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The price of illicit trade in Egypt: Illicit trade empowers criminals at the expense of ordinary people 埃及非法贸易的代价:以牺牲普通人的利益为代价,非法贸易助长了犯罪分子
IF 1.3 Q3 ECONOMICS Pub Date : 2025-12-01 Epub Date: 2025-09-10 DOI: 10.1016/j.rie.2025.101094
Maged Ali
Egyptians face a daily struggle, with rising inflation and high poverty rates. Beyond the economic pressures, many live under the threat of crime, including terrorism, trafficking, and organized violence. Illicit trade fuels these crimes by providing criminal networks with financial means and infrastructure. It also spreads lawbreaking and violence, and weakens the state's capacity to act. As a result, illicit trade harms ordinary Egyptians. Reducing illicit trade will weaken criminal networks and improve Egyptians’ safety. To reduce illicit trade, enforcement is needed at both entry points and within markets. New technologies such as big data and AI can render enforcement faster, smarter, and more effective. However, enforcement alone risks failing to effectively reduce illicit trade. As long as consumers continue buying smuggled goods, smugglers will find new ways to move them. Offering legal, affordable alternatives is therefore key to reduce demand for illicit goods.
埃及人每天都面临着不断上升的通货膨胀和高贫困率。除了经济压力之外,许多人还生活在犯罪的威胁之下,包括恐怖主义、人口贩运和有组织的暴力。非法贸易为犯罪网络提供了财政手段和基础设施,从而助长了这些犯罪。它还传播了违法和暴力,削弱了国家的行动能力。因此,非法贸易损害了普通埃及人的利益。减少非法贸易将削弱犯罪网络,提高埃及人的安全。为了减少非法贸易,需要在入境点和市场内进行执法。大数据和人工智能等新技术可以使执法更快、更智能、更有效。然而,仅靠执法可能无法有效减少非法贸易。只要消费者继续购买走私商品,走私者就会找到新的运输方式。因此,提供合法、负担得起的替代品是减少对非法商品需求的关键。
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引用次数: 0
The bias of consumption-interdependent markets 消费依赖市场的偏见
IF 1.3 Q3 ECONOMICS Pub Date : 2025-12-01 Epub Date: 2025-09-04 DOI: 10.1016/j.rie.2025.101077
Marco Vinicio Monge-Mora , Juan Andrés Robalino-Herrera
Depending on consumption complementarity, the partial equilibrium effect of taxes and subsidies in the price of a commodity underestimates or overestimates the general equilibrium effect. We formalize this theoretical issue relating it to a practical problem: if we use a tax-free market as a counterfactual to see the price consequences of taxing another market, our estimates will be biased because the Stable Unit Treatment Value Assumption (SUTVA) is violated. In this manuscript, we present a general formula for the relative size of this bias, which we will call “the bias of consumption-interdependent markets”. Our results lead to methodological warnings and recommendations about how tax-free markets can be used as controls to study the treatment effect of a tax on the price of a particular market: the treated market and the control should have a low degree of substitution/complementarity; but, even so, the relative size of the bias we study depends not only on the degree of substitution/complementarity between treated and control, but also on the degree of substitution/complementarity of treated and control with any other commodity.
根据消费互补性,税收和补贴对商品价格的部分均衡效应低估或高估了一般均衡效应。我们将这一理论问题与一个实际问题形式化:如果我们使用免税市场作为反事实来观察对另一个市场征税的价格后果,我们的估计将会有偏差,因为稳定单位处理价值假设(SUTVA)被违反了。在本文中,我们提出了这种偏差相对大小的一般公式,我们将其称为“消费相互依赖市场的偏差”。我们的研究结果在方法上提出了警告和建议,即如何将免税市场用作研究税收对特定市场价格的处理效果的控制:被处理的市场和控制应该具有低程度的替代/互补性;但是,即便如此,我们研究的偏差的相对大小不仅取决于处理和控制之间的替代/互补程度,还取决于处理和控制与任何其他商品的替代/互补程度。
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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 Pub Date : 2025-12-01 Epub 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
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 Pub Date : 2025-12-01 Epub 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
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 Pub Date : 2025-12-01 Epub 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。
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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 Pub Date : 2025-12-01 Epub 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。
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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 Pub Date : 2025-09-01 Epub 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。
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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 Pub Date : 2025-09-01 Epub 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。
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引用次数: 0
ESG disclosure and labour investment efficiency ESG信息披露与劳动投资效率
IF 1.2 Q3 ECONOMICS Pub Date : 2025-09-01 Epub Date: 2025-03-22 DOI: 10.1016/j.rie.2025.101060
Paulo Pereira da Silva , Isabel Vieira
This study examines the impact of environmental, social and governance (ESG) disclosure on firms’ labour investment efficiency. Our results indicate that such impact is positive. ESG disclosure is more effective in curtailing over-hiring and when over-investment in physical capital is high. The uncovered positive association is mainly fuelled by the volume of social and governance disclosure (environmental disclosure barely affects labour investment efficiency), and is more pronounced for firms with a weaker corporate social responsibility performance. The results from the empirical analysis survive a battery of robustness tests, including the use of alternative measures to capture labour investment efficiency, different control variables in regression models, and controlling for endogeneity in ESG disclosure. Our analysis and findings are novel to the literature and contribute to ongoing debates about the impact of ESG disclosure on firms’ performance and about potential benefits and costs of mandatory disclosure.
本研究考察了环境、社会和治理(ESG)信息披露对企业劳动投资效率的影响。我们的结果表明,这种影响是积极的。ESG信息披露在减少过度招聘和实体资本过度投资较高时更为有效。被发现的正相关主要是由社会和治理披露的数量推动的(环境披露几乎不影响劳动投资效率),并且在企业社会责任绩效较弱的企业中更为明显。实证分析的结果经受住了一系列稳健性测试,包括使用替代措施来捕捉劳动投资效率,回归模型中的不同控制变量,以及控制ESG披露的内生性。我们的分析和发现对文献来说是新颖的,并有助于正在进行的关于ESG披露对公司绩效的影响以及强制性披露的潜在收益和成本的辩论。
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引用次数: 0
The differences in effects of social image by gender using risky dictator game experiments 利用风险独裁者博弈实验研究社会形象受性别影响的差异
IF 1.2 Q3 ECONOMICS Pub Date : 2025-09-01 Epub Date: 2025-03-18 DOI: 10.1016/j.rie.2025.101056
Tetsuya Kawamura , Kazuhito Ogawa , Yusuke Osaki
Experimental evidence has revealed that females are more prosocial than males. However, we do not know much about what lies in differences in prosocial behavior in gender. The research question of this study is how effects of social image differ by gender and these effects can explain gender differences in prosocial behavior. Social image is a desire to be perceived as fair and is impure motivation behind prosocial behavior. Experimental studies developed various devices to extract social image and observed its existence in dictator game experiments. However, these methods are not suitable for our purpose because we need to measure the effects of social image, not just existence. This study conducted the risky dictator game in which dictators do not care about their social image because recipients cannot infer dictator's allocation. By adding social image, we prepare the two types of risky dictator games with and without social image. We measure social image based on differences in amount and probability of positive allocation in risky dictator game experiments with and without social image. This study observed differences in effects of social image by gender. We draw conclusion that social image is a cause for gender differences in prosocial behavior.
实验证据表明,女性比男性更亲社会。然而,我们对亲社会行为的性别差异所知甚少。本研究的研究问题是社会形象的影响如何因性别而异,这些影响如何解释亲社会行为的性别差异。社会形象是一种希望被视为公平的愿望,是亲社会行为背后的不纯粹动机。实验研究开发了各种提取社会形象的方法,并在独裁者博弈实验中观察了社会形象的存在。然而,这些方法并不适合我们的目的,因为我们需要衡量社会形象的影响,而不仅仅是存在。本研究进行了一个高风险的独裁者游戏,在这个游戏中,独裁者不关心他们的社会形象,因为接受者无法推断独裁者的分配。通过添加社会形象,我们准备了有社会形象和没有社会形象的两种风险独裁者游戏。在有社会形象和没有社会形象的风险独裁者博弈实验中,我们根据积极分配的数量和概率的差异来衡量社会形象。本研究观察了性别对社会形象影响的差异。我们得出结论:社会形象是亲社会行为的性别差异的一个原因。
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引用次数: 0
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Research in Economics
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