Economic Analysis and Policy最新文献_第6页

Oil price shocks, sustainability index, and green bond market spillovers and connectedness during bear and bull market conditions 熊市和牛市条件下的油价冲击、可持续性指数和绿色债券市场的溢出效应和关联性

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-10-15 DOI: 10.1016/j.eap.2024.10.016

Abdullah AlGhazali , Houssem Eddine Belghouthi , Walid Mensi , Ron Mclver , Sang Hoon Kang

{"title":"Oil price shocks, sustainability index, and green bond market spillovers and connectedness during bear and bull market conditions","authors":"Abdullah AlGhazali , Houssem Eddine Belghouthi , Walid Mensi , Ron Mclver , Sang Hoon Kang","doi":"10.1016/j.eap.2024.10.016","DOIUrl":"10.1016/j.eap.2024.10.016","url":null,"abstract":"<div><div>This study examines the spillover dynamics and interconnectedness amongst sustainability indices, green bond markets, and oil price shocks. Using data from June 2013 to February 2023, this study employs spillover index methodology to analyze the transmission of shocks and volatility. The findings reveal that there is time-varying connectedness between all variables, which evidences a significant boost during times of crisis and extreme circumstances. Furthermore, the North American and US sustainability indices, along with the SP500 Environmental, Social, and Governance (SP_ESG) index, act as significant transmitters of shocks and volatility to other markets under different market conditions. Conversely, the Asia-Pacific, emerging market, and European sustainability indices, along with the green bond index, have emerged as net volatility receivers. Additionally, the study highlights the role of oil risk shocks as a transmitter of volatility under normal and bullish market statuses, while becoming a receiver in the lower quantile. These results have noteworthy implications for understanding the interdependencies and risks within financial markets and provide insights for investors, policymakers, and market participants.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"84 ","pages":"Pages 1470-1489"},"PeriodicalIF":7.9,"publicationDate":"2024-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142560558","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

Rectifying local governments’ strategic environmental enforcement: Can refined air pollution monitoring enhance local air quality in China? 整顿地方政府的战略性环境执法：精细化空气污染监测能否改善中国地方空气质量？

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-10-13 DOI: 10.1016/j.eap.2024.10.009

Ruqi Wang , Pei Xu , Honggui Gao

{"title":"Rectifying local governments’ strategic environmental enforcement: Can refined air pollution monitoring enhance local air quality in China?","authors":"Ruqi Wang , Pei Xu , Honggui Gao","doi":"10.1016/j.eap.2024.10.009","DOIUrl":"10.1016/j.eap.2024.10.009","url":null,"abstract":"<div><div>Insufficient local environmental enforcement has become a pivotal economic and political concern in China. In 2017, the Chinese central government introduced the Air Pollution Hot-Spot Grid (APHG) monitoring program. However, little is known about the consequences. This study investigates in detail how this monitoring program affects city-level air pollution by applying the difference-in-differences method. This program was responsible for a notable decrease in air pollution at the city level. This decrease was mostly the result of stronger local environmental governance, advances in green innovation, and an upgraded industrial structure. Additionally, an examination of heterogeneous treatment effects across different cities revealed that the most substantial effects were observed in large, non-resource-based, and eastern cities. Additional analysis reveals the presence of a spillover effect, whereby the adoption of this program in one city helps reduce air pollution in nearby cities. These results highlight the significance of refined air pollution monitoring for addressing imperfect local environmental enforcement.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"84 ","pages":"Pages 978-995"},"PeriodicalIF":7.9,"publicationDate":"2024-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142442486","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 environmental regulation affect corporate environmental awareness? A quasi-natural experiment based on low-carbon city pilot policy 环境监管会影响企业的环境意识吗？基于低碳城市试点政策的准自然实验

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-10-12 DOI: 10.1016/j.eap.2024.10.022

Xing Gao , Xinjie Lai , Xuan Tang , Yue Li

{"title":"Does environmental regulation affect corporate environmental awareness? A quasi-natural experiment based on low-carbon city pilot policy","authors":"Xing Gao , Xinjie Lai , Xuan Tang , Yue Li","doi":"10.1016/j.eap.2024.10.022","DOIUrl":"10.1016/j.eap.2024.10.022","url":null,"abstract":"<div><div>The low-carbon city pilot (LCCP) policy, as an important measure for China to achieve its \"dual carbon\" goals, has attracted widespread attention regarding its implementation effects. However, no studies have yet focused on the impact of the LCCP policy on corporate environmental awareness. This study, based on data from Chinese A-share listed companies from 2007 to 2020, employs a triple difference model to evaluate the impact of the LCCP policy on corporate environmental awareness, filling the aforementioned gap in the literature. The results indicate that the LCCP policy can significantly enhance corporate environmental awareness, particularly in non-state-owned enterprises, enterprises in the growth stage, and those located in the eastern regions. The LCCP policy will compel corporations to enhance their environmental awareness by increasing the costs of environmental penalty and environmental governance. However, the analysis of economic consequences reveals that although corporate environmental awareness has improved, it has not directly translated into significant economic benefits or substantial environmental benefits. This may be indicative of a scenario where, in the short term, the cost effect of the LCCP policy outweighs the compensation effect. Nevertheless, the improvement in the quality of information disclosure can significantly mitigate these adverse economic consequences. This research not only enriches the academic outcomes related to environmental regulatory policies but also contributes to ensuring the effective achievement of green, low-carbon objective and the sustainable development of the economy and society.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"84 ","pages":"Pages 1164-1184"},"PeriodicalIF":7.9,"publicationDate":"2024-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142537306","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

Nexus between green credit efficiency and strategic, business and management digital transformation–based on 114 commercial banks in China 基于中国 114 家商业银行的绿色信贷效率与战略、业务和管理数字化转型之间的关系

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-10-12 DOI: 10.1016/j.eap.2024.10.019

Fu Chen , Fangfang Li , Jie Xu , Yongtai Sun , Fangyuan Li

{"title":"Nexus between green credit efficiency and strategic, business and management digital transformation–based on 114 commercial banks in China","authors":"Fu Chen , Fangfang Li , Jie Xu , Yongtai Sun , Fangyuan Li","doi":"10.1016/j.eap.2024.10.019","DOIUrl":"10.1016/j.eap.2024.10.019","url":null,"abstract":"<div><div>With the expansion of green finance and the digital economy, the discussion on the evolution of green credit business and the digitalization of commercial banks have grown in prominence. However, limited research has been done on how different degrees of digital transformation in commercial banks—the main issuers—affect the way of green credit efficiency. To fill this gap, based on data from 114 Chinese commercial banks between 2010 and 2021, this paper explores the impact of digitalization on the green credit efficiency through the integration of several methodologies. The paper indicates that enhancing the digitalization, business digitization, and management digitization of commercial banks can greatly enhance the effectiveness of green credit businesses, but the impact of strategic digitization is not significant. Further analysis reveals that digitization facilitates the expansion of overall bank assets, thereby bolstering the green credit business. It also investigates the characteristics of commercial banks and the geographical distribution of their headquarters, indicating a diminished promotional impact for urban and rural banks, as well as banks in the central areas. Finally, this study contends that commercial banks ought to leverage digital resources extensively to facilitate digital transformation and bolster the advancement of green credit operations. It is also recommended that the government should implement preferential policies for regions and banks exhibiting slower developmental progress.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"84 ","pages":"Pages 1242-1257"},"PeriodicalIF":7.9,"publicationDate":"2024-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142537368","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

Industry spillover effects of robot applications on labor productivity: Evidence from China 机器人应用对劳动生产率的行业溢出效应：来自中国的证据

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-10-12 DOI: 10.1016/j.eap.2024.10.018

Tuolei Wu , Na Yan , Jingxian Wang , Jieping Chen

{"title":"Industry spillover effects of robot applications on labor productivity: Evidence from China","authors":"Tuolei Wu , Na Yan , Jingxian Wang , Jieping Chen","doi":"10.1016/j.eap.2024.10.018","DOIUrl":"10.1016/j.eap.2024.10.018","url":null,"abstract":"<div><div>This paper provides new insights into the industry spillover on labor productivity by discussing the spillover effects of robot application among industries in three spillover directions: horizontal, forward, and backward spillover. In addition, this paper measures the three spillovers with the weight matrices from the year 2012 input-output table by the Chinese National Bureau of Statistics. Using a spatial econometric model and 2000–2010 data on China's secondary industry, this paper tests three hypotheses relating to the direct effect and the spillover effects of robot applications. The main results show that the robot application of one industry can improve labor productivity significantly. Moreover, all three kinds of spillover have significant positive effects on the labor productivity of a focal industry. Among them, the forward spillover exerts the greatest impact on labor productivity. The heterogeneity effects exist due to the industry's factor intensity and technological structure etc. The findings of this study could provide several important implications for the development of a given industry and the industry chain of a country as well.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"84 ","pages":"Pages 1272-1286"},"PeriodicalIF":7.9,"publicationDate":"2024-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142537299","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

Doing good in times of need: Green finance policy and strategic corporate social responsibility 在需要的时候做好事：绿色金融政策和战略性企业社会责任

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-10-11 DOI: 10.1016/j.eap.2024.10.008

Yan Sheng , Shuai Wang , Yanan Wang

{"title":"Doing good in times of need: Green finance policy and strategic corporate social responsibility","authors":"Yan Sheng , Shuai Wang , Yanan Wang","doi":"10.1016/j.eap.2024.10.008","DOIUrl":"10.1016/j.eap.2024.10.008","url":null,"abstract":"<div><div>This study investigates the effect of a green finance policy on the corporate social responsibility (CSR) activities of firms in heavily polluting industries. Based on the 2017 policy of the People's Bank of China (PBC), which incorporates green finance into its macroprudential assessment system, we employ the difference-in-differences method to show that firms in heavily polluting industries have significantly improved their CSR performance after the implementation of the PBC's green finance policy. In response to the negative effect of the PBC's policy on their financial position, affected firms strategically engage in CSR activities in the hope that appearing socially responsible will help them recover from their adverse position. Furthermore, firms in heavily polluting industries that enhance their CSR performance after the PBC's policy have benefited from reduced bank credit transaction costs and have obtained more bank loans. The improvement in CSR performance is mainly concentrated in firms that are non-state-owned, small in size, highly dependent on external financing, and receiving more media attention. Overall, this study reveals a social consequence of the PBC's green finance policy on the CSR performance.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"84 ","pages":""},"PeriodicalIF":7.9,"publicationDate":"2024-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142445445","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 local government debt pressure hamper green transition? Evidence from China 地方政府的债务压力会阻碍绿色转型吗？来自中国的证据

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-10-10 DOI: 10.1016/j.eap.2024.10.006

Song Nie , Gang Zeng , Xu Zhang , Qiaozhe Guo

引用次数: 0

Promoting green technology innovation through policy synergy: Evidence from the dual pilot policy of low-carbon city and innovative city 通过政策协同促进绿色技术创新：来自低碳城市和创新型城市双试点政策的证据

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-10-10 DOI: 10.1016/j.eap.2024.10.005

Yaobin Liu , Weifeng Deng , Huwei Wen , Shuoshuo Li

{"title":"Promoting green technology innovation through policy synergy: Evidence from the dual pilot policy of low-carbon city and innovative city","authors":"Yaobin Liu , Weifeng Deng , Huwei Wen , Shuoshuo Li","doi":"10.1016/j.eap.2024.10.005","DOIUrl":"10.1016/j.eap.2024.10.005","url":null,"abstract":"<div><div>Green technology innovation (GTI) is the key to overcoming the dilemma between economic development and environmental protection, requiring integrates environmental regulatory policies and innovation incentive policies to counteract its double externalities. This study examined the effects of the dual pilot policy (DPP) of low-carbon city pilot policy (LCCPP) and innovative city pilot policy (ICPP) on GTI based on panel data from 281 prefecture-level cities in China spanning 2007 to 2022. We found that DPP significantly improves both substantive green technology innovation (SUGTI) and strategic green technology innovations (STGTI), with a more pronounced effect identified on STGTI. LCCPP and ICPP demonstrate a policy-synergistic effect and a more sustainable and powerful influence compared to the single pilot policy of LCCPP or ICPP. Mechanism analysis reveals that DPP corrects the positive externalities of innovative knowledge by improving innovation subsidies, independent innovation capabilities, and innovation efficiency. DPP also corrects the negative externalities of environmental pollution by promoting environmental services, industrial transformation, and cleaner production. This effect of DPP on GTI appears insignificant in western cities, cities with low industry agglomeration, cities with abundant resource, and cities with low environmental awareness. Moreover, DPP engenders a demonstration effect for neighboring cities in their GTI. Our findings reveal that intensifying the policy synergy effects of LCCPP and ICPP can more efficiently and sustainably promote SUGTI and STGTI. To maximize the synergistic effects of LCCPP and ICPP, it is essential to strength the green effect of LCCPP and the innovative effect of ICPP, integrating various policy tools to complement and reinforce each other.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"84 ","pages":"Pages 957-977"},"PeriodicalIF":7.9,"publicationDate":"2024-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142431937","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

Regulatory Effects of the Combinations of Aggregate and Structural Monetary Policy Instruments: an application of New Keynesian DSGE model to China 总量型和结构型货币政策工具组合的调控效果：新凯恩斯主义 DSGE 模型在中国的应用

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-10-09 DOI: 10.1016/j.eap.2024.10.002

Li-Hui Wang , Fu-An Li

{"title":"Regulatory Effects of the Combinations of Aggregate and Structural Monetary Policy Instruments: an application of New Keynesian DSGE model to China","authors":"Li-Hui Wang , Fu-An Li","doi":"10.1016/j.eap.2024.10.002","DOIUrl":"10.1016/j.eap.2024.10.002","url":null,"abstract":"<div><div>This paper selects Chinese macroeconomic data from the first quarter of 2009 to the first quarter of 2020 and employs a New Keynesian dynamic stochastic general equilibrium model that incorporates the financial accelerator mechanism, price stickiness, and invisible government guarantees. The regulatory effects of different combinations of monetary policy instruments are compared from five perspectives: the shock effect of monetary policy, the magnitude of economic volatility of non-monetary policy shocks, the Central Bank loss function, the gap in the distribution of household income, and the heterogeneous firm external financing premium. Our findings indicate that the regulatory effects of the aggregate price-based and structural quantity-based monetary policy instrument combination are optimal, a conclusion that is further supported by the robustness test. It is therefore recommended that the Central Bank consider the potential benefits of a combined approach to aggregate and structural monetary policy instruments, with a view to enhancing credit availability for the real economy. This paper represents a significant contribution to the field, as it is the first to explicitly propose four distinct monetary policy instrument combinations, thereby overcoming the limitations of previous studies that have focused on a single instrument or a narrow range of instruments. The paper also contributes to the theoretical understanding of monetary policy instruments.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"84 ","pages":"Pages 1120-1143"},"PeriodicalIF":7.9,"publicationDate":"2024-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142537304","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 refund policy boost executive compensation? 退税政策会提高高管薪酬吗？

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-10-05 DOI: 10.1016/j.eap.2024.09.030

Haiyan Li , Peiyan Yin

引用次数: 0