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The Real Effects of Zombie Lending in Europe 欧洲僵尸贷款的实际影响
IF 2.5 3区 经济学
Oxford Bulletin of Economics and Statistics Pub Date : 2024-09-18 DOI: 10.1111/obes.12636
Belinda Tracey
{"title":"The Real Effects of Zombie Lending in Europe","authors":"Belinda Tracey","doi":"10.1111/obes.12636","DOIUrl":"https://doi.org/10.1111/obes.12636","url":null,"abstract":"‘Zombie lending’ occurs when a lender supports an otherwise insolvent borrower. Recent studies document that zombie lending has been widespread following the European sovereign debt crisis. In this paper, I develop a quantitative model to study the impact of these lending practices on firm dynamics. In the model, firm liquidations and zombie lending arise endogenously. The model provides a good match to key euro‐area firm statistics over the period 2011–14. I find that zombie lending has a substantial impact on borrowing costs, helping more low‐productivity firms to survive. This, in turn, causes a drag on aggregate output, investment and productivity.","PeriodicalId":54654,"journal":{"name":"Oxford Bulletin of Economics and Statistics","volume":"8 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2024-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142263965","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Factoring in the Micro: A Transaction‐Level Dynamic Factor Approach to the Decomposition of Export Volatility 微观因素：分解出口波动的交易级动态因素法
IF 2.5 3区 经济学
Oxford Bulletin of Economics and Statistics Pub Date : 2024-09-12 DOI: 10.1111/obes.12639
Angelo Cuzzola, Matteo Barigozzi, Marco Grazzi, Daniele Moschella
{"title":"Factoring in the Micro: A Transaction‐Level Dynamic Factor Approach to the Decomposition of Export Volatility","authors":"Angelo Cuzzola, Matteo Barigozzi, Marco Grazzi, Daniele Moschella","doi":"10.1111/obes.12639","DOIUrl":"https://doi.org/10.1111/obes.12639","url":null,"abstract":"This paper analyzes the export volatility sources estimating a dynamic factor model on transaction‐level data. Utilizing an exhaustive dataset of French export transactions from 1993 to 2017, we reconstruct the latent factors space associated with global and destination‐specific macroeconomic shocks through a Quasi‐Maximum likelihood approach which allows accommodating both the high share of missing values and the high dimensionality of the microeconomic time series. The estimated parameters are then used to derive a volatility decomposition of the aggregate and firm‐level export growth rates, highlighting structural spatial patterns and the role of geographical diversification in mitigating export risks.","PeriodicalId":54654,"journal":{"name":"Oxford Bulletin of Economics and Statistics","volume":"178 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2024-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142206142","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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 Growth Effect of State Capacity Revisited 重新审视国家能力的增长效应
IF 2.5 3区 经济学
Oxford Bulletin of Economics and Statistics Pub Date : 2024-09-10 DOI: 10.1111/obes.12642
Trung V. Vu
{"title":"The Growth Effect of State Capacity Revisited","authors":"Trung V. Vu","doi":"10.1111/obes.12642","DOIUrl":"https://doi.org/10.1111/obes.12642","url":null,"abstract":"I provide new empirical estimates of the effect of state capacity on economic development across countries over the period 1960–2022. Specifically, I construct a comprehensive state capacity index based on six different dimensions of effective state institutions available in the Varieties of Democracy (V‐Dem) dataset. Then, I estimate heterogeneous parameter models under a common factor framework. My empirical strategy explicitly allows the growth effect of state capacity to differ across countries and accounts for unobserved common factors. My preferred estimates indicate that a one‐standard‐deviation increase in my V‐Dem‐based state capacity index predicts a rise in income per person by roughly 6%–7%. The magnitude of such impact equates to less than half of that implied by conventional estimates obtained under highly restrictive assumptions of slope homogeneity and cross‐sectional independence. Furthermore, I provide partial evidence suggesting that worldwide heterogeneity in the economic importance of state capacity is deeply rooted in prehistorically determined population diversity, state history, long‐term relatedness between countries, and interpersonal trust.","PeriodicalId":54654,"journal":{"name":"Oxford Bulletin of Economics and Statistics","volume":"18 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2024-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142206156","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Economic Growth Analysis When Balanced Growth Paths May Be Time Varying 平衡增长路径可能随时间变化时的经济增长分析
IF 2.5 3区 经济学
Oxford Bulletin of Economics and Statistics Pub Date : 2024-08-22 DOI: 10.1111/obes.12638
Andrew Mountford
{"title":"Economic Growth Analysis When Balanced Growth Paths May Be Time Varying","authors":"Andrew Mountford","doi":"10.1111/obes.12638","DOIUrl":"https://doi.org/10.1111/obes.12638","url":null,"abstract":"The determinants of an economy's growth path for income per head may vary over time. In this paper, we apply unobserved components analysis to an otherwise standard panel model of economic growth dynamics so that an economy's long‐run relative income per head can change at any point of time. We apply this model to data for US states for 1929–2021 and the world economy for 1970–2019. In both datasets an economy's initial relative income per head is a good predictor of its long‐run relative income per head. Relatively poor economies on average remain relatively poor.","PeriodicalId":54654,"journal":{"name":"Oxford Bulletin of Economics and Statistics","volume":"32 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2024-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142226416","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Can Preferences for Redistribution Explain the Impact of Austerity on Political Participation? Evidence from the UK 再分配偏好能否解释紧缩政策对政治参与的影响？来自英国的证据
IF 2.5 3区 经济学
Oxford Bulletin of Economics and Statistics Pub Date : 2024-08-17 DOI: 10.1111/obes.12640
Patricia Justino, Bruno Martorano, Laura Metzger
{"title":"Can Preferences for Redistribution Explain the Impact of Austerity on Political Participation? Evidence from the UK","authors":"Patricia Justino, Bruno Martorano, Laura Metzger","doi":"10.1111/obes.12640","DOIUrl":"https://doi.org/10.1111/obes.12640","url":null,"abstract":"Many European countries introduced austerity policies to control rising debt in the wake of the Great Recession of the late 2000s. Recent research suggests that austerity fuelled political polarization, instability, and populism in Europe. However, the motives behind citizens' responses to austerity are not well understood. Using the case of the UK, we study whether preferences for redistribution drive the effect of austerity on political participation in the form of voting, appealing for reform with the government, and protesting. Based on experimental and observational data, we show that individual exposure to austerity increases voting and appealing for reform with the government but not protesting, and changes people's preferences for redistribution. The experimental data show that being exposed to austerity is associated with a 0.128 and a 0.096 unit increase in voting and appealing for reform, respectively. The data also show that exposure to austerity increases preferences for taxing higher incomes and spending more on welfare and social security. This change in preferences explains between 8% and 11% of the effect of exposure to austerity on political participation.","PeriodicalId":54654,"journal":{"name":"Oxford Bulletin of Economics and Statistics","volume":"27 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2024-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142206158","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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 Implications of Routine‐Biased Technological Change on Hours Worked Fluctuations* 偏重常规的技术变革对工时波动的影响*
IF 2.5 3区 经济学
Oxford Bulletin of Economics and Statistics Pub Date : 2024-08-16 DOI: 10.1111/obes.12637
Sébastien Bock, Idriss Fontaine
{"title":"The Implications of Routine‐Biased Technological Change on Hours Worked Fluctuations*","authors":"Sébastien Bock, Idriss Fontaine","doi":"10.1111/obes.12637","DOIUrl":"https://doi.org/10.1111/obes.12637","url":null,"abstract":"Technological change has been biased towards replacing routine labour over the past four decades. We study the implications of those shifts in the task composition of labour demand on hours worked fluctuations. We build quarterly time series on hours worked and task premiums from the CPS and assess the effects of routine‐biased technological change by estimating a VAR model with long‐run exclusion and sign restrictions. The results indicate that the decline in total hours worked is driven by routine‐biased technology shocks through a decline in routine hours. These shocks generate recognizable aggregate fluctuations pointing out to their potential relevance for business cycles.","PeriodicalId":54654,"journal":{"name":"Oxford Bulletin of Economics and Statistics","volume":"15 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2024-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142206157","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Bayesian Estimation of Fixed Effects Models with Large Datasets* 大型数据集固定效应模型的贝叶斯估计*
IF 2.5 3区 经济学
Oxford Bulletin of Economics and Statistics Pub Date : 2024-08-14 DOI: 10.1111/obes.12641
Hang Qian
{"title":"Bayesian Estimation of Fixed Effects Models with Large Datasets*","authors":"Hang Qian","doi":"10.1111/obes.12641","DOIUrl":"https://doi.org/10.1111/obes.12641","url":null,"abstract":"In hierarchical prior longitudinal models, random effects are estimated by the Gibbs sampler. We show that fixed effects can be handled by a similar Gibbs sampler under a diffuse prior on the unobserved heterogeneity. The dummy variable approach for fixed effects is computationally intensive and has the out‐of‐memory risk, while the Gibbs sampler can reproduce the dummy variable estimator without creating dummy variables, and therefore avoids the memory burden. Compared to alternating projections and other classical approaches, our method simplifies both inference and estimation of the limited dependent variable models with fixed effects. The proposed method is applied to a real‐world mortgage dataset for classification with three‐way fixed effects on banks, regions, and loan purposes.","PeriodicalId":54654,"journal":{"name":"Oxford Bulletin of Economics and Statistics","volume":"16 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2024-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142206159","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Monetary Policy Effectiveness under the Ultra‐Low Interest Rate Environment: Evidence from Yield Curve Dynamics in Japan 超低利率环境下的货币政策有效性：来自日本收益率曲线动态的证据
IF 2.5 3区 经济学
Oxford Bulletin of Economics and Statistics Pub Date : 2024-08-07 DOI: 10.1111/obes.12635
Shigenori Shiratsuka
{"title":"Monetary Policy Effectiveness under the Ultra‐Low Interest Rate Environment: Evidence from Yield Curve Dynamics in Japan","authors":"Shigenori Shiratsuka","doi":"10.1111/obes.12635","DOIUrl":"https://doi.org/10.1111/obes.12635","url":null,"abstract":"I examine the effectiveness of monetary policy under the ultra‐low interest rate environment in Japan through the lens of yield curve dynamics. To that end, I employ the dynamic Nelson–Siegel model with time‐varying parameters, thereby computing indicators for tracing monetary easing effects. I show that the estimation performance of the yield curve models is sufficiently improved even under the ultra‐low interest rate environment by extending the dynamic Nelson–Siegel model to allow a loading parameter to vary over time, in addition to three factors of yield curve dynamics: level, slope, and curvature. However, I also demonstrate that the identification of the level and loading parameters is critical in assessing monetary policy effects. I reveal that monetary easing effects under the Quantitative and Qualitative Monetary Easing (QQE) are produced by flattening the yield curve in the ultra‐long‐term maturity zone over 10 years, while monetary easing effects from maturities shorter than ten years remain almost unchanged. Monetary policy fails to produce sufficient monetary easing effects within the time frame of the standard macroeconomic stabilization policy, even with the full‐fledged implementation of unconventional monetary policy measures under the ultra‐low interest rate environment in Japan.","PeriodicalId":54654,"journal":{"name":"Oxford Bulletin of Economics and Statistics","volume":"9 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2024-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141936093","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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 Real Effects of Credit Supply Shocks: Evidence from an Emerging Economy 信贷供应冲击的实际影响：新兴经济体的证据
IF 2.5 3区 经济学
Oxford Bulletin of Economics and Statistics Pub Date : 2024-07-24 DOI: 10.1111/obes.12634
Aleksei Kiselev, Daria Kolesnik, Mikhail Mamonov, Anna Pestova
{"title":"The Real Effects of Credit Supply Shocks: Evidence from an Emerging Economy","authors":"Aleksei Kiselev, Daria Kolesnik, Mikhail Mamonov, Anna Pestova","doi":"10.1111/obes.12634","DOIUrl":"https://doi.org/10.1111/obes.12634","url":null,"abstract":"What role do credit supply shocks (CSS) play in macroeconomic dynamics in emerging economies? We exploit Russia's setting, including the 2014 Western sanctions, and show that a negative CSS normalized to 0.5 p.p. increase in the lending rate leads to a decrease of 2 p.p. in the output growth rate, 1.5 p.p. in the consumption growth rate and 5 p.p. in the investment growth rate within a quarter. The heterogeneity of the household and firm responses to CSS is driven by debt‐to‐income and leverage ratios, with indebted poorer households and larger firms being more sensitive to fluctuations in credit conditions.","PeriodicalId":54654,"journal":{"name":"Oxford Bulletin of Economics and Statistics","volume":"67 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2024-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141770463","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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 Impact of Firm Technology on Carbon Disclosure: The Critical Role of Stakeholder Pressure 企业技术对碳信息披露的影响：利益相关者压力的关键作用
IF 1.5 3区 经济学
Oxford Bulletin of Economics and Statistics Pub Date : 2024-07-16 DOI: 10.1111/obes.12633
Morakinyo O. Adetutu, Kayode A. Odusanya, Eleni Stathopoulou, Thomas G. Weyman-Jones
{"title":"The Impact of Firm Technology on Carbon Disclosure: The Critical Role of Stakeholder Pressure","authors":"Morakinyo O. Adetutu,&nbsp;Kayode A. Odusanya,&nbsp;Eleni Stathopoulou,&nbsp;Thomas G. Weyman-Jones","doi":"10.1111/obes.12633","DOIUrl":"10.1111/obes.12633","url":null,"abstract":"<p>The demand for transparency about the microeconomic sources of environmental pollution has surged recently, causing carbon disclosure to rise to the top of the global climate change discourse. In this study, we empirically investigate how the environmental performance of firm production technologies shapes their voluntary carbon disclosure behaviour and how key stakeholders influence the performance-disclosure relationship. Using a panel of 1,547 firms across 24 countries covering 2006–20, we find that firms with the most efficient technologies for reducing emissions tend to disclose their carbon impact, especially when they face more stringent environmental regulations. These high-performing firms demonstrate a tendency for non-disclosure when faced with intense shareholder and environmental activist pushback against pollution. Our findings also highlight the existence of a profitability penalty for transparent high-efficiency firms relative to comparable firms that adopt strategic silence.</p>","PeriodicalId":54654,"journal":{"name":"Oxford Bulletin of Economics and Statistics","volume":"86 6","pages":"1438-1471"},"PeriodicalIF":1.5,"publicationDate":"2024-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/obes.12633","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141642161","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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