Economic Analysis and Policy最新文献_第10页

Does the Fed adhere to its mandate? Estimating the Federal Reserve’s objective function 美联储是否坚持自己的使命？估计美联储的目标函数

IF 8.7 2区经济学

Economic Analysis and Policy Pub Date : 2025-07-18 DOI: 10.1016/j.eap.2025.06.009

Makram El-Shagi

引用次数: 0

Is market integration conducive to carbon reduction? Evidence from Chinese cities 市场一体化是否有利于碳减排？来自中国城市的证据

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2025-07-17 DOI: 10.1016/j.eap.2025.07.029

Lang Li, Nengsheng Luo

{"title":"Is market integration conducive to carbon reduction? Evidence from Chinese cities","authors":"Lang Li, Nengsheng Luo","doi":"10.1016/j.eap.2025.07.029","DOIUrl":"10.1016/j.eap.2025.07.029","url":null,"abstract":"<div><div>Reducing carbon emissions is a key measure to mitigate global warming and presents a vital opportunity for economic transformation. This paper, based on models of free trade's environmental impact, theoretically explores the mechanisms through which market integration affects carbon emissions. Using data from Chinese prefecture-level cities between 2003 and 2022, it empirically examines the carbon reduction effects of market integration, its influencing mechanisms, the moderating effects of related factors, and inter-regional carbon transfer dynamics. The findings indicate that increased market integration helps reduce carbon emission intensity but exacerbates inequalities in regional carbon reduction responsibilities. Specifically, a 1 % increase in market integration reduces carbon emission intensity by approximately 0.06 %. Market integration achieves emissions reduction primarily through improvements in energy efficiency, industrial upgrading, and green technological innovation. The carbon reduction effects of market integration vary across different markets, regions, and city types. Additionally, market integration enhances the carbon reduction impact of environmental regulations, while greater openness to international markets amplifies the carbon reduction effects of market integration. Grounded in China’s unique political system, this study provides valuable insights for optimizing the coordination between domestic market integration and carbon reduction strategies.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 1595-1611"},"PeriodicalIF":7.9,"publicationDate":"2025-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144686119","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

Environmental regulations and the greenwashing of corporate ESG reports 环境法规和企业ESG报告的绿色化

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2025-07-17 DOI: 10.1016/j.eap.2025.07.030

Chenli Fang , Zhitao Wang , Lu Zhao

{"title":"Environmental regulations and the greenwashing of corporate ESG reports","authors":"Chenli Fang , Zhitao Wang , Lu Zhao","doi":"10.1016/j.eap.2025.07.030","DOIUrl":"10.1016/j.eap.2025.07.030","url":null,"abstract":"<div><div>This study uses data from listed companies that have published corporate social responsibility (CSR) reports from 2008 to 2022 to construct a greenwashing index for environmental, social, and governance (ESG) reports and explores the effect of environmental regulations on the greenwashing of ESG reports. The results show that environmental regulations significantly increase the greenwashing of corporate ESG reports and corporate ESG disclosure caters to certain policies. The results of mechanism test show that environmental regulations force companies to greenwash their ESG reports more by increasing the financing constraints faced by companies. The results of heterogeneity analysis reveal that environmental regulations have a more pronounced effect on the greenwashing of ESG reporting in companies with a low level of institutional ownership and no foreign ownership and highly polluting enterprises. These results show that environmental regulations aimed at strengthening environmental governance in companies have unintended negative effects on the quality of corporate ESG disclosure. The findings of this study both analyze the causes of the greenwashing of corporate ESG reports from the perspective of environmental regulations and provide insights into how to curb the greenwashing and improve the information environment of the capital market.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 1469-1481"},"PeriodicalIF":7.9,"publicationDate":"2025-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144672144","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

Civil recognition and urban entrepreneurship: Evidence from China 公民认同与城市创业：来自中国的证据

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2025-07-14 DOI: 10.1016/j.eap.2025.07.027

Changyu Hu , Qicheng Zhao , Ruiyun Ma , Yugang Yin

引用次数: 0

Social credit system and the alleviation of investment–financing maturity mismatch in China 社会信用体系与中国投融资期限错配的缓解

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2025-07-14 DOI: 10.1016/j.eap.2025.07.022

Shuzhen Liang , Yongwei Ye , Ruifeng Zhang

{"title":"Social credit system and the alleviation of investment–financing maturity mismatch in China","authors":"Shuzhen Liang , Yongwei Ye , Ruifeng Zhang","doi":"10.1016/j.eap.2025.07.022","DOIUrl":"10.1016/j.eap.2025.07.022","url":null,"abstract":"<div><div>Does improving social credit alleviate the maturity mismatch between investment and financing? We investigate this question in the context of China by leveraging the implementation of the Social Credit System (SCS) as a quasi-natural experiment. Employing a time-varying difference-in-differences model, we find that the SCS significantly curbs the practice of using short-term debt to finance long-term investments among private enterprises. Mechanism analysis reveals that the SCS improves the credit environment at the macro level while optimizing bank lending behavior and enhancing enterprise credit accessibility at the micro level, thereby alleviating the maturity mismatch. Heterogeneity analysis shows that this mitigating effect is more pronounced for firms facing higher financing constraints, limited collateral, greater investment demand, and higher R&D intensity. Further analysis indicates that the SCS promotes increased factor input among private enterprises. Overall, the study underscores the role of enhanced financial information, facilitated by the SCS, in reducing systemic financial risks.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 1415-1435"},"PeriodicalIF":7.9,"publicationDate":"2025-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144661997","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

Judicial Independence and Corporate Total Factor Productivity: Evidence from provincial court centralization 司法独立与企业全要素生产率：来自省级法院集中化的证据

IF 8.7 2区经济学

Economic Analysis and Policy Pub Date : 2025-07-14 DOI: 10.1016/j.eap.2025.07.020

Hao Tu , Shenggang Yang , Minyi Dong , Pengyi Dai

{"title":"Judicial Independence and Corporate Total Factor Productivity: Evidence from provincial court centralization","authors":"Hao Tu , Shenggang Yang , Minyi Dong , Pengyi Dai","doi":"10.1016/j.eap.2025.07.020","DOIUrl":"10.1016/j.eap.2025.07.020","url":null,"abstract":"<div><div>Based on the research sample of China’s A-share listed companies from 2011 to 2020, the study takes the reform of the centralized management of personnel, funds and property of courts at provincial level as a quasi-natural experiment, and utilizes a difference-in-differences approach to empirically explore the impact of judicial independence on total factor productivity (TFP). The empirical findings reveal that judicial independence significantly enhances corporate TFP through eliminating local protectionism, improving capital market efficiency and boosting corporate innovation. Further analyses suggest that the influence of judicial independence on corporate TFP is more pronounced in regions with less sound legal environments and among firms with higher degrees of internationalization. Additionally, the study shows that judicial independence not only boosts corporate TFP but also facilitates the reallocation of production factors toward high-productivity enterprises, thereby enhancing the resource allocation role of the capital market and improving overall TFP. These results contribute to the existing literature on determinants of TFP and the economic implications of Judicial Independence, offering empirical support for judicial reforms and the promotion of high-quality economic growth.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 1946-1961"},"PeriodicalIF":8.7,"publicationDate":"2025-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144749527","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

Environmental regulation and outward FDI of Chinese listed companies: The role of technological innovations 环境规制与中国上市公司对外直接投资：技术创新的作用

IF 8.7 2区经济学

Economic Analysis and Policy Pub Date : 2025-07-14 DOI: 10.1016/j.eap.2025.07.023

Weixiong Chen, Hanyu Hao

{"title":"Environmental regulation and outward FDI of Chinese listed companies: The role of technological innovations","authors":"Weixiong Chen, Hanyu Hao","doi":"10.1016/j.eap.2025.07.023","DOIUrl":"10.1016/j.eap.2025.07.023","url":null,"abstract":"<div><div>Environmental regulations are essential for resolving the pollution diversion dilemma and promoting responsible international investment. This study examines the effect of environmental regulations on the dual margin of outward foreign direct investment in China. Using microdata from publicly listed Chinese firms, we apply Poisson regression and a fixed effects model to investigate the relationship between environmental regulations and OFDI. The findings reveal that environmental regulations incentivize OFDI by compelling firms to adopt green practices and engage in technological innovation. This effect is particularly pronounced for nonstate−owned enterprises with higher returns to capital and firms involved in cross−border mergers and acquisitions. Moreover, the findings confirm that regulated firms do not shift pollution when faced with operational costs and risks; instead, they pursue responsible international investment. This analysis demonstrates the effectiveness of China’s environmental regulations in fostering responsible international investment and provides valuable insights for firms in developing countries that seek to enhance global competitiveness.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 1797-1816"},"PeriodicalIF":8.7,"publicationDate":"2025-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144723902","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

Risk contagion among renewable energy, fossil energy and agricultural commodity markets: Insights from dynamic networks 可再生能源、化石能源和农产品市场的风险传染：来自动态网络的洞察

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2025-07-14 DOI: 10.1016/j.eap.2025.07.024

Yujia Jin , Ailian Zhang , Bai Liu

{"title":"Risk contagion among renewable energy, fossil energy and agricultural commodity markets: Insights from dynamic networks","authors":"Yujia Jin , Ailian Zhang , Bai Liu","doi":"10.1016/j.eap.2025.07.024","DOIUrl":"10.1016/j.eap.2025.07.024","url":null,"abstract":"<div><div>Although global energy transition fundamentally reshapes interdependencies between fossil energy-renewable energy-agricultural commodity (FRA) markets, the intricate risk contagion within FRA market system remains underexplored. Using dynamic spillover and risk network analysis, this study investigates risk contagion within the FRA system comparing the representative markets in China and the US, and further identifies the impact of extreme events. The findings reveal that agricultural commodity market acts as the dominant bridge for risk spillover between fossil and renewable energy markets due to bioenergy demand and cost linkages. Extreme events dynamically change risk transmission networks, exhibiting pronounced market heterogeneity. Structural and institutional differences of Chinese and the US markets form fundamentally distinct risk propagation pathways. China’s renewable energy shifts from risk transmitter to recipient during trade conflicts, while the US fossil energy amplifies risk absorption during supply disruptions. These findings improve risk supervision for policymakers and investors during energy transition.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 1361-1378"},"PeriodicalIF":7.9,"publicationDate":"2025-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144653441","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

Capitalisation of onshore wind turbines on property prices in Sweden: The need to compensate for negative externalities 瑞典陆上风力涡轮机对房地产价格的资本化：补偿负外部性的必要性

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2025-07-14 DOI: 10.1016/j.eap.2025.07.025

Hans Westlund , Mats Wilhelmsson

{"title":"Capitalisation of onshore wind turbines on property prices in Sweden: The need to compensate for negative externalities","authors":"Hans Westlund , Mats Wilhelmsson","doi":"10.1016/j.eap.2025.07.025","DOIUrl":"10.1016/j.eap.2025.07.025","url":null,"abstract":"<div><div>Due to, for example, disturbing sound and deteriorated scenery, wind turbines might constitute a negative externality. By using a revealed preference method, we examine the impact of onshore wind turbines on property values in Sweden, analysing over 600,000 real estate transactions from 2005 to 2018. We find that wind turbines are built in areas with lower prices in general (as they are built outside population centres), that property values start declining when a building process is started (due to anticipations of negative impacts) and that the price decline continues after the wind turbine has been commissioned (due to the perceived negative effects). Property values within 2 km of wind turbines decrease by approximately 10–15 %, diminishing the effect to zero beyond 6–10 km. There are significant differences in capitalizsation between regions, with higher capitalisation effects in southern Sweden. These findings suggest the need for policies to internalise external costs and compensate affected property owners, contributing to informed planning for sustainable energy development.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 1452-1468"},"PeriodicalIF":7.9,"publicationDate":"2025-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144665856","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 avoidance information disclosure promote capital market pricing efficiency? Evidence from a quasi-natural experiment in China 避税信息披露是否促进了资本市场定价效率？来自中国一项准自然实验的证据

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2025-07-14 DOI: 10.1016/j.eap.2025.07.021

Zheng Wu , Moyi Cheng , Bing Wang , Yi Zhao

{"title":"Does tax avoidance information disclosure promote capital market pricing efficiency? Evidence from a quasi-natural experiment in China","authors":"Zheng Wu , Moyi Cheng , Bing Wang , Yi Zhao","doi":"10.1016/j.eap.2025.07.021","DOIUrl":"10.1016/j.eap.2025.07.021","url":null,"abstract":"<div><div>We investigate how tax avoidance information disclosure shapes capital market pricing efficiency, using China's phased implementation of the country-by-country reporting (CbCR) regime as a quasi-natural experimental setting. Existing studies suggest that tax avoidance disclosure enhances transparency, but its impact on capital market efficiency remains underexplored. Using a staggered difference-in-differences (DID) approach, we find that tax avoidance disclosure significantly improves capital market pricing efficiency, especially in firms with standard unqualified audit opinions, higher R&D expenditures, more independent directors, and non-state-owned ownership. Mechanism analysis demonstrates that this effect arises from diminished tax evasion and improved information disclosure. The results indicate that the implementing of CbCR improves transparency, thereby mitigating information asymmetry and strengthening informational efficiency in capital markets. The study also offers policy insights for improving corporate transparency and tax regulation.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 1612-1629"},"PeriodicalIF":7.9,"publicationDate":"2025-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144694486","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