亚洲的制度质量和宏观金融弹性

IF 2.9 3区经济学 Q1 ECONOMICS

Journal of Asian Economics Pub Date : 2025-05-16 DOI:10.1016/j.asieco.2025.101957

John Beirne , Pradeep Panthi

{"title":"亚洲的制度质量和宏观金融弹性","authors":"John Beirne , Pradeep Panthi","doi":"10.1016/j.asieco.2025.101957","DOIUrl":null,"url":null,"abstract":"<div><div>This paper examines the effect of institutions on macrofinancial resilience in Asia. Focusing on a panel of 12 Asian economies from 1996Q1 to 2020Q4, we find that institutions for economies with high levels of institutional quality support the resilience of real GDP per capita and net FDI inflows during periods of elevated financial stress. In addition, our results suggest resilience due to institutions for these economies regarding net equity and debt inflows in crisis times, also reflecting portfolio rebalancing effects. For economies with lower levels of institutional quality, institutions may help to stabilize portfolio debt during crisis times, although the magnitudes of the effects are small. As well as pointing towards resilience thresholds in institutional quality, our paper provides insights on critical sub-components of overall institutional quality, notably rule of law, political stability, and regulatory quality. The findings help to inform the direction of policy efforts towards strengthening institutional capacity and structural reforms for enhancing economic development and resilience to shocks.</div></div>","PeriodicalId":47583,"journal":{"name":"Journal of Asian Economics","volume":"99 ","pages":"Article 101957"},"PeriodicalIF":2.9000,"publicationDate":"2025-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Institutional quality and macrofinancial resilience in Asia\",\"authors\":\"John Beirne , Pradeep Panthi\",\"doi\":\"10.1016/j.asieco.2025.101957\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>This paper examines the effect of institutions on macrofinancial resilience in Asia. Focusing on a panel of 12 Asian economies from 1996Q1 to 2020Q4, we find that institutions for economies with high levels of institutional quality support the resilience of real GDP per capita and net FDI inflows during periods of elevated financial stress. In addition, our results suggest resilience due to institutions for these economies regarding net equity and debt inflows in crisis times, also reflecting portfolio rebalancing effects. For economies with lower levels of institutional quality, institutions may help to stabilize portfolio debt during crisis times, although the magnitudes of the effects are small. As well as pointing towards resilience thresholds in institutional quality, our paper provides insights on critical sub-components of overall institutional quality, notably rule of law, political stability, and regulatory quality. The findings help to inform the direction of policy efforts towards strengthening institutional capacity and structural reforms for enhancing economic development and resilience to shocks.</div></div>\",\"PeriodicalId\":47583,\"journal\":{\"name\":\"Journal of Asian Economics\",\"volume\":\"99 \",\"pages\":\"Article 101957\"},\"PeriodicalIF\":2.9000,\"publicationDate\":\"2025-05-16\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Asian Economics\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1049007825000818\",\"RegionNum\":3,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Asian Economics","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1049007825000818","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}

引用次数: 0

摘要

本文考察了制度对亚洲宏观金融弹性的影响。通过对1996年第一季度至2020年第四季度12个亚洲经济体的研究，我们发现，在金融压力加剧期间，高水平制度质量经济体的制度支持实际人均GDP和外国直接投资净流入的弹性。此外，我们的研究结果表明，这些经济体在危机时期的净股权和债务流入方面的制度弹性也反映了投资组合再平衡效应。对于制度质量水平较低的经济体，在危机时期，制度可能有助于稳定投资组合债务，尽管影响的幅度很小。除了指出制度质量的弹性阈值外，我们的论文还提供了对整体制度质量的关键子组成部分的见解，特别是法治、政治稳定和监管质量。研究结果有助于为加强机构能力和结构改革以提高经济发展和抵御冲击能力的政策努力方向提供信息。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Institutional quality and macrofinancial resilience in Asia

This paper examines the effect of institutions on macrofinancial resilience in Asia. Focusing on a panel of 12 Asian economies from 1996Q1 to 2020Q4, we find that institutions for economies with high levels of institutional quality support the resilience of real GDP per capita and net FDI inflows during periods of elevated financial stress. In addition, our results suggest resilience due to institutions for these economies regarding net equity and debt inflows in crisis times, also reflecting portfolio rebalancing effects. For economies with lower levels of institutional quality, institutions may help to stabilize portfolio debt during crisis times, although the magnitudes of the effects are small. As well as pointing towards resilience thresholds in institutional quality, our paper provides insights on critical sub-components of overall institutional quality, notably rule of law, political stability, and regulatory quality. The findings help to inform the direction of policy efforts towards strengthening institutional capacity and structural reforms for enhancing economic development and resilience to shocks.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Journal of Asian Economics ECONOMICS-

CiteScore

4.70

自引率

9.40%

发文量

期刊介绍： The Journal of Asian Economics provides a forum for publication of increasingly growing research in Asian economic studies and a unique forum for continental Asian economic studies with focus on (i) special studies in adaptive innovation paradigms in Asian economic regimes, (ii) studies relative to unique dimensions of Asian economic development paradigm, as they are investigated by researchers, (iii) comparative studies of development paradigms in other developing continents, Latin America and Africa, (iv) the emerging new pattern of comparative advantages between Asian countries and the United States and North America.