Economic Analysis and Policy最新文献

Employee stock ownership plans and controlling shareholders’ over-appointing of directors 员工持股计划和控股股东超额任命董事

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-11-10 DOI: 10.1016/j.eap.2024.11.001

Lei Zhou, Feng Wei

引用次数: 0

How does macroprudential policy affect the relationship between financial openness and bank risk-taking 宏观审慎政策如何影响金融开放与银行风险承担之间的关系

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-11-10 DOI: 10.1016/j.eap.2024.11.004

Hui-Jun Li , Deng-Kui Si , Meng-Long Chen

{"title":"How does macroprudential policy affect the relationship between financial openness and bank risk-taking","authors":"Hui-Jun Li , Deng-Kui Si , Meng-Long Chen","doi":"10.1016/j.eap.2024.11.004","DOIUrl":"10.1016/j.eap.2024.11.004","url":null,"abstract":"<div><div>This paper investigates how macroprudential policy affects the relationship between financial openness and bank risk-taking by utilizing Chinese commercial banking data from 2005 to 2021. We find that financial openness generally promotes bank risk-taking. Robustness checks consistently support this finding, including variable substitutions, sample period adjustments, controlling for other shocks, and endogeneity concerns. The impact of financial openness on risk-taking demonstrates potential heterogeneity, contingent upon factors such as bank financing constraints, risk management, and financial regulation. We delineate credit, interest rate, and asset price channels through which financial openness affects bank risk-taking, notably by amplifying bank credit volumes, diminishing credit asset ratios, compressing net interest margins and spreads, and elevating asset prices. Macroprudential policies are identified as effective countermeasures against the heightened bank risk-taking associated with financial openness, with the effectiveness of these policies varying by the specific regulatory instruments.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"84 ","pages":"Pages 1820-1839"},"PeriodicalIF":7.9,"publicationDate":"2024-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142658419","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 economic implications of population aging on current account balance 人口老龄化对经常账户收支的经济影响

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-11-09 DOI: 10.1016/j.eap.2024.10.053

Tomas Kabrt

{"title":"The economic implications of population aging on current account balance","authors":"Tomas Kabrt","doi":"10.1016/j.eap.2024.10.053","DOIUrl":"10.1016/j.eap.2024.10.053","url":null,"abstract":"<div><div>This paper focuses on the demographic determinants of current account balance (CAB) across income groups, continents, and time periods between 1993 and 2021. The benchmark model employs a panel data analysis, particularly a two-way effects estimator (<span><span>Baltagi, 2021</span></span>), with CAB as the main dependent variable, while savings rate (SAV) is used as an alternative dependent variable. It was found that the old dependency ratio, fertility rate, life expectancy, population growth, and mortality rate have a statistically significant effect on CAB and SAV, but the effects are heterogeneous across income groups and continents. In Africa, an increase in the old dependency ratio has a negative effect on CAB in accordance with the theories of <span><span>Modigliani and Sterling (1983)</span></span>, <span><span>Graham, (1987)</span></span>, and <span><span>Masson and Tryon (1990)</span></span>. Fertility rate has a negative effect on CAB in Africa while having an ambiguous effect in Asia and Europe. In line with the findings of <span><span>Mason and Lee (2006)</span></span>, there is a positive relationship between fertility rates and CAB and SAV in lower-middle-income countries and negative relationship in high-income countries. Conversely, population growth affects negatively CAB and SAV in lower middle-income countries and positively in high-income countries.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"84 ","pages":"Pages 1895-1909"},"PeriodicalIF":7.9,"publicationDate":"2024-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142658479","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

Can linguistic big data empower digital economy?: Evidence from China 语言大数据能否为数字经济赋能？来自中国的证据

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-11-09 DOI: 10.1016/j.eap.2024.11.007

Mengjun Xie , Chengping Zhang

{"title":"Can linguistic big data empower digital economy?: Evidence from China","authors":"Mengjun Xie , Chengping Zhang","doi":"10.1016/j.eap.2024.11.007","DOIUrl":"10.1016/j.eap.2024.11.007","url":null,"abstract":"<div><div>The paper develops a theoretical framework and provides empirical evidence to illuminate the impact of linguistic big data on shaping the digital economy. Using a value-added accounting method, we quantify the scale of the digital economy and develop an econometric model to empirically evaluate its growth driven by linguistic big data. Our findings highlight the pivotal role of linguistic big data in mitigating resource mismatches caused by information asymmetry, enhancing the efficiency of supply-demand dynamics in online trading markets, and expanding the transactional reach of the digital economy. Furthermore, our analysis reveals notable heterogeneity in the impact of linguistic big data across different regions and sectors. Specifically, its influence is more pronounced in eastern China and has a greater effect on digital industrialization compared to industrial digitalization. Additionally, its impact on the digital service industry is more substantial than the impact on digital manufacturing sector. This study carries important implications and offers valuable policy insights for fostering the advancement of the digital economy. These insights can inform strategic initiatives that leverage linguistic big data to drive the growth of the digital economy.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"84 ","pages":"Pages 1771-1787"},"PeriodicalIF":7.9,"publicationDate":"2024-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142658480","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

Return-to-hometown entrepreneurship and employment of low-income households: Evidence from national returned entrepreneurial enterprise data of China 返乡创业与低收入家庭就业：来自中国全国返乡创业企业数据的证据

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-11-07 DOI: 10.1016/j.eap.2024.10.051

Yi Wang , Biao Li , Xiaoyan Niu , Baoqi Li

{"title":"Return-to-hometown entrepreneurship and employment of low-income households: Evidence from national returned entrepreneurial enterprise data of China","authors":"Yi Wang , Biao Li , Xiaoyan Niu , Baoqi Li","doi":"10.1016/j.eap.2024.10.051","DOIUrl":"10.1016/j.eap.2024.10.051","url":null,"abstract":"<div><div>Employment is widely regarded as the most effective approach for eradicating poverty among low-income groups and preventing them from returning to poverty. Using national returned entrepreneurial enterprise data of China, this study empirically analyzes how “return-to-hometown entrepreneurship (RHE)” achieves antipoverty through a mediation effect model that incorporates moderating effects. Our findings reveal that: (1) RHE considerably enhances employment in low-income households. In particular, annual income and enterprise investment scale have a substantial positive impact on boosting the employment of low-income households. (2) Development- and value-oriented enterprises boost employment of low-income households more than survival-oriented enterprises. (3) The mechanism analysis indicates that entrepreneurship training plays a positive moderating role between the income of enterprises and the number of employed low-income households. Tax relief, loan guarantees, and industrial support policies have played multimediating roles in achieving antipoverty by RHE. These findings indicate that an effective interface between poverty alleviation and rural revitalization requires the government to attract additional high-quality RHE enterprises and actively fulfill its important institutional role in entrepreneurial training and various return-to-hometown entrepreneurial support policies.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"84 ","pages":"Pages 1714-1729"},"PeriodicalIF":7.9,"publicationDate":"2024-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142658481","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

Digital economy, government efficiency, and regional administrative monopolies: Evidence from China 数字经济、政府效率和地区行政垄断：来自中国的证据

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-11-03 DOI: 10.1016/j.eap.2024.10.033

Huang Xing , Yang Feihu , Li Yating

引用次数: 0

How antitrust enforcement affects corporate ESG performance? Evidence from merger review cases in China 反垄断执法如何影响企业ESG绩效？来自中国兼并审查案例的证据

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-11-01 DOI: 10.1016/j.eap.2024.10.037

Fang Yi, Chenru Cao, Jingxuan Xu

{"title":"How antitrust enforcement affects corporate ESG performance? Evidence from merger review cases in China","authors":"Fang Yi, Chenru Cao, Jingxuan Xu","doi":"10.1016/j.eap.2024.10.037","DOIUrl":"10.1016/j.eap.2024.10.037","url":null,"abstract":"<div><div>Chinese unique treatment of unreported merger cases (which should be reported according to antitrust law) in the context of merger review provides a distinctive and robust control group for the Difference-in-Differences (DID) research method. We employ the DID method to investigate the impact of China’s merger review antitrust enforcement on Environment, Social and Governance (ESG) performance. We find that the implementation of merger review antitrust enforcement suppresses corporate ESG performance, especially with significant effects observed on the Environment (E) and Governance (G) components. Mechanism analysis indicates that antitrust enforcement poses an impact on corporate profits by reducing market concentration and safeguarding fair market competition. This leads to the emergence of corporate financial performance protection behaviors, resulting in a decrease in corporate ESG performance. Heterogeneous analysis finds that the use of structural remedy in the enforcement process and stronger antitrust enforcement will further intensify the inhibitory effect of antitrust enforcement against business concentration on ESG.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"84 ","pages":"Pages 1730-1746"},"PeriodicalIF":7.9,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142658476","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

New energy policy and new quality productive forces: A quasi-natural experiment based on demonstration cities 新能源政策和新的优质生产力：基于示范城市的准自然实验

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-10-28 DOI: 10.1016/j.eap.2024.10.039

Zhenhua Zhang , Peixuan Li , Xinyi Wang , Rong Ran , Wenshuai Wu

{"title":"New energy policy and new quality productive forces: A quasi-natural experiment based on demonstration cities","authors":"Zhenhua Zhang , Peixuan Li , Xinyi Wang , Rong Ran , Wenshuai Wu","doi":"10.1016/j.eap.2024.10.039","DOIUrl":"10.1016/j.eap.2024.10.039","url":null,"abstract":"<div><div>The impact of the new energy policy on the new quality productive forces (NQPF) in developing countries still lacks empirical evidence. The new energy demonstration city policy (NEDCP), serving as a comprehensive energy strategy in China, holds significant importance in driving the transformation of energy structures and fostering the NQPF. Based on the panel data collected from 276 Chinese cities, this study employs the difference-in-differences approach to examine the impact of the NEDCP on the NQPF. The findings indicate a substantial enhancement in the NQPF as a result of the NEDCP. While the NEDCP has a short-term effect on the NQPF, the long-term effect is insignificant. When considering the removal of low-carbon city variables, the influence of NEDCP was significantly improved. The NEDCP indirectly improves the NQPF through urban innovation capacity, government fiscal support, and industrial structure upgrading. The human capital level positively moderates the NEDCP's effect on the NQPF. In contrast to cities reliant on natural resources, the NEDCP exhibits a significantly greater influence on augmenting the NQPF in cities that are not dependent on such resources. Cities with higher urbanization levels experience a more substantial positive impact on the NQPF from the NEDCP compared to cities with lower urbanization levels. Our findings have important theoretical significance and can provide practical guidance to help developing countries improve NQPF through new energy policies.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"84 ","pages":"Pages 1670-1688"},"PeriodicalIF":7.9,"publicationDate":"2024-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142658021","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 public pension promote or inhibit enterprise total factor productivity? Evidence from China 公共养老金是促进还是抑制企业全要素生产率？来自中国的证据

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-10-26 DOI: 10.1016/j.eap.2024.10.032

Qianwen Zheng , Zilan Liu , Yunxiao Zhang

{"title":"Does public pension promote or inhibit enterprise total factor productivity? Evidence from China","authors":"Qianwen Zheng , Zilan Liu , Yunxiao Zhang","doi":"10.1016/j.eap.2024.10.032","DOIUrl":"10.1016/j.eap.2024.10.032","url":null,"abstract":"<div><div>The relationship between pension contribution rates and productivity remains a significant topic of discussion. This study utilizes micro-level data to examine the interaction between statutory pension contribution rates, actual contribution rates, and the total factor productivity (TFP) of enterprises. The findings indicate that the reduction in the Basic Old-age Insurance contribution rate resulted in a 0.985 percentage point decline in actual contribution rates and 4.3 percentage point decline in TFP. Pension insurance contribution collection by tax authorities results in the highest collection intensity and lowest elasticity coefficient, while agency collection exhibits greater variability. Additionally, actual pension contribution rates and TFP exhibit an inverted U-shaped relationship. When the public pension contribution rate is either too high or too low, it may hinder improvements in enterprise production efficiency. Instead, there exists an optimal range of contribution rates where public pensions can foster a positive interaction between R&D investment, capital-skill substitution, and employee incentives. State-owned, labor-intensive, and low-wage firms experience sharper productivity declines beyond a lower optimal contribution rate, indicating that these firms reach peak productivity at lower contribution levels.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"84 ","pages":"Pages 1690-1713"},"PeriodicalIF":7.9,"publicationDate":"2024-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142658475","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

Using a price floor on carbon allowances to achieve emission reductions under uncertainty 在不确定的情况下利用碳配额的价格下限实现减排

IF 6.5 2区经济学

Economic Analysis and Policy Pub Date : 2023-10-09 DOI: 10.1016/j.eap.2023.10.002

Xinhua Zhang , C. James Hueng , Robert J. Lemke

引用次数: 0