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Optimizing China's economic performance through government hierarchy restructuring
IF 1 4区 经济学 Q3 ECONOMICS Pub Date : 2024-12-02 DOI: 10.1111/ecot.12437
Qurat ul Ain

China's Province-managing-county (PMC) reform policy aims to mitigate fiscal stress and augment expenditure autonomy for county governments by eradicating the subordinate fiscal relationship between prefectures and counties. The research augments the time-varying difference-in-difference technique, utilizing a longitudinal dataset at the county level to examine the incentive effects of this reform on economic performance and local government policy decision. The empirical investigation divulges that the local fiscal incentives introduced by this reform through alleviating fiscal stress and providing expenditure autonomy significantly impact economic performance and influence local government policy decisions. The outcomes become more noticeable in economically developed regions and those characterized by enhanced institutional quality and reduced migration barriers. Additionally, the reform encourages counties to adopt a more proactive fiscal policy characterized by increased capital expenditure to promote economic performance while reducing expenditures on social security subsidies and administrative costs affirming that economic performance targets of county governments garbles the composition of public expenditure. These results support positing that a flattened hierarchical structure ameliorates delays in fiscal matters and facilitates communication across various levels of government in the context of improved institutional quality and reduced migration barriers however at the expense of reduced public expenditures. The findings additionally signifies that PMC policy reform become more incentivized in the political competition for economic performance.

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引用次数: 0
International monetary fund conditionality and structural reforms: Evidence from developing countries
IF 1 4区 经济学 Q3 ECONOMICS Pub Date : 2024-10-01 DOI: 10.1111/ecot.12436
Ablam Estel Apeti, Kwamivi Mawuli Gomado

The global economy, dominated by the consequences of a disastrous health crisis and international tensions, needs policy support to regain its growth dynamic. To regain an inclusive and sustainable growth dynamic, structural policies of governments are needed to allow a reallocation of resources and to stimulate productivity. International cooperation seems to be necessary and the IMF's contribution could play an important role in promoting reforms. Indeed, in IMF-supported programmes, the conditions for developing countries' transition to liberalization and open markets are often common. We address the question of whether periods of International Monetary Fund (IMF) conditionality contribute to the promotion of structural reforms in developing countries. Through the entropy balancing method and alternative identification strategies, we show that IMF conditionality programmes promote structural reforms in developing countries. We show that the effect of IMF conditionality can vary depending on the type of conditionality, the type of reform, the time frame and the initial level of structural reforms and can depend on some structural factors including the business cycle, the quality of fiscal and monetary policy, the level of development and the quality of institutions. Furthermore, we show that IMF conditionality can have spillover effects on trading partners and that IMF conditionality programmes that are met tend to have a greater impact on structural reforms. Finally, the effects of adopting reforms under IMF conditionality depend on domestic partisan politics.

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引用次数: 0
Spatial wage curve and the role of external factors over time
IF 1 4区 经济学 Q3 ECONOMICS Pub Date : 2024-09-25 DOI: 10.1111/ecot.12432
Aleksandra Majchrowska, Paulina Broniatowska

This study attempts to answer the question of how strongly the situation in local and neighbouring labour markets affects the level of wages in the local labour market. To answer it we use the wage curve concept. We estimate the wage curve that includes spatial effects and check the stability of the relationships over time. We concentrate on 380 local labour markets in Poland. The research period covers 2005–2021, and spatial panel models are used. Our estimates confirm the existence of the statistically significant and negative relationship between average wages and the situation in the local labour market in Poland with an estimated elasticity of −0.06. Moreover, we confirm the existence of the spatial wage curve in Poland in the 2005–2021 period. Both direct (local) and indirect (spatial) effects are statistically significant and negative on average in the analysed period. The total effects of unemployment rate wages vary from −0.06 to −0.08 depending on the spatial matrix used. Additionally, our research indicates several macroeconomic and institutional factors which are important in shaping wages. Lastly, we find that the elasticity of wages with respect to the unemployment rate is not stable over time. The relationship between unemployment and average wages has strongly weakened.

本研究试图回答本地和邻近劳动力市场的情况对本地劳动力市场工资水平的影响有多大。为了回答这个问题,我们使用了工资曲线的概念。我们估算了包含空间效应的工资曲线,并检验了其随时间变化的稳定性。我们集中研究了波兰的 380 个地方劳动力市场。研究时间跨度为 2005-2021 年,并使用了空间面板模型。我们的估计结果证实了波兰平均工资与当地劳动力市场状况之间存在统计意义上的显著负相关关系,估计弹性为-0.06。此外,我们还证实了 2005-2021 年间波兰空间工资曲线的存在。在分析期间,直接(当地)和间接(空间)效应在统计上都是显著的,并且平均为负值。根据所使用的空间矩阵,失业率工资的总效应从-0.06 到-0.08 不等。此外,我们的研究还表明,一些宏观经济和制度因素对工资的形成具有重要影响。最后,我们发现工资与失业率之间的弹性随时间变化并不稳定。失业率与平均工资之间的关系已经大大减弱。
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引用次数: 0
Which route to elite turnover leads to women's political empowerment in developing countries?
IF 1 4区 经济学 Q3 ECONOMICS Pub Date : 2024-09-24 DOI: 10.1111/ecot.12431
Itchoko Motande Mondjeli Mwa Ndjokou, Murielle Fokou Pepoung Dzeukoh

It's commonly accepted that policymakers should promote women's inclusion for a more inclusive society. Drawing from the literature on democratic and non-democratic routes of elite turnover, this study analyses the effects of elite turnover on women's political empowerment (WPE) by comparing two main routes: political alternation and internal conflict. We measure WPE by using women's political empowerment index (WPEI) from the varieties of democracy database. Based on a large sample of 128 developing countries over the period 1980–2021, the ordinary least square fixed effect and Driscoll-Kraay fixed effects estimations show that elite turnover has a positive and statistically significant impact on WPE. Similar evidence is found when decomposing the WPEI in its sub-indices notably women's political participation, civil society participation, and women's civil liberties sub-indices. This result is also supported by the view that elite turnover increases education, as well as the institutional environment which therefore enables WPE. These results are robust to alternative estimation techniques including the system generalized method of moments and two-stage least squares (GMM and IV 2SLS). Furthermore, the results remain unchanged when considering the majority of the geographical locations of our sample (it is insignificant for the MENA region) and the role of decentraliszation.

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引用次数: 0
Balancing act: Examining the trade-offs between regional convergence and economic growth in China's province managing county reform
IF 1 4区 经济学 Q3 ECONOMICS Pub Date : 2024-09-18 DOI: 10.1111/ecot.12433
Tahir Yousaf

The study examines the relationship between regional convergence, economic growth and government hierarchies, with a specific focus on the province managing county (PMC) reform policy in China. The motivation for this research stems from the observation that a substantial portion of the increased inequality in China is attributable to disparities at the county level. This underscores the necessity for policies that address regional inequalities at the county level while simultaneously promoting sustained economic growth. We employ a time-varying quasi-natural experiment to explore how this reform has influenced regional convergence and economic growth within the sample period. The outcomes reveal that the PMC reform had a detrimental impact on regional convergence, hindering it by an average of 2.6%, while economic growth received a modest increase of 0.36%. The study also reveals notable heterogeneity in the effects of the reform, contracted disparities in western region, alongside exhibiting widened disparities and higher growth in eastern & central region. The study also investigates the underlying mechanisms, finding that expenditures on basic provisions reduced, while county revenue and investment expenditures increased following the policy change. It proposes that the increased investment in capital expenditures stimulated economic growth but came at the cost of hindering regional convergence.

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引用次数: 0
An experiment on the stability of business environment perceptions in a firm survey 关于企业调查中商业环境认知稳定性的实验
IF 1 4区 经济学 Q3 ECONOMICS Pub Date : 2024-09-10 DOI: 10.1111/ecot.12434
Asif M. Islam, Jorge Rodriguez Meza

Perception-based survey questions have been widely employed to evaluate the business environment. In the World Bank Enterprise Surveys, such questions involve rating an element of the business environment at the end of each section of the survey instrument. They often elicit responses inconsistent with similar questions based on the firm's experience over a specific timeframe. In this study, an experiment is analysed that randomizes the placement order of the perception-based questions either at the end of a section or at the beginning of the survey. Significant question-order effects are uncovered for perceptions of corruption (9%–13% point) and business licencing and permits (7%–8% point) but not the other elements after accounting for a variety of factors; there are no questions-order effects for experience-based questions. The study recommends that analyses in these two areas validate perception-based questions with corresponding experience-based questions. This adds to a larger literature that emphasizes the importance of data quality and its far-reaching economic benefits especially in guiding policy.

基于感知的调查问题已被广泛用于评估商业环境。在世界银行企业调查中,这类问题涉及在调查工具每个部分的末尾对商业环境的一个要素进行评分。根据企业在特定时间段内的经验,这些问题往往会引出与类似问题不一致的回答。在本研究中,我们对一项实验进行了分析,该实验随机调整了基于感知的问题的排列顺序,既可以将其放在某一部分的末尾,也可以将其放在调查的开头。在考虑了各种因素后,发现对腐败的看法(9%-13% 分)和对商业执照和许可证的看法(7%-8% 分)有显著的问题顺序效应,但对其他要素则没有;对基于经验的问题则没有问题顺序效应。研究建议在这两个领域进行分析,用相应的基于经验的问题来验证基于感知的问题。更多文献强调了数据质量的重要性及其深远的经济效益,尤其是在指导政策方面。
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引用次数: 0
Corporate basic research and technological capabilities: Evidence from China
IF 1 4区 经济学 Q3 ECONOMICS Pub Date : 2024-09-09 DOI: 10.1111/ecot.12435
Xiaosheng Ju, Shengjun Jiang, Yuxuan Hu

We empirically examine the effects of basic research on the technological capabilities of Chinese A-share listed manufacturing firms. Using manually collected corporate publication data to measure basic research activities, our findings reveal that firms with higher quantities and quality of basic research tend to engage in innovation activities within their existing knowledge base. These firms explore a broader range of technological fields and demonstrate enhanced capabilities in utilizing and creating knowledge. They also exhibit higher levels of both quantity and quality in their innovation output, which remains stable over time. Moreover, firms with basic research maintain their technological advancement even after facing external sanctions from the U.S. Heterogeneous analysis reveals that the impacts of basic research are more pronounced in mature and larger firms. This study highlights the significance of basic research for corporate technological catch-up efforts in transitioning middle-income countries during the later stages of catch-up.

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引用次数: 0
Can the improvements in human capital quality mitigate the negative impact of ageing on growth? Evidence from selected EU countries 人力资本质量的提高能否减轻老龄化对经济增长的负面影响?来自部分欧盟国家的证据
IF 1 4区 经济学 Q3 ECONOMICS Pub Date : 2024-07-28 DOI: 10.1111/ecot.12430
Izabela Sobiech Pellegrini, Rafał Chmura, Jakub Sawulski, Tymoteusz Mętrak

Most long-term GDP projections in developed countries expect a substantial decline in GDP growth rates over time. The main factor behind it is demographic changes, especially the decreasing working-age population. We argue that these projections do not consider improvements in the quality of the human capital, which may, at least to some extent, mitigate the effects of the negative demographic shock. We start with a simple observation—the skills of younger age cohorts are higher than of older cohorts. Assuming that the current level of skills will be obtained also by the generations which will enter the labour market in the future, the average level of skills among the working-age population will increase. Trying to catch this effect, we use the Programme for the International Assessment of Adult Competencies standardised test results to create an aggregate human capital measure, the average skill level of the work force, for 18 European Union countries and project it until 2040. We show that on average at least one sixth of the negative impact of the shrinking of the working-age population can be offset by the increase in the quality of human capital and that this number can increase to three quarters in a less conservative scenario.

发达国家的大多数长期 GDP 预测都预计随着时间的推移,GDP 增长率将大幅下降。这背后的主要因素是人口结构的变化,尤其是劳动适龄人口的减少。我们认为,这些预测没有考虑到人力资本质量的提高,而人力资本质量的提高至少可以在一定程度上缓解人口结构负面冲击的影响。我们从一个简单的现象入手--年轻群体的技能高于年长群体。假设目前的技能水平也将由未来进入劳动力市场的几代人获得,那么劳动适龄人口的平均技能水平将会提高。为了捕捉这一效应,我们利用国际成人能力评估计划的标准化测试结果,为 18 个欧盟国家创建了一个综合人力资本衡量标准,即劳动力的平均技能水平,并将其预测到 2040 年。我们表明,平均而言,劳动适龄人口减少的负面影响至少有六分之一可以被人力资本质量的提高所抵消,在不太保守的情况下,这一数字可以增加到四分之三。
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引用次数: 0
Platform economy and missing entrepreneurship: Evidence from E-commerce development policy in China
IF 1 4区 经济学 Q3 ECONOMICS Pub Date : 2024-07-28 DOI: 10.1111/ecot.12429
Sitong Pan, Qinghua Shi, Yue Zhang

This paper utilises the staggered county-level rollout of China's E-commerce entering villages policy to examine the effect of policy-driven platform economy development on local entrepreneurship. Exploiting county-level variations in yearly new business registration with a difference-in-differences strategy, we find that policy-driven platform economy development decreased the number of new business registrations and business entry rates by approximately 4.6% and 0.6%, respectively. The reduction effect is more prominent in business registration in micro-small scale, tertiary industries, eastern regions, and rural areas. Microfinance plays a positive role in this association. Mechanism analysis shows that the platform-driven supply chain transformation could rule out entrepreneurial opportunities, and the platform-enabled gig work opportunities could weaken entrepreneurial motivation. Loss of entrepreneurial opportunities and motivation leads to less entrepreneurship.

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引用次数: 0
Impact of economic crises on corporate-banking relationship: Evidence from Korea 经济危机对企业银行业务关系的影响:韩国的证据
IF 1 4区 经济学 Q3 ECONOMICS Pub Date : 2024-07-24 DOI: 10.1111/ecot.12428
Dongwoo Kim, Hoon Jung

This study tries to identify the impact of recent economic turmoil including the COVID-19 pandemic and global financial crisis on a corporation's banking relationships. Using a wide range of unique data from 2008 to 2020 in the Korean loan market, this study compares the two crises periods to the ordinary periods. It is found that the effects of firm-specific factors on banking relationships are strengthened (for loan amount) or weakened (for corporate size and credit rating) during the two crises. However, for the industrial sector a firm belongs to, the interaction effects of the crises show opposite signs.

本研究试图找出近期经济动荡(包括 COVID-19 大流行病和全球金融危机)对企业银行关系的影响。本研究使用 2008 年至 2020 年韩国贷款市场的大量独特数据,将两次危机时期与普通时期进行了比较。研究发现,在两次危机期间,企业特定因素对银行关系的影响有所加强(贷款金额)或减弱(企业规模和信用评级)。然而,就企业所属的工业部门而言,危机的交互效应显示出相反的迹象。
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引用次数: 0
期刊
Economics of Transition and Institutional Change
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