Research in Economics最新文献

英文中文

An incomplete contract analysis of innovation management: “Open vs. closed” innovation in a dynamic framework 创新管理的不完全契约分析：动态框架下的“开放与封闭”创新

IF 1.3 Q3 ECONOMICS

Research in Economics

Pub Date : 2025-08-05 DOI: 10.1016/j.rie.2025.101080

Yutaka Suzuki

Introducing the dynamic accumulation of “capability assets”, we extend the base model of Aghion = Tirole (1994), which applied the property rights approach of Grossman=Hart=Moore (1986,1990) to innovation management, into the two-period version, and analyze how “changes in firm boundaries” affect innovation and how “firm boundaries” regarding innovation are determined from a long-term perspective. In our two-period model (with organizational capability asset), it is optimal to allocate property rights to those with higher marginal efficiency of investment including dynamic effects (direct effects and strategic effects). If the dynamic marginal efficiency of investment of the research firm is sufficiently large, Non-integration (R-Ownership) regime will be chosen and “Open Innovation” will emerge. If the dynamic marginal efficiency of investment of the production firm is sufficiently large, Integration (P-Ownership) regime will be chosen and “Closed Innovation” by large firms will emerge. If the dynamic marginal efficiency of investment of the production firm is not so high, even when it is optimal to “integrate” in a static game, it can be optimal in a dynamic framework to remain “non-integrated” and keep the partnership relationship between independent firms to induce investment incentives from both sides. An extension to longer-periods and the discussion on Cash Constraints are also presented.

引入“能力资产”的动态积累，将Aghion = Tirole（1994）将Grossman=Hart=Moore（1986、1990）的产权方法应用于创新管理的基础模型扩展为两期模型，从长期角度分析“企业边界的变化”如何影响创新，以及创新的“企业边界”是如何确定的。在我们的两期模型（含组织能力资产）中，最优产权分配给包括动态效应（直接效应和战略效应）在内的边际投资效率较高的企业。如果研究企业投资的动态边际效率足够大，则会选择非整合（r -所有权）制度，出现“开放式创新”。如果生产企业投资的动态边际效率足够大，则会选择整合（p -所有权）制度，并出现大企业的“封闭创新”。如果生产企业的动态边际投资效率不是很高，即使在静态博弈中“整合”是最优的，在动态框架中保持“非整合”并保持独立企业之间的伙伴关系以诱导双方的投资激励也是最优的。还提出了对较长期的扩展和对现金限制的讨论。

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引用次数: 0

The threshold impact of fiscal disaster relief expenditure on economic growth: Evidence from China 财政救灾支出对经济增长的阈值影响：来自中国的证据

IF 1.3 Q3 ECONOMICS

Research in Economics

Pub Date : 2025-07-19 DOI: 10.1016/j.rie.2025.101076

Franck Edouard Gnahe

This work employs a stochastic general equilibrium model to examine the theoretical link between the magnitude of government fiscal disaster relief spending and economic growth. This paper employs a dynamic panel threshold model to investigate the optimal magnitude of government fiscal catastrophe relief expenditures. The numerical simulation findings indicate that the magnitude of moderate government financial disaster relief expenditures is strongly correlated with the frequency of natural catastrophes. The extent of government financial catastrophe relief expenditure has an "inverted U-shaped" correlation with economic development. The empirical findings indicate a clear nonlinear correlation between the magnitude of government financial disaster relief expenditures and economic growth. The escalation will foster economic expansion, but when government fiscal disaster relief spending is over the threshold, the correlation between the magnitude of such expenditure and economic growth may invert.

本文采用随机一般均衡模型来考察政府财政救灾支出规模与经济增长之间的理论联系。本文采用动态面板阈值模型研究政府财政救灾支出的最优规模。数值模拟结果表明，适度的政府财政救灾支出规模与自然灾害发生频率密切相关。政府财政救灾支出规模与经济发展呈“倒u”型相关关系。实证结果表明，政府财政救灾支出规模与经济增长之间存在明显的非线性相关关系。灾害升级将促进经济扩张，但当政府财政救灾支出超过阈值时，救灾支出规模与经济增长之间的相关性可能会发生反转。

引用次数: 0

Convergence in economic growth and institutional quality: Does convergence of institutions matter to catch-up rich economies? 经济增长和制度质量的趋同：制度趋同对追赶的富裕经济体重要吗？

IF 1.2 Q3 ECONOMICS

Research in Economics

Pub Date : 2025-07-18 DOI: 10.1016/j.rie.2025.101079

Muhammad Safdar , Ahmad Nawaz

Convergence of economic growth among the global north and south countries has attracted a considerable attention of policymakers and researchers. However, the growth literature lacks the comprehensive empirical evidence on the convergence of institutional quality and its implications for growth convergence particularly in terms of countries’ heterogeneities. This study aims to empirically investigate three types of convergence hypotheses both in economic growth and institutional quality. Moreover, it is examined whether the convergence of institutional quality leads to growth convergence? The empirical analysis is based on sample of 120 countries for 1984–2015 period. The findings reveal striking evidence of disparities in speed of growth and institutional quality convergence. The speed of growth convergence is highest in East Asian, transition, and advanced economies; however, the speed of institutional quality convergence is lowest in these countries. Developing countries show the reverse pattern with highest institutional convergence and lowest growth convergence. Such decoupling empirical dynamics between growth and institutional quality convergence indicate the path dependence and lock-in patterns of developing countries. This study empirically shows that higher speed of institutional convergence alone is unable to foster the growth catch-up process.

全球南北国家经济增长趋同现象引起了政策制定者和研究者的广泛关注。然而，增长文献缺乏关于制度质量趋同及其对增长趋同的影响的全面经验证据，特别是在国家异质性方面。本文旨在对经济增长和制度质量的三种收敛假设进行实证研究。此外，本文还考察了制度质量趋同是否会导致增长趋同？实证分析基于1984-2015年120个国家的样本。研究结果显示，在增长速度和制度质量趋同方面存在显著差异。东亚、转型经济体和发达经济体的增长趋同速度最高；然而，这些国家的制度质量趋同速度是最低的。发展中国家则相反，制度趋同程度最高，增长趋同程度最低。这种增长与制度质量趋同之间的脱钩实证动态表明了发展中国家的路径依赖和锁定模式。实证研究表明，仅靠更高的制度趋同速度无法促进增长追赶进程。

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引用次数: 0

Distance related time zone difference, waiting time, trade, and Dutch disease 距离相关的时区差异，等待时间，贸易和荷兰病

IF 1.3 Q3 ECONOMICS

Research in Economics

Pub Date : 2025-07-18 DOI: 10.1016/j.rie.2025.101078

Maitrayee Das , Biswajit Mandal

This paper develops a theoretical framework to examine trade dynamics across four sectors: services, manufacturing, importable goods and the informal sector. The model investigates the role of distance in shaping trade patterns, outputs, and factor prices, highlighting the key differences between goods and services trade, particularly their sensitivity to distance related marketing cost. The model presents the possibility of ‘Dutch disease’ in the informal sector. Distinguishing between goods and services in terms of marketing and transport costs, the model reveals how resources—especially skilled labour—are allocated between service and manufacturing sectors. Furthermore, it outlines two scenarios for the informal sector, independent and integrated with manufacturing, in exploring how these configurations affect trade and production. Moreover, the empirical results corroborate findings obtained in the theoretical model and deepen our understanding of the complex interactions between time zone and trade.

本文开发了一个理论框架来研究四个部门的贸易动态：服务业、制造业、可进口商品和非正规部门。该模型调查了距离在塑造贸易模式、产出和要素价格方面的作用，突出了商品和服务贸易之间的关键差异，特别是它们对距离相关营销成本的敏感性。该模型提出了非正规部门出现“荷兰病”的可能性。该模型根据营销和运输成本区分了商品和服务，揭示了资源——尤其是熟练劳动力——如何在服务业和制造业之间分配。此外，在探讨这些结构如何影响贸易和生产时，报告还概述了独立于制造业并与制造业结合的非正式部门的两种情景。此外，实证结果证实了理论模型的结论，加深了我们对时区与贸易之间复杂相互作用的理解。

引用次数: 0

“Geopolitical crises and economic policy uncertainty: Time series analysis from the United States” 地缘政治危机与经济政策不确定性：来自美国的时间序列分析

IF 1.2 Q3 ECONOMICS

Research in Economics

Pub Date : 2025-06-21 DOI: 10.1016/j.rie.2025.101061

Isa Camyar , Bahar Ulupinar

Economic policy uncertainty (EPU) is empirically associated with a variety of economic and financial outcomes. However, its sources remain understudied. In this study, we analyze the long-run and short-run impacts of geopolitical crises on EPU by using evidence from the United States (U.S.) for the period of 1985-2019. We present a time series analysis, specifically the autoregressive distributive lag model, on a monthly dataset with the indicators of EPU and geopolitical crises. We find that the impact of geopolitical crises on EPU is conditional and temporal, meaning that it is significant only if the U.S. is directly involved or an active participant in them and materializes over time.

经济政策不确定性（EPU）与各种经济和金融结果相关。然而，其来源仍未得到充分研究。本文利用1985-2019年美国的数据，分析了地缘政治危机对EPU的长期和短期影响。我们提出了一个时间序列分析，特别是自回归分布滞后模型，每月数据集与EPU和地缘政治危机的指标。我们发现地缘政治危机对EPU的影响是有条件的和暂时的，这意味着它只有在美国直接参与或积极参与并随着时间的推移而具体化时才显着。

引用次数: 0

Dream killer: Motivations behind illegal migration 梦想杀手：非法移民背后的动机

IF 1.2 Q3 ECONOMICS

Research in Economics

Pub Date : 2025-06-13 DOI: 10.1016/j.rie.2025.101063

Farid Makhlouf , Hammou El Otmany

Illegal migration poses a significant challenge for both sides of the Mediterranean. To understand the motivation behind the intention to migrate illegally from Tunisia, this study, based on a survey conducted by the Arab Barometer in 2021, uses a two-stage Heckman model to control for selection bias and tests different factors such as education levels, social capital, and social networks. The findings show that a lack of education or a low level of education significantly increases the desire to go abroad even without the required documents. This statement is more strongly made by those with relatively low levels of social capital. In addition, social networks were identified as an essential factor in legal migration but do not explain illegal migration.

This study is therefore convinced that investment in education and social capital can be an effective tool in mitigating clandestine migration.

非法移民对地中海两岸都构成了重大挑战。为了理解从突尼斯非法移民意图背后的动机，本研究基于阿拉伯晴雨表在2021年进行的一项调查，使用两阶段Heckman模型来控制选择偏差，并测试教育水平、社会资本和社会网络等不同因素。调查结果表明，缺乏教育或教育水平低，即使没有必要的文件，也会大大增加出国的愿望。这种说法在社会资本水平相对较低的人群中更为明显。此外，社交网络被认为是合法移民的一个重要因素，但不能解释非法移民。因此，本研究深信，对教育和社会资本的投资可以成为减少秘密移徙的有效工具。

引用次数: 0

Artificial intelligence: Redefining the retirement pattern 人工智能：重新定义退休模式

IF 1.2 Q3 ECONOMICS

Research in Economics

Pub Date : 2025-06-08 DOI: 10.1016/j.rie.2025.101062

Rosa Aísa, Josefina Cabeza

An endogenous economic growth model is developed, where the decisions to use artificial intelligences (AIs) in the workplace and to extend working life are endogenous and interdependent. There are four sources of heterogeneity among workers: differences in initial productivity, variations in the aging process, restricted access to jobs with AI investment, and uneven impact of AIs among those who have access. It is shown that those who do not use AIs in their jobs maintain a traditional pattern of retirement, with the most educated and/or healthy among them extending their working lives. In contrast, the retirement pattern for AI-using workers changes, and it is the users who derive the most benefit from AIs who will extend their working lives. This is because AIs compensate for the skills that tend to deteriorate with age, thus allowing for greater permanence in the labour market.

建立了一个内生的经济增长模型，其中在工作场所使用人工智能（ai）和延长工作寿命的决定是内生的和相互依存的。工人之间的异质性有四个来源：初始生产率的差异、老龄化过程的差异、人工智能投资对就业机会的限制，以及人工智能对有机会就业的人的影响不均衡。研究表明，那些在工作中不使用人工智能的人保持着传统的退休模式，其中受教育程度最高和/或最健康的人延长了他们的工作寿命。相比之下，使用人工智能的工人的退休模式发生了变化，从人工智能中获益最多的是用户，他们将延长自己的工作寿命。这是因为人工智能弥补了随着年龄增长而退化的技能，从而使劳动力市场更具持久性。

引用次数: 0

Green finance innovation and corporate resilience: Evidence from China's reform pilot zones 绿色金融创新与企业韧性：来自中国改革试验区的证据

IF 1.3 Q3 ECONOMICS

Research in Economics

Pub Date : 2025-06-04 DOI: 10.1016/j.rie.2025.101066

Aiting Xu , Yujie Dai , Zhiyuan Hu

Using green finance innovative strategies has significantly improved the resilience of firms operating inside China's revamp pilot zones. This research, which is based on a multi-phase difference-in-differences technique and uses enterprise-level data covering the years 2015 through 2025, reveals that the effects are varied across different geographies, sectors, and firm characteristics. Among the primary drivers, the mechanism results indicate that digital conversion, better creative ability, and reduced finance restrictions are all critical factors. The emergence of some outcomes, such as those associated with the use of industrial robots, occurs with a temporal lag. This study's findings provide insights valuable to policymakers on how green financing influences the flexibility of businesses and promotes long-term sustainable growth.

采用绿色金融创新战略显著提高了中国改革试验区内企业的抗风险能力。本研究基于多阶段差异中差异技术，并使用2015年至2025年的企业级数据，揭示了影响在不同地区、行业和企业特征之间存在差异。在主要驱动因素中，机制结果表明，数字化转换、更好的创新能力和减少的融资限制都是关键因素。一些结果的出现，比如那些与工业机器人的使用有关的结果，是有时间滞后的。本研究的结果为政策制定者提供了宝贵的见解，以了解绿色融资如何影响企业的灵活性并促进长期可持续增长。

引用次数: 0

Sustainable finance and renewable energy investment as dual drivers of economic growth and environmental sustainability in the European Union 可持续金融和可再生能源投资：欧盟经济增长和环境可持续性的双重驱动力

IF 1.3 Q3 ECONOMICS

Research in Economics

Pub Date : 2025-05-29 DOI: 10.1016/j.rie.2025.101065

Xianxian Xu , Luyao Tan , Jinlong Zhao

This study examines the impact of sustainable finance and investment in renewable energy on economic growth and environmental conservation in 22 EU nations from 2003 to 2025. The primary objective is to comprehend how these factors contribute to sustained economic advancement and environmental stewardship. The report analyses critical variables, including sustainable funding, clean energy investments, economic development, and carbon emissions, utilising secondary data from sources such as Eurostat, IRENA, and the World Bank. The System GMM approach is employed to address any data-related difficulties and guarantee robust outcomes. The results indicate that sustainable finance accelerates the transition to clean energy, reduces detrimental emissions, and enhances economic activity. Similarly, investments in renewable energy enhance GDP development, attract global investment, and ameliorate environmental problems. Moreover, foreign direct investment and liberal trade policies are essential catalysts for sustainability, underscoring the necessity to synchronise sustainable financing with international economic strategies. The report advocates for more robust laws to enhance sustainable financing, support clean energy initiatives, and advance low-emission technologies. These endeavours are essential for sustaining economic stability and environmental integrity throughout time. This study provides critical recommendations for politicians, investors, and international institutions involved in sustainable development.

本研究考察了2003 - 2025年22个欧盟国家在可再生能源领域的可持续金融和投资对经济增长和环境保护的影响。主要目标是了解这些因素如何促进持续的经济发展和环境管理。该报告分析了关键变量，包括可持续资金、清洁能源投资、经济发展和碳排放，利用了欧盟统计局、国际可再生能源署和世界银行等来源的二手数据。采用系统GMM方法来解决任何与数据相关的困难并保证稳健的结果。结果表明，可持续金融加速了向清洁能源的过渡，减少了有害排放，促进了经济活动。同样，对可再生能源的投资促进了GDP的发展，吸引了全球投资，并改善了环境问题。此外，外国直接投资和自由贸易政策是可持续性的重要催化剂，强调必须使可持续融资与国际经济战略同步。报告主张制定更强有力的法律，加强可持续融资，支持清洁能源倡议，推进低排放技术。这些努力对于长期保持经济稳定和环境完整至关重要。本研究为参与可持续发展的政治家、投资者和国际机构提供了重要建议。

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引用次数: 0

Costs of love: a constrained utility approach to marital decisions and family outcomes 爱的代价：婚姻决定和家庭结果的约束效用方法

IF 1.2 Q3 ECONOMICS

Research in Economics

Pub Date : 2025-05-26 DOI: 10.1016/j.rie.2025.101064

Olatunji A. Shobande

Marriage endures as a cornerstone of social life, but its modern practice reveals a fraught entanglement of romantic ideals, financial burdens, and entrenched cultural norms. Notably, the escalating cost of weddings imposes a disproportionate economic strain, often at odds with more substantive long-term aims such as child welfare, financial resilience, and domestic stability. This study explores how the rising cost of weddings intersects with emotional, economic, and sociocultural constraints to shape marital decisions and long-term household outcomes. It introduces a constrained intertemporal utility model that conceptualizes marriage as an optimization problem. The model incorporates an objective function focused on long-term household and child well-being, constrained by factors such as income, education, wealth, emotional attachment, divorce costs, child support obligations, family norms, and cultural pressures. The analysis yields eight key propositions. The analyses suggest that financial stress from lavish weddings, delayed educational investments, and external social pressures negatively affect marital satisfaction and child outcomes. Conversely, balanced financial planning and cultural alignment are associated with greater household stability. The model highlights how economic and social trade-offs at the point of marriage formation can have enduring consequences. Policy implications include the need for broader social awareness around the economic burden of weddings and more supportive frameworks for long-term family welfare.

婚姻作为社会生活的基石经久不衰，但它的现代实践揭示了浪漫理想、经济负担和根深蒂固的文化规范之间令人担忧的纠缠。值得注意的是，不断上涨的婚礼成本造成了不成比例的经济压力，往往与儿童福利、经济弹性和家庭稳定等更实质性的长期目标不一致。本研究探讨了不断上升的婚礼成本如何与情感、经济和社会文化约束相互作用，从而影响婚姻决定和长期家庭结果。引入了一种约束跨期实用新型，将婚姻概念化为一个优化问题。该模型结合了一个关注家庭和儿童长期福祉的目标函数，受收入、教育、财富、情感依恋、离婚成本、子女抚养义务、家庭规范和文化压力等因素的制约。分析得出了八个关键命题。分析表明，奢侈的婚礼、延迟的教育投资和外部社会压力带来的经济压力会对婚姻满意度和孩子的成长产生负面影响。相反，平衡的财务规划和文化一致性与更大的家庭稳定性有关。该模型强调了婚姻形成时的经济和社会权衡如何产生持久的后果。政策影响包括需要对婚礼的经济负担有更广泛的社会意识，以及对长期家庭福利有更多的支持框架。

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