Economic Analysis and Policy最新文献_第2页

Dynamic spillovers between Shanghai crude oil futures and China's green markets: Evidence from quantile-on-quantile connectedness approach

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

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 effects of macroprudential policies on house prices: Evidence from non-ordinary house purchasing policy using China real transaction data 宏观审慎政策对房价的影响：利用中国实际交易数据从非普通住宅购买政策中获取证据

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-11-10 DOI: 10.1016/j.eap.2024.10.057

Sun LinLin , Zhang Yawen , Xue Xiaojun

引用次数: 0

Digital industry agglomeration and urban innovation: Evidence from China 数字产业集聚与城市创新：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.2024.10.047

Danning Lu , Eddie Chi Man Hui , Jianfu Shen , Jianxun Shi

{"title":"Digital industry agglomeration and urban innovation: Evidence from China","authors":"Danning Lu , Eddie Chi Man Hui , Jianfu Shen , Jianxun Shi","doi":"10.1016/j.eap.2024.10.047","DOIUrl":"10.1016/j.eap.2024.10.047","url":null,"abstract":"<div><div>This study explores the relationship between digital economy and urban innovation from the perspective of economic agglomeration. Based on a panel data set of 285 Chinese cities from 2009 to 2019 and the classification of the digital industry by the National Bureau of Statistics, this study shows that an increased level of digital industry agglomeration significantly contributes to urban innovation, with more pronounced effects observed in larger cities and those in eastern and western regions. Further analysis of industry heterogeneity reveals that digital industry agglomeration not only boosts innovation within the digital industry but also enhances it in non-digital industries. Additionally, digital industry agglomeration appears more conducive to promoting innovation in green technology industries than in non-green technology industries. The mechanism analysis reveals the mediating effect of data capital accumulation, market size expansion, and digital technology spillover on urban innovation. The Sobel test reveals that data capital accumulation has the largest mediating effect on total patents, while digital technology spillover has the strongest mediating effect on invention patents. This study enriches the existing understanding of the agglomeration effect of the digital industry on urban innovation and sheds light on the mechanisms driving urban innovation in emerging economies.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"84 ","pages":"Pages 1998-2025"},"PeriodicalIF":7.9,"publicationDate":"2024-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142705647","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