Economic Analysis and Policy最新文献

{"title":"How does green transformation of China’s manufacturing industry drive high-quality economic development? Evidence from Green Industrial Park","authors":"Lu Zhu,&nbsp;Yong He,&nbsp;Nuo Liao","doi":"10.1016/j.eap.2025.09.008","DOIUrl":"10.1016/j.eap.2025.09.008","url":null,"abstract":"<div><div>As China’s economy transitions towards high-quality development, the green transformation of manufacturing is crucial for enhancing economic development quality. Green Industrial Parks (GIPs), an effective practice of green manufacturing, have garnered extensive attention. However, the contribution of GIPs to high-quality development and the underlying mechanisms remain underexplored. Therefore, this study examines the contribution of GIPs to promoting high-quality development from the perspective of the “New Development Philosophy”. Furthermore, the study investigates the moderating factors influencing the economic benefits of GIPs. The findings indicate that GIPs significantly enhance urban economic development quality, particularly in innovative development and shared development. However, the effect of GIPs on regional coordinated development is limited, and the impact of GIPs on green development and open development is multifaceted. Moderating effect analysis reveals that stringent environmental regulation may attenuate the economic contributions of GIPs, while digital development and financial resources positively influence the economic performance of GIPs. GIPs located in eastern region and the Yangtze River Economic Belt demonstrate a stronger capacity to enhance economic development. A positive correlation exists between the number of GIPs and economic development quality. Additionally, the transformation of national-level development zones into GIPs exerts a more substantial positive impact on economic development compared to provincial-level zones. This study provides theoretical evidence contributing to a broader understanding of green manufacturing’s role in improving economic quality.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"88 ","pages":"Pages 308-326"},"PeriodicalIF":8.7,"publicationDate":"2025-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145107021","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}

{"title":"Cross-border e-commerce and carbon emission reduction: A quasi-natural experiment based on the establishment of cross-border e-commerce comprehensive pilot zones","authors":"Yuan Zhang ,&nbsp;Huanjie Li","doi":"10.1016/j.eap.2025.09.009","DOIUrl":"10.1016/j.eap.2025.09.009","url":null,"abstract":"<div><div>Cross-border e-commerce, as a novel form of trade in the digital economy era, represents a critical pathway for advancing low-carbon development in the economy and society. This research adopts China's cross-border e-commerce comprehensive pilot zone (CEPZ) as a quasi-natural experiment. It applies a multi-period DID model and city statistical data, customs import-export data, as well as national tax survey data to systematically investigate the impact of the CEPZ policy on the reduction of carbon emissions. The research findings reveal that the establishment of the CEPZs significantly promotes carbon emissions reduction in both cities and enterprises. Furthermore, the promotional effect of the CEPZs on carbon emissions reduction exhibits substantial heterogeneity. At the urban level, CEPZs primarily facilitate the reduction of carbon emissions in areas characterized by well-developed digital infrastructure, inland regions, and non-traditional industrial cities. At the enterprise level, the CEPZs favor carbon emissions reduction in enterprises with high carbon intensity and low market competition. Mechanism analysis underscores that the CEPZs play a crucial role in driving carbon emissions reduction through three mechanisms, including the producer services agglomeration effects, industrial digitalization effects, and resource allocation optimization effects. Further analysis indicates that although the CEPZs generate significant positive spillover effects on carbon emissions reduction in neighboring enterprises, they do not propel carbon emissions reduction in adjacent cities. The conclusions offer empirical evidence and policy insights to align the development of new trade formats with low-carbon socioeconomic transitions.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"88 ","pages":"Pages 452-475"},"PeriodicalIF":8.7,"publicationDate":"2025-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145158735","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}

{"title":"Commodity price dynamics in the era of energy transition: Exploring the substitutability of clean energy","authors":"Giulio Palomba,&nbsp;Marco Tedeschi","doi":"10.1016/j.eap.2025.08.033","DOIUrl":"10.1016/j.eap.2025.08.033","url":null,"abstract":"<div><div>A growing body of literature argues that green transition offers a viable pathway to counteract climate change. This article examines the ongoing environmental paradigm shift by analyzing the relationships between clean and traditional commodity prices. Using a novel framework that integrates cointegration analysis with volatility transmission measures, we highlight how spillovers predominantly flow from renewable energy prices to fossil fuel prices, particularly during turbulent periods after 2020. Based on daily data through December 2024, our estimation results reveal that clean and traditional energy prices share long-term relationships, indicating a substitutability mechanism at work over the long run. These findings are consistent with the decline in fossil fuel use driven by positive shocks to clean energy supply and supportive public policies. From a financial perspective, our results align with growing market sentiment towards Environmental, Social, and Governance (ESG) principles, reflecting an increasing investor preference for green financial products. Robustness checks confirm the validity of these findings.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"88 ","pages":"Pages 214-236"},"PeriodicalIF":8.7,"publicationDate":"2025-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145107066","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}

{"title":"Officials geographical rotation, knowledge spillovers and coordinated development of regional innovation","authors":"Ke Zhang ,&nbsp;Shuang Pan ,&nbsp;JennyJing Wang ,&nbsp;Xiaolin Ding","doi":"10.1016/j.eap.2025.09.007","DOIUrl":"10.1016/j.eap.2025.09.007","url":null,"abstract":"<div><div>This paper employs officials geographical rotation as a quasi-natural experiment and integrates the firm-pair patent citation spatiotemporal data to measure innovation knowledge spillovers. We examine how the official geographical rotation affects the firm-pair innovation knowledge cross-regional spillover by accounting for geographical distance, industrial structure, and cultural differences. Multi-period <em>DID</em> results indicate that rotating mayors or municipal party secretaries to new position significantly boosts the innovation knowledge cross-regional spillover from listed firms in their current position to those in their previous position. This result fosters more balanced innovation growth across regions and remains consistent even after various robustness tests. Mechanism test shows that officials geographical rotation promotes the innovation knowledge spillover by reducing information costs and breaking down market segmentation. Channel analysis reveals that officials geographical rotation supports interfirm knowledge spillovers through their cross-regional activities. Furthermore, heterogeneity test demonstrates that the firm pair in coastal regions and medium-to-high technology industries, with closer government-business connections, the stronger the knowledge spillover effect of officials geographical rotation. Economic consequence reveals that the knowledge spillover effect of officials geographical rotation helps narrow city-pair innovation gap, promotes interregional innovation capabilities coordinated development, and further drives the innovation performance and quality improvement in underdeveloped regions, with this facilitating effect being sustainable. Our paper enriches research on factors influencing innovation knowledge spillovers. Based on the perspective of intergovernmental relationship networks built by individual officials, it provides important literature support for breaking regional innovation barriers and promoting coordinated development of regional innovation.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"88 ","pages":"Pages 327-351"},"PeriodicalIF":8.7,"publicationDate":"2025-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145107019","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}

{"title":"The impact of land expropriation on income gap among farm households. Evidence from China","authors":"Yu Wang ,&nbsp;Jialong Xing","doi":"10.1016/j.eap.2025.09.006","DOIUrl":"10.1016/j.eap.2025.09.006","url":null,"abstract":"<div><div>Land expropriation is one of the manifestations of rapid urbanization in developing countries. This paper uses data from China Family Panel Studies (CFPS) to investigate the impact of land expropriation on the income gap of farm households in China. We find that land expropriation reduces income inequality among farm households in China, mainly through promoting entrepreneurship and non-farm employment. However, the impact is different among househoulds with different levels of human capital. In addition, the impact varies by regions and policy periods. These findings offer lessons for reducing income gap among farm households in countries undergoing rapid urbanization.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"88 ","pages":"Pages 151-171"},"PeriodicalIF":8.7,"publicationDate":"2025-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145050326","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}

{"title":"Africa’s resource exports to China: is there an institutional race to the bottom?","authors":"Yanbai Li ,&nbsp;Syed Mansoob Murshed ,&nbsp;Elissaios Papyrakis ,&nbsp;Xudong He","doi":"10.1016/j.eap.2025.09.003","DOIUrl":"10.1016/j.eap.2025.09.003","url":null,"abstract":"<div><div>African countries started to channel an increasing portion of their resource exports to China since early 2000s, with widespread speculation that this could lead to an institutional ‘race to the bottom’. We empirically investigate the impact of this rising share of resource exports to China on democratization and corruption in 45 African countries between 1990 and 2017. We find a statistically significant positive effect of resource exports to China on participatory democracy and control of corruption. As political transitions could be activated by transitory economic shocks, we utilize a two-stage least square approach to test whether improvements in institutions result from rising national income as a result of resource-export windfalls. We find empirical support of a resource-income channel for the case of improvements in corruption control. In short, our empirical analysis indicates that rising resource trading with China is reconcilable with improvements in institutional quality for African countries.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"88 ","pages":"Pages 172-190"},"PeriodicalIF":8.7,"publicationDate":"2025-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145046711","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}

{"title":"Women, immigration attitudes, and immigration policies in Europe: EU immigrants vs non-EU immigrants","authors":"Kangoh Lee","doi":"10.1016/j.eap.2025.08.045","DOIUrl":"10.1016/j.eap.2025.08.045","url":null,"abstract":"<div><div>Using 12 waves of the Eurobarometer survey during 2014-2020 that cover 331,864 individuals across 27 EU countries, this paper studies the role of gender in attitudes toward EU immigrants and non-EU immigrants. The analysis shows that women are more negative toward EU immigrants but more positive toward non-EU immigrants than men, and explores potential mechanisms behind the results and relates immigration attitudes to immigration policy preferences. The EU has recently experienced an increase in immigration from EU member countries and from outside the EU as well, and two types of immigrants have posed different challenges, such as humanitarian issues and free movement within the EU. As such, the EU would need different immigration policies, one for refugees and migrants and another for possible further enlargement of the EU and possible modifications of EU citizens’ rights. In addition, the number of female politicians and policymakers has increased, and women are expected to influence immigration policies more. For these reasons, this paper provides useful implications for the debate on further enlargement of the EU and non-EU immigrant policies such as the reform of the EU asylum and migration system.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"88 ","pages":"Pages 132-150"},"PeriodicalIF":8.7,"publicationDate":"2025-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145050327","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}

{"title":"Understanding the asymmetric impact of non-fundamental behavioral shocks on trade efficiency: Evidence from China's trade partners","authors":"Chien-Chiang Lee ,&nbsp;Farzan Yahya","doi":"10.1016/j.eap.2025.09.002","DOIUrl":"10.1016/j.eap.2025.09.002","url":null,"abstract":"<div><div>Recent global events and trade tensions have significantly impacted international trade dynamics, yet the role of non-fundamental behavioral shocks in shaping trade relationships remains understudied, particularly for major trading nations like China. This study investigates the impact of policy uncertainty and inflation expectations on China's trade efficiency. Using smoothed instrumental variable quantile regression (SIVQR) on a panel dataset of 24 trade partners from 1960 to 2023, we find that policy uncertainty indicators negatively affect China's trade efficiency only at lower to middle quantiles (10th to 60th), while inflation expectations show positive impacts particularly at higher quantiles. Our findings indicate that more efficient trade partners demonstrate higher resilience to policy uncertainty shocks, and this negative effect is more pronounced post-global financial crisis but less severe under free trade agreements, especially in the Asia-Pacific region. Our results are robust to alternative measures of policy uncertainty and alternative statistical techniques. To enhance trade efficiency and resilience, policymakers should prioritize implementing effective risk management strategies while fostering stronger partnerships with more efficient counterparts.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"88 ","pages":"Pages 237-263"},"PeriodicalIF":8.7,"publicationDate":"2025-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145106986","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}

{"title":"How do countries’ network positions in global digital service trade affect carbon emissions: a social network perspective","authors":"Zhen Liu ,&nbsp;Hua Li ,&nbsp;Yuchen Pan","doi":"10.1016/j.eap.2025.09.001","DOIUrl":"10.1016/j.eap.2025.09.001","url":null,"abstract":"<div><div>While the ecological benefits of global digital service trade are widely acknowledged, few studies have explored the relationship between countries’ network positions in global digital service trade network and carbon emissions. This study addresses this gap by assuming the complex network structure of the global digital service trade and investigating the impact of a country’s network position on its carbon emissions. By drawing on the social network analysis framework, the key indicators of centrality and structural hole are identified to gauge a country’s network position. Our findings reveal a significant negative association between a country’ network position and its carbon emissions, mediated by scale effect, energy structure effect, and technology effect. Heterogeneity analyses confirm this relationship’ robustness across both OECD and non-OECD economies. Regionally, enhanced centrality reduces emissions in the Americas, Africa, and Asia-Oceanian nations, while Europe benefits from structural holes’ brokerage capabilities. Sectorally, centrality-driven emission reductions dominate telecommunications, computing, and information industry, whereas structural holes prove more effective in the use of intellectual property and other business sectors. These insights advance scholarly understanding and inform policies for leveraging digital trade networks toward decarbonization goals.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"88 ","pages":"Pages 511-528"},"PeriodicalIF":8.7,"publicationDate":"2025-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145220991","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}

{"title":"Climate change exposure and corporate strategic aggressiveness: Evidence from Chinese listed companies","authors":"Feng Zhao ,&nbsp;Jinhai Wang ,&nbsp;Qian Chen","doi":"10.1016/j.eap.2025.08.049","DOIUrl":"10.1016/j.eap.2025.08.049","url":null,"abstract":"<div><div>This paper examines the strategic implications of corporate climate change exposure in the context of Chinese listed firms. Drawing on MD&amp;A textual disclosures from 2007 to 2021, we construct a firm-level index of climate exposure and find that greater engagement with climate issues leads to more aggressive strategic behavior. This relationship is robust to a range of identification strategies and alternative specifications. Mechanism analysis reveals that climate exposure reduces financing constraints and stimulates risk-taking, prompting firms to act more decisively. The effect is more pronounced among non-state-owned enterprises, ESG-leading firms, those embedded in Confucian cultural regions, firms led by optimistic managers and more climate sensitive firms. We further find that opportunity-related climate signals—rather than physical risks or regulatory pressure—are the primary drivers of strategic change, and that these changes translate into tangible actions, such as increased green innovation and investment intensity. These findings highlight the economic relevance of climate-related information and underscore its role in shaping long-term corporate behavior and resource allocation in emerging markets.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"88 ","pages":"Pages 26-53"},"PeriodicalIF":8.7,"publicationDate":"2025-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145010809","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}