Economic Analysis and Policy最新文献

{"title":"The invisible hand of transfer: The income distribution effect of water resource fee to tax","authors":"Peng Yao ,&nbsp;Zhijin Tian ,&nbsp;Jinze Li","doi":"10.1016/j.eap.2025.03.025","DOIUrl":"10.1016/j.eap.2025.03.025","url":null,"abstract":"<div><div>Income distribution is the foundation of equitable people's livelihoods, and improving the income distribution system is a key pathway to achieving common prosperity for all. This paper uses micro-level data from listed companies in China's industrial sector, along with macroeconomic data from 2011 to 2019, to examine the impact of the water resource fee-to-tax reform pilot policy on changes in the labor income share. The study finds that the policy reduces the labor income share through both the factor substitution effect and the strengthening of corporate monopoly power. Heterogeneity analysis indicates that the income distribution effects of the reform are more pronounced in large-scale enterprises, firms with stronger labor bargaining power, labor-intensive industries, and regions experiencing water resource overexploitation. To further clarify the broader economic consequences of the pilot policy, this paper also investigates the impact of the water resource tax reform on human capital structure, regional labor mobility, and intra-firm wage disparities.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"86 ","pages":"Pages 76-97"},"PeriodicalIF":7.9,"publicationDate":"2025-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143619766","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}

{"title":"ESG disclosure and corporate human capital upgrading in China","authors":"Mingjie Ni","doi":"10.1016/j.eap.2025.03.011","DOIUrl":"10.1016/j.eap.2025.03.011","url":null,"abstract":"<div><div>ESG has become a pivotal factor in advancing corporate sustainability, yet its impact on corporate human capital, particularly in emerging markets, remains underexplored. This study leverages the inaugural release of ESG ratings for Chinese listed companies by a third-party agency, employing a difference-in-differences approach to examine the effects of market-driven ESG disclosure. Analysis of firm-level panel data from 2011 to 2021 reveals that ESG disclosure leads to a 5.3% increase in high-skilled employees relative to low-skilled employees. This shift is driven by stock price pressures encouraging firms to adjust employment strategies, strengthen governance, and invest in technology. The effects are especially pronounced in state-owned enterprises, financially stable firms, and technology-intensive industries. These findings highlight the effectiveness of market-driven ESG disclosure in emerging markets and offer actionable insights for policymakers to foster voluntary ESG disclosure systems and guide firms in leveraging human capital investments for sustainable development.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"86 ","pages":"Pages 49-64"},"PeriodicalIF":7.9,"publicationDate":"2025-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143619765","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}

{"title":"The effects of mixed ownership reforms on Chinese firms’ emissions","authors":"Kefan Xu,&nbsp;Peng Yuan,&nbsp;Renjie Yu","doi":"10.1016/j.eap.2025.03.023","DOIUrl":"10.1016/j.eap.2025.03.023","url":null,"abstract":"<div><div>The mixed ownership reforms, characterized by partial privatization of SOEs and state capital injection (SCI) in private firms, represent a pivotal component of China's property rights reform. While economic effects of ownership reforms have been extensively examined, their environmental consequences remain underexplored. Drawing on data from Chinese industrial firms spanning 1999–2013, this paper employs a time-varying difference-in-differences model to evaluate the effects of mixed ownership reforms on firms’ pollution emissions. The results indicate that: (1) the partial privatization of SOEs significantly reduces SO₂ emissions intensity, while SCI in private firms contributes to a reduction in SO₂ emissions; (2) partially privatized SOEs achieve reductions in SO₂ emissions intensity through the adoption of source control technologies; whereas private firms accepting SCI reduce SO₂ emissions primarily by sacrificing output; (3) the effectiveness of these reforms in reducing emissions varies depending on the intensity of the reforms, firm size, and the level of regional economic development. This study sheds light the environmental effects of mixed ownership reforms, providing offers valuable insights for advancing the sustainable development of state-owned and private enterprises.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"86 ","pages":"Pages 191-209"},"PeriodicalIF":7.9,"publicationDate":"2025-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143644734","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}

{"title":"How green bonds exert a demonstration effect on firms within the same region","authors":"Chengming Li ,&nbsp;Guanyu Guo ,&nbsp;Huangying Gu ,&nbsp;Xiaoqi Dong","doi":"10.1016/j.eap.2025.03.024","DOIUrl":"10.1016/j.eap.2025.03.024","url":null,"abstract":"<div><div>This study investigates the regional demonstration effect of green bond (GB) issuance on conventional bond markets in China. Despite the growing importance of GBs in sustainable finance, their limited market penetration raises questions about their broader impact. This research addresses the gap in understanding how GBs influence neighboring firms' green practices and conventional bond credit spreads (CSs), crucial for enhancing China's green financial system. Utilizing a multi-phase difference-in-differences framework, <strong>we analyze data from Chinese listed companies (2010–2022)</strong>, this study examines the regional demonstration effect of green bond (GB) issuance on conventional bond markets in China. Employing a multi-phase difference-in-differences framework, the analysis reveals that the issuance of GBs by firms significantly reduces the credit spreads (CSs) of conventional bonds issued by other enterprises within the same region. This reduction is driven by strategic and substantive green imitation behaviors, where neighboring firms enhance their green practices to achieve financial benefits. The study identifies heterogeneity in the demonstration effect: firms in non-heavy-polluting industries, provincial capital cities, and non-state-owned enterprises exhibit stronger green imitation capacities, while those in highly competitive industries, financially distressed conditions, and non-western regions demonstrate greater willingness to engage in green imitation. In addition, this paper categorizes green imitation into benchmarking-driven imitation based on the information cascade theory and competition-driven imitation based on the homogeneous strategy theory according to different motivations for imitation, with the latter having a greater impact on green imitation. The findings highlight GBs’ positive externalities, demonstrating their role in incentivizing regional green transitions and reducing financing costs for conventional bonds. Policymakers should leverage GBs’ demonstration effect through targeted incentives, enhanced environmental disclosure mandates, and inter-firm collaboration. This study advances green finance literature by linking GBs to conventional bond markets and elucidating imitation mechanisms, offering actionable insights for sustainable economic transformation.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"86 ","pages":"Pages 117-136"},"PeriodicalIF":7.9,"publicationDate":"2025-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143629231","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}

{"title":"The non-observed economy in the national accounts: New evidence for EU and EFTA Member States","authors":"Alexandra Fernandes","doi":"10.1016/j.eap.2025.02.042","DOIUrl":"10.1016/j.eap.2025.02.042","url":null,"abstract":"<div><div>Exhaustive GDP estimates are vital for an accurate perception of the economy, international comparability, economic research and policymaking. Using a novel data source – the GNI Inventories submitted to Eurostat in the context of GNI data verification, this paper provides new and more extensive evidence on the adjustments for the non-observed economy made to GDP and GNI estimates in EU and EFTA countries. Adjustments range between less than 1% and over 27% of GDP, illustrating marked differences across countries. This comparative analysis demonstrates that this reflects not only differences in undeclared activity, but also in national accounts data sources and methods, despite common assumptions regarding the nature and structure of fraud and institutional background. These findings highlight the potential and limitations of these data for policies tackling tax evasion and the need for further cooperation with researchers and national authorities in measuring the level and structure of tax evasion.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"86 ","pages":"Pages 137-164"},"PeriodicalIF":7.9,"publicationDate":"2025-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143641866","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}

{"title":"Green digital finance and energy transition: Considering the differentiating role of regional policy uncertainty","authors":"Mengfan Du ,&nbsp;Yue-Jun Zhang","doi":"10.1016/j.eap.2025.03.020","DOIUrl":"10.1016/j.eap.2025.03.020","url":null,"abstract":"<div><div>Green digital finance (GDF) and policy uncertainty are critical to the energy transition and energy security. This study measures the level of GDF and the state of energy transition in Chinese cities from 2011 to 2020, and develops linear probability and moderating effect models to excavate the role of GDF on energy transition, and tests the moderating effect of regional policy uncertainty. The study finds that: (1) GDF increases the possibility of energy transition in cities, especially those with fluctuating transition. (2) Climate policy uncertainty does not affect GDF support for energy transition, while economic policy uncertainty dampens GDF support for energy transition, and this inhibitory effect is more pronounced in cities with fluctuating transition. (3) GDF accelerates the energy transition through venture capital, R&amp;D investments, green innovation and industrial upgrading mechanisms. (4) Cities with higher levels of digital infrastructure and financial specialization, and greater financial regulation and environmental protection, as well as cities in the eastern region, are more likely to benefit from GDF contributions to the energy transition.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"86 ","pages":"Pages 30-48"},"PeriodicalIF":7.9,"publicationDate":"2025-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143619767","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}

{"title":"Environmental and economy-wide impacts of green fiscal policies on digital economy development: A CGE-based analysis","authors":"Xiang-Yan Qian ,&nbsp;Yan-Yan Yu ,&nbsp;Song-Yang Yan ,&nbsp;Hong-Dian Jiang","doi":"10.1016/j.eap.2025.03.019","DOIUrl":"10.1016/j.eap.2025.03.019","url":null,"abstract":"<div><div>Coordinating digital economy development with carbon reduction strategies is crucial for promoting high-quality economic growth in China under the influence of carbon peaking and neutrality goals. Therefore, this study developed a computable general equilibrium model with a digital economy module for assessing the environmental and socio-economic effects of green fiscal policies on digital economic development within a dual-carbon strategy. First, results indicate that to protect gross domestic product (GDP) and the digital economy, combining carbon pricing (CP) and increased investment in digital economy sectors can be considered. This approach has the smallest GDP loss and can bring the most significant value-added and profit growth to the digital economy. Moreover, it could significantly increase the renewable energy share and electrification rate, thus enhancing synergistic emission reduction effects. Second, since the focus of digital economy development varies at different stages, we can consider either CP alone or a combination of CP and increased investment in the digital economy if digital-enabling infrastructure is prioritised. Alternatively, CP can be combined with subsidies for the digital economy if digital trade development is emphasised. Third, it is not feasible to separately reduce indirect tax rates in the digital economy sector to avoid increasing negative socio-economic impacts.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"86 ","pages":"Pages 65-75"},"PeriodicalIF":7.9,"publicationDate":"2025-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143632129","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}

{"title":"Does national ESG performance move together with climate warming?","authors":"Juan Tan ,&nbsp;Xing-Yun Zou ,&nbsp;Xin Zhang ,&nbsp;Chun-Ping Chang","doi":"10.1016/j.eap.2025.03.017","DOIUrl":"10.1016/j.eap.2025.03.017","url":null,"abstract":"<div><div>Achieving a balance between economic growth and climate change mitigation is essential for sustainable development. This research uses the panel data of 95 countries from 1990 to 2020, and conducts the Westerlund panel cointegration test to investigate the long-term bidirectional cointegration relationship between national environmental, social, and governance (ESG) performance and climate warming caused by carbon dioxide (CO2) and other greenhouse gas (GHG) emissions. This paper takes a deeper look at the short- and long-term causal relationships using panel dynamic ordinary least squares (DOLS) and vector error correction models (VECM). The results show that while the improvement of national ESG performance increases climate warming in the initial stage, it contributes to long-term mitigation in the future. In addition, the reduction of CO2 emissions per capita can significantly improve the mitigation in the long term, although the national ESG performance would decrease in the short term, the reduction of other GHG emissions can also improve the national ESG performance in both the short and long term. This research provides valuable insights for policy makers to improve national ESG performance, mitigate the climate crisis and promote sustainable development.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"86 ","pages":"Pages 19-29"},"PeriodicalIF":7.9,"publicationDate":"2025-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143609527","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}

{"title":"Import liberalization and pollution reduction: Firm-level evidence from Chinese manufacturing","authors":"Xiaosong Wang ,&nbsp;Siyuan Tian ,&nbsp;Yuding Zhou ,&nbsp;Le Li","doi":"10.1016/j.eap.2025.03.016","DOIUrl":"10.1016/j.eap.2025.03.016","url":null,"abstract":"<div><div>Opening not only promotes domestic economic growth but also has an impact on the environment. This paper analyzes the impact of import liberalization on firms’ pollution emissions and its mechanism. We first analyze the impact and mechanism of import liberalization on firm pollution emissions through a theoretical model, then use the data of Chinese industrial firms for empirical analysis. Empirical analysis results show that cheaper imported inputs can significantly reduce firms’ emission of sulfur dioxide and chemical oxygen demand, whereas lower output tariffs have no significant impact. Lower input tariffs can reduce pollution intensity via productivity and clean technology effect. The pollution reduction effect of cheaper input is more obvious for general trade firms and foreign-funded firms. This paper provides a useful reference for how to promote the domestic environment under the context of global value chains and multiple trade risks.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"86 ","pages":"Pages 1-18"},"PeriodicalIF":7.9,"publicationDate":"2025-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143609545","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}

{"title":"Firm digitalization and inter-firm financing along the supply chain","authors":"Jinkang Zhang ,&nbsp;Linlin Zhang ,&nbsp;Shan Wang ,&nbsp;Dazhuang Zhang","doi":"10.1016/j.eap.2025.02.043","DOIUrl":"10.1016/j.eap.2025.02.043","url":null,"abstract":"<div><div>This paper explores how customer-supplier financing relations are reshaped when the customer goes digital. We use trade credit to measure inter-firm financing along the supply chain and find that the customer's firm digitalization significantly reduces its reliance on inter-firm financing, particularly when its suppliers concentrate, or when its suppliers are at a long distance. Additional tests suggest that the efficiency-improving channel and the cost-saving channel are likely underlying mechanisms. Cross-sectional analysis find that the relationship between firm digitalization and inter-firm financing is more pronounced among firms with greater financial constraints, greater market competition, firms located in regions with greater financial development, and greater digital inclusive finance. We also find that the impact of firm digitalization is greater during the COVID-19 pandemic. Our paper provides new insights into the externalities of firm digitalization on supplier-customer relationships.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"86 ","pages":"Pages 98-116"},"PeriodicalIF":7.9,"publicationDate":"2025-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143628065","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}