Economic Systems最新文献_第8页

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 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

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

US uncertainty shocks on real and financial markets: A multi-country perspective 美国不确定性冲击对实体和金融市场的影响：多国视角

IF 2.8 2区经济学

Economic Systems Pub Date : 2024-09-01 DOI: 10.1016/j.ecosys.2024.101180

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

The impact of infrastructure investment on multidimensional poverty. Evidence from Chinese rural migrant workers 基础设施投资对多维贫困的影响。来自中国农民工的证据

IF 2.8 2区经济学

Economic Systems Pub Date : 2024-09-01 DOI: 10.1016/j.ecosys.2024.101239

引用次数: 0

How does local government debt affect bank loan pricing? Evidence from loan-level data 地方政府债务如何影响银行贷款定价？来自贷款层面数据的证据

IF 2.8 2区经济学

Economic Systems Pub Date : 2024-09-01 DOI: 10.1016/j.ecosys.2024.101238

引用次数: 0

Counterfeiting and firm survival. Evidence from the Italian manufacturing industry 假冒与企业生存。来自意大利制造业的证据。

IF 3.1 2区经济学

Economic Systems Pub Date : 2024-06-01 DOI: 10.1016/j.ecosys.2023.101175

Rosanna Pittiglio

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引用次数: 0