects on crime rates across all models. While public education expenditures do not exhibit a significant direct effect, their spatially lagged values show a negative and significant relationship with both total and disaggregated crime categories. The urbanization variable is found to reduce theft rates, although its effect on assault is weaker and not consistently significant. The unemployment rate does not appear to be a significant determinant in most specifications. These results highlight the importance of spatially informed, region-specific crime prevention strategies. In particular, the findings emphasize the relevance of interregional spillover effects of education policy and the differentiated impact of urbanization on distinct types of crime. The study contributes to the literature by offering both empirical and methodological advancements through the use of disaggregated crime data and spatial econometric techniques.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"50 1","pages":"Article 101350"},"PeriodicalIF":3.3,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147549603","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
Promoting regional income equity under structural transformation and climate change: An economywide analysis for Senegal 结构转型和气候变化背景下促进区域收入公平:对塞内加尔的经济分析
IF 3.3 2区 经济学
Economic Systems Pub Date : 2026-03-01 Epub Date: 2025-07-02 DOI: 10.1016/j.ecosys.2025.101328
Askar Mukashov, James Thurlow
{"title":"Promoting regional income equity under structural transformation and climate change: An economywide analysis for Senegal","authors":"Askar Mukashov,&nbsp;James Thurlow","doi":"10.1016/j.ecosys.2025.101328","DOIUrl":"10.1016/j.ecosys.2025.101328","url":null,"abstract":"<div><div><span><span><span>This study addresses the problem of regional income inequality in </span>Senegal, a typical African country characterized by significant regional developmental disparities that risk widening due to ongoing structural transformation and the uneven </span>effects of climate change. While most </span>development policy<span> studies in Africa focus on national-level growth and poverty reduction<span>, regional income inequality receives much less attention. To fill this gap, we develop a regionalized economy-wide model of Senegal, incorporating endogenous interregional migration from underdeveloped agrarian provinces to the industrialized capital. We examine three scenarios: (1) a business-as-usual structural transformation where economic growth in the capital outpaces agrarian provinces; (2) climate change disproportionately affecting agrarian regions; and (3) accelerated growth alternatives aimed at mitigating regional income divergence. Our simulations reveal that climate change can exacerbate the baseline income divergence between agrarian regions and the capital, with the Central region being particularly vulnerable. Unrestricted rural outmigration, though beneficial for rural households, is insufficient to prevent income divergence between the capital and the rest of the country. We find that the most equitable policy is to support agriculture in the provinces, as it is more beneficial for poor rural migrants than investing in the capital's economy or supporting non-agricultural sectors in the provinces. These findings thus support proponents of agriculture-led development in Africa, as it is a more effective strategy for smoothing growing regional income disparities.</span></span></div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"50 1","pages":"Article 101328"},"PeriodicalIF":3.3,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147549594","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 multidimensionality of financial development and income inequality: A panel Bayesian model averaging approach 金融发展与收入不平等的多维度:面板贝叶斯模型平均方法
IF 3.3 2区 经济学
Economic Systems Pub Date : 2026-03-01 Epub Date: 2025-07-08 DOI: 10.1016/j.ecosys.2025.101331
Jan Mareš, Roman Horvath
{"title":"The multidimensionality of financial development and income inequality: A panel Bayesian model averaging approach","authors":"Jan Mareš,&nbsp;Roman Horvath","doi":"10.1016/j.ecosys.2025.101331","DOIUrl":"10.1016/j.ecosys.2025.101331","url":null,"abstract":"<div><div><span>We examine the effect of financial development on income inequality. We differentiate our work from previous research by considering a rich set of different aspects of financial development (depth and efficiency of and access to financial markets and institutions) and employing panel </span>Bayesian<span><span> model averaging to address regression model uncertainty. Examining 35 economic, political, financial, social and institutional determinants of income inequality (and top income shares) in 94 countries over 2000–2014, we find that finance<span> exerts a complex effect on within-country inequality. Access to finance and greater efficiency of financial intermediaries robustly reduce income inequality. On the other hand, greater depth of financial markets and </span></span>financial institutions is associated with greater inequality, mostly because it increases top income shares.</span></div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"50 1","pages":"Article 101331"},"PeriodicalIF":3.3,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147549596","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
Shadow banking engagement and trade-credit financing: Evidence from nonfinancial firms in China 影子银行参与与贸易信贷融资:来自中国非金融企业的证据
IF 3.3 2区 经济学
Economic Systems Pub Date : 2026-03-01 Epub Date: 2025-09-18 DOI: 10.1016/j.ecosys.2025.101351
Yongkui Li , Xiaokang Liu , Jianhong Li , Xiang Gao
{"title":"Shadow banking engagement and trade-credit financing: Evidence from nonfinancial firms in China","authors":"Yongkui Li ,&nbsp;Xiaokang Liu ,&nbsp;Jianhong Li ,&nbsp;Xiang Gao","doi":"10.1016/j.ecosys.2025.101351","DOIUrl":"10.1016/j.ecosys.2025.101351","url":null,"abstract":"<div><div>Based on a sample of listed nonfinancial Chinese firms spanning 2012–2022, this study examines whether shadow banking practices lower firms’ financing via trade credit. We find evidence for such an effect. Moreover, trade-credit reduction caused by shadow banking engagement is more pronounced for state-owned enterprises, smaller firms, and those with weak internal governance structures. We also find that stronger regional legality can attenuate these adverse effects for firms headquartered in these regions. Further mechanism analysis reveals that shadow banking compromises trade-credit intensity by deteriorating business performance, escalating default risk, and stifling innovation output. For producers, our results suggest they should avoid diverting resources from their main corporate operations toward financial markets. Policymakers, meanwhile, should develop industry regulations to foster real GDP growth and refine rule-of-law frameworks.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"50 1","pages":"Article 101351"},"PeriodicalIF":3.3,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147549556","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
How market values firms’ green investment: Evidence from mergers and acquisitions in China 市场如何评估企业的绿色投资:来自中国并购的证据
IF 3.3 2区 经济学
Economic Systems Pub Date : 2026-03-01 Epub Date: 2025-07-04 DOI: 10.1016/j.ecosys.2025.101330
Yuan Zheng
{"title":"How market values firms’ green investment: Evidence from mergers and acquisitions in China","authors":"Yuan Zheng","doi":"10.1016/j.ecosys.2025.101330","DOIUrl":"10.1016/j.ecosys.2025.101330","url":null,"abstract":"<div><div>This study examines the market reactions to firms’ green investment. By constructing a fixed-effects panel-data regression based on the framework of mergers and acquisitions (M&amp;As), we find a positive and significant relationship between firms’ green investment and market reactions. This positive relationship is more pronounced among non-state-owned enterprises (non-SOEs) and firms that attract extensive media attention. Furthermore, we examine how regional development bolsters the market’s valuation of a firm’s green investment. Finally, we assess the actual effects of green investment and find that the market valuation of firms’ green investment mainly focuses on improvement in short-term environmental performance, rather than the pursuit of long-term sustainability. The results show the increasing importance of green investment in shaping market perceptions, highlighting a potential misalignment between short-term market incentives and the overarching goals of long-term environmental sustainability.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"50 1","pages":"Article 101330"},"PeriodicalIF":3.3,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147549595","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 FDI-related inventor mobility on the innovation performance of domestic firms: Evidence from the V4 countries 外商直接投资相关发明人流动对国内企业创新绩效的影响:来自V4国家的证据
IF 3.3 2区 经济学
Economic Systems Pub Date : 2026-03-01 Epub Date: 2025-09-04 DOI: 10.1016/j.ecosys.2025.101349
Mariia Shkolnykova
{"title":"The impact of FDI-related inventor mobility on the innovation performance of domestic firms: Evidence from the V4 countries","authors":"Mariia Shkolnykova","doi":"10.1016/j.ecosys.2025.101349","DOIUrl":"10.1016/j.ecosys.2025.101349","url":null,"abstract":"<div><div>Foreign direct investment (FDI) is often seen by policymakers as a major possibility for development, especially in the case of countries and regions that lag behind. In particular, the countries of the Visegrad Group (V4) have experienced intense FDI inflows. However, empirical estimates of the efficiency of FDI are ambiguous. This paper therefore estimates the impact of the FDI-induced knowledge spillovers in the form of inventor mobility on the innovation performance of domestic firms in the V4 countries. Here, not only the quantity dimension, but also the under-researched quality of introduced innovations is investigated. To measure innovation quality, the study follows the novel approach of calculating the technological similarity of patents introduced to both past and future inventions in the region. In addition, the distinction is made between start-ups and incumbent firms. The analysis results show that the presence of FDI-related inventor mobility positively affects both the quantity and quality of domestic firms' innovations. However, no difference in the innovation performance between start-ups and incumbents was found, suggesting that different firms have equal opportunities to use foreign knowledge.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"50 1","pages":"Article 101349"},"PeriodicalIF":3.3,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147549602","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
EU stock market integration: Policy impact and drivers 欧盟股票市场一体化:政策影响和驱动因素
IF 3.3 2区 经济学
Economic Systems Pub Date : 2026-03-01 Epub Date: 2025-07-31 DOI: 10.1016/j.ecosys.2025.101338
Jin Suk Park , Mohammad Khaleq Newaz
{"title":"EU stock market integration: Policy impact and drivers","authors":"Jin Suk Park ,&nbsp;Mohammad Khaleq Newaz","doi":"10.1016/j.ecosys.2025.101338","DOIUrl":"10.1016/j.ecosys.2025.101338","url":null,"abstract":"<div><div>This study examines the dynamics of EU stock market integration (ESMI) by disentangling it from global stock market integration (GSMI). Using ESMI’s strength relative to GSMI, we assess how EU policies, financial crises, and cross-country disparities in economic, business, and market conditions influence integration, employing both machine learning and econometric models. The results indicate that ESMI is predominantly influenced by GSMI. Among potential drivers, differences in expected corporate performance across EU member states, i.e., expectation disparity, are the most significant. In contrast, EU-level policies exhibit no or only short-lived effects. Brexit and the COVID-19 pandemic appear to increase ESMI through synchronized market reactions. These findings suggest that EU financial integration is heavily shaped by global forces and internal asymmetries, thereby raising questions about the long-term effectiveness of EU integration policies.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"50 1","pages":"Article 101338"},"PeriodicalIF":3.3,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147549599","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
Sociopolitical movement, social mobility, and conspicuous consumption 社会政治运动、社会流动性和炫耀性消费
IF 3.3 2区 经济学
Economic Systems Pub Date : 2026-03-01 Epub Date: 2025-07-21 DOI: 10.1016/j.ecosys.2025.101334
Yue Dai
{"title":"Sociopolitical movement, social mobility, and conspicuous consumption","authors":"Yue Dai","doi":"10.1016/j.ecosys.2025.101334","DOIUrl":"10.1016/j.ecosys.2025.101334","url":null,"abstract":"<div><div>This study focuses on the relationship between individuals’ social well-being and the socio-political context through the lens of conspicuous consumption behavior. Specifically, it examines how the conspicuous consumption of the Chinese people may be related to social mobility and the occurrence of the Great Proletarian Cultural Revolution in China (1966–1976). This socio-political movement was a period of social unrest that brought about drastic changes in the social and political landscape in China, shaping people’s socioeconomic lives. Utilizing individual-level data from the Chinese General Social Survey 2010 (CGSS) and city-level death count data from the “China Political Events Dataset, 1966–1971” (Walder, 2014), the results indicate that individuals from the Cultural Revolution Cohort who experienced stagnation or a decline in their socioeconomic rank exhibit a heightened tendency toward conspicuous consumption potentially out of the social comparison effect and in order to pursue a sense of social equality. Further examinations revealed potential explanations underlying this finding including individuals’ views on social conflicts, sources of success, preferences for redistribution, and the importance of keeping “Face.” This study stresses the need for a comprehensive evaluation of people’s ability to achieve well-being, especially considering the socio-political structure and ideological environment.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"50 1","pages":"Article 101334"},"PeriodicalIF":3.3,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147549597","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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