Pub Date : 2025-09-25DOI: 10.1016/j.ememar.2025.101370
Pedro Henrique Alves Pereira , Jose Angelo Divino
Compared with developed countries, emerging small open economies (ESOEs) experience greater economic fluctuations, mostly driven by commodity price shocks, balance-sheet constraints, and procyclical fiscal policies. This paper examines how monetary and sterilized foreign exchange (FX) interventions affect welfare and economic stability in the ESOEs. Sterilized FX interventions consistently improve welfare in all monetary policy arrangements. Ignoring the output gap in Taylor-type interest rate rules leads to significant welfare costs, particularly in economies with high exposure to foreign markets. The combination of Friedman rule with FX intervention neutralizes money-financed fiscal deficit and foreign shocks, improves welfare by reducing economic volatility, and highlights the importance of coordinated monetary and FX policies to stabilize ESOEs.
{"title":"Monetary policy and foreign exchange interventions in emerging small open economies","authors":"Pedro Henrique Alves Pereira , Jose Angelo Divino","doi":"10.1016/j.ememar.2025.101370","DOIUrl":"10.1016/j.ememar.2025.101370","url":null,"abstract":"<div><div>Compared with developed countries, emerging small open economies (ESOEs) experience greater economic fluctuations, mostly driven by commodity price shocks, balance-sheet constraints, and procyclical fiscal policies. This paper examines how monetary and sterilized foreign exchange (FX) interventions affect welfare and economic stability in the ESOEs. Sterilized FX interventions consistently improve welfare in all monetary policy arrangements. Ignoring the output gap in Taylor-type interest rate rules leads to significant welfare costs, particularly in economies with high exposure to foreign markets. The combination of Friedman rule with FX intervention neutralizes money-financed fiscal deficit and foreign shocks, improves welfare by reducing economic volatility, and highlights the importance of coordinated monetary and FX policies to stabilize ESOEs.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101370"},"PeriodicalIF":4.6,"publicationDate":"2025-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145157852","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 : 2025-09-23DOI: 10.1016/j.ememar.2025.101373
Harshit Kumar Sharma , Wasim Ahmad
Under a dynamic multivariate set-up with time-varying probabilities, we show that the Indian financial network exhibits a high degree of interconnectedness during crisis periods with banks as emitters and NBFCs as receivers of shocks. The structure of systemic risk is endogenous in nature due to the regulations and operational coverage. The dynamic interplay between systemic risk and network connectedness suggests that a sudden rise in systemic risk results in a significant increase in total connectedness, while a connectedness shock has a significant and short-term effect on systemic risk. At the institutional level, a shock to an institution's systemic risk contribution has a long-term impact on its net connectedness, while an unexpected rise in an institution's net connectedness has a persistent and decaying effect on its systemic risk contribution. The learnings are extremely helpful for regulators and banking sector investors.
{"title":"Interconnectedness and systemic risk in financial networks: Fresh evidence from India","authors":"Harshit Kumar Sharma , Wasim Ahmad","doi":"10.1016/j.ememar.2025.101373","DOIUrl":"10.1016/j.ememar.2025.101373","url":null,"abstract":"<div><div>Under a dynamic multivariate set-up with time-varying probabilities, we show that the Indian financial network exhibits a high degree of interconnectedness during crisis periods with banks as emitters and NBFCs as receivers of shocks. The structure of systemic risk is endogenous in nature due to the regulations and operational coverage. The dynamic interplay between systemic risk and network connectedness suggests that a sudden rise in systemic risk results in a significant increase in total connectedness, while a connectedness shock has a significant and short-term effect on systemic risk. At the institutional level, a shock to an institution's systemic risk contribution has a long-term impact on its net connectedness, while an unexpected rise in an institution's net connectedness has a persistent and decaying effect on its systemic risk contribution. The learnings are extremely helpful for regulators and banking sector investors.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101373"},"PeriodicalIF":4.6,"publicationDate":"2025-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145219988","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 : 2025-09-22DOI: 10.1016/j.ememar.2025.101372
Jie Li , Wenwen Zhou , Xiaohong Li , Yu Wu
This study investigates the welfare-enhancing effects of digital personal credit scoring systems, with a particular focus on household consumption. Utilizing the latest nationally representative microdata from the China Household Finance Survey (CHFS) for 2021 and 2023, our empirical analysis demonstrates that Sesame Credit – Ant Group's digital credit product - exerts a statistically significant positive effect on household consumption expenditure. This stimulative effect is particularly observed in developmental and hedonic consumption. Mechanism analysis reveal that this impact operates primarily through improved credit accessibility and the relief of liquidity constraints. Furthermore, our results suggest that vulnerable households benefit more from Sesame Credit.
{"title":"Digital credit scoring and household consumption: Evidence from Sesame Credit in China","authors":"Jie Li , Wenwen Zhou , Xiaohong Li , Yu Wu","doi":"10.1016/j.ememar.2025.101372","DOIUrl":"10.1016/j.ememar.2025.101372","url":null,"abstract":"<div><div>This study investigates the welfare-enhancing effects of digital personal credit scoring systems, with a particular focus on household consumption. Utilizing the latest nationally representative microdata from the China Household Finance Survey (CHFS) for 2021 and 2023, our empirical analysis demonstrates that Sesame Credit – Ant Group's digital credit product - exerts a statistically significant positive effect on household consumption expenditure. This stimulative effect is particularly observed in developmental and hedonic consumption. Mechanism analysis reveal that this impact operates primarily through improved credit accessibility and the relief of liquidity constraints. Furthermore, our results suggest that vulnerable households benefit more from Sesame Credit.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101372"},"PeriodicalIF":4.6,"publicationDate":"2025-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145157853","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 : 2025-09-21DOI: 10.1016/j.ememar.2025.101371
Xiaozhen Pan, Sabahati Aimaiti
This study empirically tests the effect of actual controllers with foreign residency rights on corporate tax avoidance using a sample of A-share private listed companies in Shanghai and Shenzhen from 2013 to 2022. The results show that actual controllers with foreign residency rights increase corporate tax avoidance. Specifically, this occurs only under conditions of high tax collection intensity, low media attention, concurrent executive positions, and indirect shareholding. Further research shows that actual controllers with foreign residency rights increase the enterprise's information asymmetry and financing constraints.
{"title":"Actual controllers with foreign residency rights and corporate tax avoidance: Evidence from private listed companies in China","authors":"Xiaozhen Pan, Sabahati Aimaiti","doi":"10.1016/j.ememar.2025.101371","DOIUrl":"10.1016/j.ememar.2025.101371","url":null,"abstract":"<div><div>This study empirically tests the effect of actual controllers with foreign residency rights on corporate tax avoidance using a sample of A-share private listed companies in Shanghai and Shenzhen from 2013 to 2022. The results show that actual controllers with foreign residency rights increase corporate tax avoidance. Specifically, this occurs only under conditions of high tax collection intensity, low media attention, concurrent executive positions, and indirect shareholding. Further research shows that actual controllers with foreign residency rights increase the enterprise's information asymmetry and financing constraints.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101371"},"PeriodicalIF":4.6,"publicationDate":"2025-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145108777","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 : 2025-09-18DOI: 10.1016/j.ememar.2025.101363
Boileau Loko , Nelie Nembot , Marcos Poplawski-Ribeiro
The paper investigates the impact of COVID-19 on private savings and economic activity in Sub-Saharan Africa (SSA). Using data for at least 13 SSA economies, we find that private saving rates have not increased during COVID-19 in SSA, a finding that contrasts with other regions in the world. Instead, COVID-19 mortality in our estimations is significantly associated with a decline in private savings and economic growth in SSA. Robustness checks and analyses of household surveys during the pandemic validate and explore some of the underlying drivers of those results. The paper further confirms real per capita economic growth as a key determinant of private savings in the region since 1983.
{"title":"Private savings and COVID-19 in Sub-Saharan Africa","authors":"Boileau Loko , Nelie Nembot , Marcos Poplawski-Ribeiro","doi":"10.1016/j.ememar.2025.101363","DOIUrl":"10.1016/j.ememar.2025.101363","url":null,"abstract":"<div><div>The paper investigates the impact of COVID-19 on private savings and economic activity in Sub-Saharan Africa (SSA). Using data for at least 13 SSA economies, we find that private saving rates have not increased during COVID-19 in SSA, a finding that contrasts with other regions in the world. Instead, COVID-19 mortality in our estimations is significantly associated with a decline in private savings and economic growth in SSA. Robustness checks and analyses of household surveys during the pandemic validate and explore some of the underlying drivers of those results. The paper further confirms real per capita economic growth as a key determinant of private savings in the region since 1983.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101363"},"PeriodicalIF":4.6,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145265716","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 : 2025-09-17DOI: 10.1016/j.ememar.2025.101369
Pankaj Swain , Abhishek Poddar , Arun Kumar Misra
This study employs a network model to examine the dynamics of stress in the Indian banking system. The study designs comprehensive Stress Network Structures under different phases of the economic cycle by integrating stress scores of constituent banks with a measure of return connectedness among them. Important metrics of the Stress Network Structures are combined to construct respective Stress Network Indices (SNIs). Besides identifying significant determinants of SNIs, the analysis identified major stress-emitting institutions. Our results underscore the potential of rapid stress transmission and greater destabilizing impact in a tightly interconnected Stress Network, characterized by a high average clustering coefficient and lower average path length. The paper also measures the magnitude of stress spillover, emphasizing its positive association with the degree of interconnectedness among banks during economic upturns and downturns. From a policy perspective, the study recommends a greater regulatory focus on Systemically Important Banks (SIBs) that serve as the epicenters of stress propagation.
{"title":"How stressed are the banks? An inter-temporal network analysis","authors":"Pankaj Swain , Abhishek Poddar , Arun Kumar Misra","doi":"10.1016/j.ememar.2025.101369","DOIUrl":"10.1016/j.ememar.2025.101369","url":null,"abstract":"<div><div>This study employs a network model to examine the dynamics of stress in the Indian banking system. The study designs comprehensive Stress Network Structures under different phases of the economic cycle by integrating stress scores of constituent banks with a measure of return connectedness among them. Important metrics of the Stress Network Structures are combined to construct respective Stress Network Indices (SNIs). Besides identifying significant determinants of SNIs, the analysis identified major stress-emitting institutions. Our results underscore the potential of rapid stress transmission and greater destabilizing impact in a tightly interconnected Stress Network, characterized by a high average clustering coefficient and lower average path length. The paper also measures the magnitude of stress spillover, emphasizing its positive association with the degree of interconnectedness among banks during economic upturns and downturns. From a policy perspective, the study recommends a greater regulatory focus on Systemically Important Banks (SIBs) that serve as the epicenters of stress propagation.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101369"},"PeriodicalIF":4.6,"publicationDate":"2025-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145105372","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 : 2025-09-13DOI: 10.1016/j.ememar.2025.101358
Taniya Ghosh, Yadavindu Ajit
This study evaluates the impact of inflation targeting (IT) on inflation levels, volatility, and persistence in 59 emerging markets from 1985 to 2019, addressing the limitations of traditional methods that ignore staggered adoption. Using methodology that accounts for staggered implementation, IT is found to significantly reduce inflation, particularly when hyperinflationary economies are excluded. However, its effects on volatility and persistence are less conclusive. While traditional models suggest initial reductions in volatility, incorporating staggered adoption reveals no lasting impact. Similarly, IT does not significantly influence inflation persistence. The findings emphasize IT’s effectiveness in lowering inflation but limited influence on other aspects.
{"title":"Does inflation targeting live up to all the hype?","authors":"Taniya Ghosh, Yadavindu Ajit","doi":"10.1016/j.ememar.2025.101358","DOIUrl":"10.1016/j.ememar.2025.101358","url":null,"abstract":"<div><div>This study evaluates the impact of inflation targeting (IT) on inflation levels, volatility, and persistence in 59 emerging markets from 1985 to 2019, addressing the limitations of traditional methods that ignore staggered adoption. Using methodology that accounts for staggered implementation, IT is found to significantly reduce inflation, particularly when hyperinflationary economies are excluded. However, its effects on volatility and persistence are less conclusive. While traditional models suggest initial reductions in volatility, incorporating staggered adoption reveals no lasting impact. Similarly, IT does not significantly influence inflation persistence. The findings emphasize IT’s effectiveness in lowering inflation but limited influence on other aspects.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101358"},"PeriodicalIF":4.6,"publicationDate":"2025-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145060016","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 : 2025-09-12DOI: 10.1016/j.ememar.2025.101366
Paulo Matos , Aline Soares
We add to the debate on access to finance by proposing an empirical exercise to address how credit, monetary, and macroeconomic variables can explain the time-specific behavior of the real variation in earmarked and non-earmarked credit issued to households in Brazil. We test an economic model by reconciling Brazil's limited availability of monthly data with the insights from the theoretical model suggested by Rubaszek and Serwa (2014) and the empirical literature applied to emerging markets. First, we estimate a standard Vector Autoregression (VAR) model. To capture the dynamic nature of household credit, we employ a Bayesian Time-Varying Coefficient VAR model (BTVC-VAR). About the messages of this paper, first we provide a methodological contribution because the joint behavior of both types of credit is crucial to understand their dynamics in the sense of a general equilibrium approach. Second, when we compare the standard VAR and BTCV-VAR, we can see how important it is to allow flexibility of parameters since the dynamics seem to have changed over time, from April 2011 to December 2023. We highlight the significant role played by non-earmarked spread, the average term of both types of credit, economic activity (IBC-BR), and the R$/US$ exchange rate. This exercise contributes to the discussion on financial stability and monetary policy and can be replicated for other emerging markets.
{"title":"On the time-varying behavior of household credit in Brazil","authors":"Paulo Matos , Aline Soares","doi":"10.1016/j.ememar.2025.101366","DOIUrl":"10.1016/j.ememar.2025.101366","url":null,"abstract":"<div><div>We add to the debate on access to finance by proposing an empirical exercise to address how credit, monetary, and macroeconomic variables can explain the time-specific behavior of the real variation in earmarked and non-earmarked credit issued to households in Brazil. We test an economic model by reconciling Brazil's limited availability of monthly data with the insights from the theoretical model suggested by Rubaszek and Serwa (2014) and the empirical literature applied to emerging markets. First, we estimate a standard Vector Autoregression (VAR) model. To capture the dynamic nature of household credit, we employ a Bayesian Time-Varying Coefficient VAR model (BTVC-VAR). About the messages of this paper, first we provide a methodological contribution because the joint behavior of both types of credit is crucial to understand their dynamics in the sense of a general equilibrium approach. Second, when we compare the standard VAR and BTCV-VAR, we can see how important it is to allow flexibility of parameters since the dynamics seem to have changed over time, from April 2011 to December 2023. We highlight the significant role played by non-earmarked spread, the average term of both types of credit, economic activity (IBC-BR), and the R$/US$ exchange rate. This exercise contributes to the discussion on financial stability and monetary policy and can be replicated for other emerging markets.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101366"},"PeriodicalIF":4.6,"publicationDate":"2025-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145105373","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 : 2025-09-12DOI: 10.1016/j.ememar.2025.101364
Dhanushika Samarawickrama, Pallab Kumar Biswas, Helen Roberts
Using a sample of 5718 BSE-listed firm-year observations from 2008 to 2021, we find that increased CSR disclosure (CSRDS) is negatively associated with firm risk. However, the risk-reducing effect of CSRDS is less pronounced in business group firms, with a stronger attenuation in companies managed by affiliated CEOs. Additional analyses indicate that enhanced CSRDS, particularly after the enforcement of mandatory CSR regulations, significantly reduces total and idiosyncratic risk. These findings highlight how mandatory regulatory compliance mitigates specific components of firm risk and offer policymakers, practitioners, and investors insights to navigate risk management within the governance structures of a developing market.
{"title":"Social disclosure, business groups and firm risk","authors":"Dhanushika Samarawickrama, Pallab Kumar Biswas, Helen Roberts","doi":"10.1016/j.ememar.2025.101364","DOIUrl":"10.1016/j.ememar.2025.101364","url":null,"abstract":"<div><div>Using a sample of 5718 BSE-listed firm-year observations from 2008 to 2021, we find that increased CSR disclosure (CSRDS) is negatively associated with firm risk. However, the risk-reducing effect of CSRDS is less pronounced in business group firms, with a stronger attenuation in companies managed by affiliated CEOs. Additional analyses indicate that enhanced CSRDS, particularly after the enforcement of mandatory CSR regulations, significantly reduces total and idiosyncratic risk. These findings highlight how mandatory regulatory compliance mitigates specific components of firm risk and offer policymakers, practitioners, and investors insights to navigate risk management within the governance structures of a developing market.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101364"},"PeriodicalIF":4.6,"publicationDate":"2025-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145105374","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 : 2025-09-10DOI: 10.1016/j.ememar.2025.101368
Panagiotis E. Dimitropoulos
The impact of the recent financial crisis on the financing opportunities and viability of firms has been extensively studied in the literature, with a focus on large, listed corporations. Loss avoidance behavior allows managers to report a more stable income stream, assisting market participants to assess firm prospects. The scope of this study is to examine the impact of loss avoidance and earnings management on the credit financing of small private partnerships within Greece, which is a country that faced a huge backlash on the viability of small businesses. The study collected a sample from 1119 small partnerships which have published abbreviated financial statements over the period 2003–2018. Empirical evidence suggests that firms with higher loss avoidance and discretionary accruals during the sovereign debt crisis period were receiving more credit from their suppliers, a fact that is positively associated with higher viability (lower distress risk). This is the first study in the literature considering loss avoidance behavior and credit financing before and during a debt crisis, within small partnership firms.
{"title":"Credit financing, accounting quality and distress under financial turmoil: Evidence from small partnerships","authors":"Panagiotis E. Dimitropoulos","doi":"10.1016/j.ememar.2025.101368","DOIUrl":"10.1016/j.ememar.2025.101368","url":null,"abstract":"<div><div>The impact of the recent financial crisis on the financing opportunities and viability of firms has been extensively studied in the literature, with a focus on large, listed corporations. Loss avoidance behavior allows managers to report a more stable income stream, assisting market participants to assess firm prospects. The scope of this study is to examine the impact of loss avoidance and earnings management on the credit financing of small private partnerships within Greece, which is a country that faced a huge backlash on the viability of small businesses. The study collected a sample from 1119 small partnerships which have published abbreviated financial statements over the period 2003–2018. Empirical evidence suggests that firms with higher loss avoidance and discretionary accruals during the sovereign debt crisis period were receiving more credit from their suppliers, a fact that is positively associated with higher viability (lower distress risk). This is the first study in the literature considering loss avoidance behavior and credit financing before and during a debt crisis, within small partnership firms.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101368"},"PeriodicalIF":4.6,"publicationDate":"2025-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145049414","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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