Economic Systems最新文献_第3页

The impacts of anti-organized crime on asset prices: Evidence from China 反有组织犯罪对资产价格的影响：来自中国的证据

IF 2.8 2区经济学

Economic Systems Pub Date : 2024-09-01 DOI: 10.1016/j.ecosys.2024.101198

引用次数: 0

Selective industrial policy and overcapacity: Evidence from a quasi-natural experiment in China 选择性产业政策与产能过剩：来自中国准自然实验的证据

IF 2.8 2区经济学

Economic Systems Pub Date : 2024-09-01 DOI: 10.1016/j.ecosys.2024.101191

{"title":"Selective industrial policy and overcapacity: Evidence from a quasi-natural experiment in China","authors":"","doi":"10.1016/j.ecosys.2024.101191","DOIUrl":"10.1016/j.ecosys.2024.101191","url":null,"abstract":"<div><p>Overcapacity has long been a \"chronic problem affecting China's economic development.\" Why is China's overcapacity intractable? This study takes the \"Revitalization Plans of Ten Industries\" (the RPTI) issued by the Chinese government in 2009 as a quasi-natural experiment. It deploys the data of China's A-share listed enterprises and the difference-in-differences (DID) model to investigate the impact of the selective industrial policy on enterprise overcapacity. The results show that the policy has a significant and persistently negative effect on the capacity utilization rate of the treated group. Mechanistic studies reveal that policy-induced overcapacity is caused by increasing government subsidies for the treated group, depressing corporate investment efficiency, and growing capital misallocation. After considering zombie enterprises, we find that the policy mainly leads to the overcapacity of regular enterprises but has no negative impact on zombie enterprises, and zombie enterprises crowd out the capacity utilization rate of regular enterprises in the same industry. This study indicates that a selective industrial policy that prevents the market elimination mechanism from functioning is an underlying cause of overcapacity in China. The study's findings reveal why the administrative de-capacity policies enacted by the Chinese government have failed to eliminate backward capacity but rather created a new overcapacity issue.</p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"48 3","pages":"Article 101191"},"PeriodicalIF":2.8,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139638393","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

Sustainable energy deployment in developing countries: The role of composition of energy aid 发展中国家的可持续能源部署：能源援助构成的作用

IF 2.8 2区经济学

Economic Systems Pub Date : 2024-09-01 DOI: 10.1016/j.ecosys.2024.101195

{"title":"Sustainable energy deployment in developing countries: The role of composition of energy aid","authors":"","doi":"10.1016/j.ecosys.2024.101195","DOIUrl":"10.1016/j.ecosys.2024.101195","url":null,"abstract":"<div><p><span><span>Climate mitigation in developing nations calls for a shift to renewable technologies from </span>fossil fuels<span>. However, such transformative change requires enormous concessional funding in the energy sector. This paper examines the impact of energy aid and its composition on the transition to clean energy infrastructure in the power sector in 67 developing countries during the period 2002–2017. The analysis is also conducted by segregating aggregate renewable technologies into hydro and non-hydro sources. Applying system GMM and panel quantile </span></span>regression techniques, we find that the effectiveness of energy aid depends upon its composition and the maturity of renewable technology in the recipient countries. Renewable and distribution energy aid benefits the transition only with hydro sources and has a counter-productive effect on non-hydro renewable technologies, such as solar and wind. In contrast, findings reveal that energy aid for non-renewable energy generation and policy hinder the transition process with both hydro and non-hydro renewable technologies. These findings warrant a shift in the composition and technology target of energy aid by the donors in order to foster climate mitigation and mobilize private investments in relatively less developed non-hydro renewable technologies.</p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"48 3","pages":"Article 101195"},"PeriodicalIF":2.8,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140522410","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

Supporting African union: Do macroeconomic fluctuations matter? 支持非洲联盟：宏观经济波动重要吗？

IF 2.8 2区经济学

Economic Systems Pub Date : 2024-09-01 DOI: 10.1016/j.ecosys.2024.101186

引用次数: 0

Does stock market liberalization increase company TFP? Evidence from the Shanghai-Shenzhen-Hong Kong stock connect program in China 股市自由化会提高公司全要素生产率吗？来自中国沪深港通项目的证据

IF 2.8 2区经济学

Economic Systems Pub Date : 2024-09-01 DOI: 10.1016/j.ecosys.2024.101240

引用次数: 0

Governmental responses and firm resilience during the COVID-19 pandemic: The role of culture and politics COVID-19 大流行期间的政府应对措施和坚定的复原力：文化和政治的作用

IF 2.8 2区经济学

Economic Systems Pub Date : 2024-09-01 DOI: 10.1016/j.ecosys.2024.101196

{"title":"Governmental responses and firm resilience during the COVID-19 pandemic: The role of culture and politics","authors":"","doi":"10.1016/j.ecosys.2024.101196","DOIUrl":"10.1016/j.ecosys.2024.101196","url":null,"abstract":"<div><p>Using data from 180 countries and 24,833 publicly traded firms worldwide, this study examines how cultural and political factors influence the stringency of a government’s response to the COVID-19 pandemic and, in turn, the stock prices of firms and industries<span> operating in a given country. Existing research demonstrates that government behavior during a pandemic can directly or indirectly affect stock prices. This study explores twelve political and cultural characteristics that might influence government policies. Interestingly, our results indicate that democratic and less long-term-oriented countries employ stricter responses to the pandemic. Furthermore, countries with higher individualism, coalition governments, and governments not battling for re-election appear to employ a smoothing strategy: although they implement stringent responses early on, they tend to react less aggressively when the number of COVID-19 cases increases. This study finds that increased stringency has a negative impact on corporate abnormal returns, especially during the early stages of the pandemic. Our study has important policy implications and offers valuable insights to investors: stock price reactions depend on political and cultural factors, industry, and firm characteristics. Most importantly, larger firms with more cash operating in collectivist and politically stable countries are more resilient.</span></p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"48 3","pages":"Article 101196"},"PeriodicalIF":2.8,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139949553","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 struggle between capitalists and workers concerning patent and monetary policies in a Schumpeterian economy 熊彼特经济中资本家与工人之间关于专利和货币政策的斗争

IF 2.8 2区经济学

Economic Systems Pub Date : 2024-09-01 DOI: 10.1016/j.ecosys.2024.101185

{"title":"The struggle between capitalists and workers concerning patent and monetary policies in a Schumpeterian economy","authors":"","doi":"10.1016/j.ecosys.2024.101185","DOIUrl":"10.1016/j.ecosys.2024.101185","url":null,"abstract":"<div><p>This paper analyzes the conflict of interests between capitalists and workers concerning patent and monetary policy in a Schumpeterian growth model with cash-in-advance (CIA) constraints in the R&D sector, where capitalists own assets and workers supply labor. We find that (i) higher R&D productivity, lower CIA constraints, and a lower discount rate produce non-linear effects in the conflicts concerning the markup and the nominal interest rate, decreasing the former and increasing the latter in low-growth environments and having the opposite or no effects otherwise, (ii) the markup and the nominal interest rate have non-linear effects on the conflicts concerning the other similar to (i), (iii) considering less restrictive distributions of assets, labor supply, seigniorage revenues, monetary balances and financing of CIA constraints reduces, in general, the conflicts concerning the markup and interest rate. We conclude that policymakers will only be able to use patent and monetary policies to simultaneously promote economic growth and reduce the conflict of interest concerning the other if R&D productivity is sufficiently high. Otherwise, each policy can be used either to promote economic growth at the cost of exacerbating the conflicts of interest concerning the other or achieve the opposite effect.</p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"48 3","pages":"Article 101185"},"PeriodicalIF":2.8,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0939362524000074/pdfft?md5=539b040d8ac0ad805e2623dbf2b7d02e&pid=1-s2.0-S0939362524000074-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139515168","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 interaction between corruption, bank cost efficiency and economic development in Italy 意大利腐败、银行成本效率与经济发展之间的相互作用

IF 2.8 2区经济学

Economic Systems Pub Date : 2024-09-01 DOI: 10.1016/j.ecosys.2024.101227

引用次数: 0

The economic aftermath of surges in public and private debt: Initial conditions and channels 公共和私人债务激增的经济后果：初始条件和渠道

IF 2.8 2区经济学

Economic Systems Pub Date : 2024-09-01 DOI: 10.1016/j.ecosys.2024.101194

引用次数: 0

Monetary policy shock and corporate innovation: Evidence from China 货币政策冲击与企业创新：来自中国的证据

IF 2.8 2区经济学

Economic Systems Pub Date : 2024-09-01 DOI: 10.1016/j.ecosys.2024.101226

引用次数: 0