International Review of Economics & Finance最新文献_第4页

Does financial structure matter for economic growth in an open economy? 在开放经济中，金融结构对经济增长重要吗？

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-27 DOI: 10.1016/j.iref.2026.104971

Jiajia Yan , Liu Dai , Qiuyun Zhao

Financial structure is critical for economic growth. This paper examines the relationship between financial structure and economic growth in an open economy by developing an extended neoclassical growth model, which incorporates technological progress and foreign direct investment (FDI). The theoretical analysis demonstrates that an optimal financial structure exists at the steady-state growth rate, with technological progress serving as a key mechanism. Using cross-country panel data from 2003 to 2020, we find that the financial structure dominated by direct financing is more conducive to economic growth, particularly in developing countries. Further analysis indicates that the financial structure promotes economic growth through technological progress. In addition, the positive effect of direct financing follows an inverse U-shaped pattern. While an increasing proportion of direct financing fosters economic growth, exceeding the turning point of the inverse U-shaped curve inhibits growth. Developed countries reach this turning point earlier than developing countries. Moreover, the effect of financial structure evolves dynamically across different stages of economic development. It also exhibits distinct patterns across countries, following a U-shaped pattern in developing countries and declining steadily in developed countries. These findings provide policy insights on optimizing financial structure to promote economic growth in an open economy.

金融结构对经济增长至关重要。本文通过建立一个扩展的新古典经济增长模型来考察开放经济中金融结构与经济增长之间的关系，该模型将技术进步和外国直接投资（FDI）纳入其中。理论分析表明，在稳态增长率下存在最优金融结构，技术进步是最优金融结构的关键机制。利用2003 - 2020年的跨国面板数据，我们发现以直接融资为主导的金融结构更有利于经济增长，特别是在发展中国家。进一步分析表明，金融结构通过技术进步促进经济增长。此外，直接融资的积极效应呈倒u型分布。直接融资比重的提高有利于经济增长，而超过逆u型曲线拐点则会抑制经济增长。发达国家比发展中国家更早到达这一转折点。此外，金融结构的影响在经济发展的不同阶段是动态演变的。它在各国也表现出不同的模式，在发展中国家呈u型模式，在发达国家稳步下降。这些研究结果为在开放经济条件下优化金融结构促进经济增长提供了政策启示。

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引用次数: 0

Can you read this chart? Evidence from the U.S. on financial graph literacy and its impact on behaviour 你能看懂这张图表吗？来自美国的关于金融图表知识及其对行为影响的证据

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-26 DOI: 10.1016/j.iref.2026.104944

Candida Bussoli , Lucrezia Fattobene

Consumers and investors are continuously exposed to financial graphs, yet the skill required to accurately interpret them, specifically Financial Graph Literacy (FGL), remains underexplored in existing research. This study introduces FGL as a distinct and measurable dimension of financial capability and explores its relationship to real-world financial behaviours. Drawing on data from a nationally representative survey of 1002 U.S. adults, we assess FGL using a performance-based scale alongside traditional literacy measures, sociodemographic indicators, and behavioural outcomes. Our findings reveal that FGL is not only unevenly distributed across the population—lower among older adults, those with less education, and lower-income groups—but also serves as a strong and independent predictor of financial behaviour. Even after controlling for numeracy and financial, digital, and risk literacies, higher FGL scores are significantly associated with a greater likelihood of engaging in proactive financial behaviours such as saving, investing, budgeting, and using digital financial tools. These results highlight a crucial yet overlooked skill gap in financial decision-making, suggesting that efforts to improve financial capability must include targeted support for developing graph comprehension. The study has direct implications for policy, education, and the design of financial communication, particularly as financial services become increasingly more visual, digital, and complex.

消费者和投资者不断接触到财务图表，但准确解读这些图表所需的技能，特别是金融图表素养（FGL），在现有的研究中仍未得到充分的探索。本研究将FGL作为财务能力的一个独特且可测量的维度，并探讨其与现实世界财务行为的关系。根据对1002名美国成年人的全国代表性调查数据，我们使用基于表现的量表以及传统的识字指标、社会人口指标和行为结果来评估FGL。我们的研究结果表明，FGL不仅在人口中分布不均匀——老年人、受教育程度较低的人和低收入群体的FGL较低——而且还可以作为一种强有力的、独立的金融行为预测指标。即使在控制了计算能力、金融、数字和风险素养之后，更高的FGL分数与更有可能参与积极的金融行为（如储蓄、投资、预算和使用数字金融工具）显著相关。这些结果突出了财务决策中一个关键但被忽视的技能差距，表明提高财务能力的努力必须包括对发展图表理解的有针对性的支持。这项研究对政策、教育和金融沟通设计具有直接影响，特别是在金融服务变得越来越可视化、数字化和复杂的情况下。

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引用次数: 0

Interconnected multiscale waves: Tracking shock transmission across cryptocurrency, energy, economy and the environment 相互关联的多尺度波：跟踪加密货币、能源、经济和环境之间的冲击传输

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-25 DOI: 10.1016/j.iref.2026.104937

Rabie Loukil , Nabila Boukef Jlassi , Foued Badr Gabsi , Amine Lahiani

This study examines the dynamic and multiscale connectedness among cryptocurrencies, energy markets, macro-financial variables, and environmental indicators in the United States from January 2014 to June 2025. Using a hybrid framework that combines wavelet decomposition with a time-varying parameter vector autoregression (TVP-VAR), we assess spillovers across short-, medium-, and long-term horizons. The results reveal a persistently high level of systemic integration, with the Total Connectedness Index (TCI) ranging between 70 % and 90 % and reaching about 93 % at long horizons. Three contagion regimes are identified: energy-crypto dominance before 2020, financial synchronization during the COVID-19 crisis, and a macro-energy-environmental phase after 2021 that evolves into a digital-sustainability regime by 2025. The multiscale decomposition uncovers hidden directional reversals, Bitcoin price shifts from a short-term volatility transmitter to a long-run structural influencer, while transaction and capitalization variables move from emitters to receivers as horizons lengthen. Robustness tests using a rolling-window VAR confirm the persistence of these dynamics. Overall, the evidence shows that short-term contagion is speculative and energy-driven, whereas long-term connectedness is anchored in inflation, industrial production, and electricity prices. These findings offer actionable insights for investors and policymakers seeking to manage systemic risk and design sustainable strategies at the intersection of digital finance, energy markets, and environmental policy.

本研究考察了2014年1月至2025年6月美国加密货币、能源市场、宏观金融变量和环境指标之间的动态和多尺度连通性。使用结合小波分解和时变参数向量自回归（TVP-VAR）的混合框架，我们评估了短期、中期和长期的溢出效应。结果显示出持续高水平的系统整合，总连通性指数（TCI）在70%到90%之间，在长期范围内达到93%左右。确定了三种传染机制：2020年之前能源-加密货币主导，2019冠状病毒病危机期间的金融同步，2021年之后的宏观能源-环境阶段，到2025年演变为数字可持续性机制。多尺度分解揭示了隐藏的方向逆转，比特币价格从短期波动发射器转变为长期结构性影响者，而交易和资本化变量随着视野的延长从发射器转变为接收器。使用滚动窗口VAR的稳健性测试证实了这些动态的持久性。总体而言，有证据表明，短期传染是由投机和能源驱动的，而长期联系则以通胀、工业生产和电价为基础。这些发现为寻求在数字金融、能源市场和环境政策的交叉点管理系统性风险和设计可持续战略的投资者和政策制定者提供了可操作的见解。

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引用次数: 0

How does cultural consumption city pilot improve household consumption structure upgrade? Evidence from China 文化消费城市试点如何促进居民消费结构升级？来自中国的证据

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-25 DOI: 10.1016/j.iref.2026.104967

Bowen Li , Cai Zhou

This paper presents a feasible road to achieving household consumption structure upgrade through the cultural consumption pilot. We employ the panel data from the China Labor-force Dynamics Survey from 2014 to 2018 and use the Difference-in-Differences (DID) method to test the policy of National Cultural Consumption Demonstration Cities (NCCDC) pilots on the household consumption structure upgrade. The results show that household consumption structure upgrades after becoming pilot cities and NCCDC policy can promote the increase of enjoyment consumption and the decline of survival consumption. We adopt different methods to test the robustness of the results, and all tests are robust. Moreover, the upgrading effect of family residents’ consumption structures in NCCDC pilots is mainly reflected in urban families, and communities with good governance. Its main mechanisms are cultural radiation, while Internet and clan network effects, which moderate NCCDC policy and household consumption upgrades. The NCCDC policy shapes city brands in communities. More cultural facilities, consumption platforms, and family donations of cultural products emerge in large numbers.

本文提出了通过文化消费试点实现居民消费结构升级的可行途径。本文采用2014 - 2018年中国劳动力动态调查面板数据，运用差分法（DID）对国家文化消费示范城市试点对居民消费结构升级的政策进行检验。结果表明，试点城市后居民消费结构升级和国家防治中心政策对享受性消费的增加和生存性消费的下降有促进作用。我们采用不同的方法来检验结果的稳健性，所有的检验都是稳健性的。此外，NCCDC试点家庭居民消费结构的升级效应主要体现在城市家庭和治理良好的社区。其主要机制是文化辐射效应，而互联网和宗族网络效应则对国家防治政策和居民消费升级起到调节作用。NCCDC政策塑造了社区中的城市品牌。更多的文化设施、消费平台、文化产品家庭捐赠大量涌现。

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引用次数: 0

Macroprudential and monetary policies with an imperfectly competitive banking sector 不完全竞争银行业的宏观审慎和货币政策

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-24 DOI: 10.1016/j.iref.2026.104936

Nimrod Segev

This paper studies the effect of bank competition on the optimal use of monetary and macroprudential policies. To this end, I develop a New Keynesian DSGE model with collateral constraints and an imperfectly competitive banking sector. The results from the model demonstrate that the degree of competition in the banking sector has a sizable impact on the optimal mix of monetary and macroprudential policies. Specifically, the gains from a leaning-against-the-wind monetary policy are substantially smaller when the banking sector is less competitive. Results suggest that, from a policy perspective, monitoring the level of bank competition is crucial when the objective is to promote financial and economic stability.

本文研究了银行竞争对货币政策和宏观审慎政策优化使用的影响。为此，我开发了一个带有抵押品约束和银行业不完全竞争的新凯恩斯主义DSGE模型。模型结果表明，银行业的竞争程度对货币政策和宏观审慎政策的最优组合有相当大的影响。具体来说，当银行业竞争力下降时，逆风货币政策的收益要小得多。结果表明，从政策角度来看，当目标是促进金融和经济稳定时，监测银行竞争水平至关重要。

引用次数: 0

Banking heterogeneity, credit supply and economic growth 银行异质性、信贷供给与经济增长

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-24 DOI: 10.1016/j.iref.2026.104921

Juan Zurita

This paper demonstrates the significance of heterogeneity in bank equity size as a key dimension for quantifying the effects of local credit supply on local economic outcomes. Using newly compiled datasets from over 5000 bank balance sheets, and mortgage and business loans in the United States, we offer novel empirical evidence on the role of bank equity size heterogeneity in how local bank lending impacts local economic activity. Our results show that accounting for the features of the lender, in particular, bank equity size heterogeneity, significantly amplifies the estimated economic effects of credit supply. The impact of mortgage lending on GDP growth can be up to 60 times larger compared to models that ignore lender heterogeneity, while the effect of business lending can be up to 18 times greater when bank equity size heterogeneity is taken into account. This difference in the size of the impact between business and mortgage lending may arise because credit allocation in the business lending channel is more influenced by risk-return trade-offs than by bank equity size.

本文论证了银行股权规模异质性作为量化地方信贷供给对地方经济产出影响的关键维度的重要性。利用来自美国5000多家银行资产负债表、抵押贷款和商业贷款的最新汇编数据集，我们就银行股本规模异质性在地方银行贷款如何影响地方经济活动中的作用提供了新的经验证据。我们的研究结果表明，考虑贷款人的特征，特别是银行股权规模的异质性，显著放大了信贷供应的估计经济效应。与忽略贷款机构异质性的模型相比，抵押贷款对GDP增长的影响可能高达60倍，而当考虑到银行股本规模异质性时，企业贷款的影响可能高达18倍。企业和抵押贷款之间影响大小的差异可能是因为企业贷款渠道中的信贷分配更多地受到风险回报权衡的影响，而不是受到银行股本规模的影响。

引用次数: 0

Facilitator or inhibitor? 促进者还是抑制者？

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-24 DOI: 10.1016/j.iref.2026.104923

Dominik Ulke

The relationship between financial openness and economic growth has long been debated, with empirical evidence remaining mixed. Much of the existing literature focuses on the late 20th century, leaving the effects of financial openness in the 21st century, a time that saw several financial crises and a widespread revival of capital controls, comparatively underexplored. This study revisits this fundamental question using a comprehensive panel dataset covering 159 countries from 1995 to 2021 and two widely used indicators of financial openness, KAOPEN (Chinn and Ito, 2006) and CAPITAL (Quinn, 1997; Quinn and Toyoda, 2008). Employing fixed effects, two-stage least squares, and system-GMM estimators, the analysis accounts for endogeneity concerns. Across all specifications, results consistently show a negative association between financial openness and real per capita GDP growth, suggesting that greater openness has reduced growth in recent decades. Contrary to theory, there is only weak evidence to suggest that this effect is stronger for countries that predominantly import capital and for those that suffer from ”original sin”. These results challenge the conventional wisdom that financial liberalization inherently fosters economic growth. From a policy perspective, they suggest that maintaining selective capital controls may contribute to greater macroeconomic stability and sustained growth, not only for developing countries.

金融开放与经济增长之间的关系长期以来一直存在争议，经验证据仍然好坏参半。现有的文献大多集中在20世纪后期，而对21世纪金融开放的影响的探讨相对较少，而21世纪经历了几次金融危机，资本管制广泛复苏。本研究使用涵盖1995年至2021年159个国家的综合面板数据集和两个广泛使用的金融开放指标——KAOPEN （Chinn and Ito, 2006）和CAPITAL (Quinn, 1997; Quinn and Toyoda, 2008)，重新审视了这个基本问题。采用固定效应、两阶段最小二乘和系统- gmm估计，分析考虑了内生性问题。在所有指标中，结果一致显示金融开放度与实际人均GDP增长之间存在负相关关系，这表明近几十年来，更大的开放度降低了增长。与理论相反，只有微弱的证据表明，这种影响对主要进口资本的国家和那些遭受“原罪”的国家更强。这些结果挑战了金融自由化本质上促进经济增长的传统观点。从政策角度来看，他们认为，维持选择性资本管制可能有助于提高宏观经济稳定性和持续增长，不仅对发展中国家如此。

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引用次数: 0

Does corporate waste management facilitate access to trade credit? International evidence 企业废物管理是否有助于获得贸易信贷？国际证据

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-24 DOI: 10.1016/j.iref.2026.104960

Khadija S. Almaghrabi , Nader Atawnah

Growing global concerns over environmental degradation have made corporate waste management a strategic priority for firms pursuing sustainable growth. Yet, little is known about how such practices influence firms' financial relationships. Using a global sample of firms from 42 countries, we examine how waste management affects access to trade credit from suppliers. We find that firms that generate more waste receive less trade credit, whereas those that engage in recycling obtain greater credit support. These findings remain robust across extensive sensitivity checks and hold after controlling for endogeneity. Our channel analysis shows that effective waste management lowers operating costs and enhances firm value, which in turn facilitates better access to trade credit. These effects are stronger in developed economies, countries with stricter environmental regulations, competitive markets, environmentally sensitive industries, and among smaller firms. Furthermore, waste generation (recycling) decreases (increases) enterprise value. Overall, our study highlights how responsible waste management not only supports environmental objectives but also strengthens firms’ financial standing and supplier relationships.

全球对环境退化的日益关注使企业废物管理成为追求可持续增长的企业的战略重点。然而，人们对这种做法如何影响公司的财务关系知之甚少。利用来自42个国家的全球公司样本，我们研究了废物管理如何影响从供应商获得贸易信贷的机会。我们发现，产生更多废物的企业获得较少的贸易信贷，而从事回收利用的企业获得更多的信贷支持。这些发现在广泛的敏感性检查中保持稳健，并在控制内生性后保持稳定。我们的渠道分析表明，有效的废物管理降低了运营成本，提高了企业价值，这反过来又有助于更好地获得贸易信贷。这些影响在发达经济体、环境法规更严格的国家、竞争性市场、对环境敏感的工业以及较小的公司中更为强烈。此外，废物的产生（回收）降低（增加）了企业价值。总的来说，我们的研究强调了负责任的废物管理如何不仅支持环境目标，而且加强了公司的财务状况和供应商关系。

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引用次数: 0

Can digital transformation deliver the dual benefits of emissions reduction and efficiency gains? 数字化转型能否带来减排和提高效率的双重效益？

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-24 DOI: 10.1016/j.iref.2026.104963

Danxue Fan , Meiyue Li

This study investigates the green economic benefits of digital transformation in reducing carbon emission intensity and improving energy efficiency (Emission Reduction and Efficiency Gains, ER&EG), in alignment with the philosophy of Chinese modernization. Using panel data from 30 Chinese provinces spanning 2011–2023, empirical tests are conducted through two-way fixed effects, mediation effect, and spatial Durbin models. The findings indicate that: ① Digital transformation reduces regional carbon emission intensity while simultaneously boosting energy efficiency, yielding a “dual dividend” of ER&EG. This conclusion remains valid after endogeneity treatment and robustness tests. ② The impact of digital transformation on ER&EG varies across geographic locations and development patterns. Southern regions exhibit a more pronounced ER effect, while northern regions show a stronger EG effect. Resource-based regions experience EG without ER. ③ Industrial structure upgrading serves only as an intermediary mechanism for the ER effect of digital transformation, whereas green innovation acts as the intermediary mechanism for both ER&EG. ④ Digital transformation not only improves local ER&EG but also generates positive spatial spillovers to neighboring regions. The study recommends continuing to advance digital transformation and intelligent upgrading while paying attention to inter-regional development disparities. This will drive the transformation and upgrading of traditional industries and enhance green innovation, forming a regional synergy for digital transformation to achieve the dual benefits of ER&EG for the whole society.

本研究探讨了数字化转型在降低碳排放强度和提高能源效率方面的绿色经济效益（emission Reduction and efficiency Gains, ER&；EG），与中国现代化的理念相一致。利用2011-2023年中国30个省份的面板数据，通过双向固定效应、中介效应和空间Durbin模型进行实证检验。研究结果表明：①数字化转型降低了区域碳排放强度，同时提高了能源效率，形成了生态效益的“双重红利”。经过内生性处理和稳健性检验，这一结论仍然有效。②数字化转型对er&eg的影响因地理位置和发展模式而异。南方地区ER效应更明显，而北方地区EG效应更强。资源型地区经历的是没有ER的EG。③产业结构升级仅为数字化转型的内能效应的中介机制，绿色创新则为内能效应和内能效应的中介机制。④数字化转型不仅提高了当地的企业效益，而且对周边地区产生了积极的空间溢出效应。研究建议继续推进数字化转型和智能升级，同时关注区域间发展差距。这将带动传统产业的转型升级和绿色创新，形成数字化转型的区域协同效应，实现全社会的erp和EG的双重效益。

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引用次数: 0

Digital transformation and enterprise value creation: A study based on both human capital upgrading and pay gap optimization 数字化转型与企业价值创造：基于人力资本升级与薪酬差距优化的研究

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-01-24 DOI: 10.1016/j.iref.2026.104964

Chao Zhang , Yue Sun , Dongyan Xu , Quan Liu

Digital transformation is reshaping the model of enterprise value creation, steering it towards an ecosystem of stakeholder value cocreation. Core stakeholders—particularly executives and employees—play critical roles in this process, as value generation increasingly shifts from traditional shareholder-oriented profit metrics towards stakeholder cocreated value. This study positions digital transformation as a theoretical boundary condition and introduces value-added as a comprehensive indicator to measure stakeholder cocreated value, thereby reconstructing the analytical framework of value creation under digital transformation. Using panel data from Chinese A-share listed firms from 2011 to 2023, we empirically examine both the impact and the underlying mechanisms of digital transformation on enterprise value creation. The results reveal a significantly positive and robust relationship between digital transformation and enterprise value creation, which remains valid after endogeneity and robustness concerns are addressed. Further analysis indicates that the process follows a spiral-shaped trajectory—challenging yet opportunity-rich—rather than a linear or instantaneous path. Mechanism testing reveals that digital transformation enhances enterprise value creation by optimizing the human capital structure and narrowing the excessive pay gap between executives and employees. Heterogeneity indicates that this effect varies significantly across firms or industries, levels of digital intangible asset investment, and urban digital governance. These findings provide empirical evidence for deepening the integration of the digital and real economies, offering significant implications for refining and achieving high-quality digital policies.

数字化转型正在重塑企业价值创造模式，引导其走向利益相关者共同创造价值的生态系统。核心利益相关者——尤其是高管和员工——在这一过程中发挥着关键作用，因为价值创造日益从传统的以股东为导向的利润指标转向利益相关者共同创造的价值。本研究将数字化转型定位为理论边界条件，引入附加值作为衡量利益相关者共同创造价值的综合指标，重构了数字化转型下价值创造的分析框架。本文利用2011 - 2023年中国a股上市公司的面板数据，实证研究了数字化转型对企业价值创造的影响及其潜在机制。结果表明，数字化转型与企业价值创造之间存在显著的正相关关系，在解决了内生性和稳健性问题后，这种关系仍然有效。进一步的分析表明，这一过程遵循一个具有挑战性但机会丰富的螺旋形轨迹，而不是线性或瞬时路径。机制测试表明，数字化转型通过优化人力资本结构和缩小高管与员工之间过大的薪酬差距来促进企业价值创造。异质性表明，这种效应在企业或行业、数字无形资产投资水平和城市数字治理之间存在显著差异。这些发现为深化数字经济与实体经济的融合提供了经验证据，对完善和实现高质量的数字政策具有重要意义。

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引用次数: 0