Economic Analysis and Policy最新文献

Job Destruction or Job Creation?: Evidence from Carbon Emission Trading Policies 工作岗位破坏还是创造？碳排放交易政策的证据

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-10-15 DOI: 10.1016/j.eap.2024.10.017

{"title":"Job Destruction or Job Creation?: Evidence from Carbon Emission Trading Policies","authors":"","doi":"10.1016/j.eap.2024.10.017","DOIUrl":"10.1016/j.eap.2024.10.017","url":null,"abstract":"<div><div>Based on the panel data of 285 cities in China from 2007 to 2019, this paper constructs a theoretical framework to analyze the employment effect of carbon emission trading policy, and quantitatively evaluates the effectiveness, decomposition effect and influence mechanism of carbon emission trading policy on employment based on PSM-DID method. The study shows that the carbon emissions trading policy has a positive impact on the level of urban employment while producing significant environmental governance effects, and that its positive impact on employment in the pilot cities stems from the negative effect of reducing employment destruction rather than from the positive effect of increasing the job-creating effect. Carbon emissions trading policy promotes employment in the pilot cities through structural transformation effects, specifically through the three paths of green technology innovation, energy structure optimization and industrial structure upgrading. At the same time, the impact of the policy on employment varies significantly across cities of different locations, sizes and resource endowments. The study proposes that the construction of the national carbon market should be accelerated, a market-oriented green technology innovation system should be constructed, the optimization of the energy structure and the upgrading of the industrial structure should be promoted, and training in employment skills should be strengthened. The theoretical analysis of this study provides a theoretical basis for the micro-mechanism of carbon emissions trading policy, and the empirical results provide practical reference for the change of employment structure and the high-quality development of employment.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":null,"pages":null},"PeriodicalIF":7.9,"publicationDate":"2024-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142445444","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

Influence of financial inclusion and industrial robots on the efficiency of China's OFDI: A heterogeneous spatial stochastic frontier analysis 普惠金融和产业机器人对中国对外直接投资效率的影响：异质性空间随机前沿分析

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-10-15 DOI: 10.1016/j.eap.2024.10.020

{"title":"Influence of financial inclusion and industrial robots on the efficiency of China's OFDI: A heterogeneous spatial stochastic frontier analysis","authors":"","doi":"10.1016/j.eap.2024.10.020","DOIUrl":"10.1016/j.eap.2024.10.020","url":null,"abstract":"<div><div>Enhancing the efficacy of China's outward foreign direct investment (COFDI) constitutes a significant avenue for realizing the sustainable development of China's economy. This study analyzes panel data from 63 countries from 2010 to 2021 to create a heterogeneous spatial stochastic frontier model to examine how financial inclusion and industrial robotics in host nations affect COFDI efficiency. The findings are as follows. To begin with, COFDI manifests positive spatial spillover effects across countries. Moreover, from a spatial perspective, financial inclusion diminishes COFDI efficiency, whereas the interaction between financial inclusion and industrial robots increases its efficiency. Industrial robots, thus, counteract the diminishing impact of financial inclusion on COFDI efficiency. Additionally, concerning the heterogeneity of location choice and investment motivation in COFDI, the interaction between financial inclusion and industrial robots in developed economies augments COFDI efficiency as opposed to emerging market economies. Conversely, technology-seeking investment mitigates the adverse effects of financial inclusion on the efficacy of COFDI when juxtaposed with resource-seeking investment. This study provides theoretical insights and practical recommendations for improving the efficiency and guiding the destination selection of COFDI.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":null,"pages":null},"PeriodicalIF":7.9,"publicationDate":"2024-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142445447","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 local government debt promote firm green innovation? Evidence from the Chinese local government debt governance reform 地方政府债务能否促进企业绿色创新？来自中国地方政府债务治理改革的证据

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-10-15 DOI: 10.1016/j.eap.2024.10.010

引用次数: 0

Rectifying local governments’ strategic environmental enforcement: Can refined air pollution monitoring enhance local air quality in China? 整顿地方政府的战略性环境执法：精细化空气污染监测能否改善中国地方空气质量？

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-10-13 DOI: 10.1016/j.eap.2024.10.009

{"title":"Rectifying local governments’ strategic environmental enforcement: Can refined air pollution monitoring enhance local air quality in China?","authors":"","doi":"10.1016/j.eap.2024.10.009","DOIUrl":"10.1016/j.eap.2024.10.009","url":null,"abstract":"<div><div>Insufficient local environmental enforcement has become a pivotal economic and political concern in China. In 2017, the Chinese central government introduced the Air Pollution Hot-Spot Grid (APHG) monitoring program. However, little is known about the consequences. This study investigates in detail how this monitoring program affects city-level air pollution by applying the difference-in-differences method. This program was responsible for a notable decrease in air pollution at the city level. This decrease was mostly the result of stronger local environmental governance, advances in green innovation, and an upgraded industrial structure. Additionally, an examination of heterogeneous treatment effects across different cities revealed that the most substantial effects were observed in large, non-resource-based, and eastern cities. Additional analysis reveals the presence of a spillover effect, whereby the adoption of this program in one city helps reduce air pollution in nearby cities. These results highlight the significance of refined air pollution monitoring for addressing imperfect local environmental enforcement.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":null,"pages":null},"PeriodicalIF":7.9,"publicationDate":"2024-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142442486","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

Doing good in times of need: Green finance policy and strategic corporate social responsibility 在需要的时候做好事：绿色金融政策和战略性企业社会责任

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-10-11 DOI: 10.1016/j.eap.2024.10.008

{"title":"Doing good in times of need: Green finance policy and strategic corporate social responsibility","authors":"","doi":"10.1016/j.eap.2024.10.008","DOIUrl":"10.1016/j.eap.2024.10.008","url":null,"abstract":"<div><div>This study investigates the effect of a green finance policy on the corporate social responsibility (CSR) activities of firms in heavily polluting industries. Based on the 2017 policy of the People's Bank of China (PBC), which incorporates green finance into its macroprudential assessment system, we employ the difference-in-differences method to show that firms in heavily polluting industries have significantly improved their CSR performance after the implementation of the PBC's green finance policy. In response to the negative effect of the PBC's policy on their financial position, affected firms strategically engage in CSR activities in the hope that appearing socially responsible will help them recover from their adverse position. Furthermore, firms in heavily polluting industries that enhance their CSR performance after the PBC's policy have benefited from reduced bank credit transaction costs and have obtained more bank loans. The improvement in CSR performance is mainly concentrated in firms that are non-state-owned, small in size, highly dependent on external financing, and receiving more media attention. Overall, this study reveals a social consequence of the PBC's green finance policy on the CSR performance.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":null,"pages":null},"PeriodicalIF":7.9,"publicationDate":"2024-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142445445","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

Promoting green technology innovation through policy synergy: Evidence from the dual pilot policy of low-carbon city and innovative city 通过政策协同促进绿色技术创新：来自低碳城市和创新型城市双试点政策的证据

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-10-10 DOI: 10.1016/j.eap.2024.10.005

{"title":"Promoting green technology innovation through policy synergy: Evidence from the dual pilot policy of low-carbon city and innovative city","authors":"","doi":"10.1016/j.eap.2024.10.005","DOIUrl":"10.1016/j.eap.2024.10.005","url":null,"abstract":"<div><div>Green technology innovation (GTI) is the key to overcoming the dilemma between economic development and environmental protection, requiring integrates environmental regulatory policies and innovation incentive policies to counteract its double externalities. This study examined the effects of the dual pilot policy (DPP) of low-carbon city pilot policy (LCCPP) and innovative city pilot policy (ICPP) on GTI based on panel data from 281 prefecture-level cities in China spanning 2007 to 2022. We found that DPP significantly improves both substantive green technology innovation (SUGTI) and strategic green technology innovations (STGTI), with a more pronounced effect identified on STGTI. LCCPP and ICPP demonstrate a policy-synergistic effect and a more sustainable and powerful influence compared to the single pilot policy of LCCPP or ICPP. Mechanism analysis reveals that DPP corrects the positive externalities of innovative knowledge by improving innovation subsidies, independent innovation capabilities, and innovation efficiency. DPP also corrects the negative externalities of environmental pollution by promoting environmental services, industrial transformation, and cleaner production. This effect of DPP on GTI appears insignificant in western cities, cities with low industry agglomeration, cities with abundant resource, and cities with low environmental awareness. Moreover, DPP engenders a demonstration effect for neighboring cities in their GTI. Our findings reveal that intensifying the policy synergy effects of LCCPP and ICPP can more efficiently and sustainably promote SUGTI and STGTI. To maximize the synergistic effects of LCCPP and ICPP, it is essential to strength the green effect of LCCPP and the innovative effect of ICPP, integrating various policy tools to complement and reinforce each other.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":null,"pages":null},"PeriodicalIF":7.9,"publicationDate":"2024-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142431937","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 tax refund policy boost executive compensation? 退税政策会提高高管薪酬吗？

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-10-05 DOI: 10.1016/j.eap.2024.09.030

引用次数: 0

Driving economic transition: The impact of cross-border e-commerce policy on the upgrading of service industry structure 推动经济转型：跨境电商政策对服务业结构升级的影响

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-10-05 DOI: 10.1016/j.eap.2024.10.001

{"title":"Driving economic transition: The impact of cross-border e-commerce policy on the upgrading of service industry structure","authors":"","doi":"10.1016/j.eap.2024.10.001","DOIUrl":"10.1016/j.eap.2024.10.001","url":null,"abstract":"<div><div>Cross-border e-commerce, as an innovative format and model of international trade, plays a crucial role in accelerating the transformation and upgrading of industrial structures, and shaping a modern economic framework. Using panel data from 260 prefecture-level cities in China from 2003 to 2019, this study investigates the impact of the cross-border e-commerce comprehensive pilot area (CBECCPA) policy on the upgrading of service industry structure and its mechanisms using the staggered difference-in-differences (DID) method. The results show that the CBECCPA policy can significantly promote the upgrading of service industry structure. The mechanism analysis reveals that the CBECCPA policy can promote the upgrading of service industry structure by clustering service industry enterprises, bolstering urban innovation, and increasing the scale of trade. Heterogeneity analysis indicates that the impact of the CBECCPA policy on the information transmission, software, and information technology service industry is more pronounced and the policy effect is stronger for those with a lower level of service industry structure and for pilot areas with higher levels of development, developmental foundation, developmental scale, and developmental innovation. Furthermore, the policy effect varies significantly across cities. This study provides empirical evidence and policy insights into the role of the CBECCPA in the upgrading of service industry structure.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":null,"pages":null},"PeriodicalIF":7.9,"publicationDate":"2024-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142431936","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

Extreme time-frequency connectedness between energy sector markets and financial markets 能源行业市场与金融市场之间的极端时频关联性

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-09-29 DOI: 10.1016/j.eap.2024.09.027

{"title":"Extreme time-frequency connectedness between energy sector markets and financial markets","authors":"","doi":"10.1016/j.eap.2024.09.027","DOIUrl":"10.1016/j.eap.2024.09.027","url":null,"abstract":"<div><div>The renewable energy market has developed into a distinct asset class that has garnered significant attention from investors worldwide. This study investigates the connectedness between the S&P 500 and various energy sectors, including the Green Bond (Green Bond), S&P GSCI Carbon Emission Allowances Index (GSCI EUA), S&P GSCI Biofuel (GSCI Biofuel), and S&P Global Clean Energy Indices (Global Clean Energy). Combining the quantile connectedness approach of Ando et al. (2022) and the spillover index developed by Chatziantoniou et al. (2022), we investigate the quantile time-frequency connectedness among these markets. Our findings reveal that the impact of tail risk spreading to the energy sector during extremely challenging market conditions is significantly amplified. Most tail risk spillovers between the energy sectors involve short-term risk spillovers, as seen by analyzing the frequency domain. The impact of tail risk spillover is stronger during extreme situations, showing a short-term asymmetry. Global Clean Energy and the S&P 500 play important roles in spreading risk to other sectors, known as tail risk spillover. They add to the overall risk that affects the network system. On the other hand, other energy sectors (GSCI EUA and GSCI Biofuel) as well as green bonds act as net recipients by receiving the risk rather than spreading it further, potentially providing portfolio diversification. It is essential to understand how these key players influence risk in the financial system. Utilizing a variety of techniques to assess portfolio performance shows the importance of understanding the return transmission mechanism in the process of developing a portfolio and suggests that Clean Energy, given its relative independence, may make an excellent diversification investment.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":null,"pages":null},"PeriodicalIF":7.9,"publicationDate":"2024-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142421466","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 impact of Pradhan Mantri Ujjwala Yojana on Indian households Pradhan Mantri Ujjwala Yojana 对印度家庭的影响

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-09-29 DOI: 10.1016/j.eap.2024.09.026

引用次数: 0