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Comparative fiscal governance policy: Evaluating the causal impact of fiscal councils on economic performance 比较财政治理政策：评估财政委员会对经济表现的因果影响
IF 3.3 2区 经济学
Economic Systems Pub Date : 2025-03-27 DOI: 10.1016/j.ecosys.2025.101307
Ibrahim Alnafrah , Alexander Bogatov
{"title":"Comparative fiscal governance policy: Evaluating the causal impact of fiscal councils on economic performance","authors":"Ibrahim Alnafrah ,&nbsp;Alexander Bogatov","doi":"10.1016/j.ecosys.2025.101307","DOIUrl":"10.1016/j.ecosys.2025.101307","url":null,"abstract":"<div><div><span><span>This study examines the causal impact of fiscal councils (FCs) on economic performance using a panel dataset of 65 countries from 1990 to 2022. Employing dynamic Difference-in-Differences and two-way fixed effects models, we find that FCs significantly enhance GDP growth and reduce volatility in debt and </span>inflation, particularly in environments with strong institutional frameworks. These results underscore the role of FCs in promoting fiscal discipline and </span>macroeconomic<span> stability, offering valuable insights for policymakers aiming to achieve sustainable development goals (SDG8). By empirically linking FCs to improved economic outcomes, this study addresses a critical gap in the literature and provides robust evidence for the effectiveness of FCs across diverse economic contexts. The findings highlight the importance of adopting FCs, especially in developing economies, to strengthen fiscal governance and foster long-term economic growth.</span></div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"49 3","pages":"Article 101307"},"PeriodicalIF":3.3,"publicationDate":"2025-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144917007","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
Festivity spending, rat race, and underdevelopment: A stylized model 节日消费、激烈竞争和欠发达：一个程式化模型
IF 3.3 2区 经济学
Economic Systems Pub Date : 2025-03-07 DOI: 10.1016/j.ecosys.2025.101306
Alisher Aldashev , Gani Aldashev
{"title":"Festivity spending, rat race, and underdevelopment: A stylized model","authors":"Alisher Aldashev ,&nbsp;Gani Aldashev","doi":"10.1016/j.ecosys.2025.101306","DOIUrl":"10.1016/j.ecosys.2025.101306","url":null,"abstract":"<div><div>We examine the household spending on festivities and their link to underdevelopment<span>. Data from household surveys in Central Asia show the allocation of a substantial part of household income for festivities, often at the expense of essential needs such as food and education. These expenditures, while enhancing social status and broadening social networks, have detrimental effects on health and education outcomes, thereby perpetuating poverty cycles. We build a simple game-theoretic model that highlights the rat-race nature of festivity spending and suggests that financial market liberalization alone might not be sufficient for poverty reduction. Multiple equilibria arise (where poor households are locked in a bad equilibrium with little educational spending and large spending on festivities). Regulating festivity expenses can be Pareto-improving.</span></div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"49 3","pages":"Article 101306"},"PeriodicalIF":3.3,"publicationDate":"2025-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144916387","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 constraints and corporate tax payments: Evidence from Vietnamese firms 信贷约束与企业纳税：来自越南企业的证据
IF 3.3 2区 经济学
Economic Systems Pub Date : 2025-03-03 DOI: 10.1016/j.ecosys.2025.101305
Thang Ngoc Bach , Thanh Le , Bao Thai Luong , Huong Van Vu
{"title":"Credit constraints and corporate tax payments: Evidence from Vietnamese firms","authors":"Thang Ngoc Bach ,&nbsp;Thanh Le ,&nbsp;Bao Thai Luong ,&nbsp;Huong Van Vu","doi":"10.1016/j.ecosys.2025.101305","DOIUrl":"10.1016/j.ecosys.2025.101305","url":null,"abstract":"<div><div>This paper examines the nexus between firms’ financial constraints and their tax payment. We conjecture that financial constraints are strongly associated with firms’ tax planning behaviour. In this process, firms strategically manage to reduce their tax payment in the face of financing constraints. Using a unique data set on Vietnamese private manufacturing small and medium enterprises spanning the 2009–2015 period, we find strong support for this hypothesis. In addition, we find discernible differences in forming strategic tax planning behaviour between two groups of constrained firms: those being discouraged by the financial market and those having loan applications declined by banks. Heterogeneity analysis further sheds light on the credit constraints-tax payment nexus since the negative relationship between credit constraints and corporate tax payments varies across different firms of different characteristics. Obtained findings convey important policy implications on tax administration and bank finance for economic development.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"49 3","pages":"Article 101305"},"PeriodicalIF":3.3,"publicationDate":"2025-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144917006","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
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 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
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
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
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