Economic Analysis and Policy最新文献_第10页

Optimal portfolio selection of China's green bond and stock markets: Evidence from the multi-frequency extreme risk connectedness

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-11-20 DOI: 10.1016/j.eap.2024.11.015

Wei-Qiang Huang, Jing Dai

{"title":"Optimal portfolio selection of China's green bond and stock markets: Evidence from the multi-frequency extreme risk connectedness","authors":"Wei-Qiang Huang, Jing Dai","doi":"10.1016/j.eap.2024.11.015","DOIUrl":"10.1016/j.eap.2024.11.015","url":null,"abstract":"<div><div>This paper investigates the optimal portfolio of industry stocks with China's green bond (CBGB) at different time scales, through comparing minimum connectedness portfolio (MCoP1) and modified minimum connectedness portfolio (MCoP2) under the condition of minimizing extreme risk connectedness, as well as minimum VaR portfolio. First, we examine the ability of CBGB to provide diversification benefits for industry stocks at different scales, which employs extreme risk connectedness. Then, the portfolio performing optimally at each scale is explored by comparing specific performances of various portfolio methods. The empirical results show that: (1) CBGB is weakly related to industry stocks, whether in the time or frequency domain, and is the net receiver. (2) Most industry stocks play different roles (transmitter or receiver) in different scales, with time-varying characteristics. Therefore, industry stocks benefit highly from the diversification effects of CBGB, and their portfolio should possess frequency and time-varying characteristics. (3) Based on the comparison results of weight allocations, cumulative returns, and Sharpe ratios, the short-term optimal performance is achieved by MCoP2, while in medium- to long-term, MCoP1 outperforms MCoP2 and minimum VaR portfolio. This implies that considering extreme risk connectedness in the construction of portfolios can effectively enhance returns, but in the long term, market integration should also be taken into account.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 208-237"},"PeriodicalIF":7.9,"publicationDate":"2024-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143132222","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

Shadow banking contraction and employment decisions in manufacturing firms: Empirical evidence from China's new asset management regulations 制造业企业影子银行收缩与就业决策：来自中国资产管理新规的经验证据

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-11-19 DOI: 10.1016/j.eap.2024.11.016

Zhengrong Yuan , Qiuzuo Yu

{"title":"Shadow banking contraction and employment decisions in manufacturing firms: Empirical evidence from China's new asset management regulations","authors":"Zhengrong Yuan , Qiuzuo Yu","doi":"10.1016/j.eap.2024.11.016","DOIUrl":"10.1016/j.eap.2024.11.016","url":null,"abstract":"<div><div>This study represents the inaugural exploration utilizing the 2018 \"New Asset Management Regulation\" (NAMR) as a quasi-natural experiment to examine the repercussions of the reduced scale of shadow banking, prompted by the regulation, on the employment scale of enterprises. Analyzing a dataset comprising Chinese manufacturing companies listed from 2015 to 2020, the empirical findings indicate a significant decline in the labor employment scale of companies exhibiting higher financialization levels post-implementation of the NAMR, as opposed to those with lower financialization levels. Mechanism analysis reveals that the policy heightens financing constraints and escalates debt default risks, thereby hindering employment in enterprises. The heterogeneity analysis demonstrates a more pronounced negative impact on employment in companies characterized by higher long-term use of short-term debt, diminished growth prospects, heightened involvement in shadow banking, and increased development levels in local shadow banking. Additionally, the policy primarily limits the employment size in firms that finance or engage in arbitrage through shadow banking, while also reducing the demand for low-educated labor within these firms. This study enhances understanding of the impact of shadow banking on the real economy. Moreover, it offers valuable insights for advancing the standardization and market-oriented development of asset management businesses.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 131-149"},"PeriodicalIF":7.9,"publicationDate":"2024-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142747905","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 the Air Pollution Joint Prevention and Control Policy Work: Evidence from China 大气污染联防联控政策是否有效？来自中国的证据

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-11-17 DOI: 10.1016/j.eap.2024.11.013

Qin Xiao , Yixiao Jin , Rong Yu , Enze Zhang , Yuechuan Zhao

{"title":"Does the Air Pollution Joint Prevention and Control Policy Work: Evidence from China","authors":"Qin Xiao , Yixiao Jin , Rong Yu , Enze Zhang , Yuechuan Zhao","doi":"10.1016/j.eap.2024.11.013","DOIUrl":"10.1016/j.eap.2024.11.013","url":null,"abstract":"<div><div>Developing countries face significant challenges in managing regional air pollution. While previous studies show the benefits of the Air Pollution Joint Prevention and Control (AJPC) policy, there needs to be more understanding of its implementation challenges. Using data from the Beijing-Tianjin-Hebei (BTH) region in China and applying a tripartite evolutionary game (TEG) model along with a difference-in-differences (DID) method, our study talks about the effectiveness of AJPC policy. We find that the AJPC policy has positively impacted air quality. However, its effectiveness varies across regions and periods, making it difficult to achieve the original goals. Additionally, we identified challenges to implementing the policy, such as free-riding from governance spillover, the instability of central government regulation, and the limited policy-carrying capacity of micro-entities. Our findings highlight the complexity of regional pollution control and provide critical insights for refining pollution management strategies in developing countries, offering valuable guidance for policymakers aiming to enhance regional air quality control.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"84 ","pages":"Pages 2049-2070"},"PeriodicalIF":7.9,"publicationDate":"2024-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142705648","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 regional integration promote the improvement of the green production efficiency of tourism industry? 区域一体化是否促进了旅游业绿色生产效率的提高？

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-11-15 DOI: 10.1016/j.eap.2024.11.003

Di Xu , Pengfei Shi , Chunyan Wu , Yu Diao

{"title":"Does regional integration promote the improvement of the green production efficiency of tourism industry?","authors":"Di Xu , Pengfei Shi , Chunyan Wu , Yu Diao","doi":"10.1016/j.eap.2024.11.003","DOIUrl":"10.1016/j.eap.2024.11.003","url":null,"abstract":"<div><div>This paper clarifies the essential connotation and mutual mechanism of regional integration and the green production efficiency of tourism industry (GPET) and verifies the effect of regional integration on the GPET. The results show that: (1) The GPET under the influence of regional integration shows an overall growth trend, the internal differences are gradually narrowing, and there exists significant spatial autocorrelation in the spatial pattern, with the High-High agglomeration in the east and the Low-Low agglomeration in the west. (2) Regional integration has a significant positive contribution to the GPET, but the spillover effect is not obvious. (3) The opening up and employment scale can significantly promote the GPET, but the local government's ability to intervene in the market, economic density and intensity of environmental regulation have the significant negative impact on the level of GPET in local. (4) Regional integration to promote high GPET is characterized by “multiple concurrency” and “asymmetry”. The types of high GPET drivers include “traveler flow-economic development” and “environmental protection-social security”.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 94-110"},"PeriodicalIF":7.9,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142747804","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

Dynamic spillovers between Shanghai crude oil futures and China's green markets: Evidence from quantile-on-quantile connectedness approach 上海原油期货与中国绿色市场之间的动态溢出效应：来自分位数连通性方法的证据

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-11-15 DOI: 10.1016/j.eap.2024.11.006

Min Liu , Hongfei Liu , Weiying Ping

{"title":"Dynamic spillovers between Shanghai crude oil futures and China's green markets: Evidence from quantile-on-quantile connectedness approach","authors":"Min Liu , Hongfei Liu , Weiying Ping","doi":"10.1016/j.eap.2024.11.006","DOIUrl":"10.1016/j.eap.2024.11.006","url":null,"abstract":"<div><div>This paper provides a preliminary investigation of the dynamic relationship between crude oil and different green assets by examining the spillover effects between the Shanghai crude oil futures (INE), carbon emissions trading (CET), ESG stocks (ESG), clean energy stocks (CSI) and green bonds (GB) markets. The innovation of this paper is its adoption of the quantile-on-quantile connectedness approach to analyze the spillover effects that occur in these markets across various quantiles and provide more accurate and comprehensive empirical results. Our results can be summarized as follows. First, CSI and ESG are positively correlated with INE during the sample period, while CET and GB are negatively correlated with INE. Second, CET has strong potential to hedge against oil shocks during normal market states, while GB shows better hedging performance during extreme market states. Third, regardless of the quantile level, ESG and CSI play the role of primary information transmitters in the network, while GB and CET act more as net spillover recipients. These findings help oil investors to realign their portfolios for risk avoidance and provide policymakers with a reference for formulating policy measures.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 78-93"},"PeriodicalIF":7.9,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142747806","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

Green public procurement and firms' pollution emissions: Does demand-side environmental policy matter? 绿色公共采购与企业的污染排放：需求方环境政策重要吗？

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-11-14 DOI: 10.1016/j.eap.2024.11.011

Renjie Zhang , Guiyi Zhu

{"title":"Green public procurement and firms' pollution emissions: Does demand-side environmental policy matter?","authors":"Renjie Zhang , Guiyi Zhu","doi":"10.1016/j.eap.2024.11.011","DOIUrl":"10.1016/j.eap.2024.11.011","url":null,"abstract":"<div><div>Environmental governance requires both production-side and demand-side approaches. Previous literature has extensively studied environmental regulatory policies on the production side, while the role of demand side factors has often been neglected. This study constructs a staggered difference-in-difference model to investigate the impact of Green Public Procurement (GPP) on firms' pollution emissions taking the green procurement lists enacted by the Chinese government as a quasi-natural experiment. The results demonstrate that being selected into the green procurement lists significantly reduces firms' pollution emissions, and the findings still hold after endogeneity tests and a series of robustness tests. We identified the mechanisms responsible for this effect. The reduction in firms' pollution emissions mainly results from energy transition, enhanced technological innovation, and improved end-of-pipe treatment capacity. Heterogeneity analyses indicate that the pollution reduction effect of GPP differs depending on the procurement implementation modalities and firm characteristics. Finally, we use China's domestic input-output table to calculate the indicators of upstream and downstream industry linkages and examine the production network spillover effects of GPP. The results show that GPP effectively reduces the pollution emissions of upstream and downstream firms through production network linkages. This study provides empirical evidence from China on the effectiveness of GPP as a demand-side policy in pollution reduction, and offers valuable policy insights for further improving the policy system of environmental governance.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"84 ","pages":"Pages 1958-1978"},"PeriodicalIF":7.9,"publicationDate":"2024-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142705673","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, CO2 emissions and China's environmental sustainable development— an analysis based on TVP-VAR model 数字经济、二氧化碳排放与中国环境可持续发展--基于 TVP-VAR 模型的分析

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-11-14 DOI: 10.1016/j.eap.2024.11.009

Xinyi Zhang , Yufan Chen , Tianqi Wang

{"title":"Digital economy, CO2 emissions and China's environmental sustainable development— an analysis based on TVP-VAR model","authors":"Xinyi Zhang , Yufan Chen , Tianqi Wang","doi":"10.1016/j.eap.2024.11.009","DOIUrl":"10.1016/j.eap.2024.11.009","url":null,"abstract":"<div><div>The growth of digital economy and sustainable development of environment are important issues related to high-quality economic development in the new era. This paper selects the yearly data of China from 2007 to 2021, constructs the China's Environmental Performance Index(EPI), and establishes the TVP-VAR model to investigate the dynamic time-varying relationship among digital economy growth, CO<sub>2</sub> emissions, and environment sustainability over short, medium and long-term. The results indicate that the relationships among them are time-varying at all terms. Specifically, in first, the growth of the digital economy exerts a negative impulse on CO<sub>2</sub> emissions, with its immediate consequences being more pronounced than its prolonged impacts. Secondly, there exist positive impulses between the the digital economy and environment sustainability. CO<sub>2</sub> emissions has a negative impact on sustainable development of environment. Thirdly, they have same influencing tendencies at certain time points, but different impact degrees. The impact of the digital economy on environmental sustainable development has significantly increased since the COVID-19 outbreak. Therefore, the development of digital economy can effectively reduce CO<sub>2</sub> emissions and promote the sustainable development of the environment.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"84 ","pages":"Pages 1945-1957"},"PeriodicalIF":7.9,"publicationDate":"2024-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142705645","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

Political conformity and digital transformation: Evidence from China 政治服从与数字化转型：来自中国的证据

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-11-13 DOI: 10.1016/j.eap.2024.11.014

Haiyan Yang , Linlin Chen , Yuyu Zhang

引用次数: 0

The impact of environmental regulation on enterprise green innovation 环境监管对企业绿色创新的影响

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-11-12 DOI: 10.1016/j.eap.2024.11.008

Qin Kun , Yao Chang , Niu Runkai

引用次数: 0

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