Economic Systems最新文献_第8页

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

Gender political inclusion and inclusive finance in Africa 非洲的性别政治包容和普惠金融

IF 3.1 2区经济学

Economic Systems Pub Date : 2024-06-01 DOI: 10.1016/j.ecosys.2024.101187

Tii N. Nchofoung , Simplice A. Asongu , Vanessa S. Tchamyou

{"title":"Gender political inclusion and inclusive finance in Africa","authors":"Tii N. Nchofoung , Simplice A. Asongu , Vanessa S. Tchamyou","doi":"10.1016/j.ecosys.2024.101187","DOIUrl":"10.1016/j.ecosys.2024.101187","url":null,"abstract":"<div><p>At the 2010 G20 Summit, the use of formal financial services was recognized as one of the main pillars of the global development agenda. At the same time, the fifth goal of the Sustainable development agenda outlined the importance of gender inclusion for sustainable development. Empirical research on the effect of gender inclusion on inclusive finance has however been limited to micro level studies. This study aims to verify the effect of gender political inclusion on financial inclusion on a sample of 37 African countries from 2004–2020. The empirical methodology involves the OLS, the Tobit regression and the System GMM methodologies. The results from these methods show that gender political inclusion is enhancing on financial inclusion in Africa, and this finding is robust across alternative specifications of gender inclusion and inclusive finance. Besides, governance exhibits a positive synergy effect with gender political inclusion on inclusive finance. Policy implications are discussed.</p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"48 2","pages":"Article 101187"},"PeriodicalIF":3.1,"publicationDate":"2024-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0939362524000098/pdfft?md5=bc6f61c15f12e7adaff63ded325b0a2a&pid=1-s2.0-S0939362524000098-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139515236","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

Labour immobility between industries: Consequences for the macroeconomy 产业间劳动力的不流动性：对宏观经济的影响

IF 3.1 2区经济学

Economic Systems Pub Date : 2024-06-01 DOI: 10.1016/j.ecosys.2024.101184

Parantap Basu , David Chivers , Changhyun Park

引用次数: 0

Monetary and fiscal interplay: Does it work both ways? 货币与财政的相互作用：是否双管齐下？

IF 3.1 2区经济学

Economic Systems Pub Date : 2024-06-01 DOI: 10.1016/j.ecosys.2024.101188

António Afonso , Alexandre Sousa

引用次数: 0

Volatility connectedness and its determinants of global energy stock markets 全球能源股票市场的波动关联性及其决定因素

IF 3.1 2区经济学

Economic Systems Pub Date : 2024-06-01 DOI: 10.1016/j.ecosys.2024.101193

Qichang Xie , Chao Luo , Xiaoping Cong , Xu Wang

{"title":"Volatility connectedness and its determinants of global energy stock markets","authors":"Qichang Xie , Chao Luo , Xiaoping Cong , Xu Wang","doi":"10.1016/j.ecosys.2024.101193","DOIUrl":"10.1016/j.ecosys.2024.101193","url":null,"abstract":"<div><p>This study seeks to construct a global volatility network for a large number of energy firms and explore the mechanisms of risk transmission of energy stock markets at the corporate, national, and regional levels by applying an elastic-net-VAR method. A semiparametric function coefficient model is introduced to test the time-varying influence of oil price uncertainty (OVX) on the stability of the energy system. The results reveal that volatility spillovers across global energy firms are strong and crisis-sensitive. The 2008 financial crisis and COVID-19 pandemic have significantly increased the connectedness of the energy system. Transnational risk transmission assumes the main part of risk migration among energy enterprises and becomes more pronounced in crisis periods. Energy companies in Europe and North America are the main risk transmitters, whereas those in Asia are the chief risk receivers. Moreover, OVX has a positive effect on the volatility spillover of the energy system, and the effect is significantly enhanced during the breakout of extreme events. These findings conclude that tracking risk connectedness in the energy system and understanding its key drivers are important for investment decisions and regulatory policy settings involving energy.</p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"48 2","pages":"Article 101193"},"PeriodicalIF":3.1,"publicationDate":"2024-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139586459","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

Global corporate tax policy space 全球企业税收政策空间

IF 3.1 2区经济学

Economic Systems Pub Date : 2024-06-01 DOI: 10.1016/j.ecosys.2024.101197

Turalay Kenc , Emrah Ismail Cevik

引用次数: 0

Sources of financing: Which ones are more effective in innovation–growth linkage? 资金来源：哪些资金来源在创新与增长的联系中更为有效？

IF 3.1 2区经济学

Economic Systems Pub Date : 2024-06-01 DOI: 10.1016/j.ecosys.2023.101177

Anabela M. Santos , Michele Cincera , Giovanni Cerulli

引用次数: 0