Economic Analysis and Policy最新文献_第8页

Executive compensation limits and corporate M&As: Evidence from a Quasi-natural experiment 高管薪酬限制与公司并购：来自准自然实验的证据

IF 8.7 2区经济学

Economic Analysis and Policy Pub Date : 2025-08-06 DOI: 10.1016/j.eap.2025.08.007

Yuqiang Cao , Yongfeng Yang , Qijian Wang , Huitao Luo

引用次数: 0

Dynamic interaction between public trust and central bank communication 公众信任与央行沟通的动态互动

IF 8.7 2区经济学

Economic Analysis and Policy Pub Date : 2025-08-06 DOI: 10.1016/j.eap.2025.08.004

Jing Zhang , Yinglin Cui , Yingdan Jin

{"title":"Dynamic interaction between public trust and central bank communication","authors":"Jing Zhang , Yinglin Cui , Yingdan Jin","doi":"10.1016/j.eap.2025.08.004","DOIUrl":"10.1016/j.eap.2025.08.004","url":null,"abstract":"<div><div>Central bank communication does not necessarily benefit from maximal transparency; the optimal strategy depends on public trust levels. This paper integrates public trust into a Macroeconomic Agent-Based Model (MABM) to examine the dynamic interaction between public trust in central bank communication and central bank expectation management strategies. The importance that individuals attach to central bank information is contingent upon trust levels, which adaptively adjusts based on the consistency of the central bank’s past actions and statements. This adjustment reflects a trade-off: excessively transparent communication can lead to information overload and undermine policy consistency, while insufficient transparency increases noise in central bank information. Public responses, shaped by both private and public information, transmit to the ultimate policy outcomes. The central bank then adaptively adjusts its communication strategy based on the feedback from policy outcomes. Our findings indicate that: i) In periods of high and stable public trust, increasing transparency can significantly reduce social welfare losses. ii) When public trust exhibits dynamic adjustment characteristics, central banks should adopt adaptive communication strategies, which refers to the behavioral logic whereby central banks dynamically adjust their information transparency based on fluctuations in public trust levels, thereby achieving a dynamic equilibrium between transparency and policy expectation stability. Our research results indicate that by actively responding to public feedback and implementing adaptive communication strategies, the central bank can continuously improve and stabilize social trust, thereby expanding the operational space for policies.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 2146-2163"},"PeriodicalIF":8.7,"publicationDate":"2025-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144842097","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

Supply chain diffusion effect and digital transformation of small and medium-sized suppliers 供应链扩散效应与中小供应商数字化转型

IF 8.7 2区经济学

Economic Analysis and Policy Pub Date : 2025-08-06 DOI: 10.1016/j.eap.2025.08.005

Xueyan Xie, Tianqing Wang

{"title":"Supply chain diffusion effect and digital transformation of small and medium-sized suppliers","authors":"Xueyan Xie, Tianqing Wang","doi":"10.1016/j.eap.2025.08.005","DOIUrl":"10.1016/j.eap.2025.08.005","url":null,"abstract":"<div><div>Both digital transformation and supply chain system construction are important measures to promote economic development. Although small and medium-sized enterprises (SMEs) face many difficulties in digital transformation, integrating into the supply chain system and establishing cooperative relationships with customers with technological innovation capabilities can provide new paths and possibilities for them. This paper uses the data of NEEQ listed companies and their customers from 2014 to 2023 to deeply investigate the impact of customer technological innovation on the digital transformation of small and medium-sized suppliers (SME suppliers). The research results show that customer technological innovation has a significant promoting effect on the digital transformation of SME suppliers, and this effect is more significant when they are private enterprises, located in the eastern and central regions, and in cities with developed transportation infrastructure. Mechanism tests show that customer technological innovation can generate knowledge spillovers, improve the labor structure, and relieve the financing constraints of SME suppliers, thereby promoting the digital transformation of them. The study on the moderating effect finds that a high degree of dependence on customers and economic uncertainty will weaken the above effects. These findings suggest key policy implications: SMEs should integrate into high-tech innovative supply chains, and governments should implement policies to mitigate SME shortages in technology, talent, and capital for digital transformation.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 2126-2145"},"PeriodicalIF":8.7,"publicationDate":"2025-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144842057","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 relationship between health expenditure, income, and environmental degradation: Evidence from OECD economies 卫生支出、收入和环境退化之间的关系：来自经合组织经济体的证据

IF 8.7 2区经济学

Economic Analysis and Policy Pub Date : 2025-08-06 DOI: 10.1016/j.eap.2025.07.044

Agata Szymańska

{"title":"The relationship between health expenditure, income, and environmental degradation: Evidence from OECD economies","authors":"Agata Szymańska","doi":"10.1016/j.eap.2025.07.044","DOIUrl":"10.1016/j.eap.2025.07.044","url":null,"abstract":"<div><div>This study investigates the relationship between health expenditure and its selected determinants using data for 38 OECD economies from 2000 to 2019. The set of explanatory variables includes those that have played a particularly significant role in influencing demand for health expenditure in recent years, i.e. income level, environmental deterioration, and population ageing. In this study, to explore these relationships, the Method of Moments Quantile Regression (MMQR) approach is applied, complemented by Fully Modified Ordinary Least Squares (FMOLS) and Dynamic Ordinary Least Squares (DOLS) techniques. Furthermore, the Dumitrescu and Hurlin panel causality test is used to assess the causal relationships. The main scientific contribution of this study is the identification of the varying effects of environmental quality, income level and advanced population ageing on health expenditure across different quantiles. The findings are supported by robustness checks, which confirm the reliability and validity of the results. The estimated long-run income elasticities are less than 1, indicating that health is a necessity in OECD economies. Environmental deterioration and population ageing show positive relationships with health expenditure. Moreover, the unidirectional causality between changes in all analysed determinants and change in health expenditure is confirmed. The results provide valuable insights for health economics. The findings indicate that contemporary changes in the area of demographics, environment, and well-being strongly influence the demand for health services, and policymakers should carefully monitor the changes and adapt the structure of health services to achieve sustainable development.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 2183-2201"},"PeriodicalIF":8.7,"publicationDate":"2025-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144866655","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

Market-based environmental regulation and corporate ESG performance: Evidence from China 基于市场的环境监管与企业ESG绩效：来自中国的证据

IF 8.7 2区经济学

Economic Analysis and Policy Pub Date : 2025-08-05 DOI: 10.1016/j.eap.2025.08.002

Minjuan Chen, Honglin Chen, Siying Liu, Yanping Liu

引用次数: 0

Green finance and economic growth: Evidence from China's natural resource markets 绿色金融与经济增长：来自中国自然资源市场的证据

IF 8.7 2区经济学

Economic Analysis and Policy Pub Date : 2025-07-30 DOI: 10.1016/j.eap.2025.07.043

Shipan Sun , Yun Guo , Caiying Tian , Xia Xu , Abdul Ghaffar

{"title":"Green finance and economic growth: Evidence from China's natural resource markets","authors":"Shipan Sun , Yun Guo , Caiying Tian , Xia Xu , Abdul Ghaffar","doi":"10.1016/j.eap.2025.07.043","DOIUrl":"10.1016/j.eap.2025.07.043","url":null,"abstract":"<div><div>This study examines the relationship between green finance and economic growth in China's natural resource markets, analyzing how public and private capital mobilization affects sustainable development from 2003 to 2022. Using advanced econometric techniques including dynamic panel GMM estimation, fixed and random effects models, and panel cointegration analysis across 30 Chinese provinces, we investigate the efficiency of green finance in promoting sustainable resource management while controlling for endogeneity and addressing robustness concerns through comprehensive diagnostic testing. The empirical analysis reveals a statistically significant positive correlation between green finance initiatives and GDP growth, with every 1 % increase in green finance investment associated with a 0.45 percentage point increase in GDP growth. Key findings indicate that private investment demonstrates superior efficiency compared to public mechanisms, resource taxation policies (STAX) and environmental fiscal policies (EFP) positively influence growth outcomes, and policy complementarities generate synergistic effects exceeding individual contributions. The results demonstrate that green finance effects strengthen over time, with long-run impacts substantially exceeding short-term effects, while regional heterogeneity reveals differential effectiveness across provinces with varying institutional capacity. Policy implications suggest that integrated public-private partnerships in green finance, combined with coordinated multi-instrument approaches and region-specific implementation strategies, can effectively harmonize environmental objectives with economic growth goals, providing strategic guidance for policymakers seeking to accelerate China's transition toward a sustainable low-carbon economy while maintaining robust economic performance.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 2202-2222"},"PeriodicalIF":8.7,"publicationDate":"2025-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144866657","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

Assessing export resilience and its dimensional subdivision in China's labor-intensive manufacturing industry 中国劳动密集型制造业出口弹性及其维度细分评估

IF 8.7 2区经济学

Economic Analysis and Policy Pub Date : 2025-07-25 DOI: 10.1016/j.eap.2025.07.039

Zhihui Dai , Yue Niu

{"title":"Assessing export resilience and its dimensional subdivision in China's labor-intensive manufacturing industry","authors":"Zhihui Dai , Yue Niu","doi":"10.1016/j.eap.2025.07.039","DOIUrl":"10.1016/j.eap.2025.07.039","url":null,"abstract":"<div><div>In an era marked by heightened global uncertainty, export resilience in the labor-intensive manufacturing industry has become critical not only for cushioning external shocks but also for sustaining stability in international trade and employment. This study establishes an analytical framework to assess export resilience by examining the spatiotemporal dynamics of China’s labor-intensive manufacturing during two prominent crises: the Global Financial Crisis (GFC) and the COVID-19 pandemic. Export resilience is then systematically analyzed across three distinct dimensions: resistance, recovery, and renewal. The empirical findings reveal that China's labor-intensive manufacturing industries exhibited fluctuating resilience trajectories without transitioning into a new stable growth path during both crises. Industries characterized by higher levels of environmental pollution consistently displayed weaker export resilience. Moreover, the spatial interdependencies of export resilience within these industries declined during the COVID-19 pandemic compared to the GFC. Notably, during the GFC, labor-intensive manufacturing exhibited relatively weaker resistance and renewal capacities but stronger recovery abilities compared to the overall manufacturing sector. Furthermore, industries characterized by higher labor intensity generally demonstrated lower levels of export resistance during the COVID-19 pandemic. These insights significantly advance our understanding of how export industries adapt to diverse economic disruptions, thereby informing more targeted and effective policy interventions.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 1854-1875"},"PeriodicalIF":8.7,"publicationDate":"2025-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144723903","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

Labor mobility and corporate wage inequity: Evidence from the Hukou reform in China 劳动力流动与企业工资不平等：来自中国户籍改革的证据

IF 8.7 2区经济学

Economic Analysis and Policy Pub Date : 2025-07-25 DOI: 10.1016/j.eap.2025.07.042

Ni Qin , Junwei Zeng , Qiyao Wang

引用次数: 0

Does big data promote firms’ leverage ratios? Evidence from China’s national comprehensive big data pilot zones 大数据会提高企业的杠杆率吗？来自中国国家综合大数据试验区的证据

IF 8.7 2区经济学

Economic Analysis and Policy Pub Date : 2025-07-24 DOI: 10.1016/j.eap.2025.07.041

HuiRu Yu , Kedong Shu , Zeqiang Ni , Qing Liu , ShuaiHang Li

{"title":"Does big data promote firms’ leverage ratios? Evidence from China’s national comprehensive big data pilot zones","authors":"HuiRu Yu , Kedong Shu , Zeqiang Ni , Qing Liu , ShuaiHang Li","doi":"10.1016/j.eap.2025.07.041","DOIUrl":"10.1016/j.eap.2025.07.041","url":null,"abstract":"<div><div>Research on the impact of the digital economy on corporate finance is burgeoning. However, the investigation into its effects on firms’ leverage ratios remains limited. In this paper, we explore the influence of China’s National Comprehensive Big Data Pilot Zones (BDPZ) on firms’ leverage ratios, using a sample of A-share listed firms from 2008 to 2021. Utilizing a difference-in-differences approach, we find that the BDPZ policy plays a significantly positive role in promoting firms’ leverage ratios, a result is robust across various tests. Mechanism analysis demonstrates that pilot zones initiative improves firms’ data asset disclosure, fosters the application of digital technologies and reduces financial risk, thereby increasing leverage ratios. Heterogeneity analysis shows that the BDPZ policy substantially promotes leverage ratios for firms with higher productivity, higher initial levels of digitalization, and that are non-state-owned. Moreover, firms facing higher financing constraints and lower political sensitivity exhibit more pronounced effects. Our research, by providing rigorous empirical evidence for understanding the interaction between government policy and firm financial performance in the context of the digital economy, holds significant policy implications for stability of financial system, especially for developing countries such as China.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"87 ","pages":"Pages 1817-1833"},"PeriodicalIF":8.7,"publicationDate":"2025-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144723864","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 municipality size matter? The impact of introducing the electronic consumer invoice (NFC-e) 市政规模重要吗？引入电子消费者发票（NFC-e）的影响

IF 8.7 2区经济学

Economic Analysis and Policy Pub Date : 2025-07-24 DOI: 10.1016/j.eap.2025.07.040

João Paulo Oliveira Lucena, Raquel Menezes Bezerra Sampaio

引用次数: 0