Economic Systems最新文献_第9页

Does informality hinder financial development convergence? 非正规性是否阻碍金融发展趋同？

IF 3.1 2区经济学

Economic Systems Pub Date : 2024-06-01 DOI: 10.1016/j.ecosys.2023.101174

Can Sever , Emekcan Yücel

引用次数: 0

Financial depth versus more comprehensive metrics of financial development in tests of the finance-growth nexus 在检验金融与增长的关系时，金融深度与更全面的金融发展指标的比较

IF 3.1 2区经济学

Economic Systems Pub Date : 2024-03-01 DOI: 10.1016/j.ecosys.2023.101173

Martin Boďa

{"title":"Financial depth versus more comprehensive metrics of financial development in tests of the finance-growth nexus","authors":"Martin Boďa","doi":"10.1016/j.ecosys.2023.101173","DOIUrl":"10.1016/j.ecosys.2023.101173","url":null,"abstract":"<div><p>First, the paper gives a critical appraisal of recently proposed quality adjustments of the ratio of private credit to the gross domestic product (GDP) as a proxy for finance<span><span> in empirical tests of the finance-growth nexus and cautions against such heuristic measures. Second, in response to the unidimensional feature of conventionally applied proxies for finance, the paper constructs a variable for financial development (FD metric) that measures the relative distance of a financial system from its best attainable performance in terms of depth, access, efficiency, and stability. The measurement is grounded in the principles of data envelopment analysis for ratio data and is built on structural indicators available in the Global Financial Development Database by the World Bank. Using annual data for 157 countries over the period 1993–2020, the paper then explores the finance-growth nexus using several financial metrics in panel-data regression models and considering </span>nonlinearity in both a parametric and semiparametric manner. Economic growth is found to react negatively to finance, whereas this detrimental effect strengthens beyond a certain level of financial depth. In contrast, the access, efficiency, and stability of the financial sector are less important for growth. Hence, the findings lend weight to an economic policy focused primarily on a minimal size of the financial sector that permits its smooth operations, without the need to ensure that the financial sector performs qualitatively at its best.</span></p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"48 1","pages":"Article 101173"},"PeriodicalIF":3.1,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139053788","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

Does population aging coexist with income inequality in the long run? Evidence from selected Asia-Pacific countries 人口老龄化与收入不平等是否长期并存？来自部分亚太国家的证据

IF 3.1 2区经济学

Economic Systems Pub Date : 2024-03-01 DOI: 10.1016/j.ecosys.2023.101149

Muhammad Raees Shaik , Soo Khoon Goh , Koi Nyen Wong , Chee Hong Law

{"title":"Does population aging coexist with income inequality in the long run? Evidence from selected Asia-Pacific countries","authors":"Muhammad Raees Shaik , Soo Khoon Goh , Koi Nyen Wong , Chee Hong Law","doi":"10.1016/j.ecosys.2023.101149","DOIUrl":"10.1016/j.ecosys.2023.101149","url":null,"abstract":"<div><p>Advanced countries have experienced a general rise in income inequality, whereas the outlook for income inequality in developing countries is mixed. As such, reduction in income inequality continues to be an important socio-economic development goal in many countries in the twenty-first century. Furthermore, it remains unclear whether the slow progress in reducing income inequality is a manifestation of the prevailing aging population. Using a sample of countries that are currently considered aging, aged, and super-aged countries in the Asia-Pacific region, the paper empirically examines whether a long-run nexus exists between population aging and income inequality. The methodology adopted includes the augmented autoregressive distributed lag (A-ARDL) bounds test. The key results show that aging and income inequality have a long-run relationship among aged and super-aged countries. In contrast, recently graying countries show no evidence of cointegration due to their relatively early transition to aging. Some other control variables also reveal a significant impact on income inequality. Increases in the real gross domestic product per capita worsen the income distribution, but higher government expenditure can help moderate income inequality. In light of rapid population aging, the findings are useful for policy makers in designing and targeting appropriate socioeconomic policies to help mitigate income inequality in the long run based on the intensity of the share of the elderly population in the countries studied.</p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"48 1","pages":"Article 101149"},"PeriodicalIF":3.1,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135427561","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

FDI and income inequality in tax-haven countries: The relevance of tax pressure 避税地国家的外国直接投资与收入不平等：税收压力的相关性

IF 3.1 2区经济学

Economic Systems Pub Date : 2024-03-01 DOI: 10.1016/j.ecosys.2023.101172

Gonzalo Soto , Carlos M. Jardon , Xavier Martinez-Cobas

引用次数: 0

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

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

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

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

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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