Economic Systems最新文献_第2页

Organizational hierarchy, institutions, and local market structure 组织层级、制度和地方市场结构

IF 3.3 2区经济学

Economic Systems Pub Date : 2026-03-01 Epub Date: 2025-06-04 DOI: 10.1016/j.ecosys.2025.101324

Zana Beqiri Luma

{"title":"Organizational hierarchy, institutions, and local market structure","authors":"Zana Beqiri Luma","doi":"10.1016/j.ecosys.2025.101324","DOIUrl":"10.1016/j.ecosys.2025.101324","url":null,"abstract":"<div><div>This paper studies the impact of institutions on bank organizational hierarchy. Using a unique bank-level survey dataset, I introduce a new and direct measure of organizational hierarchy and exploit the distinctive feature of multinational banks which face different institutional environments in the countries where they operate. I find that the <em>same</em><span> parent bank is more likely to grant decision-making authority to its foreign affiliates operating in countries with stronger institutions than to affiliates operating in weaker institutional environments. Combining the bank- with firm-level data (with detailed loan information), I further find that a strong institutional environment which favors a decentralized organizational structure leads to better lending terms to SMEs. Decentralized banks grant loans with longer maturities and lower interest rates; they are less likely to require collateral than their centralized counterparts. However, decentralized banks offer better lending terms only when faced with competition from other decentralized banks in the locality they serve, whereas they offer worse lending terms when they have market power. These findings further our understanding of how bank organizational structure serves as a channel through which law affects lending.</span></div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"50 1","pages":"Article 101324"},"PeriodicalIF":3.3,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147549593","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

Vertical environmental regulation and horizontal performance competition: Evidence from China’s local governments 纵向环境规制与横向绩效竞争：来自中国地方政府的证据

IF 3.3 2区经济学

Economic Systems Pub Date : 2026-03-01 Epub Date: 2025-08-19 DOI: 10.1016/j.ecosys.2025.101340

Zhuoxuan Liu , Hai Zhong , Dongyang Zhen

{"title":"Vertical environmental regulation and horizontal performance competition: Evidence from China’s local governments","authors":"Zhuoxuan Liu , Hai Zhong , Dongyang Zhen","doi":"10.1016/j.ecosys.2025.101340","DOIUrl":"10.1016/j.ecosys.2025.101340","url":null,"abstract":"<div><div>The incentive mechanisms for local officials play a critical role in shaping environmental protection outcomes. This study constructs a game model that integrates both economic and environmental performance considerations from the dual perspectives of vertical supervision and horizontal competition. Leveraging China's 2014 Environmental Protection Law to capture changes in the stringency of central government environmental regulation, we empirically test our hypotheses using DID and spatial regression models. The findings reveal that: (1) Increased inspection probabilities and a higher weight assigned to environmental indicators by the central government effectively incentivize local officials to prioritize environmental protection, with stringent regulations contributing to improved environmental performance. (2) The performance competition among local governments follows a Bayesian game process under incomplete information, wherein higher penalty ratios and increased inspection probabilities prompt local governments to allocate greater resources to environmental governance to enhance their political performance. (3) The competition dynamics among Chinese local governments exhibit varying spatial interaction characteristics across different time periods. This study provides some policy insights for optimizing environmental regulatory frameworks and improving governance efficiency in decentralized political systems.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"50 1","pages":"Article 101340"},"PeriodicalIF":3.3,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147549600","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

Does monetary policy reinforce the effects of macroprudential policy? 货币政策是否强化了宏观审慎政策的效果？

IF 3.3 2区经济学

Economic Systems Pub Date : 2026-03-01 Epub Date: 2025-07-22 DOI: 10.1016/j.ecosys.2025.101337

Barbara Livorová , Adam Geršl

引用次数: 0

European banks and Fed liquidity facilities during the Global Financial Crisis: Good news for the bad and bad news for the good 全球金融危机期间的欧洲银行和美联储流动性工具：坏消息是好消息，坏消息是好消息

IF 3.3 2区经济学

Economic Systems Pub Date : 2025-12-01 Epub Date: 2025-05-14 DOI: 10.1016/j.ecosys.2025.101313

Hervé Alexandre , Catherine Refait-Alexandre , Larry D. Wall

{"title":"European banks and Fed liquidity facilities during the Global Financial Crisis: Good news for the bad and bad news for the good","authors":"Hervé Alexandre , Catherine Refait-Alexandre , Larry D. Wall","doi":"10.1016/j.ecosys.2025.101313","DOIUrl":"10.1016/j.ecosys.2025.101313","url":null,"abstract":"<div><div>During the 2007–2010 period the Fed operated various liquidity facilities that were intended to alleviate financial system<span> stress but which could have been interpreted as an adverse signal on banking risk. To disentangle these two effects, we analyze the response of the credit default swap (CDS) market to the announcement and usage of these facilities by European banks, since the CDS spread can be considered as a proxy for market perceptions of bank risk. We find that Fed financial assistance tended to reduce market concern about bank risk at the beginning of the crisis and after the collapse of Lehman Brothers, showing its willingness to support the banks. However, between March and September 2008, while there was still some uncertainty about the severity of the crisis, the Fed’s programs seem to have worried market participants about banking risk. We also find that the announcement of the Fed’s programs was better received on the CDS market for banks that benefited from public assistance (as a bail-out) than for the other banks, thus seeming to effect a greater reduction of perceived risk for publicly assisted banks.</span></div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"49 4","pages":"Article 101313"},"PeriodicalIF":3.3,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145705519","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

Inflation, financial development, and income/wealth inequality in the European Union 欧盟的通货膨胀、金融发展和收入/财富不平等

IF 3.3 2区经济学

Economic Systems Pub Date : 2025-12-01 Epub Date: 2025-05-22 DOI: 10.1016/j.ecosys.2025.101316

Mihaela Simionescu

{"title":"Inflation, financial development, and income/wealth inequality in the European Union","authors":"Mihaela Simionescu","doi":"10.1016/j.ecosys.2025.101316","DOIUrl":"10.1016/j.ecosys.2025.101316","url":null,"abstract":"<div><div><span>In the post-pandemic period, the debates about high inflation<span> and widening income inequality have intensified. This study examines the 27 countries in the European Union over the period 1990–2023 using panel data models<span> (mean group estimators and system generalized method of moments estimators). Inflation increased income inequality, but decreased wealth inequality. Domestic credit to the private sector and </span></span></span>government expenditure<span><span> exacerbated income and wealth inequality, whereas trade reduced income inequality, proxied by the Gini index. The interplay between credit and inflation reduced income and wealth equality, measured by top 10 percent share, the bottom 50 percent share, and the top 1 percent share. The interaction between inflation and other financial development indicators related to institutions and markets reduced inequality. Control of </span>corruption reduced wealth inequality. We also explore the potential impact of domestic credit to the private sector on income and wealth inequality by constructing a causal model that examines the role of self-employment as a mediating factor. Inequality decreased self-employment, whereas domestic credit to the private sector encouraged it. These empirical findings offer insights into how to reshape policies to manage both inflation and high income/wealth inequality.</span></div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"49 4","pages":"Article 101316"},"PeriodicalIF":3.3,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145705531","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

Rationale for paternalism: “Semi-feudalistic” tenancy contracts in imperial Japan 家长制的基本原理：日本帝国的“半封建”租赁合同

IF 3.3 2区经济学

Economic Systems Pub Date : 2025-12-01 Epub Date: 2025-07-23 DOI: 10.1016/j.ecosys.2025.101336

Masaki Nakabayashi

引用次数: 0

Growth dilemmata: The case of African firms 增长困境：非洲公司的案例

IF 3.3 2区经济学

Economic Systems Pub Date : 2025-12-01 Epub Date: 2025-07-04 DOI: 10.1016/j.ecosys.2025.101329

Abdoulganiour Almame Tinta

引用次数: 0

Corporate survival in emerging european markets: Impacts of the COVID-19 pandemic and the Russo-Ukrainian war 新兴欧洲市场的企业生存：COVID-19大流行和俄乌战争的影响

IF 3.3 2区经济学

Economic Systems Pub Date : 2025-12-01 Epub Date: 2025-07-18 DOI: 10.1016/j.ecosys.2025.101332

Evžen Kočenda , Ichiro Iwasaki

{"title":"Corporate survival in emerging european markets: Impacts of the COVID-19 pandemic and the Russo-Ukrainian war","authors":"Evžen Kočenda , Ichiro Iwasaki","doi":"10.1016/j.ecosys.2025.101332","DOIUrl":"10.1016/j.ecosys.2025.101332","url":null,"abstract":"<div><div>We investigate the determinants of firm survival in 17 emerging European markets during the dual crises of the COVID-19 pandemic and the Russo-Ukrainian war. Using a large dataset of over 59,000 firms and employing a Cox proportional hazards model, the study evaluates how firm-specific characteristics, regional socio-economic conditions, and institutional quality shaped survival outcomes between 2020 and 2023. The analysis reveals that firm exit was more prevalent in EU member states, likely due to stricter crisis-related restrictions. Socio-economic variables such as population density, tourism dependence, and health expenditures played a critical role, while institutional quality, contrary to expectations, was associated with higher exit rates during crises. The banking sector played a role in influencing firm resilience through credit provision and financial support mechanisms. The Russo-Ukrainian war further amplified survival risks, especially for firms located in countries geographically or economically exposed to the conflict. The findings offer valuable insights for designing targeted policy interventions aimed at enhancing business resilience in vulnerable and institutionally diverse environments.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"49 4","pages":"Article 101332"},"PeriodicalIF":3.3,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145705521","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

Political polarization, state capacity, and economic growth 政治两极分化、国家能力和经济增长

IF 3.3 2区经济学

Economic Systems Pub Date : 2025-12-01 Epub Date: 2025-07-14 DOI: 10.1016/j.ecosys.2025.101333

Youngho Kang , Byung-Yeon Kim , Dongwon Lee

引用次数: 0

Harmonizing public debt and creating convergence clubs in sub-Saharan Africa 在撒哈拉以南非洲协调公共债务和创建融合俱乐部

IF 3.3 2区经济学

Economic Systems Pub Date : 2025-12-01 Epub Date: 2025-05-14 DOI: 10.1016/j.ecosys.2025.101315

Jean-Claude Kouakou Brou , Jamal Bouoiyour , Olivier Hueber

{"title":"Harmonizing public debt and creating convergence clubs in sub-Saharan Africa","authors":"Jean-Claude Kouakou Brou , Jamal Bouoiyour , Olivier Hueber","doi":"10.1016/j.ecosys.2025.101315","DOIUrl":"10.1016/j.ecosys.2025.101315","url":null,"abstract":"<div><div>This article explores how public debt convergence clubs can enhance debt management and improve economic stability in African countries. Instead of focusing solely on geographical criteria, these clubs prioritize public debt rules and debt limitation, offering a promising strategy to tackle the challenges associated with debt sustainability in the region. The article explores the potential benefits, obstacles, and policy implications of such convergence clubs, stressing the importance of forming robust and stable groupings. Through a thorough examination of the relevant literature and empirical evidence, this study provides valuable insights into designing and implementing effective public debt convergence mechanisms for African nations. While no evidence of global convergence around debt was found, the existence of convergence clubs suggests a promising route for countries that share similar debt profiles rather than geographical, political, or ideological similarities. The research also highlights that stability and growth pacts have not resulted in global convergence but rather in the formation of convergence clubs.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"49 4","pages":"Article 101315"},"PeriodicalIF":3.3,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145705520","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