Economic Analysis and Policy最新文献_第9页

From restriction to relaxation: The impact of fertility policy on household savings across countries 从限制到放松：生育政策对各国家庭储蓄的影响

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-12-01 DOI: 10.1016/j.eap.2024.10.055

Liang Chang , Xiaojun Liang , Na Tan , Shuting Liang

{"title":"From restriction to relaxation: The impact of fertility policy on household savings across countries","authors":"Liang Chang , Xiaojun Liang , Na Tan , Shuting Liang","doi":"10.1016/j.eap.2024.10.055","DOIUrl":"10.1016/j.eap.2024.10.055","url":null,"abstract":"<div><div>This paper presents a quantitative assessment of the impact of fertility policy adjustments on household saving rates using a panel data policy evaluation approach. We examine seven Asian regions that initially implemented restrictive fertility policies and later relaxed them, providing a unique empirical context for understanding the economic impact of such policy shifts. The analysis indicates that early restrictive fertility policies had a significant impact on the household saving rate, resulting in increases ranging from 4 to 21 % across countries. However, the subsequent relaxation of these policies had mostly insignificant effects on household savings rates, with the exception of Japan. Specifically, the implementation of fertility restriction policies in China, Hong Kong (China), Malaysia, and Singapore is associated with a 4 to 10 % increase in the household saving rate. In Korea, these policies lead to an increase of 18.3 %, and in Iran, the effect is most pronounced, with a 21 % increase in the household saving rate. In contrast, the relaxation of family planning policies in Japan resulted in a 6.4 % decrease in the household savings rate. These results provide new quantitative evidence on the impact of fertility on household saving rates, support the life-cycle theory of saving, and provide explanations for the differential impact of such policy adjustments.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"84 ","pages":"Pages 2102-2129"},"PeriodicalIF":7.9,"publicationDate":"2024-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142745851","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 influence of deleveraging the excessive debt firms on investment efficiency

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-12-01 DOI: 10.1016/j.eap.2024.10.013

Yu-En Lin , Shi Teng , Teng-Yuan Cheng , Qianqian Wang , Chunyang Hu

引用次数: 0

Behavioral responses to inheritance taxation – A review of the empirical literature

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-11-30 DOI: 10.1016/j.eap.2024.11.026

Margit Schratzenstaller

引用次数: 0

Strong financial regulation and the intelligent transformation of enterprises

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-11-29 DOI: 10.1016/j.eap.2024.11.017

Baizhen Zhang , Meiting Guo

{"title":"Strong financial regulation and the intelligent transformation of enterprises","authors":"Baizhen Zhang , Meiting Guo","doi":"10.1016/j.eap.2024.11.017","DOIUrl":"10.1016/j.eap.2024.11.017","url":null,"abstract":"<div><div>Artificial intelligence, as a strategic technology leading the future, has emerged as a key field where nations worldwide are actively vying for leadership. In 2018, China issued new asset management regulations, which had a significant impact on the intelligent transformation of enterprises. However, there are no scholars to carry out research. In order to fill this gap, this paper is based on the natural experiment of China's the new asset management regulation released in 2018, this paper analyzes the impact of strong financial regulation on enterprise AI. The primary contribution of this paper is the establishment of a new mathematical model for stringent financial supervision and the deduction that new regulations guide funds by targeting shadow banking, curbing corporate financialization, alleviating financing constraints, and optimizing resource allocation, thereby fostering the intelligent transformation of enterprises. Addressed the shortcomings in existing quantitative research. Finally, further analysis reveals that this positive effect is mainly reflected in state-owned enterprises, high-tech enterprises, private financial development degree is higher, and relatively developed eastern regions and large urban agglomeration areas. This study provides micro evidence for the intelligent effect of financial strong regulation, and provides important policy enlightenment for further releasing the dividends of financial regulation system reform and promoting the high-quality development of real economy.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 186-207"},"PeriodicalIF":7.9,"publicationDate":"2024-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143132183","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 board characteristics and corporate credit ratings—Evidence based on the Chinese market

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-11-28 DOI: 10.1016/j.eap.2024.11.023

Yuhan Zhao, Yaqi Zhang, Pinglin He

{"title":"The relationship between board characteristics and corporate credit ratings—Evidence based on the Chinese market","authors":"Yuhan Zhao, Yaqi Zhang, Pinglin He","doi":"10.1016/j.eap.2024.11.023","DOIUrl":"10.1016/j.eap.2024.11.023","url":null,"abstract":"<div><div>Credit ratings serve as a critical mechanism for investors to assess corporate credit risk and mitigate investment risk, while a well-managed board is central to addressing principal-agent problems and thereby effectively reducing a firm's default risk. However, research on the impact of board characteristics on credit ratings rarely focuses on individual characteristics. This study focuses on board composition, board member quality, board motivation, and board governance to provide a more comprehensive description of the impact of board characteristics on corporate credit ratings. Using data on Chinese A-share listed companies from 2010 to 2020, the findings are as follows.(1)Board composition, quality, motivation and leadership have a significant impact on corporate credit ratings. (2)Board characteristics affect corporate credit ratings by influencing internal control, surplus management, and accounting disclosure quality. (3)Under the socialist economy with Chinese characteristics, the influence of board characteristics on corporate credit ratings is significantly higher in regions with higher levels of marketization. Overall, our findings provide new insights into the effect of board characteristics on credit ratings.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 292-316"},"PeriodicalIF":7.9,"publicationDate":"2024-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143131732","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

Issuance of urban investment bonds and high-quality urban economic development 发行城市投资债券，促进城市经济高质量发展

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-11-26 DOI: 10.1016/j.eap.2024.11.025

Liuzhen Zhang , Wunhong Su

{"title":"Issuance of urban investment bonds and high-quality urban economic development","authors":"Liuzhen Zhang , Wunhong Su","doi":"10.1016/j.eap.2024.11.025","DOIUrl":"10.1016/j.eap.2024.11.025","url":null,"abstract":"<div><div>High-quality economic development is a significant issue in China's new era, wherein an active government plays a crucial role in the rational allocation of public resources. This study examines the impact of urban investment bond issuance on the high-quality development of urban economies using panel data from Chinese cities. It further explores the specific mechanisms and regional heterogeneity of this impact. By clarifying the fundamental attributes and channels of influence of urban investment bonds, this study incorporates regional debt elements as a unique factor into the spatial Durbin model to investigate their specific spatial spillover effects, aiming to broaden and enrich economic growth theory. The findings reveal that urban investment bond issuance significantly promotes high-quality urban economic development and has a positive spatial spillover effect. The primary mechanisms include alleviating fiscal pressure, enhancing research and development expenditure, and increasing educational spending. Heterogeneity analysis indicates that the promotion effect of urban investment bonds on high-quality urban economic development is not significant in central and western cities. This study provides theoretical and practical insights into accurately understanding the relationship between government-issued urban investment bonds and high-quality economic development and aids different regions and cities in identifying their unique positions to implement tailored debt issuance strategies.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 111-130"},"PeriodicalIF":7.9,"publicationDate":"2024-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142747904","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

Impact of the business environment on national innovation capacity – Empirical study based on OECD countries

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-11-25 DOI: 10.1016/j.eap.2024.11.022

Pinglin He , Yihan Ma , Mingze Yin

引用次数: 0

Beyond the ivory tower: Professors on the board and corporate performance in China 象牙塔之外：中国董事会教授和公司业绩

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-11-24 DOI: 10.1016/j.eap.2024.11.024

Zhisheng Li , Jiazhu Pang , Xinxin Jing

引用次数: 0

Reformation of government officials’ performance evaluation and corporate environmental investment: The moderating effect of corporate bargaining power 政府官员绩效考核改革与企业环境投资：企业议价能力的调节作用

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-11-23 DOI: 10.1016/j.eap.2024.11.019

Qiang Li , Zichun He , Wenjuan Ruan , Yulei Xia , Qingting Cai

{"title":"Reformation of government officials’ performance evaluation and corporate environmental investment: The moderating effect of corporate bargaining power","authors":"Qiang Li , Zichun He , Wenjuan Ruan , Yulei Xia , Qingting Cai","doi":"10.1016/j.eap.2024.11.019","DOIUrl":"10.1016/j.eap.2024.11.019","url":null,"abstract":"<div><div>With increasing deterioration of the environment and growing global environmental awareness, there is a need to reform the performance evaluation of government officials from focusing solely on economic growth to incorporating environmental protection indicators. We use the pilot scheme of China's natural resource accountability audit (NRAA) as a natural experiment. Using data for 2010–2022 from Chinese listed companies in heavily polluting industries, we apply a difference-in-differences (DID) model to test the impact of the NRAA policy on corporate environmental investment (CEI) and further examine the moderating role of corporate bargaining power. The empirical results demonstrate that the level of CEI in pilot cities is significantly higher than that in non-pilot cities. However, if firms possess stronger bargaining power, the positive effect of the policy on CEI diminishes. Further analysis reveals that the influence of corporate bargaining power on the effectiveness of the policy can be constrained within the context of better internal and external governance. China's experience provides a viable approach for integrating environmental governance into a more comprehensive framework of performance evaluation systems for government officials.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 150-168"},"PeriodicalIF":7.9,"publicationDate":"2024-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142757431","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 the incentive policy for renewable energy grid connection affect the technical efficiency of power grid companies? Empirical analysis based on China and Japan 可再生能源并网激励政策是否影响电网公司的技术效率？基于中国和日本的实证分析

IF 7.9 2区经济学

Economic Analysis and Policy Pub Date : 2024-11-23 DOI: 10.1016/j.eap.2024.11.020

Biao Li , Bai-Chen Xie , Xiao-Chen Yu , Zhen-Yu She , Wenhao Hu

{"title":"Does the incentive policy for renewable energy grid connection affect the technical efficiency of power grid companies? Empirical analysis based on China and Japan","authors":"Biao Li , Bai-Chen Xie , Xiao-Chen Yu , Zhen-Yu She , Wenhao Hu","doi":"10.1016/j.eap.2024.11.020","DOIUrl":"10.1016/j.eap.2024.11.020","url":null,"abstract":"<div><div>The widespread adoption of renewable energy sources, which are characterized by intermittency, uncertainty, and uneven geographical distribution, has significantly influenced power grid operating efficiency. This study employs the meta-frontier model to assess the impact of varying degrees of renewable energy development in China and Japan from 2008 to 2022 on the efficiency of 40 power grid companies. The research reveals that the rapid increase in renewable energy generation has posed significant challenges to grid management, leading to a decline in grid company technical efficiency. Despite implementing entirely different renewable energy incentive policies, both China and Japan have encountered a detrimental effect on the efficiency of their power grids. However, over time, the adverse impact of renewable energy on grid efficiency has shown signs of attenuation. This positive trend is partly attributable to measures such as enhanced infrastructure development and improved technical standards, which have effectively mitigated the negative effects of renewable energy integration on grid operations. Based on these findings, the study emphasizes the importance of bolstering grid infrastructure and fostering technological innovations to minimize the disruptive effects of renewable energy on grid efficiency.</div></div>","PeriodicalId":54200,"journal":{"name":"Economic Analysis and Policy","volume":"85 ","pages":"Pages 28-47"},"PeriodicalIF":7.9,"publicationDate":"2024-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142747805","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