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Subjective well-being, satisfaction with public services and election outcomes in Turkey 土耳其的主观幸福感、公共服务满意度与选举结果
IF 3.1 2区 经济学
Economic Systems Pub Date : 2023-09-01 DOI: 10.1016/j.ecosys.2023.101096
Alpay Filiztekin , Oya Kent
{"title":"Subjective well-being, satisfaction with public services and election outcomes in Turkey","authors":"Alpay Filiztekin ,&nbsp;Oya Kent","doi":"10.1016/j.ecosys.2023.101096","DOIUrl":"10.1016/j.ecosys.2023.101096","url":null,"abstract":"<div><p>There is an emerging literature to explain the variation in voting behavior<span> by subjective well-being (or ‘happiness’) measures beyond standard economic and financial variables that economic voting models assert. This paper contributes to this new line of research by testing whether subjective well-being indicators are significant predictors of the June 2015 elections in Turkey. Using the 2013 wave of Life Satisfaction Surveys that is representative at the provincial level, our findings indicate that low levels of subjective well-being (‘discontent’) have a strong predictive power on the outcome of elections at the local level, accounting for provincial demographic and socioeconomic covariates, and possible reverse causality. We also use additional questions on satisfaction with public services and find that the Turkish electorate is more responsive to particular policies of the incumbent party rather than general economic conditions, or their general well-being.</span></p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"47 3","pages":"Article 101096"},"PeriodicalIF":3.1,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45430424","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
Tax evasion, fiscal policy and public debt: Evidence from Spain 逃税、财政政策和公共债务：来自西班牙的证据
IF 3.1 2区 经济学
Economic Systems Pub Date : 2023-09-01 DOI: 10.1016/j.ecosys.2023.101121
Moisés Meroño Herranz , Francesco Turino
{"title":"Tax evasion, fiscal policy and public debt: Evidence from Spain","authors":"Moisés Meroño Herranz ,&nbsp;Francesco Turino","doi":"10.1016/j.ecosys.2023.101121","DOIUrl":"10.1016/j.ecosys.2023.101121","url":null,"abstract":"<div><p>We reconsider the macroeconomic effects of fiscal policy in an estimated dynamic stochastic general equilibrium model<span><span><span> with limited tax enforcement. The results of the </span>Bayesian estimation provide evidence in favor of a sizeable underground sector in Spain, with the associated tax evasion having contributed, on average, to 23% of public debt accumulation over the period 1985–2015. From the standpoint of fiscal policy, the estimated results show that the presence of tax evasion triggers a resource-reallocation mechanism that dampens the effects on economic activity caused by an increase in government spending, while it amplifies those due to changes in tax rates. Because of this mechanism, we show that tax-based consolidation plans may become completely ineffective in reducing the debt-to-GDP ratio if tax enforcement is imperfect. Moreover, by characterizing the long-run </span>Laffer curve, we show that the actual taxation in Spain is inefficiently too high, in the sense that the government might increase tax revenues by cutting the actual tax rates on both corporate and personal income.</span></p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"47 3","pages":"Article 101121"},"PeriodicalIF":3.1,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41998134","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
Symposium: The shadow economy, tax evasion and institutions 研讨会：影子经济、逃税和制度
IF 3.1 2区 经济学
Economic Systems Pub Date : 2023-09-01 DOI: 10.1016/j.ecosys.2023.101126
Stanislaw Cichocki , Andrzej Torój
{"title":"Symposium: The shadow economy, tax evasion and institutions","authors":"Stanislaw Cichocki ,&nbsp;Andrzej Torój","doi":"10.1016/j.ecosys.2023.101126","DOIUrl":"https://doi.org/10.1016/j.ecosys.2023.101126","url":null,"abstract":"","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"47 3","pages":"Article 101126"},"PeriodicalIF":3.1,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49711083","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
Bank diversification and ESG activities: A global perspective 银行多元化和ESG活动：全球视角
IF 3.1 2区 经济学
Economic Systems Pub Date : 2023-09-01 DOI: 10.1016/j.ecosys.2023.101094
Abdulazeez Y.H. Saif-Alyousfi , Asish Saha , Turki Rashed Alshammari
{"title":"Bank diversification and ESG activities: A global perspective","authors":"Abdulazeez Y.H. Saif-Alyousfi ,&nbsp;Asish Saha ,&nbsp;Turki Rashed Alshammari","doi":"10.1016/j.ecosys.2023.101094","DOIUrl":"10.1016/j.ecosys.2023.101094","url":null,"abstract":"<div><p><span>The present study uses data from 1385 banks in 89 countries from 2009 to 2020 to analyze whether the banks’ environmental, social, and governance (ESG) activities around the world affect their diversification. We use a two-step system dynamic generalized method of moments technique and find that the relationship between ESG activity and bank diversification is nonlinear. Environmental and social factors negatively impact bank diversification, whereas governance has a positive impact. Bank diversification is affected by ESG overall and individual ESG dimensions more in developed countries. In high-income countries, banks generate more scope for diversification through environmental disclosures. The social activities of the executive management and the board of directors in high-income countries are intended more to satisfy their own needs than those of their banks. Governance disclosure increases income and asset diversification more for banks in high- and upper-middle-income countries. Capitalization, management quality, and liquidity are the channels through which ESG affects bank diversification. We argue that policy makers and regulators need to design and implement tailor-made frameworks and incentivize banks to embrace sustainable </span>finance best practices. The adoption of these practices and the financing of socially responsible projects would drive interest by various stakeholders and thereby attract higher investor interest and bank valuation.</p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"47 3","pages":"Article 101094"},"PeriodicalIF":3.1,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46457584","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: 2
Audit, presumptive taxation and efficiency: An integrated approach for tax compliance analysis 审计、推定税收和效率：税收合规性分析的综合方法
IF 3.1 2区 经济学
Economic Systems Pub Date : 2023-09-01 DOI: 10.1016/j.ecosys.2023.101099
Giancarlo Ferrara , Valeria Bucci , Arianna Campagna
{"title":"Audit, presumptive taxation and efficiency: An integrated approach for tax compliance analysis","authors":"Giancarlo Ferrara ,&nbsp;Valeria Bucci ,&nbsp;Arianna Campagna","doi":"10.1016/j.ecosys.2023.101099","DOIUrl":"10.1016/j.ecosys.2023.101099","url":null,"abstract":"<div><p>Audit cut-off rules are policy tools widely adopted by fiscal authorities with the aim to improve voluntary tax compliance. Despite their usefulness, audits are costly for the fiscal authority, so determining how best to allocate controls is a key policy issue. In the audit framework presumptive taxation could be used to identify the cut-off rule, allowing fiscal authorities to uncover firms’ under-reporting. However, an audit rule based on presumptions does not allow distinguishing whether the presence of under-reporting is due to voluntary non-compliance or to a lack of managerial skills. Therefore, this paper proposes to combine an audit rule based on a presumptive cut-off with a measure of efficiency, with the aim to solve the main weakness of the presumptive methods. In particular, we develop an integrated approach that is able to support the audit activities of fiscal authorities. For illustrative purposes we support our approach with an empirical application based on a sample of Italian firms.</p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"47 3","pages":"Article 101099"},"PeriodicalIF":3.1,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49292066","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
On illiquidity of an emerging sovereign bond market 论新兴主权债券市场的不流动性
IF 3.1 2区 经济学
Economic Systems Pub Date : 2023-06-01 DOI: 10.1016/j.ecosys.2023.101073
Cenk C. Karahan , Emre Soykök
{"title":"On illiquidity of an emerging sovereign bond market","authors":"Cenk C. Karahan ,&nbsp;Emre Soykök","doi":"10.1016/j.ecosys.2023.101073","DOIUrl":"10.1016/j.ecosys.2023.101073","url":null,"abstract":"<div><p><span>This study offers an analysis of a sovereign bond market in an emerging country, Turkey, and its illiquidity. We employ the Nelson-Siegel model to generate a term structure for interest rates directly from daily bond price quotes in the Turkish market. We take the noise measure, which is the byproduct of term structure estimation, as a proxy for market-wide illiquidity. Our results show that this noise measure can capture the illiquidity in the Turkish fixed-income market from global financial turbulence as well as local dynamics. </span>Inflation uncertainty and sentiment are the major macro drivers of liquidity crunches. It has also become clear that liquidity in an emerging market such as Turkey in the aftermath of the 2008 crisis has been driven by global forces, however, since 2013 local factors have taken over. This apparent decoupling in liquidity between a major emerging market and global markets followed the approaching end of quantitative easing and a rise in economic turbulence in the country since then.</p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"47 2","pages":"Article 101073"},"PeriodicalIF":3.1,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45170158","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
Credit behavior and financial stability in an emerging economy 新兴经济体的信贷行为与金融稳定
IF 3.1 2区 经济学
Economic Systems Pub Date : 2023-06-01 DOI: 10.1016/j.ecosys.2022.100999
Claudio Oliveira de Moraes , Ágata Costa
{"title":"Credit behavior and financial stability in an emerging economy","authors":"Claudio Oliveira de Moraes ,&nbsp;Ágata Costa","doi":"10.1016/j.ecosys.2022.100999","DOIUrl":"10.1016/j.ecosys.2022.100999","url":null,"abstract":"<div><p>One relevant issue for the management of financial stability is the monitoring of the credit market. In this sense, Basel III proposed the credit gap as the most appropriate measure to anticipate financial stability issues. However, the adoption of the credit gap has been criticized, especially for emerging markets. Through panel data analysis, this study investigates the effect of the credit gap and the credit growth rate on financial stability in Brazil, which represents a relevant emerging economy. For this purpose, we use a set of financial stability measures traditionally found in the literature: the z-score, regulatory capital and credit risk. The results suggest that the credit gap and credit growth rates are adequate metrics to indicate the sustainability of credit growth in Brazil. However, credit growth rates are more attractive, since they indicate a threshold for credit growth in the Brazilian economy concerning financial stability.</p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"47 2","pages":"Article 100999"},"PeriodicalIF":3.1,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45553732","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: 3
Historical family structure as a predictor of liberal voting: Evidence from a century of Russian history 历史家庭结构是自由派投票的预测因素：来自一个世纪俄罗斯历史的证据
IF 3.1 2区 经济学
Economic Systems Pub Date : 2023-06-01 DOI: 10.1016/j.ecosys.2023.101077
Maria Kravtsova , Alexander Libman
{"title":"Historical family structure as a predictor of liberal voting: Evidence from a century of Russian history","authors":"Maria Kravtsova ,&nbsp;Alexander Libman","doi":"10.1016/j.ecosys.2023.101077","DOIUrl":"10.1016/j.ecosys.2023.101077","url":null,"abstract":"<div><p>Family structure is considered a particularly important predictor of social and political development; historical differences in family size and other family characteristics cast a long shadow over societal development. This paper explores the effect of differences in historical family size on political behavior based on within-country variations in this characteristic in Russia. Unlike most papers on historical legacies, we trace the effect of family size over a century of Russian history with a focus on the first competitive and free elections in Russia—to the Constituent Assembly—held in 1917 and on the presidential elections in post-Soviet Russia in 1996 and 2000. Mean family size is measured based on the census data for 1897. We find a robust and significant association between smaller family size and a voting preference for parties that are economically liberal, which holds despite differences in the political, economic, and social environment between the 1910s and 1990s</p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"47 2","pages":"Article 101077"},"PeriodicalIF":3.1,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41719965","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
Do the carry trades respond to geopolitical risks? Evidence from BRICS countries 套利交易对地缘政治风险有反应吗？来自金砖国家的证据
IF 3.1 2区 经济学
Economic Systems Pub Date : 2023-06-01 DOI: 10.1016/j.ecosys.2022.101000
Oguzhan Cepni , Furkan Emirmahmutoglu , Ibrahim Ethem Guney , Muhammed Hasan Yilmaz
{"title":"Do the carry trades respond to geopolitical risks? Evidence from BRICS countries","authors":"Oguzhan Cepni ,&nbsp;Furkan Emirmahmutoglu ,&nbsp;Ibrahim Ethem Guney ,&nbsp;Muhammed Hasan Yilmaz","doi":"10.1016/j.ecosys.2022.101000","DOIUrl":"10.1016/j.ecosys.2022.101000","url":null,"abstract":"<div><p>This paper aims to analyze the implications of geopolitical risks<span> on the return and volatility of carry trade transactions in the context of BRICS countries<span> for the period 2006–2020. Fixed effects regressions considering the sample countries as a single portfolio document that geopolitical risks are correlated with volatility, while the results are inconclusive for returns. The non-parametric time-varying coefficients panel data estimations further indicate that the effect of geopolitical risks on carry trade volatility is amplified during the Global Financial Crisis and the post-2016 episode. Moving to the disaggregated data, the time-varying robust Granger causality test of Rossi and Wang (2019) show that geopolitical risks have a significant in-sample predictive power for both carry trade return and volatility during a myriad of sub-periods, which can not be captured by standard constant parameter techniques in the presence of instabilities. Overall, our empirical results suggest that the exposure to geopolitical risks should be taken into account by global investors for risk diversification purposes when entering carry trade positions in BRICS countries.</span></span></p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"47 2","pages":"Article 101000"},"PeriodicalIF":3.1,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45695770","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: 1
The influence of ownership structure and board independence on the cost of debt in BRIC countries 所有权结构和董事会独立性对金砖国家债务成本的影响
IF 3.1 2区 经济学
Economic Systems Pub Date : 2023-06-01 DOI: 10.1016/j.ecosys.2023.101097
Olga Kopyrina , Anastasia Stepanova
{"title":"The influence of ownership structure and board independence on the cost of debt in BRIC countries","authors":"Olga Kopyrina ,&nbsp;Anastasia Stepanova","doi":"10.1016/j.ecosys.2023.101097","DOIUrl":"https://doi.org/10.1016/j.ecosys.2023.101097","url":null,"abstract":"<div><p>Agency theory predicts that the default premium on debt is determined by the intensity of agency conflicts since they affect the risk of debtholders. This effect is especially important in emerging countries with high ownership concentration and low protection of minority owners. This paper presents an empirical analysis of the influence of ownership structure and board independence on the cost of debt in BRIC countries over the period 2007–2020. The main finding of the study is the presence of significant country-specific effects of ownership structure on the cost of debt measured with the G-spread on corporate bonds, as well as the absence of effects of board independence. According to our results, concentrated ownership and state ownership increase the cost of debt in Brazil and Russia, while decreasing it in China. We reveal that institutional investors help mitigate the risks of debtholders in China, while insider ownership decreases the default risk in Brazil.</p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"47 2","pages":"Article 101097"},"PeriodicalIF":3.1,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49710986","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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