Economic Systems最新文献_第7页

Conventional monetary interventions through the credit channel and the rise of non-bank institutions 通过信贷渠道进行常规货币干预和非银行机构的崛起

IF 3.1 2区经济学

Economic Systems Pub Date : 2024-03-01 DOI: 10.1016/j.ecosys.2023.101150

Gianluca Cafiso , Giulia Rivolta

引用次数: 0

Exchange rate and inflation between China and the United States: A bootstrap rolling-window approach 中国与美国之间的汇率与通货膨胀：自举滚动窗口法

IF 3.1 2区经济学

Economic Systems Pub Date : 2024-03-01 DOI: 10.1016/j.ecosys.2023.101152

Tie-Ying Liu, Jun-Teng Ma

引用次数: 0

Regional convergence in the European Union – Factors of growth between the great recession and the COVID crisis 欧盟的地区趋同--大衰退与 COVID 危机之间的增长因素

IF 3.1 2区经济学

Economic Systems Pub Date : 2024-03-01 DOI: 10.1016/j.ecosys.2023.101169

Jan Pintera

引用次数: 0

Assessing the impact of religion on environmental quality 评估宗教对环境质素的影响

IF 3.1 2区经济学

Economic Systems Pub Date : 2024-03-01 DOI: 10.1016/j.ecosys.2023.101164

Ying Lin , Hua-Tang Yin , Jun Wen , Chun-Ping Chang

引用次数: 0

Digital finance and stock market participation: The case of internet wealth management products in China 数字金融与股市参与：中国互联网理财产品案例

IF 3.1 2区经济学

Economic Systems Pub Date : 2024-03-01 DOI: 10.1016/j.ecosys.2023.101148

Zhiqiang Lu , Junjie Wu , Hongyu Li , Brian Galloway

{"title":"Digital finance and stock market participation: The case of internet wealth management products in China","authors":"Zhiqiang Lu , Junjie Wu , Hongyu Li , Brian Galloway","doi":"10.1016/j.ecosys.2023.101148","DOIUrl":"10.1016/j.ecosys.2023.101148","url":null,"abstract":"<div><p>Digital financing platforms have enhanced accessibility for households that wish to invest in wealth management products, but their impact on stock market participation remains underexplored in the literature. This paper investigates the effect of internet wealth management products on the household propensity to invest and participate in the stock market, using the microlevel dataset from the China Household Finance Survey, which covers 40,011 households. Our findings reveal that purchasing internet wealth management products positively and significantly influences the household inclination to invest and stock market participation level. Moreover, households with internet wealth management products have higher financial awareness and heightened interest in financial news. These characteristics not only reduce information costs but also promote stock market participation. Furthermore, the impact of purchasing internet wealth management products on stock market participation is more pronounced among households with higher education and lower income risk and residence in regions with a more developed financial market.</p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"48 1","pages":"Article 101148"},"PeriodicalIF":3.1,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0939362523000870/pdfft?md5=26753f59941537bace7be9b54aa1cf2a&pid=1-s2.0-S0939362523000870-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135248452","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

Commodity prices and domestic credit in Central and Eastern Europe: Are there asymmetric effects? 中欧和东欧的商品价格与国内信贷：是否存在不对称效应？

IF 3.1 2区经济学

Economic Systems Pub Date : 2024-03-01 DOI: 10.1016/j.ecosys.2023.101170

Scott W. Hegerty

{"title":"Commodity prices and domestic credit in Central and Eastern Europe: Are there asymmetric effects?","authors":"Scott W. Hegerty","doi":"10.1016/j.ecosys.2023.101170","DOIUrl":"10.1016/j.ecosys.2023.101170","url":null,"abstract":"<div><p><span>Fluctuations in commodity prices can have an impact on a firm’s costs and revenues, national income, or a country’s creditworthiness, leading to increased borrowing and levels of domestic credit. These effects need not be symmetric; it is possible that losses due to a commodity price decrease might be worse than the gains that result from an equivalent price increase. In addition, these dynamics might differ between frequently studied commodity exporters and energy importers such as those in Central and Eastern Europe. Here, an index of commodity prices and their volatility are included in a time-series model alongside the traditional macroeconomic determinants for 11 of these EU members. Forecast Error Variance Decompositions reveal that shocks to commodity prices spill over most strongly to </span>inflation in Latvia and credit growth in Poland and Slovakia—the two countries that have seen continuous increases in credit. Cointegration analysis shows that while GDP growth and inflation drive credit levels in many cases, commodity price increases lead to increased credit shares in the Czech Republic, Latvia and Lithuania. A nonlinear model finds that commodity price increases also increase credit in Romania, while decreases lead to increased credit shares in Hungary. Commodity price volatility leads to credit increases in Latvia and Lithuania, confirming that these two Baltic countries are most affected by macroeconomic shocks.</p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"48 1","pages":"Article 101170"},"PeriodicalIF":3.1,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138680187","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

Effects of option incentive compensation on corporate innovation: The case of China 期权激励薪酬对企业创新的影响：中国案例

IF 3.1 2区经济学

Economic Systems Pub Date : 2024-03-01 DOI: 10.1016/j.ecosys.2023.101171

Rui Cheng , Bart Frijns , Hyeongjun Kim , Doojin Ryu

引用次数: 0

The impact of monetary policy shocks on net worth and consumption across races in the United States 货币政策冲击对美国不同种族净资产和消费的影响

IF 3.1 2区经济学

Economic Systems Pub Date : 2024-03-01 DOI: 10.1016/j.ecosys.2023.101178

Juan-Francisco Albert , Nerea Gómez-Fernández

{"title":"The impact of monetary policy shocks on net worth and consumption across races in the United States","authors":"Juan-Francisco Albert , Nerea Gómez-Fernández","doi":"10.1016/j.ecosys.2023.101178","DOIUrl":"10.1016/j.ecosys.2023.101178","url":null,"abstract":"<div><p>The aim of this paper is to determine whether monetary policy has a heterogeneous impact on net worth and consumption across races in the United States by applying several empirical methodologies and combining macro and micro data. The results suggest that an expansionary monetary shock increases the race gap in the short run in terms of net worth and that this is explained by differences in portfolio composition, especially between black and white households. Consequently, the heterogeneous wealth effect among these racial groups means that white households retain a higher elasticity than some minorities with respect to different forms of consumption as a consequence of a monetary policy shock. Although the heterogeneous effects of monetary policy across race are primarily explained by the different observable characteristics of households, a non-negligible part of this heterogeneity could be explained by the credit constraints faced by racial minorities that determine the composition of their wealth.</p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"48 1","pages":"Article 101178"},"PeriodicalIF":3.1,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0939362523001176/pdfft?md5=b2723822f26129d943c01aaddc847e60&pid=1-s2.0-S0939362523001176-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139065927","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

Evolving efficiency of the BRICS markets 金砖五国市场的效率不断提高

IF 3.1 2区经济学

Economic Systems Pub Date : 2024-03-01 DOI: 10.1016/j.ecosys.2023.101166

Maria V. Kulikova , David R. Taylor , Gennady Yu. Kulikov

引用次数: 0

Exchange rates and the speed of economic recovery: The role of financial development 汇率与经济复苏速度：金融发展的作用

IF 3.1 2区经济学

Economic Systems Pub Date : 2024-03-01 DOI: 10.1016/j.ecosys.2023.101165

Boris Fisera

{"title":"Exchange rates and the speed of economic recovery: The role of financial development","authors":"Boris Fisera","doi":"10.1016/j.ecosys.2023.101165","DOIUrl":"10.1016/j.ecosys.2023.101165","url":null,"abstract":"<div><p>We study the influence of the exchange rate on the speed of economic recovery in a sample of 67 developed and developing economies over the years 1989–2019. First, using a cross-sectional sample of 341 economic recoveries, we study the effect of nominal depreciation and real undervaluation on the length of economic recovery. Our findings indicate that a small nominal depreciation, as well as a real undervaluation of the domestic currency, increases the speed of economic recovery. However, this effect is small in size. Second, we use an interacted panel VAR (IPVAR) model to investigate the effect of real undervaluation on the speed of economic recovery after an external shock. While we once again find evidence that an undervalued domestic currency increases the speed of economic recovery, its positive effect is limited in size. Furthermore, we also explore the role of financial development in influencing the effectiveness of an undervalued domestic currency in stimulating economic recovery. We find that a higher level of financial development limits the negative effect of an overvalued currency on the speed of economic recovery, but does not influence the effect of an undervalued currency on economic recovery.</p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"48 1","pages":"Article 101165"},"PeriodicalIF":3.1,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138568913","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