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Financial access and income inequality in Sub-Saharan Africa: Does ethnic fragmentation give new evidence? 撒哈拉以南非洲的金融获取与收入不平等：种族分裂是否提供了新证据？
IF 2.8 2区 经济学
Economic Systems Pub Date : 2025-03-01 DOI: 10.1016/j.ecosys.2024.101200
Valentine Soumtang Bimé , Itchoko Motande Mondjeli Mwa Ndjokou
{"title":"Financial access and income inequality in Sub-Saharan Africa: Does ethnic fragmentation give new evidence?","authors":"Valentine Soumtang Bimé ,&nbsp;Itchoko Motande Mondjeli Mwa Ndjokou","doi":"10.1016/j.ecosys.2024.101200","DOIUrl":"10.1016/j.ecosys.2024.101200","url":null,"abstract":"<div><div>There is a large body of work documenting the non-consensual effects of financial access on income inequality. Despite this extensive literature and the predominance of ethnic fragmentation in Sub Saharan Africa<span> countries (SSA), little is known about its mediating effect on the above relation. This paper focuses on assessing the effect of ethnic fragmentation on financial access income inequality nexus. Based on Kripfganz and Schwarz's (2019) dynamic panel estimator of time-invariant variables in a sample of thirty-seven (37) SSA countries over the period of 1990–2019, it is observed that ethnic fragmentation hinders financial access to reduce inequality in SSA. The results remain stable following several sensitivity tests related to corruption, urbanization, financial literacy and socio-geographic factors. They are also robust to the use of alternative measures of financial access and to change estimation technique.</span></div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"49 1","pages":"Article 101200"},"PeriodicalIF":2.8,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140009300","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 Russia’s Geopolitical Risk on stock markets’ high-moment risk 俄罗斯地缘政治风险对股市高风险的影响
IF 2.8 2区 经济学
Economic Systems Pub Date : 2025-03-01 DOI: 10.1016/j.ecosys.2024.101242
Asil Azimli , Demet Beton Kalmaz
{"title":"The impact of Russia’s Geopolitical Risk on stock markets’ high-moment risk","authors":"Asil Azimli ,&nbsp;Demet Beton Kalmaz","doi":"10.1016/j.ecosys.2024.101242","DOIUrl":"10.1016/j.ecosys.2024.101242","url":null,"abstract":"<div><div><span>We investigated the time and frequency connectedness between Russia’s geopolitical risk (R-GPR) and the high-order moments (volatility, skewness, and kurtosis) of equity markets in eight countries: U.S., Belgium, France, Germany, U.K., Italy, Switzerland, and Spain. Our findings showed that R-GPR and realized volatility co-move in the short- and medium-term frequency bands during wartime, except in the U.S. and U.K. markets. Concerning realized skewness, significant co-movements were observed between R-GPR and Belgium and Germany during the short- and medium-frequency bands, implying that higher skewness (crash risk) was associated with higher R-GPR. Contrastingly, the realized </span>kurtosis and R-GPR were connected at a long-term frequency. Finally, R-GPR negatively led to realized kurtosis in the U.S. market, implying the U.S. market’s hedging potential for fat-tail risk. Our results provide essential insights into the investment and risk-management practices of market participants with different investment horizons.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"49 1","pages":"Article 101242"},"PeriodicalIF":2.8,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141402715","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 effects of EU grants on SMEs: Evidence from Bulgaria 欧盟赠款对中小型企业的影响：保加利亚的证据
IF 2.8 2区 经济学
Economic Systems Pub Date : 2025-03-01 DOI: 10.1016/j.ecosys.2024.101244
Daniel Nigohosyan , Iglika Vassileva, Albena Vutsova
{"title":"The effects of EU grants on SMEs: Evidence from Bulgaria","authors":"Daniel Nigohosyan ,&nbsp;Iglika Vassileva,&nbsp;Albena Vutsova","doi":"10.1016/j.ecosys.2024.101244","DOIUrl":"10.1016/j.ecosys.2024.101244","url":null,"abstract":"<div><div>The paper explores the effects of European Union (EU) support on small and medium-sized enterprises (SMEs) in Bulgaria in the 2014–2020 programming period. In particular, it applies two standard counterfactual techniques (Difference-in-Differences and Propensity Score Matching) to review a 200-million EUR scheme under the Operational Programme ‘Innovation and Competitiveness’ (2014–2020). The analysis shows a positive and statistically significant effect of the grants on the assets of the supported companies. Some positive effects on the SMEs' revenues and revenues per employee have also been observed. However, the paper finds no evidence that the SME grants have supported the companies' profitability and employment. Thus, the findings raise questions about the design of grant schemes supporting competitiveness, which may lead to selecting better-performing companies (‘cherry-picking’) without providing any substantial positive effects.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"49 1","pages":"Article 101244"},"PeriodicalIF":2.8,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141550645","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
Economic analysis and competition policy practice: A comparative empirical examination 经济分析和竞争政策实践：比较实证研究
IF 2.8 2区 经济学
Economic Systems Pub Date : 2025-03-01 DOI: 10.1016/j.ecosys.2024.101245
Svetlana Golovanova , Eduardo Pontual Ribeiro , Svetlana Avdasheva
{"title":"Economic analysis and competition policy practice: A comparative empirical examination","authors":"Svetlana Golovanova ,&nbsp;Eduardo Pontual Ribeiro ,&nbsp;Svetlana Avdasheva","doi":"10.1016/j.ecosys.2024.101245","DOIUrl":"10.1016/j.ecosys.2024.101245","url":null,"abstract":"<div><div>This paper contributes to empirical studies of competition policy enforcement. The study applies an empirical approach to measure the extent of economic analysis (legal standard) applied by competition authorities in antitrust cases by leading developing countries, namely, Brazil, Russia, India, and South Africa (4 out of 5 BRICS countries). Using antitrust case-by-case information we explore the level, dynamics, and convergence of legal standards in antitrust investigations. The results indicate that the countries differ in the legal standard used, even on the same conduct type under investigation. On average, competition authorities in Brazil and India apply higher legal standards than those in Russia and South Africa. The ranking of legal standards by conduct groups differs as well, with vertical agreements and abuse of dominance cases having the highest levels. There is no evidence of an increasing trend or convergence in the legal standard in antitrust investigations, either between cases of the same conduct group or between countries investigated. This study also does not find unambiguous evidence on the effect of resources (funding and staff) on legal standards or on the consistency of case-specific analysis.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"49 1","pages":"Article 101245"},"PeriodicalIF":2.8,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141709313","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
Climate policy uncertainty and the Chinese sectoral stock market: A multilayer network analysis 气候政策不确定性与中国行业股票市场：多层网络分析
IF 2.8 2区 经济学
Economic Systems Pub Date : 2025-03-01 DOI: 10.1016/j.ecosys.2024.101250
Jiusheng Chen, Xianning Wang
{"title":"Climate policy uncertainty and the Chinese sectoral stock market: A multilayer network analysis","authors":"Jiusheng Chen,&nbsp;Xianning Wang","doi":"10.1016/j.ecosys.2024.101250","DOIUrl":"10.1016/j.ecosys.2024.101250","url":null,"abstract":"<div><div>Climate change is the most important challenge currently faced by humans, which affects their health and financial stability. This study proposes a multilayer network that includes return, volatility, and risk layers to investigate the risk connectedness between climate policy uncertainty and the sectoral stock market in China. We explore the static and dynamic topological features of multilayer networks from the perspectives of the system and market levels, respectively. The results indicate that (i) a crisis increases the intensity of risk spillovers; (ii) an obvious nonsynchronous effect was found among the layers during financial turmoil; and (iii) industrials, materials, information technology, and consumer discretionary act more often as net risk transmitters during the sample period, whereas climate policy uncertainty, telecommunication services, and financials are more frequently net risk receivers. The results of this study have important implications for regulators, policymakers, and investors in alleviating climate risk and developing hedging and investment strategies.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"49 1","pages":"Article 101250"},"PeriodicalIF":2.8,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141852412","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
Structural characteristics and non-linear fiscal multipliers 结构特点和非线性财政乘数
IF 2.8 2区 经济学
Economic Systems Pub Date : 2025-03-01 DOI: 10.1016/j.ecosys.2024.101247
Mahima Gupta, Amlendu Dubey
{"title":"Structural characteristics and non-linear fiscal multipliers","authors":"Mahima Gupta,&nbsp;Amlendu Dubey","doi":"10.1016/j.ecosys.2024.101247","DOIUrl":"10.1016/j.ecosys.2024.101247","url":null,"abstract":"<div><div>We identify structural characteristics of economies which determine the fiscal multipliers in normal times. We find that structural variables determine fiscal multipliers in a non-linear fashion where fiscal multipliers change significantly across the threshold of structural variables. Using the recently developed Panel Latent Threshold Model, we identify latent groups of countries intrinsic to the structural characteristics of the variables. Results suggest that improvement in human development and financial infrastructure measures play a prominent role in enhancing the fiscal multiplier effects across the economies. We also find that economies can achieve higher fiscal multipliers by keeping a check on the import propensity. We identify female labour force participation as one of the significant structural determinants of the fiscal multiplier, where many latent groups find parallels with the declining portion of the feminisation U-shaped hypothesis. Overall, the results suggest that countries should pursue targeted structural change-oriented fiscal policy to achieve higher economic growth.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"49 1","pages":"Article 101247"},"PeriodicalIF":2.8,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141850219","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
Individualism, innovation, and inequality: Exploring the nexus 个人主义、创新和不平等：探索两者之间的关系
IF 2.8 2区 经济学
Economic Systems Pub Date : 2025-03-01 DOI: 10.1016/j.ecosys.2024.101252
Daniel V. Santos , Oscar Afonso , Paulo B. Vasconcelos
{"title":"Individualism, innovation, and inequality: Exploring the nexus","authors":"Daniel V. Santos ,&nbsp;Oscar Afonso ,&nbsp;Paulo B. Vasconcelos","doi":"10.1016/j.ecosys.2024.101252","DOIUrl":"10.1016/j.ecosys.2024.101252","url":null,"abstract":"<div><div>We provide an alternative explanation for the direction of technological change and the related wage inequality between skilled and unskilled workers. To this end, we formulate a skill-biased technological change model in which households’ decisions on consumption, savings, and human-capital accumulation are influenced by the level of individualism. We conclude that more individualistic cultures experience higher technological-knowledge bias toward skilled technologies, larger output growth rates, and higher wage inequality between skilled and unskilled workers. We also find that union bargaining only reduces wage inequality between skilled and unskilled at moderate levels of individualism, while introducing redistributive income taxes does not necessarily reduce income inequality.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"49 1","pages":"Article 101252"},"PeriodicalIF":2.8,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142200705","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
Technological catch-up, nonmonotonicity, and convergence: Parametric evidence from the BRICS and European banking systems 技术追赶、非单调性和趋同：来自金砖五国和欧洲银行体系的参数证据
IF 2.8 2区 经济学
Economic Systems Pub Date : 2025-03-01 DOI: 10.1016/j.ecosys.2024.101253
Navendu Prakash , Shveta Singh , Seema Sharma
{"title":"Technological catch-up, nonmonotonicity, and convergence: Parametric evidence from the BRICS and European banking systems","authors":"Navendu Prakash ,&nbsp;Shveta Singh ,&nbsp;Seema Sharma","doi":"10.1016/j.ecosys.2024.101253","DOIUrl":"10.1016/j.ecosys.2024.101253","url":null,"abstract":"<div><div>IT-driven productivity growth offers banks an intriguing opportunity to differentiate their offerings in a monopolistic market, introduce attractive products, enhance customer service, streamline back-office processes, and ultimately achieve the twin goals of cost minimization and profit maximization. However, there has been no convincing explanation for the observed divergence in the IT-productivity literature, raising doubts about whether IT can significantly improve performance in contemporary banking markets. The article examines the role of IT-led productivity growth in governing the direction and magnitude of intra-industry and inter-country convergence by investigating the potential nonmonotonicity of IT in influencing frontier-based efficiency of the BRICS and European banking markets. Findings reveal U-shaped associations between IT and cost (profit) efficiency, suggesting that excessive investment in IT may explain the productivity conundrum for BRICS nations. IT capital is not a significant driver of cost efficiency for European nations. Nevertheless, R&amp;D spending significantly influences frontier efficiency, reinforcing that European banks can achieve frontier-level performance by investing in innovative solutions. Inter-regional comparisons reveal that BRICS banks are converging with their European counterparts by leveraging IT solutions, while diminishing marginal benefits for the latter reinforces the presence of a catch-up effect. Intra-industry comparisons reveal that size, age, and R&amp;D intensity drive technological catch-up and convergence.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"49 1","pages":"Article 101253"},"PeriodicalIF":2.8,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142200709","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
A comparative analysis on how much individuals are left behind in the former state socialist countries of the European Union
IF 2.8 2区 经济学
Economic Systems Pub Date : 2025-03-01 DOI: 10.1016/j.ecosys.2024.101255
E. Bárcena-Martín , F. García-Pardo , S. Pérez-Moreno
{"title":"A comparative analysis on how much individuals are left behind in the former state socialist countries of the European Union","authors":"E. Bárcena-Martín ,&nbsp;F. García-Pardo ,&nbsp;S. Pérez-Moreno","doi":"10.1016/j.ecosys.2024.101255","DOIUrl":"10.1016/j.ecosys.2024.101255","url":null,"abstract":"<div><div>This paper examines the extent to which individuals from the former state socialist countries of the EU’s Central and Eastern European (CEE) countries have been left behind compared to the rest of EU individuals from Western European (WE) countries and across countries within the CEE bloc. To this end, a fuzzy approach is applied to a multidimensional setting made up of income, material deprivation, and work intensity to measure the ‘Leaving no one behind’ (LNOB) principle of the 2030 Sustainable Development Agenda. A certain process of convergence is found between both blocs of countries over the period 2007–2019 due to a decrease in the level individuals were left behind in the CEE countries, as well as an increase in the level individuals were left behind in the WE countries in the years following the 2007–2008 financial crisis. Significant cross-country disparities in the degree individuals lag behind are also revealed among the CEE countries related to the different models of post-socialist capitalism established in these countries and their subsequent development after joining the EU.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"49 1","pages":"Article 101255"},"PeriodicalIF":2.8,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143510034","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 influence of income tax incentives on small and low-profit enterprises’ production factor investment
IF 2.8 2区 经济学
Economic Systems Pub Date : 2025-03-01 DOI: 10.1016/j.ecosys.2024.101256
Gang Xue, Yanxi Cai, Yan Zhang
{"title":"The influence of income tax incentives on small and low-profit enterprises’ production factor investment","authors":"Gang Xue,&nbsp;Yanxi Cai,&nbsp;Yan Zhang","doi":"10.1016/j.ecosys.2024.101256","DOIUrl":"10.1016/j.ecosys.2024.101256","url":null,"abstract":"<div><div>Small and low-profit enterprises (SLEs) are critical and active market participants throughout the economy and wider society. To help SLEs thrive, China continues to expand the scope of its tax incentives. This study investigates the influence of a particular tax incentive – the Income Tax Incentive on Small and Low-profit Enterprises – to identify the impact of tax incentives on investment in labor input and fixed assets. Using a staggered difference-in-differences estimation strategy, we found that tax incentives significantly increase investments in labor input and fixed assets. The impact was stronger for state-owned, non-technology-intensive, and manufacturing enterprises.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"49 1","pages":"Article 101256"},"PeriodicalIF":2.8,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143510036","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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