Economic Analysis and Policy最新文献_第6页

The impact of non-punitive regulation on credit rating: Evidence from China 非惩罚性监管对信用评级的影响：来自中国的证据

IF 8.7 2区经济学

Economic Analysis and Policy Pub Date : 2025-08-22 DOI: 10.1016/j.eap.2025.08.036

Mingming Li, Xiaolei Fu, Haiming Liu

{"title":"The impact of non-punitive regulation on credit rating: Evidence from China","authors":"Mingming Li, Xiaolei Fu, Haiming Liu","doi":"10.1016/j.eap.2025.08.036","DOIUrl":"10.1016/j.eap.2025.08.036","url":null,"abstract":"<div><div>This study investigates the impact of non-punitive regulation on credit ratings using China’s context. The results show that when credit rating agencies (CRAs) are subject to non-punitive regulation, they issue higher credit ratings, indicating that non-punitive regulation aggravates conflicts of interest and rating inflation. Furthermore, the impact of non-punitive regulation on credit ratings is more evident when CRAs face higher levels of conflict of interest. Clients of CRAs subject to non-punitive regulation are also less likely to switch to other CRAs for follow-up ratings. Heterogeneity tests reveal that the impact of non-punitive regulation on credit ratings is greater when competition in the rating industry is fiercer or rating agencies are smaller. And the impact is also greater for firms with higher financial risk, tighter financing constraints, or non-state ownership. Finally, non-punitive regulation reduces the information content of credit ratings. The results indicate that non-punitive regulation induces CRAs to cater to clients rather than improve credit rating quality. These findings also have implications for the regulatory practices of other countries.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 2414-2436"},"PeriodicalIF":8.7,"publicationDate":"2025-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144902514","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

Land leasing-in, farm machinery, and pesticide use: A plot-analysis for Jiangsu Province, China 土地租赁、农业机械和农药使用：江苏省的图例分析

IF 8.7 2区经济学

Economic Analysis and Policy Pub Date : 2025-08-21 DOI: 10.1016/j.eap.2025.08.032

Min Su , Nico Heerink , Peter Oosterveer , Shuyi Feng

{"title":"Land leasing-in, farm machinery, and pesticide use: A plot-analysis for Jiangsu Province, China","authors":"Min Su , Nico Heerink , Peter Oosterveer , Shuyi Feng","doi":"10.1016/j.eap.2025.08.032","DOIUrl":"10.1016/j.eap.2025.08.032","url":null,"abstract":"<div><div>This study analyses the joint impacts of land leasing-in and farm machinery use on rice farmers’ pesticide usage in China based on a plot-level data set. Land leasing-in is found to have a positive ‘temporary rental effect’ and a negative ‘land size effect’ on total pesticide expenses per unit land, with the positive effect dominating over the negative effect when the size of the leasing-in is smaller than ca. 2.62 ha. Written lease contracts and longer lease periods are found to have negative effects on total pesticide expenses per unit of land, and can partially offset the positive ‘temporary rental effect’ of land leasing-in on the use of pesticides. We also find that machinery use has a positive effect on pesticide use per unit land. This study contributes to the literature on the impacts of land leasing-in and machinery use on pesticide use by distinguishing between the land size effect and the temporary land rental effects of land leasing-in, examining different attributes of rental contracts, and considering potential interrelationships between land leasing-in and machinery use.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 2470-2487"},"PeriodicalIF":8.7,"publicationDate":"2025-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144907727","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

Breaking the natural resource curse: Can digital government promote natural resource efficiency?-Evidence from the National Pilot Information for the People policy 打破自然资源诅咒：数字政府能提高自然资源效率吗？——来自国家全民信息试点政策的证据

IF 8.7 2区经济学

Economic Analysis and Policy Pub Date : 2025-08-20 DOI: 10.1016/j.eap.2025.08.031

Haonan Chen , Hao Wang

{"title":"Breaking the natural resource curse: Can digital government promote natural resource efficiency?-Evidence from the National Pilot Information for the People policy","authors":"Haonan Chen , Hao Wang","doi":"10.1016/j.eap.2025.08.031","DOIUrl":"10.1016/j.eap.2025.08.031","url":null,"abstract":"<div><div>Enhancing natural resource efficiency is an imperative requisite for mitigating the challenges associated with the natural resource curse, particularly in the realms of digital government governance and the application of digital technology. Consequently, this study utilizes panel data spanning the period from 2000 to 2021, encompassing 277 prefecture-level cities in China. We employ the policy framework of \" the National Pilot Information for the People policy\" as a quasi-natural experiment and employ a double-difference model to scrutinize the intricate relationship between digital government initiatives and natural resource efficiency. This analysis incorporates an exploration of heterogeneity through the lenses of factor inputs and economic development, simultaneously investigating the moderating impacts of digital technology and the rule of law environment. The primary findings underscore that digital government significantly fosters natural resource efficiency, with consequential benefits observed in green innovation, regulatory practices, disaster mitigation, and the strategic integration of planning efforts. Notably, the study identifies a positive moderating effect exerted by digital technology and the rule of law environment in shaping the nexus between digital government interventions and natural resource efficiency. Additionally, our research reveals a notable facilitating effect of digital government in mature resource-based cities and those characterized by higher levels of <em>R&D</em> investment, fiscal decentralization, and economic development. This study stands to offer substantive policy implications, serving as a valuable reference for China and other developing nations seeking to overcome the challenges posed by the natural resource curse and advance natural resource efficiency.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 2488-2507"},"PeriodicalIF":8.7,"publicationDate":"2025-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144907728","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

Do capital investment incentives promote regional economic growth? Evidence from accelerated depreciation policy in China 资本投资激励是否促进了区域经济增长？来自中国加速贬值政策的证据

IF 8.7 2区经济学

Economic Analysis and Policy Pub Date : 2025-08-19 DOI: 10.1016/j.eap.2025.08.030

Zhen Li , Beibei Wang , Chunming Zhao

引用次数: 0

Reconciling economic growth with environmental protection: The role of optimizing energy allocation 协调经济增长与环境保护：优化能源配置的作用

IF 8.7 2区经济学

Economic Analysis and Policy Pub Date : 2025-08-19 DOI: 10.1016/j.eap.2025.08.024

Laiqun Jin, Jiaye Li

引用次数: 0

Physical climate risk and household saving behavior: Evidence from China 自然气候风险与家庭储蓄行为：来自中国的证据

IF 8.7 2区经济学

Economic Analysis and Policy Pub Date : 2025-08-18 DOI: 10.1016/j.eap.2025.08.025

Jialong Li , Jiao Li , Congrong Ouyang

引用次数: 0

Impact of unconventional monetary policy on stock market in selected economies during and post-COVID-19 pandemic 在2019冠状病毒病大流行期间和之后，非常规货币政策对选定经济体股市的影响

IF 8.7 2区经济学

Economic Analysis and Policy Pub Date : 2025-08-18 DOI: 10.1016/j.eap.2025.08.023

Yaxing Li , Wee-Yeap Lau , Kok-Haur Ng

{"title":"Impact of unconventional monetary policy on stock market in selected economies during and post-COVID-19 pandemic","authors":"Yaxing Li , Wee-Yeap Lau , Kok-Haur Ng","doi":"10.1016/j.eap.2025.08.023","DOIUrl":"10.1016/j.eap.2025.08.023","url":null,"abstract":"<div><div>This study investigates the impact and effectiveness of unconventional monetary policy (UMP) interventions, specifically central bank policy announcements and asset purchases programs, across four major advanced economies, namely the United States (US), European Union (EU), United Kingdom (UK), and Japan during and post-COVID-19 pandemic. By utilizing the EGARCH(1,1)-X-MIDAS framework, the model captures both short-run and long-run components of stock market volatility by incorporating mixed-frequency exogenous variables of policy announcement and asset purchases. Covering the period from March 2020 to December 2023, the findings reveal that policy announcements had transient or insignificant effects on volatility, especially as market participants adjusted to well-communicated policy regimes. In contrast, the impact of asset purchases varied by economy and period: the US experienced volatility-dampening effects, while the EU, UK, and Japan exhibited volatility amplification in response to sustained interventions. These effects were found to be state-dependent and time-varying, reflecting differences in institutional credibility, market expectations, and macro-financial conditions. Robustness checks using a GJR-GARCH(1,1)-X-MIDAS model confirm the consistency of results under asymmetric volatility dynamics. Overall, the study provides new empirical evidence on the conditional effectiveness of UMP, highlighting its transmission through the volatility channel rather than mean returns.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 2360-2381"},"PeriodicalIF":8.7,"publicationDate":"2025-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144893652","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

ESG global trends: A comparative analysis of China and the international community ESG全球趋势：中国与国际比较分析

IF 8.7 2区经济学

Economic Analysis and Policy Pub Date : 2025-08-18 DOI: 10.1016/j.eap.2025.08.021

Meng Qi, Wenjing Fang

{"title":"ESG global trends: A comparative analysis of China and the international community","authors":"Meng Qi, Wenjing Fang","doi":"10.1016/j.eap.2025.08.021","DOIUrl":"10.1016/j.eap.2025.08.021","url":null,"abstract":"<div><div>The global community is increasingly prioritizing environmental sustainability, with numerous enterprises adopting ESG (Environmental, Social and Governance) strategies to align their operations with green development. However, the current global research on ESG remains fragmented, marked by disparities and growing tensions among nations. This study conducts a bibliometric analysis of 4,047 publicly available articles from the Web of Science (WoS) published between 2012 and 2024, utilizing SPSS, CiteSpace, and VOSviewer. Additionally, it incorporates a comparative analysis of 935 articles from the China National Knowledge Infrastructure (CNKI). The findings reveal that China and the United States lead significantly in research output, yet their respective stages of ESG research differ markedly. The study also highlights a lack of interdisciplinary linkages in ESG research, with notable homogenization observed within the field. In China, the evolution of ESG-related knowledge has diversified over time, shifting from initial focus areas like investment to broader themes such as fiduciary duty and information disclosure. Given the existing research gaps and insufficient exploration of certain aspects, future studies should put forward practical response strategies to strengthen ESG regulation, and explore more comprehensive assessment methods to improve ESG capabilities.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 2330-2345"},"PeriodicalIF":8.7,"publicationDate":"2025-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144888759","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

Artificial intelligence and firm green innovation: empirical evidence from the application of robots in China 人工智能与企业绿色创新：来自中国机器人应用的经验证据

IF 8.7 2区经济学

Economic Analysis and Policy Pub Date : 2025-08-18 DOI: 10.1016/j.eap.2025.08.022

Mengjie Li , Nini Yuan , Weijian Du

{"title":"Artificial intelligence and firm green innovation: empirical evidence from the application of robots in China","authors":"Mengjie Li , Nini Yuan , Weijian Du","doi":"10.1016/j.eap.2025.08.022","DOIUrl":"10.1016/j.eap.2025.08.022","url":null,"abstract":"<div><div>In promoting the development of intelligence worldwide, the transformation of enterprise production modes driven by intelligence can improve green manufacturing. The impact of intelligent development on Chinese enterprises’ green innovation are investigated based on multisource heterogeneous data. Research shows that the green innovation of firms significantly benefits from intelligent development, and this conclusion is still valid when the endogeneity problem and a series of robustness analyses are considered. The heterogeneity analyses reveal that the effect of intelligent development on green innovation is more obvious for state-owned enterprises, enterprises with high market concentrations, and firms in the central and western regions of China. The mechanism analyses indicate that intelligence can expand production scales, optimize the allocation of factors, and promote R&D investment. Through the scale effect, allocation effect, and R&D effect, enterprises' green innovation can be improved. The analyses of the spillover effect show that the improvement of green innovation through intelligent development not only overflows from upstream to downstream industries but also overflows from downstream to upstream industries; a linkage effect is created, which fosters collaborative innovation between upstream and downstream firms.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 2239-2253"},"PeriodicalIF":8.7,"publicationDate":"2025-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144879760","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

Institutional trust as a catalyst: Government procurement and private firms’ risk-taking in China 制度信任作为催化剂：中国政府采购与私营企业的风险承担

IF 8.7 2区经济学

Economic Analysis and Policy Pub Date : 2025-08-18 DOI: 10.1016/j.eap.2025.08.019

Limeng Ying , Mengqi Bao , Jie Yang

{"title":"Institutional trust as a catalyst: Government procurement and private firms’ risk-taking in China","authors":"Limeng Ying , Mengqi Bao , Jie Yang","doi":"10.1016/j.eap.2025.08.019","DOIUrl":"10.1016/j.eap.2025.08.019","url":null,"abstract":"<div><div>This study investigates the impact of government procurement on corporate risk-taking among private firms in China’s transitional economy, using institutional trust theory to illuminate the underlying transmission mechanisms. Using a sample of 15,364 firm-year observations of Chinese A-share private listed firms that spanning 2015–2022, we find that government procurement significantly promotes corporate risk-taking behaviors. This effect is mediated by three channels: facilitating market access, enhancing credit availability, and enabling risk-sharing. Despite potential frictions stemming from procedural unfairness, payment delays, and policy discontinuity, our results demonstrate that the trust-building mechanisms inherent in government procurement prevail over these potential frictions, resulting in a net positive impact. Heterogeneity analyses reveal that local government procurement has a stronger impact than central government procurement, and that larger firms and those located in the eastern and central regions derive greater benefits. Additional tests indicate that government procurement exhibits synergies with tax incentives, and generates negative spillovers for intra-city competitors, and ultimately enhances long-term firm value by fostering increased risk-taking. These findings positioning government procurement as an institutional catalyst mitigating market failures in contexts characterized by institutional weakness, contributing to the literature on policy transmission mechanisms and corporate risk-taking in transitional economies.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 2437-2457"},"PeriodicalIF":8.7,"publicationDate":"2025-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144904061","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