Bulletin of Economic Research最新文献

The study investigates financial development's heterogeneous impact on emission of CO₂, especially in the pre- and post-global financial crisis phases and analyzes the mediators through which financial development affects the emission of CO₂. Using panel quantile estimation with non-additive fixed effects method, on a comprehensive sample of 125 countries over the period 1991–2015, we find that the overall financial development activities increase the emission of CO₂. However, financial development has a much greater effect on increasing CO₂ emissions in countries with fewer emissions than in those with higher emissions.

In the context of international trade, we explore the role of strategic commitments by a local government concerning tariffs in the presence of firms’ corporate social responsibility (CSR) activities. We examine and compare committed tariff and time-consistent tariff regimes when a domestic or foreign firm engages in CSR activities, respectively. We demonstrate that under domestic CSR, the committed tariff yields lower optimal tariffs and higher strategic CSR than the time-consistent tariff, resulting in higher welfare and lower profits for the CSR firm. Under foreign CSR, when firms’ products are more independent (substitutable), the committed tariff results in lower (higher) optimal tariffs, higher (lower) strategic CSR, and higher (lower) welfare than the time-consistent tariff. We also examine an endogenous choice of commitment and find that the committed tariff is a desirable equilibrium under domestic CSR, whereas the time-consistent tariff may be a desirable equilibrium under foreign CSR when firms’ products are more independent.

Better broadcasting and sports globalization allow sports fans to watch televised matches from the comfort of home, which means that local geography becomes less of a deciding factor in constraining the professional sports market. In our model, utility-maximizing fans’ decision to watch a game dictates a team's broadcast revenue and allows teams to monetize from non-home fans. When fans watch a series of televised matches, teams’ markets overlap as they are not solely reliant on their home fan base, meaning that the actual difference in market size between teams is smaller, allowing teams with smaller home fan bases to narrow their performance gap against stronger teams.

This study aims to expand Bahmani-Oskooee and Hasanzade's research examining the impact of economic policy uncertainty (EPU) on income inequality in the US states. Our study differs from theirs as we use a newly calculated US state-level EPU index, whereas they used the US country-level EPU index in their previous work. While the linear ARDL model finds that the EPU has short-run effects on GINI in 15 US states, the nonlinear model finds it in 22 US states. Similarly, while the nonlinear model finds that EPU has a long-run impact on GINI in five US states, the linear model finds it only in one US state. However, when the CSD is allowed, the linear model finds that EPU impacts GINI in five US states in the long run. While our study finds that decreased uncertainty worsens income inequalities in Texas and Washington, Bahmani-Oskooee and Hasanzade find that uncertainty does not have long-run effects in these US states. Similarly, while we find that increased uncertainty improves inequality in Virginia, they also find worsening effects in this US state. Empirical findings reveal that state-level analysis discovers some hidden impacts of the EPU on GINI that we could not find in country-level analysis.

A decision maker chooses between the status quo and an alternative action under uncertainty. The uncertainty is two-dimensional, and its realization in each dimension is independent. For each dimension, there is an expert who provides information only on that dimension. Both experts strictly prefer the alternative action and simultaneously provide information to the decision maker. We compare the experts' highest equilibrium payoff in this game with the payoff in an auxiliary game where they collude and can choose any information structure. We show that the experts strictly gain from collusion if and only if one of the experts can unilaterally persuade the decision maker to take the alternative action with positive probability.

We examine the relationship between small and medium enterprises’ (SMEs’) productivity and the living standards of low-income groups in the EU27. To the best of our knowledge, this is the first study that tries to shed light on the link between SMEs’ productivity and poverty in a group of developed economies. Our results from panel estimators suggest a robust positive link between the income—in purchasing power standards (PPS) terms—of the poor population and the productivity (gap) of very small firms, small firms, and SMEs. Such effect also appears to hold true, especially for SMEs, during Covid19. Finally, we explore the same link for the high-tech, knowledge-intensive SMEs and confirm a strong positive relationship before Covid19.