Economic Analysis and Policy最新文献_第2页

Empowering resilience of urban energy system in China: How does digital economy matter? 增强中国城市能源系统的弹性：数字经济如何发挥作用？

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2025-07-18 DOI: 10.1016/j.eap.2025.07.031

Jun Zhao , Yalin Lei , Hongyun Huang , Xiaomeng Zhao

{"title":"Empowering resilience of urban energy system in China: How does digital economy matter?","authors":"Jun Zhao , Yalin Lei , Hongyun Huang , Xiaomeng Zhao","doi":"10.1016/j.eap.2025.07.031","DOIUrl":"10.1016/j.eap.2025.07.031","url":null,"abstract":"<div><div>Empowering energy security with the digital economy is a vital national strategic initiative, and it is urgent to explore whether China’s urban energy system can leverage the opportunities of the digital economy to enhance its resilience. We, thus, take 286 cities as research objects, construct an energy system resilience (ESR) index system from three dimensions of robustness, recoverability, and adaptability, and gauge the urban ESR from 2010 to 2019. On this basis, this article quantitatively discusses the actual effect and heterogeneity of the digital economy on urban ESR. We find: (1) the ESR values of 286 cities show a stable situation followed by an obvious increase and a sharp decline from 2010 to 2019, and cities with higher and lower ESR levels are located in the northeast and southwest China, respectively; (2) the current development of the digital economy cannot stimulate and empower urban ESR enhancement, which stems from the negative impacts of the digital economy on energy productivity and industrial upgrading; and (3) the negative digitization-ESR nexus is mainly manifested in the midwestern cities, middle- and small-scale cities, non-provincial capitals, and the middle Yangtze River and Chongqing-Chengdu cities. This study, consequently, proposes some targeted policy implications.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 1575-1594"},"PeriodicalIF":7.9,"publicationDate":"2025-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144686120","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

Tapping the potential of green finance: Can energy efficiency credit drive traditional industries to green? Evidence from China 挖掘绿色金融潜力：节能信贷能否带动传统产业走向绿色？来自中国的证据

IF 8.7 2区经济学

Economic Analysis and Policy Pub Date : 2025-07-18 DOI: 10.1016/j.eap.2025.07.033

Guodong Chi , Yuanyuan Liu , Hong Fang , Yuanyuan Xiu

{"title":"Tapping the potential of green finance: Can energy efficiency credit drive traditional industries to green? Evidence from China","authors":"Guodong Chi , Yuanyuan Liu , Hong Fang , Yuanyuan Xiu","doi":"10.1016/j.eap.2025.07.033","DOIUrl":"10.1016/j.eap.2025.07.033","url":null,"abstract":"<div><div>In the context of accelerated global green transformation, green finance is emerging as a vital instrument for promoting sustainable development. However, traditional green financial instruments characterized by credit constraints often prevent energy-intensive industries from obtaining sufficient green financial support, making it challenging for them to undertake green transformation. How best to facilitate the green transformation of traditional high-energy-consuming industries remains a pressing challenge. To overcome the limitations of traditional green finance tools, China implemented the Energy Efficiency Credit Policy (EECP) in 2015. Distinguished from traditional green financial instruments dominated by credit constraints, EECP is designed to facilitate the green transition of high-energy-consuming industries by providing credit funding support. Taking EECP as a quasi-natural experiment, we systematically investigate how green financial instruments stimulate green innovation vitality in key energy-consuming industries by exploiting a difference-in-differences (DID) model. This effect is particularly evident in enterprises facing higher financing constraints, greater industry financing dependence, superior information disclosure quality, and more efficient information transmission. Further mechanism tests reveal that expanding long-term financing scales, reducing credit financing costs, and enhancing commercial credit financing are crucial channels through which the policy exerts its effects. Moreover, EECP can guide firms in optimizing internal resources allocation and encourage them to prioritize preventive green investments. Ultimately, EECP can improve the total factor productivity of target enterprises, facilitating their transformation and upgrading. Collectively, our findings underscore the indispensable role of green finance in advancing the green and low-carbon transition of traditional sectors.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 1834-1853"},"PeriodicalIF":8.7,"publicationDate":"2025-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144723863","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 carbon emission trading policy improve agricultural energy transition? Evidence from China 碳排放权交易政策促进农业能源转型吗？来自中国的证据

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2025-07-18 DOI: 10.1016/j.eap.2025.07.032

Jing Rong , Quan Guo , Shikun Chen , Jinghui Hao

{"title":"Does carbon emission trading policy improve agricultural energy transition? Evidence from China","authors":"Jing Rong , Quan Guo , Shikun Chen , Jinghui Hao","doi":"10.1016/j.eap.2025.07.032","DOIUrl":"10.1016/j.eap.2025.07.032","url":null,"abstract":"<div><div>The carbon emission trading (CET) policy is crucial for China to meet its goals of reaching ‘carbon peak’ and achieving ‘carbon neutrality’. However, as a market-driven environmental regulation, it remains uncertain whether the CET policy could improve the structural transition of agricultural energy consumption (AET) and what its impact mechanisms might be. This study employs provincial panel data from China between 2005 and 2022, utilizing a difference-in-differences (DID) model to explore the effect of the CET policy on AET. The CET policy has been found to significantly improve AET, based on placebo tests and robustness checks. However, the policy effects vary with regional location, the extent of labor mobility, and temporal dynamics. There are significantly positive impacts in the eastern and western regions as well as areas in China with high labor mobility. Furthermore, our analysis indicates that the CET policy’s effect on AET exhibits a time-lag, with the impact on AET progressively increasing each year after the policy takes effect. The results of the mechanism analysis indicate that agricultural green technology innovation (AGTI) could positively contribute to the CET policy’s promotion of the AET. However, we are unable to verify the influence of digital economy (DE) in this process. This study offers both theoretical over CET policy on AET, and helps identify the causal relationship between the CET policy and AET and offer insights for public policy development to support further advancements in carbon emission policy implementation.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 1670-1689"},"PeriodicalIF":7.9,"publicationDate":"2025-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144703552","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 low-carbon policy affect residents’ life satisfaction? Evidence from China 低碳政策是否影响居民的生活满意度？来自中国的证据

IF 8.7 2区经济学

Economic Analysis and Policy Pub Date : 2025-07-18 DOI: 10.1016/j.eap.2025.07.028

Cheng Zhang , Xiaohong Ling , Xiyan Weng

{"title":"Does low-carbon policy affect residents’ life satisfaction? Evidence from China","authors":"Cheng Zhang , Xiaohong Ling , Xiyan Weng","doi":"10.1016/j.eap.2025.07.028","DOIUrl":"10.1016/j.eap.2025.07.028","url":null,"abstract":"<div><div>Exploiting the quasi-natural experiment of the construction of low-carbon pilot cities, we evaluate whether environmental regulations improve residents’ life satisfaction. Theoretical analysis hypothesizes that the implementation of the policy has both health and income effects. Empirical analysis shows that the implementation of low-carbon city pilot policies improves residents’ life satisfaction. Specifically, this policy reduces regional environmental pollution, improves the average health level of residents and their family members, reduces medical expenses, and increases the frequency of physical exercise among residents. Further, it promotes green technology advancements in urban enterprises. This increases green total factor productivity and the labor income share, enabling residents to increase their disposable income, and thus, subjective well-being. Meanwhile, the policy has a stronger impact on cities with moderate population sizes, a sizable working-age population, and a higher proportion of residents with lower labor skills. Finally, the policy improves residents’ willingness to pay for environmental governance, reflecting people’s growing needs for a better living environment.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 1876-1895"},"PeriodicalIF":8.7,"publicationDate":"2025-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144723904","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 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