Economic Systems最新文献

{"title":"Financial frictions in a macroeconometric model: A counterfactual analysis for the case of Slovenia","authors":"Darja Zabavnik ,&nbsp;Miroslav Verbič","doi":"10.1016/j.ecosys.2024.101224","DOIUrl":"10.1016/j.ecosys.2024.101224","url":null,"abstract":"<div><div>The paper investigates the importance of modelling the effects of financial frictions in a macroeconometric framework for the small open economy of Slovenia. We enhance the model with additional behavioural equations pertaining to business and residential investment, the respective lending rates, and the gross operating surplus of non-financial companies. The estimation period spans from 1999Q1 to 2019Q4, meaning a period of significant financial distress was included in the analysis. Counterfactual analysis was conducted by comparing simulation results from a macroeconometric model with the explicit modelling of financial frictions to a model with limited transmission effects. The results indicate that financial frictions significantly hinder macroeconomic development under adverse macroeconomic scenarios. Policymakers’ measures should focus on maintaining financial sector stability and enabling external financing access for non-financial companies and households during adverse economic situations.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"48 4","pages":"Article 101224"},"PeriodicalIF":2.8,"publicationDate":"2024-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140884771","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}

{"title":"Environmental protection taxes and green productivity: Evidence from listed companies in China","authors":"Zhijun Yan ,&nbsp;Yuting Jia ,&nbsp;Bingbing Zhang","doi":"10.1016/j.ecosys.2024.101213","DOIUrl":"10.1016/j.ecosys.2024.101213","url":null,"abstract":"<div><div>Enforcing an environmental protection tax<span><span> is a pivotal institutional measure for addressing environmental and climate change challenges and marking a substantial advancement in ecological development. This study aims to explore the influence of environmental protection taxes on the \"green\" productivity of the manufacturing industry<span> through an analysis of Chinese listed companies. Initially, the Dynamic Slacks-Based Measure (DSBM) method is employed to estimate the \"green\" production efficiency levels of 175 listed companies in China from 2016 to 2020. Subsequently, by aligning pollution tax standards issued by local governments and relevant environmental protection departments with microlevel data from the CSMAR database, wind database, listed company annual reports, and social responsibility reports, the sample was refined to 833 data points. Using the implementation of the environmental protection tax policy in 2018 as a natural experiment, a Difference-in-Differences (DID) model is applied for empirical testing. The empirical results reveal a counterintuitive negative correlation between the environmental protection tax and the \"green\" productivity of companies, contradicting the predictions of the Porter hypothesis. This suggests that stringent environmental regulations hinder the development of green technologies. The adverse impact of environmental protection taxes on \"green\" productivity is attributed to heightened environmental legitimacy pressures and increasing environmental uncertainty risks companies face. Further </span></span>exploratory analysis<span> indicated that the digital economy and green finance<span> have a positive moderating effect, significantly mitigating the negative impact of environmental protection taxes on companies' overall \"green\" productivity. Consequently, dynamically optimizing environmental tax policies is imperative to alleviate companies' environmental legitimacy pressures and uncertainty risks. Additionally, capitalizing on the opportunities the digital economy presents and leveraging green finance policies have emerged as effective strategies for realizing the Porter effect of environmental protection taxes.</span></span></span></div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"48 4","pages":"Article 101213"},"PeriodicalIF":2.8,"publicationDate":"2024-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140275940","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}

{"title":"Place-based policies and capital misallocation: Evidence from Chinese cities","authors":"Yi Cui","doi":"10.1016/j.ecosys.2024.101201","DOIUrl":"10.1016/j.ecosys.2024.101201","url":null,"abstract":"<div><div>This study examines the impact of place-based policy on urban capital misallocation, primarily using China’s special economic zone (SEZ) reform and city-level data from 2003–2018. This study finds that creating SEZs leads to an over-allocation of capital to cities, increasing capital misallocation in cities by at least 20%. This results in an average annual loss of 0.34% of real gross domestic product for cities that establish SEZs. The heterogeneity analysis at the spatio-temporal level suggests that SEZs can cause capital misallocation by distorting the efficient location of capital flows. Moreover, SEZs primarily created to help economically distressed regions can lead to even more significant capital misallocation. The reform leads to the most considerable misallocation in the city with the most efficient initial capital allocation, which is the main path to its effect. In addition, this study finds that the industrial selection preferences of SEZs and local protection behaviour are two important channels through which SEZs exert their effects.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"48 4","pages":"Article 101201"},"PeriodicalIF":2.8,"publicationDate":"2024-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140465946","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}

{"title":"Globalization in lifelong gender inclusive education for structural transformation in Africa","authors":"Simplice A. Asongu ,&nbsp;Jean R.F.K. Bouanza ,&nbsp;Peter Agyemang-Mintah","doi":"10.1016/j.ecosys.2024.101218","DOIUrl":"10.1016/j.ecosys.2024.101218","url":null,"abstract":"<div><div>The present study examines the relevance of globalization in lifelong gender inclusive education for structural transformation. The focus of the research is on 41 countries in Africa using data from 2004 to 2021. The generalized method of moments (GMM) is employed to assess the problem statement within the remit of interactive regressions. Gender inclusive lifelong learning is measured as gender inclusive education acquired during the three levels of education, notably: primary, secondary and tertiary inclusive education stages. Total globalization and corresponding components (social, economic and political dynamics) are employed as moderators. The attendant sub-components of economic (i.e., trade and financial) and social (i.e., interpersonal, informational and cultural) globalization are also employed for robustness purposes. The hypotheses that globalization and gender inclusive lifelong learning individually influence structural transformation are not validated. Furthermore, the hypothesis that globalization dynamics moderate lifelong gender inclusive education to promote structural transformation is also not validated. Clarification as to why the hypotheses are not validated is provided. Policy implications are discussed.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"48 4","pages":"Article 101218"},"PeriodicalIF":2.8,"publicationDate":"2024-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140403848","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}

{"title":"The impact of the heterogenous fiscal policy stance of euro-area member states on ECB monetary policy","authors":"Linas Jurkšas","doi":"10.1016/j.ecosys.2024.101216","DOIUrl":"10.1016/j.ecosys.2024.101216","url":null,"abstract":"<div><div><span>This article assesses the influence of the fiscal stance of different euro-area members on the monetary policy actions of the </span>European Central Bank<span>. This issue has increased in relevance due to the widening disparities in the levels of debt across euro-area member states. We utilise a thick modelling approach that includes various GMM model specifications for the five largest euro area economies using quarterly projections data from 2002 to 2022. The findings indicate that the fiscal deficits of different euro area countries did not consistently exert a substantial impact on monetary policymaking. This conclusion holds even after the COVID-19 shock, with projected inflation remaining the most consistently significant indicator.</span></div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"48 4","pages":"Article 101216"},"PeriodicalIF":2.8,"publicationDate":"2024-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140201218","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}

{"title":"Long-term responses to large minimum wage shocks: Subminimum and super-minimum workers in Slovenia","authors":"Suzana Laporšek ,&nbsp;Peter F. Orazem ,&nbsp;Milan Vodopivec ,&nbsp;Matija Vodopivec","doi":"10.1016/j.ecosys.2024.101223","DOIUrl":"10.1016/j.ecosys.2024.101223","url":null,"abstract":"<div><div>This study examines long-term effects of a large minimum wage increase in Slovenia, covering the universe of employed and unemployed workers. By distinguishing subminimum and super-minimum workers, we find large, persistent disemployment effects for the subminimum group whose productivity fell below the rising minimum wage, both due to lower probability of remaining employed and of finding a job if non-employed. The shock to firm wage bills caused by the minimum wage creates a substitution toward workers whose marginal revenue products are slightly above the minimum wage, but the most skilled are complements with the subminimum workers in their firm.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"48 4","pages":"Article 101223"},"PeriodicalIF":2.8,"publicationDate":"2024-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141147303","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}

{"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}

{"title":"Geographic complexity and bank risk: Evidence from cross-border banks in Africa","authors":"","doi":"10.1016/j.ecosys.2024.101190","DOIUrl":"10.1016/j.ecosys.2024.101190","url":null,"abstract":"<div><p>I construct a novel dataset to measure the geographic complexity of cross-border African banks and relate it to their default and earnings risk. The results suggest that having a higher degree of geographic complexity decreases risk. Further results show that the negative relationship between geographic complexity and risk is significantly channeled through changes in banks’ loan quality. Following the recent exit from Africa by major international banks, indigenous African banks could be encouraged to expand further across the continent to take advantage of available opportunities, in addition to diversifying their risk. The success of such expansions, however, may largely depend on effective credit management.</p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"48 3","pages":"Article 101190"},"PeriodicalIF":2.8,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139509652","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}

{"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}

{"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}