Economic Systems最新文献_第5页

Adding an informal sector to the IS-LM framework: A graphical exposition of the IS-LM-PC-SE model for the classroom and policymaker 将非正规部门纳入 IS-LM 框架：面向课堂和决策者的 IS-LM-PC-SE 模型图解

IF 3.1 2区经济学

Economic Systems Pub Date : 2024-06-01 DOI: 10.1016/j.ecosys.2024.101225

Celso J. Costa Junior , Alejandro C. Garcia-Cintado

引用次数: 0

Capital outflow restrictions and dollar drainage 资本外流限制和美元流失

IF 3.1 2区经济学

Economic Systems Pub Date : 2024-06-01 DOI: 10.1016/j.ecosys.2023.101176

Uluc Aysun , Karlia Clarke , Oronde Small

引用次数: 0

Cooperation between governments to set up public firms 政府间合作成立公营公司

IF 3.1 2区经济学

Economic Systems Pub Date : 2024-06-01 DOI: 10.1016/j.ecosys.2024.101189

Quan Dong , Juan Carlos Bárcena-Ruiz , María Begoña Garzón

引用次数: 0

Does country risk rating explain shadow banking development? Insights from advanced and emerging market economies 国家风险评级能否解释影子银行的发展？先进经济体和新兴市场经济体的启示

IF 3.1 2区经济学

Economic Systems Pub Date : 2024-06-01 DOI: 10.1016/j.ecosys.2024.101192

Seyed Alireza Athari , Mugabil Isayev , Farid Irani

{"title":"Does country risk rating explain shadow banking development? Insights from advanced and emerging market economies","authors":"Seyed Alireza Athari , Mugabil Isayev , Farid Irani","doi":"10.1016/j.ecosys.2024.101192","DOIUrl":"10.1016/j.ecosys.2024.101192","url":null,"abstract":"<div><p>This study fills a research gap by specifically investigating the effect of country risk rating (CR) on shadow banking (SB) development from a global perspective using a dynamic panel estimation approach covering the period 2010–2019. Furthermore, the study explores whether a country's characteristics impact this nexus by grouping countries into advanced and emerging market economies based on their development level. To the best of our knowledge, few empirical studies have been conducted looking into this relationship from this perspective, and these findings open a new debate in banking literature. The empirical results reveal that CR positively impacts SB in advanced, emerging, and global samples of countries, implying that lower vulnerability to risk factors<span><span> causes SB expansion. In addition, the results highlight that traditional macroeconomic and institutional factors impact SB development, although the extent of the effect and statistical significance of the factors vary and depend on countries' development levels. Remarkably, the empirical results confirm the validity of the complementarity and regulatory arbitrage hypotheses and support the possible asymmetric implications of </span>monetary policy on SB. The results are robust when alternative model specifications are used and have significant implications for policymakers and regulatory bodies.</span></p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"48 2","pages":"Article 101192"},"PeriodicalIF":3.1,"publicationDate":"2024-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139586695","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 performance of exporting sectors: Evidence for manufacturing in Brazil 出口部门的经济表现：巴西制造业的证据

IF 3.1 2区经济学

Economic Systems Pub Date : 2024-06-01 DOI: 10.1016/j.ecosys.2024.101220

Thiago Christiano Silva , Paulo Ricardo Mendes Valença , Benjamin Miranda Tabak

{"title":"Economic performance of exporting sectors: Evidence for manufacturing in Brazil","authors":"Thiago Christiano Silva , Paulo Ricardo Mendes Valença , Benjamin Miranda Tabak","doi":"10.1016/j.ecosys.2024.101220","DOIUrl":"10.1016/j.ecosys.2024.101220","url":null,"abstract":"<div><p>We investigated the resilience of exporting manufacturing sectors during the Brazilian domestic recession (2014–2016) using data from various sources at the Brazilian state-sector level. We propose a new identification strategy that gauges a sector’s exposure to the recession by examining its current position in the international demand cycle, deemed exogenous from the viewpoint of a local exporter in Brazil. Following the two-year Brazilian recession, we observe a persistent negative effect on exporting sectors that are more reliant on domestic economic activity (and thus more vulnerable to the domestic recession) than those less reliant on domestic economic activity (less exposed to the domestic recession). Sectors with lower labor productivity and higher technological intensity were less resilient during the domestic recession, as revenues declined and financing costs increased substantially. Given the critical role of exports in regional economic growth, this study contributes to the formulation of public policies by documenting the economic performance of exporting sectors during periods of economic stress.</p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"48 2","pages":"Article 101220"},"PeriodicalIF":3.1,"publicationDate":"2024-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140756590","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 role of financial and physical assets as substitute or complementary to land as collateral in credit market: Evidence from Indian households 金融资产和实物资产在信贷市场中作为土地抵押品的替代品或补充品的作用：来自印度家庭的证据

IF 3.1 2区经济学

Economic Systems Pub Date : 2024-06-01 DOI: 10.1016/j.ecosys.2024.101182

Pallabi Chakraborty , Amarjyoti Mahanta

{"title":"The role of financial and physical assets as substitute or complementary to land as collateral in credit market: Evidence from Indian households","authors":"Pallabi Chakraborty , Amarjyoti Mahanta","doi":"10.1016/j.ecosys.2024.101182","DOIUrl":"10.1016/j.ecosys.2024.101182","url":null,"abstract":"<div><p>Land is considered as one of the most widely prevalent forms of collateral in credit markets of developing economies. It has also been observed that the landless segment do get loans. Using a nationally representative data for Indian households, the present study examines whether assets other than land, that is, physical and financial assets enable the landless to obtain loans. We also study if there is any association between different types of assets and purpose of loan, which represents immediate and direct return from projects. We introduce instrumental variables to tackle the issues of endogeneity in a Heckman Probit model (sample selection model). Results suggest that physical assets act as substitute to land not only in getting credit from any source but also particularly in getting formal credit. However, financial instruments serve dual roles: these are both substitutable and complementary to land in the formal sector. Further, a complementarity is observed between land and productive investments in formal sector. On one hand, our study explains why looking beyond land as collateral is important for households with limited immovable property while on the other hand some of our findings re-establish the dominance of land.</p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"48 2","pages":"Article 101182"},"PeriodicalIF":3.1,"publicationDate":"2024-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139459555","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 financial inclusion agenda: Examining the role of conventional banks in deepening access to formal credit 普惠金融议程：考察传统银行在深化正规信贷渠道方面的作用

IF 3.1 2区经济学

Economic Systems Pub Date : 2024-06-01 DOI: 10.1016/j.ecosys.2024.101202

Abdul Malik Iddrisu , Michael Danquah

引用次数: 0

Does stock liquidity affect expropriation behavior by controlling shareholders? Evidence from China 股票流动性会影响控股股东的征用行为吗？来自中国的证据

IF 3.1 2区经济学

Economic Systems Pub Date : 2024-06-01 DOI: 10.1016/j.ecosys.2024.101217

Xin Xiang

{"title":"Does stock liquidity affect expropriation behavior by controlling shareholders? Evidence from China","authors":"Xin Xiang","doi":"10.1016/j.ecosys.2024.101217","DOIUrl":"10.1016/j.ecosys.2024.101217","url":null,"abstract":"<div><p>When a firm is controlled by a large shareholder, the principal agency problem arises from expropriation by controlling shareholders of other shareholders. Using a sample of 3776 publicly traded firms in the Chinese A-share market over the period 2007–2020, this study investigates whether stock liquidity impedes or enhances the expropriation behavior of controlling shareholders. I demonstrate that (1) a liquid stock market generally encourages expropriation behavior by controlling shareholders, (2) the positive effect of stock liquidity on expropriation by controlling shareholders is mitigated when active investors hold a large stake in the firm, and (3) active investors’ monitoring of expropriation by controlling shareholders is mitigated at state-owned enterprises and firms that have a large gap between ownership and control. However, higher competition among blockholders strengthens the discipline of active investors with respect to expropriation. This study builds a new link between a market factor (stock liquidity) and a governance problem (expropriation by controlling shareholders) and reveals some new characteristics in the relationship between stock liquidity and corporate governance in an emerging market.</p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"48 2","pages":"Article 101217"},"PeriodicalIF":3.1,"publicationDate":"2024-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140405689","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

Revisiting international house price convergence using house price level data 利用房价水平数据重新审视国际房价趋同问题

IF 3.1 2区经济学

Economic Systems Pub Date : 2024-06-01 DOI: 10.1016/j.ecosys.2024.101181

Christophe André , Christina Christou , Rangan Gupta

{"title":"Revisiting international house price convergence using house price level data","authors":"Christophe André , Christina Christou , Rangan Gupta","doi":"10.1016/j.ecosys.2024.101181","DOIUrl":"10.1016/j.ecosys.2024.101181","url":null,"abstract":"<div><p>The literature on house price<span><span> convergence largely relies on house price indices, based in an arbitrary year, rather than on actual price levels. This is essentially due to the scarcity of comparable house price level data. However, this severely constrains the analysis. In particular, it often forces to discard a large part of the data sample, which leads to a great loss of information and hampers analysis on sub-periods. In this paper, we combine the price level estimates produced by Bricongne et al. (2019) with long </span>OECD<span> house price series to analyse long-run house price convergence across 18 OECD countries. Applying the Phillips and Sul (2007) procedure, we find convergence in OECD nominal house prices, but two separate convergence clubs in real house prices. We find some convergence in euro area real house prices, but no evidence of strengthening after the introduction of the euro. β-convergence regressions (linking changes in house prices to their initial levels) point to conditional convergence, related to the evolution of gaps in real GDP per capita, long-term interest rates and population growth across countries.</span></span></p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"48 2","pages":"Article 101181"},"PeriodicalIF":3.1,"publicationDate":"2024-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139515132","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

Local government financing vehicle restructuring, implicit government guarantees and debt financing costs: Evidence from the Chinese municipal corporate bond market 地方政府融资工具重组、政府隐性担保和债务融资成本：来自中国市政企业债券市场的证据

IF 3.1 2区经济学

Economic Systems Pub Date : 2024-06-01 DOI: 10.1016/j.ecosys.2024.101179

Rui Wan, Wencheng Fan, Xiaoping Wang

{"title":"Local government financing vehicle restructuring, implicit government guarantees and debt financing costs: Evidence from the Chinese municipal corporate bond market","authors":"Rui Wan, Wencheng Fan, Xiaoping Wang","doi":"10.1016/j.ecosys.2024.101179","DOIUrl":"10.1016/j.ecosys.2024.101179","url":null,"abstract":"<div><p>We contend that implicit government guarantees are included in municipal corporate bonds (also known as “Chengtou” bonds) issued by restructured local government financing vehicles (LGFVs) to address implicit government debt concerns, which implies lower debt financing costs. Using a sample of publicly issued Chengtou bonds between 2017 and 2021, we demonstrate that bond-specific risk is substantially reduced after LGFV restructuring. Similarly, the yield spreads on Chengtou bonds are considerably smaller than those on bonds issued by unrestructured LGFVs. Our findings generally imply that LGFV restructuring can lower debt financing costs through implicit government guarantees. Moreover, LGFV restructuring has had a credit effect, an operation effect and a willingness effect on reducing debt financing costs. Furthermore, the impact of restructuring is more pronounced among enterprises that are smaller in scale and less profitable and in regions with poorer economies. Additional investigations into the mechanism reveal that restructuring into a group enterprise can lower debt financing costs and reduce the reliance on implicit government guarantees.</p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"48 2","pages":"Article 101179"},"PeriodicalIF":3.1,"publicationDate":"2024-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0939362524000013/pdfft?md5=03cf5d7076ec7baeecfc5890ef38027a&pid=1-s2.0-S0939362524000013-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139392547","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