Hazwan Haini, Pang Wei Loon, Lawal Olamilekan Abdulwahab, Wafid Sophian
The literature reports mixed findings on the role of government intervention, even during times of crisis. The recent Covid-19 pandemic damaged the financial health of many small firms. This study examines whether government subsidies are associated with bankruptcy rates for firms with deteriorating financial health. Using a sample of 18,422 firms from 44 countries, we estimate a logistic model that accounts for rare events. Results indicate that those firms which receive government support are more likely to be associated with insolvency, even in the absence of liquidity issues and overdue financial obligations. Policy implications are discussed.
{"title":"Did government support delay bankruptcy during the pandemic?","authors":"Hazwan Haini, Pang Wei Loon, Lawal Olamilekan Abdulwahab, Wafid Sophian","doi":"10.1111/ecaf.12610","DOIUrl":"https://doi.org/10.1111/ecaf.12610","url":null,"abstract":"<p>The literature reports mixed findings on the role of government intervention, even during times of crisis. The recent Covid-19 pandemic damaged the financial health of many small firms. This study examines whether government subsidies are associated with bankruptcy rates for firms with deteriorating financial health. Using a sample of 18,422 firms from 44 countries, we estimate a logistic model that accounts for rare events. Results indicate that those firms which receive government support are more likely to be associated with insolvency, even in the absence of liquidity issues and overdue financial obligations. Policy implications are discussed.</p>","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 1","pages":"17-30"},"PeriodicalIF":1.4,"publicationDate":"2024-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140053045","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The capitalist manifesto: Why the global free market will save the world By Johan Norberg. Atlantic Books. 2023. 352 pp. £20.00 (hbk). ISBN: 978-1838957896. £9.99 (ebk). ISBN: 978-838957919","authors":"Michael James","doi":"10.1111/ecaf.12612","DOIUrl":"https://doi.org/10.1111/ecaf.12612","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 1","pages":"185-187"},"PeriodicalIF":1.4,"publicationDate":"2024-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140053108","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The women who made modern economics By Rachel Reeves. Basic Books. 2023. 288 pp. £20.00 (hbk). ISBN: 978-1399807449. £20.00 (ebk). ISBN: 978-1399807470","authors":"Annabel Denham","doi":"10.1111/ecaf.12628","DOIUrl":"https://doi.org/10.1111/ecaf.12628","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 1","pages":"199-200"},"PeriodicalIF":1.4,"publicationDate":"2024-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140053036","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Faith in markets: Christian capitalism in the early American republic By Joseph P Slaughter. Columbia University Press. 2023. 400 pp. £117.00 (hbk). ISBN: 978-0231191104. £30.00 (pbk). ISBN: 978-0231191111. £30.00 (ebk). ISBN: 978-0231549257","authors":"Benedikt Koehler","doi":"10.1111/ecaf.12616","DOIUrl":"https://doi.org/10.1111/ecaf.12616","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 1","pages":"192-193"},"PeriodicalIF":1.4,"publicationDate":"2024-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140053110","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article examines support for mandatory climate impact disclosures beyond institutional investors and investigates societal backing for such disclosures. Analysing public comments on the Securities and Exchange Commission's proposed climate disclosure mandate, the study reveals varying levels of support across demographics, ideologies, and industries. Notably, younger individuals, affluent individuals, females, urban residents, minorities, college graduates, Democrats, environmental activists, and certain regions overwhelmingly endorse the rule. Conversely, opposition is pronounced among high-school graduates, rural populations, small business owners, agricultural and energy sector employees, publicly traded companies, and residents of the South and Midwest. While the SEC cites institutional initiatives and surveys to justify the demand for climate disclosures, this article highlights a potential oversight of other stakeholders' perspectives. It is unclear that mandatory disclosure is necessary when a company's business is not at material financial risk from climate change.
{"title":"Reassessing climate disclosure demands: An examination of stakeholder perspectives beyond institutional investors","authors":"Emre Kuvvet","doi":"10.1111/ecaf.12615","DOIUrl":"https://doi.org/10.1111/ecaf.12615","url":null,"abstract":"<p>This article examines support for mandatory climate impact disclosures beyond institutional investors and investigates societal backing for such disclosures. Analysing public comments on the Securities and Exchange Commission's proposed climate disclosure mandate, the study reveals varying levels of support across demographics, ideologies, and industries. Notably, younger individuals, affluent individuals, females, urban residents, minorities, college graduates, Democrats, environmental activists, and certain regions overwhelmingly endorse the rule. Conversely, opposition is pronounced among high-school graduates, rural populations, small business owners, agricultural and energy sector employees, publicly traded companies, and residents of the South and Midwest. While the SEC cites institutional initiatives and surveys to justify the demand for climate disclosures, this article highlights a potential oversight of other stakeholders' perspectives. It is unclear that mandatory disclosure is necessary when a company's business is not at material financial risk from climate change.</p>","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 1","pages":"95-117"},"PeriodicalIF":1.4,"publicationDate":"2024-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140053043","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Why not better and cheaper? Healthcare and innovation By James B Rebitzer and Robert S Rebitzer. Oxford University Press. 2023. 200 pp. £22.99 (hbk). ISBN: 978-0197603109. £17.36 (ebk). ISBN: 978-0197603123","authors":"Kristian Niemietz","doi":"10.1111/ecaf.12624","DOIUrl":"https://doi.org/10.1111/ecaf.12624","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 1","pages":"197-198"},"PeriodicalIF":1.4,"publicationDate":"2024-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140053046","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Who do you think is the greatest-ever economist?","authors":"Mark Skousen","doi":"10.1111/ecaf.12622","DOIUrl":"https://doi.org/10.1111/ecaf.12622","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 1","pages":"170-177"},"PeriodicalIF":1.4,"publicationDate":"2024-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140053159","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Sing as we go: Britain between the wars By Simon Heffer. Hutchinson Heinemann. 2023. 948 pp. £35.00 (hbk). ISBN: 978-1529152647. £14.99 (pbk). ISBN: 978-781804940983. £10.99 (ebk). ISBN: 978-1529152654","authors":"J R Shackleton","doi":"10.1111/ecaf.12626","DOIUrl":"https://doi.org/10.1111/ecaf.12626","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 1","pages":"194-196"},"PeriodicalIF":1.4,"publicationDate":"2024-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140053034","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
<p>Despite Chile's economic success following the introduction of free market reforms in the 1970s and 1980s, in October 2019 the country experienced massive demonstrations and violent outbursts that ultimately resulted in the election of anti-capitalist President Gabriel Boric in 2021. In this article, we contextualise this dramatic shift to the Left, presenting findings from two surveys on the image of capitalism and the image of the rich conducted by Ipsos MORI in Chile in 2021 and 2022. They confirm an anti-rich and anti-capitalist climate of opinion which played an important role in the social crisis of 2019 that ultimately enabled President Boric's election.</p><p>Chile had long been regarded as a model capitalist country in South America. As Gary Becker (<span>1997</span>) put it, Chile became “an economic role model for the whole underdeveloped world” after the free-market reforms implemented by the ‘Chicago Boys’ (Edwards, <span>2023</span>) in the 1970s and 80s. These reforms were instituted under the military dictatorship following the overthrow of the Allende government in 1973, but, in the words of Paul Krugman (<span>2008</span>, p. 31), the Chicago-inspired reforms “proved highly successful and were preserved intact when Chile finally returned to democracy in 1989”.</p><p>The available data certainly support the narrative of success. Chronic inflation, which had peaked at over 500 per cent in 1973, fell below 10 per cent by the 1990s and under 5 per cent by the 2000s (Banco Mundial, <span>2022</span>). Between 1975 and 2015 per capita income in Chile quadrupled, reaching US$23,000, the highest in Latin America (CNEP, <span>2015</span>). As a result, from the early 1980s to 2014 poverty fell from 45 per cent to 8 per cent (CNEP, <span>2015</span>). Several indicators show that this ‘economic miracle’ benefited the majority of the population. Thus, for example, in 1982 only 27 per cent of Chileans had a TV set; by 2014 it was 97 per cent (CNEP, <span>2015</span>). The same picture holds for refrigerators (from 49 to 96 per cent), washing machines (from 35 to 93 per cent), and cars (from 18 to 48 per cent), among other items. More fundamentally, life expectancy rose from 69 to 79 years in the same time period, and housing overcrowding fell from 56 to 17 per cent. The middle class, as defined by the World Bank, grew from 23.7 per cent of the population in 1990 to 64.3 per cent in 2015, with extreme poverty falling from 34.5 per cent to 2.5 per cent (LYD, <span>2017</span>).</p><p>On average, access to higher education grew by a factor of five in the same time period, mostly benefiting the bottom quintile, which saw its access to higher education increase by eight times (PNUD, <span>2017</span>, p. 20). This is consistent with the growth of income in the different socio-economic groups. While between 1990 and 2015 the income of the richest 10 per cent grew by a total of 30 per cent, the income of the poorest 10 per cent saw an increase
{"title":"Moving to the Left: what people in Chile think of capitalism and the rich","authors":"Axel Kaiser, Rainer Zitelmann","doi":"10.1111/ecaf.12620","DOIUrl":"https://doi.org/10.1111/ecaf.12620","url":null,"abstract":"<p>Despite Chile's economic success following the introduction of free market reforms in the 1970s and 1980s, in October 2019 the country experienced massive demonstrations and violent outbursts that ultimately resulted in the election of anti-capitalist President Gabriel Boric in 2021. In this article, we contextualise this dramatic shift to the Left, presenting findings from two surveys on the image of capitalism and the image of the rich conducted by Ipsos MORI in Chile in 2021 and 2022. They confirm an anti-rich and anti-capitalist climate of opinion which played an important role in the social crisis of 2019 that ultimately enabled President Boric's election.</p><p>Chile had long been regarded as a model capitalist country in South America. As Gary Becker (<span>1997</span>) put it, Chile became “an economic role model for the whole underdeveloped world” after the free-market reforms implemented by the ‘Chicago Boys’ (Edwards, <span>2023</span>) in the 1970s and 80s. These reforms were instituted under the military dictatorship following the overthrow of the Allende government in 1973, but, in the words of Paul Krugman (<span>2008</span>, p. 31), the Chicago-inspired reforms “proved highly successful and were preserved intact when Chile finally returned to democracy in 1989”.</p><p>The available data certainly support the narrative of success. Chronic inflation, which had peaked at over 500 per cent in 1973, fell below 10 per cent by the 1990s and under 5 per cent by the 2000s (Banco Mundial, <span>2022</span>). Between 1975 and 2015 per capita income in Chile quadrupled, reaching US$23,000, the highest in Latin America (CNEP, <span>2015</span>). As a result, from the early 1980s to 2014 poverty fell from 45 per cent to 8 per cent (CNEP, <span>2015</span>). Several indicators show that this ‘economic miracle’ benefited the majority of the population. Thus, for example, in 1982 only 27 per cent of Chileans had a TV set; by 2014 it was 97 per cent (CNEP, <span>2015</span>). The same picture holds for refrigerators (from 49 to 96 per cent), washing machines (from 35 to 93 per cent), and cars (from 18 to 48 per cent), among other items. More fundamentally, life expectancy rose from 69 to 79 years in the same time period, and housing overcrowding fell from 56 to 17 per cent. The middle class, as defined by the World Bank, grew from 23.7 per cent of the population in 1990 to 64.3 per cent in 2015, with extreme poverty falling from 34.5 per cent to 2.5 per cent (LYD, <span>2017</span>).</p><p>On average, access to higher education grew by a factor of five in the same time period, mostly benefiting the bottom quintile, which saw its access to higher education increase by eight times (PNUD, <span>2017</span>, p. 20). This is consistent with the growth of income in the different socio-economic groups. While between 1990 and 2015 the income of the richest 10 per cent grew by a total of 30 per cent, the income of the poorest 10 per cent saw an increase ","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"44 1","pages":"139-153"},"PeriodicalIF":1.4,"publicationDate":"2024-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecaf.12620","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140053157","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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