Economic Systems最新文献

Regional (economic) integration, political stability uncertainty and (intra-African) exports 区域（经济）一体化、政治稳定的不确定性和（非洲内部）出口

IF 3.1 2区经济学

Economic Systems Pub Date : 2024-09-11 DOI: 10.1016/j.ecosys.2024.101266

Essotanam Mamba, Kwami Ossadzifo Wonyra, Kodjo Evlo

{"title":"Regional (economic) integration, political stability uncertainty and (intra-African) exports","authors":"Essotanam Mamba, Kwami Ossadzifo Wonyra, Kodjo Evlo","doi":"10.1016/j.ecosys.2024.101266","DOIUrl":"https://doi.org/10.1016/j.ecosys.2024.101266","url":null,"abstract":"The economic literature reports ambiguous effects of regional economic integration (REI) and political stability on exports. Therefore, this research analyzes the effects of REI and political stability on intra-African exports, compares them to the effects on intra-African imports and explores the combined effect of REI and political stability on intra-African exports. We use the two-stage least squares and fixed-effects approach which includes the two-step feasible generalized method of moments (GMM) estimation to address endogeneity issues in a panel of 49 African countries over the period of 1996–2022. The results show that REI and political stability lead to an increase in intra-African exports. However, while REI results in an increase in intra-African imports, political stability results in a decrease; similar findings are highlighted for overall intra-African trade as well as for total exports of goods and services. The results remain robust across diverse estimation techniques. Furthermore, they reveal that political stability plays a role in amplifying the relationship between REI and intra-African exports. Supporting the African Continental Free Trade Area agenda, these findings imply that African policymakers need to <ce:italic>(i)</ce:italic> strengthen REI to increase intra-African trade and (<ce:italic>ii</ce:italic>) improve political stability to ensure that a greater part of REI is canalized in a more effective way in order to boost intra-African exports.","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"6 1","pages":""},"PeriodicalIF":3.1,"publicationDate":"2024-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142264100","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

Institutional quality and US FDI outflows: Do political regimes matter? 制度质量与美国外国直接投资外流：政治体制重要吗？

IF 2.8 2区经济学

Economic Systems Pub Date : 2024-09-01 DOI: 10.1016/j.ecosys.2024.101241

{"title":"Institutional quality and US FDI outflows: Do political regimes matter?","authors":"","doi":"10.1016/j.ecosys.2024.101241","DOIUrl":"10.1016/j.ecosys.2024.101241","url":null,"abstract":"<div><p><span><span>To what extent are the locational decisions for US FDI outflows affected by the nature of the political regimes along with the quality of institutions in the host countries? Using property rights protection as an indicator of institutional quality, this study analyses how sensitive US FDI outflows are to institutional factors and to the nature of the hosting countries’ political regimes. In other words, whether a democratic or an autocratic regime makes any difference in terms of attracting US FDI. A joint effect between democracy and the protection of property rights on US FDI flows is examined using a panel data fixed effect technique for forty-one countries during the period 1984–2021. The </span>instrumental variable method is used to check the endogeneity concerns. The results predict that the protection of property rights can have a positive impact in attracting US FDI, provided the countries in question become more democratic in nature. The findings suggest that partial reform to enhance the institutional quality or unconsolidated </span>democratization<span> are insufficient to attract US FDI rather than complementing each other in bringing FDI. The implication of the findings reveals that a democratic country such as India can be a good location for US investment if its protection of property rights becomes stronger. Moreover, some highly democratic countries with strong institutions should be more market oriented and improve their quality of infrastructure to receive the maximum benefit. Our results are robust to alternate measures of institutional quality/democracy and endogeneity concerns.</span></p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"48 3","pages":"Article 101241"},"PeriodicalIF":2.8,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141404144","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

Geographic complexity and bank risk: Evidence from cross-border banks in Africa 地理复杂性与银行风险：来自非洲跨境银行的证据

IF 2.8 2区经济学

Economic Systems Pub Date : 2024-09-01 DOI: 10.1016/j.ecosys.2024.101190

引用次数: 0

Persistence of human capital development in OECD countries over 150 years: Evidence from linear and nonlinear fractional integration methods 经合组织国家 150 年来人力资本发展的持续性：线性和非线性分数积分法的证据

IF 2.8 2区经济学

Economic Systems Pub Date : 2024-09-01 DOI: 10.1016/j.ecosys.2024.101215

{"title":"Persistence of human capital development in OECD countries over 150 years: Evidence from linear and nonlinear fractional integration methods","authors":"","doi":"10.1016/j.ecosys.2024.101215","DOIUrl":"10.1016/j.ecosys.2024.101215","url":null,"abstract":"<div><p>The goal of this study is to examine the persistence of human capital development in 21 member countries of the Organization for Economic Cooperation and Development for the period 1870–2019. Gross enrollment rates for secondary and tertiary education are both used as proxies for human capital development. Employing linear and nonlinear fractional integration approaches, our results suggest high degrees of persistence in the series under examination. However, lower orders of integration are observed in the data for tertiary education than for secondary education. Thus, no evidence of reversion to the mean is found in secondary education, and Australia and New Zealand have the highest coefficients for the time trends and the highest dependence. However, mean reversion in tertiary education is found in France, the US, and, in particular, Austria. Finally, evidence of nonlinearity is observed in about eight countries, though without altering the persistence in the series. The implications of the empirical results are also presented.</p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"48 3","pages":"Article 101215"},"PeriodicalIF":2.8,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0939362524000372/pdfft?md5=5d9b5e37638374b3febabbbc0f9121e0&pid=1-s2.0-S0939362524000372-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140106066","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The impacts of anti-organized crime on asset prices: Evidence from China 反有组织犯罪对资产价格的影响：来自中国的证据

IF 2.8 2区经济学

Economic Systems Pub Date : 2024-09-01 DOI: 10.1016/j.ecosys.2024.101198

引用次数: 0

Selective industrial policy and overcapacity: Evidence from a quasi-natural experiment in China 选择性产业政策与产能过剩：来自中国准自然实验的证据

IF 2.8 2区经济学

Economic Systems Pub Date : 2024-09-01 DOI: 10.1016/j.ecosys.2024.101191

{"title":"Selective industrial policy and overcapacity: Evidence from a quasi-natural experiment in China","authors":"","doi":"10.1016/j.ecosys.2024.101191","DOIUrl":"10.1016/j.ecosys.2024.101191","url":null,"abstract":"<div><p>Overcapacity has long been a \"chronic problem affecting China's economic development.\" Why is China's overcapacity intractable? This study takes the \"Revitalization Plans of Ten Industries\" (the RPTI) issued by the Chinese government in 2009 as a quasi-natural experiment. It deploys the data of China's A-share listed enterprises and the difference-in-differences (DID) model to investigate the impact of the selective industrial policy on enterprise overcapacity. The results show that the policy has a significant and persistently negative effect on the capacity utilization rate of the treated group. Mechanistic studies reveal that policy-induced overcapacity is caused by increasing government subsidies for the treated group, depressing corporate investment efficiency, and growing capital misallocation. After considering zombie enterprises, we find that the policy mainly leads to the overcapacity of regular enterprises but has no negative impact on zombie enterprises, and zombie enterprises crowd out the capacity utilization rate of regular enterprises in the same industry. This study indicates that a selective industrial policy that prevents the market elimination mechanism from functioning is an underlying cause of overcapacity in China. The study's findings reveal why the administrative de-capacity policies enacted by the Chinese government have failed to eliminate backward capacity but rather created a new overcapacity issue.</p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"48 3","pages":"Article 101191"},"PeriodicalIF":2.8,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139638393","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

Sustainable energy deployment in developing countries: The role of composition of energy aid 发展中国家的可持续能源部署：能源援助构成的作用

IF 2.8 2区经济学

Economic Systems Pub Date : 2024-09-01 DOI: 10.1016/j.ecosys.2024.101195

{"title":"Sustainable energy deployment in developing countries: The role of composition of energy aid","authors":"","doi":"10.1016/j.ecosys.2024.101195","DOIUrl":"10.1016/j.ecosys.2024.101195","url":null,"abstract":"<div><p><span><span>Climate mitigation in developing nations calls for a shift to renewable technologies from </span>fossil fuels<span>. However, such transformative change requires enormous concessional funding in the energy sector. This paper examines the impact of energy aid and its composition on the transition to clean energy infrastructure in the power sector in 67 developing countries during the period 2002–2017. The analysis is also conducted by segregating aggregate renewable technologies into hydro and non-hydro sources. Applying system GMM and panel quantile </span></span>regression techniques, we find that the effectiveness of energy aid depends upon its composition and the maturity of renewable technology in the recipient countries. Renewable and distribution energy aid benefits the transition only with hydro sources and has a counter-productive effect on non-hydro renewable technologies, such as solar and wind. In contrast, findings reveal that energy aid for non-renewable energy generation and policy hinder the transition process with both hydro and non-hydro renewable technologies. These findings warrant a shift in the composition and technology target of energy aid by the donors in order to foster climate mitigation and mobilize private investments in relatively less developed non-hydro renewable technologies.</p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"48 3","pages":"Article 101195"},"PeriodicalIF":2.8,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140522410","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

Supporting African union: Do macroeconomic fluctuations matter? 支持非洲联盟：宏观经济波动重要吗？

IF 2.8 2区经济学

Economic Systems Pub Date : 2024-09-01 DOI: 10.1016/j.ecosys.2024.101186

引用次数: 0

Does stock market liberalization increase company TFP? Evidence from the Shanghai-Shenzhen-Hong Kong stock connect program in China 股市自由化会提高公司全要素生产率吗？来自中国沪深港通项目的证据

IF 2.8 2区经济学

Economic Systems Pub Date : 2024-09-01 DOI: 10.1016/j.ecosys.2024.101240

引用次数: 0

Governmental responses and firm resilience during the COVID-19 pandemic: The role of culture and politics COVID-19 大流行期间的政府应对措施和坚定的复原力：文化和政治的作用

IF 2.8 2区经济学

Economic Systems Pub Date : 2024-09-01 DOI: 10.1016/j.ecosys.2024.101196

{"title":"Governmental responses and firm resilience during the COVID-19 pandemic: The role of culture and politics","authors":"","doi":"10.1016/j.ecosys.2024.101196","DOIUrl":"10.1016/j.ecosys.2024.101196","url":null,"abstract":"<div><p>Using data from 180 countries and 24,833 publicly traded firms worldwide, this study examines how cultural and political factors influence the stringency of a government’s response to the COVID-19 pandemic and, in turn, the stock prices of firms and industries<span> operating in a given country. Existing research demonstrates that government behavior during a pandemic can directly or indirectly affect stock prices. This study explores twelve political and cultural characteristics that might influence government policies. Interestingly, our results indicate that democratic and less long-term-oriented countries employ stricter responses to the pandemic. Furthermore, countries with higher individualism, coalition governments, and governments not battling for re-election appear to employ a smoothing strategy: although they implement stringent responses early on, they tend to react less aggressively when the number of COVID-19 cases increases. This study finds that increased stringency has a negative impact on corporate abnormal returns, especially during the early stages of the pandemic. Our study has important policy implications and offers valuable insights to investors: stock price reactions depend on political and cultural factors, industry, and firm characteristics. Most importantly, larger firms with more cash operating in collectivist and politically stable countries are more resilient.</span></p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"48 3","pages":"Article 101196"},"PeriodicalIF":2.8,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139949553","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