Pub Date : 2024-09-30DOI: 10.1016/j.strueco.2024.09.020
Jose Angelo Divino , Adriana Gomes da Silva
This paper investigates the linear and nonlinear effects of the pandemic period on the dynamics of the Brazilian inflation through the estimation of a hybrid Phillips curve. Despite the undisputed socio-economic benefits, cash transfers paid by the government to low-income families increased inflation, with an estimated coefficient similar in magnitude to the output gap. The backward-looking component decreased while the forward-looking component increased sharply, suggesting a shift in the price-setting behavior toward anticipating fluctuations in the business cycle. There was also a significant reduction in the flatness of the Phillips curve, as the output gap coefficient more than doubled during this period. These findings might be explained by the unprecedented combination of sectorial increases in demand, a decrease in aggregate supply, anticipated money supply growth, and loose monetary policy. They unveil an undesired side effect of cash transfers on inflation that adversely affected the purchase power of the program beneficiaries.
{"title":"Cash transfers and the Phillips curve: The case of Brazil during the pandemic","authors":"Jose Angelo Divino , Adriana Gomes da Silva","doi":"10.1016/j.strueco.2024.09.020","DOIUrl":"10.1016/j.strueco.2024.09.020","url":null,"abstract":"<div><div>This paper investigates the linear and nonlinear effects of the pandemic period on the dynamics of the Brazilian inflation through the estimation of a hybrid Phillips curve. Despite the undisputed socio-economic benefits, cash transfers paid by the government to low-income families increased inflation, with an estimated coefficient similar in magnitude to the output gap. The backward-looking component decreased while the forward-looking component increased sharply, suggesting a shift in the price-setting behavior toward anticipating fluctuations in the business cycle. There was also a significant reduction in the flatness of the Phillips curve, as the output gap coefficient more than doubled during this period. These findings might be explained by the unprecedented combination of sectorial increases in demand, a decrease in aggregate supply, anticipated money supply growth, and loose monetary policy. They unveil an undesired side effect of cash transfers on inflation that adversely affected the purchase power of the program beneficiaries.</div></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"71 ","pages":"Pages 680-688"},"PeriodicalIF":5.0,"publicationDate":"2024-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142417830","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-09-20DOI: 10.1016/j.strueco.2024.09.013
Djula Borozan
If the quality of institutions in the European Union (EU) converged, harmonized policies could achieve climate neutrality. This paper examines institutional convergence within the EU using log-t regression, allowing for the possibility of multiple equilibria. It also analyzes how overall institutional quality affects carbon dioxide (CO2) emissions in three identified convergence clubs over thirty years. Driscoll-Kraay and Prais-Winsten standard errors estimators are used, accounting for economic growth, renewable energy, industrialization, urbanization, innovation, and exogenous shocks. The results show that institutional quality affects CO2 emissions differently across clubs, emphasizing customized policy approaches. Addressing endogeneity, a two-stage least squares fixed effects estimator reveals that institutional quality has a negative, but statistically insignificant, effect on CO2 emissions in both the highest and lowest institutional quality clubs, while significantly increasing emissions in the mid-tier club. Economic growth increases CO2 emissions, whereas renewable energy consumption reduces them across all convergence clubs and methods. Other factors vary across clubs.
{"title":"European institutional quality and carbon emissions: Convergence club analysis","authors":"Djula Borozan","doi":"10.1016/j.strueco.2024.09.013","DOIUrl":"10.1016/j.strueco.2024.09.013","url":null,"abstract":"<div><div>If the quality of institutions in the European Union (EU) converged, harmonized policies could achieve climate neutrality. This paper examines institutional convergence within the EU using log-t regression, allowing for the possibility of multiple equilibria. It also analyzes how overall institutional quality affects carbon dioxide (CO<sub>2</sub>) emissions in three identified convergence clubs over thirty years. Driscoll-Kraay and Prais-Winsten standard errors estimators are used, accounting for economic growth, renewable energy, industrialization, urbanization, innovation, and exogenous shocks. The results show that institutional quality affects CO<sub>2</sub> emissions differently across clubs, emphasizing customized policy approaches. Addressing endogeneity, a two-stage least squares fixed effects estimator reveals that institutional quality has a negative, but statistically insignificant, effect on CO<sub>2</sub> emissions in both the highest and lowest institutional quality clubs, while significantly increasing emissions in the mid-tier club. Economic growth increases CO<sub>2</sub> emissions, whereas renewable energy consumption reduces them across all convergence clubs and methods. Other factors vary across clubs.</div></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"71 ","pages":"Pages 646-657"},"PeriodicalIF":5.0,"publicationDate":"2024-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142319144","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-09-19DOI: 10.1016/j.strueco.2024.09.006
Yuki Tada
To study the variety of financialized capitalism contingent on firms’ institutional behavior, we model the US type of shareholder-oriented capitalism with the Minskyan cycle and the Japanese type of partially fledged financialized capitalism with high firm retention rates using the paradox of debt (Steindl) cycle. The results show: 1) instability could arise when firms have a high retention rate of profit to deleverage; 2) the debt-led and the debt-burdened demand regimes can be distinguished by setting sufficiently low retention rates for the former and that of high rates for the latter; 3) the level of retention rate is important in determining the short-run condition but also sets the condition of the long-run Minsky or Steindl debt cycle while we observe secular stagnation in the accumulation rate; 4) the debt-burdened demand transforms into a long-wave cyclical growth with sufficiently high firms' animal spirits, which exhibits the possibility of demand-led cyclical growth.
{"title":"The paradox of debt and Minsky cycle: Nonlinear effects of debt and capital and variety of capitalism","authors":"Yuki Tada","doi":"10.1016/j.strueco.2024.09.006","DOIUrl":"10.1016/j.strueco.2024.09.006","url":null,"abstract":"<div><div>To study the variety of financialized capitalism contingent on firms’ institutional behavior, we model the US type of shareholder-oriented capitalism with the Minskyan cycle and the Japanese type of partially fledged financialized capitalism with high firm retention rates using the paradox of debt (Steindl) cycle. The results show: 1) instability could arise when firms have a high retention rate of profit to deleverage; 2) the debt-led and the debt-burdened demand regimes can be distinguished by setting sufficiently low retention rates for the former and that of high rates for the latter; 3) the level of retention rate is important in determining the short-run condition but also sets the condition of the long-run Minsky or Steindl debt cycle while we observe secular stagnation in the accumulation rate; 4) the debt-burdened demand transforms into a long-wave cyclical growth with sufficiently high firms' animal spirits, which exhibits the possibility of demand-led cyclical growth.</div></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"71 ","pages":"Pages 706-729"},"PeriodicalIF":5.0,"publicationDate":"2024-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142442874","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-09-18DOI: 10.1016/j.strueco.2024.09.011
Jacques Bughin
Artificial Intelligence, a set of technologies that aim to replicate human cognitive functions, has seen remarkable improvements over the last decade. In particular, generative AI (GenAI), a subset of AI able to generate content tasks based on Large Language Models (LLM), has recently gained momentum. Based on an extensive analysis of generative AI use cases in large enterprises, we find that Gen AI shows strong labor productivity improvements across metrics such as throughput time, unit cost, and task effectiveness. However, the distribution of gains is asymmetric in favor of a few companies. While the current distribution of gains does not provide evidence of a power law effect, the current asymmetry reflects differences in AI resources/capabilities across companies - mainly data access, AI talent, or AI governance.
{"title":"What drives the corporate payoffs of using generative artificial intelligence?","authors":"Jacques Bughin","doi":"10.1016/j.strueco.2024.09.011","DOIUrl":"10.1016/j.strueco.2024.09.011","url":null,"abstract":"<div><div>Artificial Intelligence, a set of technologies that aim to replicate human cognitive functions, has seen remarkable improvements over the last decade. In particular, generative AI (GenAI), a subset of AI able to generate content tasks based on Large Language Models (LLM), has recently gained momentum. Based on an extensive analysis of generative AI use cases in large enterprises, we find that Gen AI shows strong labor productivity improvements across metrics such as throughput time, unit cost, and task effectiveness. However, the distribution of gains is asymmetric in favor of a few companies. While the current distribution of gains does not provide evidence of a power law effect, the current asymmetry reflects differences in AI resources/capabilities across companies - mainly data access, AI talent, or AI governance.</div></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"71 ","pages":"Pages 658-668"},"PeriodicalIF":5.0,"publicationDate":"2024-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142326575","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-09-16DOI: 10.1016/j.strueco.2024.09.009
Shuting Fan, Can Wang
Low-carbon transition in carbon-intensive industries is crucial for achieving climate targets. However, it's challenging for enterprises and projects in these industries to access the necessary funding for their transition within the existing financial system. In this context, transition finance supports the low-carbon transition of carbon-intensive industries, injecting momentum into achieving carbon neutrality goals. However, the precise impact of transition finance on the macroeconomy remains uncertain, and the effective strategies for its implementation to effectively advance national climate objectives are still unclear. This study integrates the stock-flow consistent method into a computable general equilibrium model to evaluate the macroeconomic impact of transition finance supporting China's climate goals. Results indicate that promoting investment in energy systems capital within carbon-intensive industries through transition finance can reduce the economic cost of achieving carbon reduction targets in China, with a reduction ranging from 0.02 % to 0.26 %. Additionally, transition finance optimizes the energy structure in the short term, mitigates the exit of high-carbon industries, and lessens the impact of climate targets on these enterprises. However, implementing transitional financing requires enhanced information disclosure and strict regulation of fund flows to mitigate potential credit risks. The research findings provide valuable insights into China's transition finance policy formulation and serve as a reference for other regions seeking financial support to achieve climate targets.
{"title":"Transition finance facilitates lower-cost achievement of climate targets: A case study of China","authors":"Shuting Fan, Can Wang","doi":"10.1016/j.strueco.2024.09.009","DOIUrl":"10.1016/j.strueco.2024.09.009","url":null,"abstract":"<div><p>Low-carbon transition in carbon-intensive industries is crucial for achieving climate targets. However, it's challenging for enterprises and projects in these industries to access the necessary funding for their transition within the existing financial system. In this context, transition finance supports the low-carbon transition of carbon-intensive industries, injecting momentum into achieving carbon neutrality goals. However, the precise impact of transition finance on the macroeconomy remains uncertain, and the effective strategies for its implementation to effectively advance national climate objectives are still unclear. This study integrates the stock-flow consistent method into a computable general equilibrium model to evaluate the macroeconomic impact of transition finance supporting China's climate goals. Results indicate that promoting investment in energy systems capital within carbon-intensive industries through transition finance can reduce the economic cost of achieving carbon reduction targets in China, with a reduction ranging from 0.02 % to 0.26 %. Additionally, transition finance optimizes the energy structure in the short term, mitigates the exit of high-carbon industries, and lessens the impact of climate targets on these enterprises. However, implementing transitional financing requires enhanced information disclosure and strict regulation of fund flows to mitigate potential credit risks. The research findings provide valuable insights into China's transition finance policy formulation and serve as a reference for other regions seeking financial support to achieve climate targets.</p></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"71 ","pages":"Pages 617-629"},"PeriodicalIF":5.0,"publicationDate":"2024-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142274631","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-09-15DOI: 10.1016/j.strueco.2024.09.010
Zhiqing Liu , Haitao Yin , Xuemei Zhang
This paper investigates how environmental amenity and economic benefits are balanced in migration dynamics from the individual perspective. We construct a structural model based on the dataset that combines PM2.5 concentration data from NASA and migration information from the China Migration Dynamic Survey (CMDS). Thermal inversion is used as a source of exogenous shock in air pollution to address the omitted variable bias. The results indicate that if the ambient concentration of PM2.5 at destinations increases 1 μg/m3, the probability of migration at the individual level will decrease by 0.90 %. A battery of robustness checks is implemented, including different approaches to measuring migration decision, using imputed wage instead of disposable income, using different IV and proxy variable. Heterogeneity analysis reveals that the deterrence effect of air pollution is more pronounced for the following groups: migrants who are male, move from a rural residence, or to a coastal destination, belong to working-age population, engage in a tertiary industry, have a postgraduate-level education, and support two or more elders.
{"title":"Tradeoff between air pollution and economic benefits in migration dynamics: Evidence from China","authors":"Zhiqing Liu , Haitao Yin , Xuemei Zhang","doi":"10.1016/j.strueco.2024.09.010","DOIUrl":"10.1016/j.strueco.2024.09.010","url":null,"abstract":"<div><div>This paper investigates how environmental amenity and economic benefits are balanced in migration dynamics from the individual perspective. We construct a structural model based on the dataset that combines PM2.5 concentration data from NASA and migration information from the China Migration Dynamic Survey (CMDS). Thermal inversion is used as a source of exogenous shock in air pollution to address the omitted variable bias. The results indicate that if the ambient concentration of PM2.5 at destinations increases 1 μg/m<sup>3</sup>, the probability of migration at the individual level will decrease by 0.90 %. A battery of robustness checks is implemented, including different approaches to measuring migration decision, using imputed wage instead of disposable income, using different IV and proxy variable. Heterogeneity analysis reveals that the deterrence effect of air pollution is more pronounced for the following groups: migrants who are male, move from a rural residence, or to a coastal destination, belong to working-age population, engage in a tertiary industry, have a postgraduate-level education, and support two or more elders.</div></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"71 ","pages":"Pages 669-679"},"PeriodicalIF":5.0,"publicationDate":"2024-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142326576","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In the context of sustainable development, environmental policies increasingly focus on reducing carbon emissions worldwide. Industrial agglomeration (IAGG) has emerged as a potential factor in achieving this objective by reducing carbon emissions and improving air quality. This study examines the direct and indirect impacts, spatial dynamics, and policy impacts of industrial agglomeration on air pollution levels. Panel data from 278 cities in China between 2011 and 2020 are utilized to investigate the potential of industrial agglomeration to reduce air pollution. Multiple regression models are employed, these models explore the mechanisms through which industrial agglomeration can have a positive effect on air pollution, highlighting economic growth, inclusive finance, digital economy and technological innovation as crucial factors. The study also investigates the spatial spillover effects of industrial agglomeration, finding that the concentration ratio and specialization of neighbouring cities significantly contribute to local air pollution levels. Furthermore, this contribution increases progressively with distance. The study investigates the spillover effects of environmental pollution and industrial agglomeration-related policies on PM2.5 concentration, concluding that such spillover effects lead to a decrease in PM2.5 concentration in neighbouring locations.
{"title":"The environmental consequences of industrial agglomeration: New evidence from city-level data in China","authors":"Xin Miao , Mingkun Chen , Jiayin Tu , Yuze Tian , Yu Hao","doi":"10.1016/j.strueco.2024.09.012","DOIUrl":"10.1016/j.strueco.2024.09.012","url":null,"abstract":"<div><div>In the context of sustainable development, environmental policies increasingly focus on reducing carbon emissions worldwide. Industrial agglomeration (IAGG) has emerged as a potential factor in achieving this objective by reducing carbon emissions and improving air quality. This study examines the direct and indirect impacts, spatial dynamics, and policy impacts of industrial agglomeration on air pollution levels. Panel data from 278 cities in China between 2011 and 2020 are utilized to investigate the potential of industrial agglomeration to reduce air pollution. Multiple regression models are employed, these models explore the mechanisms through which industrial agglomeration can have a positive effect on air pollution, highlighting economic growth, inclusive finance, digital economy and technological innovation as crucial factors. The study also investigates the spatial spillover effects of industrial agglomeration, finding that the concentration ratio and specialization of neighbouring cities significantly contribute to local air pollution levels. Furthermore, this contribution increases progressively with distance. The study investigates the spillover effects of environmental pollution and industrial agglomeration-related policies on PM<sub>2.5</sub> concentration, concluding that such spillover effects lead to a decrease in PM<sub>2.5</sub> concentration in neighbouring locations.</div></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"71 ","pages":"Pages 630-645"},"PeriodicalIF":5.0,"publicationDate":"2024-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142315894","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-09-13DOI: 10.1016/j.strueco.2024.09.008
Dr. Alejandro García-Pozo , Elena Lasso-Dela-Vega , Dr. Eva González-Guerrero
In Spain, 85.5 % of energy industry workers have a salary that is more than the Spanish average salary. We apply a binomial logit model based on the maximum likelihood estimation method to analyze the factors that determine the probability of obtaining these higher wages. The sample used was taken from the Wage Structure Survey (2018) prepared by the Spanish National Institute of Statistics. Firstly, the results show that this sector has a consolidated workforce and that the workers' educational levels are appropriate for their jobs. Secondly, there are no gender-based wage differences in this industry. Finally, working conditions and wages are established through collective bargaining agreements at the company level, which stands in contrast to other types of agreements established in the rest of the Spanish economy.
{"title":"Why are workers in the Spanish energy industry more likely to earn higher wages than other Spanish workers?","authors":"Dr. Alejandro García-Pozo , Elena Lasso-Dela-Vega , Dr. Eva González-Guerrero","doi":"10.1016/j.strueco.2024.09.008","DOIUrl":"10.1016/j.strueco.2024.09.008","url":null,"abstract":"<div><p>In Spain, 85.5 % of energy industry workers have a salary that is more than the Spanish average salary. We apply a binomial logit model based on the maximum likelihood estimation method to analyze the factors that determine the probability of obtaining these higher wages. The sample used was taken from the Wage Structure Survey (2018) prepared by the Spanish National Institute of Statistics. Firstly, the results show that this sector has a consolidated workforce and that the workers' educational levels are appropriate for their jobs. Secondly, there are no gender-based wage differences in this industry. Finally, working conditions and wages are established through collective bargaining agreements at the company level, which stands in contrast to other types of agreements established in the rest of the Spanish economy.</p></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"71 ","pages":"Pages 609-616"},"PeriodicalIF":5.0,"publicationDate":"2024-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142240896","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-09-12DOI: 10.1016/j.strueco.2024.09.002
Gianluigi De Pascale , Andrea Pronti , Roberto Zoboli
In this paper we analyze the effect of institutional quality on the so-called Twin transition at provincial level in Italy. To carry out the analysis, we use two proxies for the ecological transition, namely waste management and air pollution, and two proxies for the digital transition, namely ultra-wide band connections and provincial innovative start-ups. All the models are estimated on a panel of 103 provinces with a time dimension that varies for the different dependent variables. We employ Spatial Durbin Model estimator to take into account spatial dependence across provinces. Our findings indicate that the quality of local institutions may have an important role for the ecological transition, but not for the digital transition. Higher levels of institutional quality increase the performance in waste management and reduce the level of local air pollution. Conversely, the estimated coefficient of institutional quality is not statistically significant neither for ultra-wide band nor for innovative start-ups. Institutional quality turns to be significant but negative for the digital transition when dummy variable controlling for the presence of science-oriented university is added in the model specification. These results confirm that the green transition is largely policy-driven and the local ‘institutional environment’ is an essential ingredient for its effectiveness. The driving forces of the digital transition, instead, can be better found in socio-economic factors that depend on the ‘economic quality’ of the local system and its propensity to innovate within larger-scale innovation trajectories.
{"title":"The role of local institutional quality for the digital and environmental transitions in Italy","authors":"Gianluigi De Pascale , Andrea Pronti , Roberto Zoboli","doi":"10.1016/j.strueco.2024.09.002","DOIUrl":"10.1016/j.strueco.2024.09.002","url":null,"abstract":"<div><div>In this paper we analyze the effect of institutional quality on the so-called Twin transition at provincial level in Italy. To carry out the analysis, we use two proxies for the ecological transition, namely waste management and air pollution, and two proxies for the digital transition, namely ultra-wide band connections and provincial innovative start-ups. All the models are estimated on a panel of 103 provinces with a time dimension that varies for the different dependent variables. We employ Spatial Durbin Model estimator to take into account spatial dependence across provinces. Our findings indicate that the quality of local institutions may have an important role for the ecological transition, but not for the digital transition. Higher levels of institutional quality increase the performance in waste management and reduce the level of local air pollution. Conversely, the estimated coefficient of institutional quality is not statistically significant neither for ultra-wide band nor for innovative start-ups. Institutional quality turns to be significant but negative for the digital transition when dummy variable controlling for the presence of science-oriented university is added in the model specification. These results confirm that the green transition is largely policy-driven and the local ‘institutional environment’ is an essential ingredient for its effectiveness. The driving forces of the digital transition, instead, can be better found in socio-economic factors that depend on the ‘economic quality’ of the local system and its propensity to innovate within larger-scale innovation trajectories.</div></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"71 ","pages":"Pages 689-705"},"PeriodicalIF":5.0,"publicationDate":"2024-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142417831","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-09-12DOI: 10.1016/j.strueco.2024.09.004
Michele Fabiani
This paper delves into the dynamics of wealth distribution across various countries, utilizing innovative methodologies to uncover patterns of wealth polarization and its determinants. Wealth, distinct from income, reflects long-term economic resources and serves as a crucial indicator of economic well-being. Employing the "relative distribution" method and Recentered Influence Function (RIF) regression, this study examines changes in wealth distribution and the factors driving wealth polarization across eight European countries, Australia, and the United States.
The analysis reveals significant heterogeneity in wealth distribution trends among countries, with disparities observed over time. Wealth polarization, akin to income polarization, emerges as a phenomenon distinct from traditional measures of inequality, shedding light on the concentration of wealth within societies. Household composition, demographic factors, and socioeconomic characteristics significantly influence wealth polarization, echoing patterns observed in income polarization studies.
The findings underscore the multifaceted nature of wealth distribution dynamics and highlight the need for comprehensive policy interventions to address wealth inequality and polarization. Policy measures such as progressive taxation, regulatory reforms, and asset-building programs for marginalized communities are crucial in fostering equitable wealth distribution and creating inclusive societies.
{"title":"Wealth polarization in western countries","authors":"Michele Fabiani","doi":"10.1016/j.strueco.2024.09.004","DOIUrl":"10.1016/j.strueco.2024.09.004","url":null,"abstract":"<div><p>This paper delves into the dynamics of wealth distribution across various countries, utilizing innovative methodologies to uncover patterns of wealth polarization and its determinants. Wealth, distinct from income, reflects long-term economic resources and serves as a crucial indicator of economic well-being. Employing the \"relative distribution\" method and Recentered Influence Function (RIF) regression, this study examines changes in wealth distribution and the factors driving wealth polarization across eight European countries, Australia, and the United States.</p><p>The analysis reveals significant heterogeneity in wealth distribution trends among countries, with disparities observed over time. Wealth polarization, akin to income polarization, emerges as a phenomenon distinct from traditional measures of inequality, shedding light on the concentration of wealth within societies. Household composition, demographic factors, and socioeconomic characteristics significantly influence wealth polarization, echoing patterns observed in income polarization studies.</p><p>The findings underscore the multifaceted nature of wealth distribution dynamics and highlight the need for comprehensive policy interventions to address wealth inequality and polarization. Policy measures such as progressive taxation, regulatory reforms, and asset-building programs for marginalized communities are crucial in fostering equitable wealth distribution and creating inclusive societies.</p></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"71 ","pages":"Pages 557-567"},"PeriodicalIF":5.0,"publicationDate":"2024-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142172396","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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