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China's Financial System and Economy: A Review 中国金融体系与经济:综述
2区 经济学 Q1 ECONOMICS Pub Date : 2023-09-13 DOI: 10.1146/annurev-economics-072622-095926
Zhiguo He, Wei Wei
China's financial system has been integral to its spectacular economic growth over the past 40 years. We review the recent literature on China's financial system and its connections to the Chinese economy based on the categories of Aggregate Financing to the Real Economy (AFRE), a broad measure of the nation's yearly flow of liquidity accounting for unique features of China's financial system. While early work on China's financial system emphasizes the state-owned enterprise reform, the recent literature explores other more market-based financing channels—including shadow banking—that grew rapidly after 2010 and have become important components of AFRE. These new financing channels not only are intertwined with each other, but also, and more importantly, are often ultimately tied back to the dominant banking sector in China. Understanding the mechanisms behind these channels and their intrinsic connections is crucial to alleviate capital allocation distortion and mitigate potential systemic financial risk in China.
过去40年来,中国的金融体系一直是其惊人经济增长不可或缺的一部分。我们回顾了最近关于中国金融体系及其与中国经济联系的文献,这些文献基于对实体经济的总融资(AFRE)的分类,AFRE是衡量中国金融体系独特特征的国家年度流动性流量的广泛指标。虽然早期对中国金融体系的研究强调国有企业改革,但最近的文献探索了其他更加市场化的融资渠道,包括影子银行,这些渠道在2010年之后迅速发展,并成为AFRE的重要组成部分。这些新的融资渠道不仅相互交织,而且更重要的是,最终往往与中国占主导地位的银行业联系在一起。了解这些渠道背后的机制及其内在联系,对于缓解中国资本配置扭曲和缓解潜在的系统性金融风险至关重要。
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引用次数: 1
Text Algorithms in Economics 经济学中的文本算法
IF 5.6 2区 经济学 Q1 ECONOMICS Pub Date : 2023-07-05 DOI: 10.1146/annurev-economics-082222-074352
Elliott Ash, Stephen Hansen
This article provides an overview of the methods used for algorithmic text analysis in economics, with a focus on three key contributions. First, we introduce methods for representing documents as high-dimensional count vectors over vocabulary terms, for representing words as vectors, and for representing word sequences as embedding vectors. Second, we define four core empirical tasks that encompass most text-as-data research in economics and enumerate the various approaches that have been taken so far to accomplish these tasks. Finally, we flag limitations in the current literature, with a focus on the challenge of validating algorithmic output. Expected final online publication date for the Annual Review of Economics, Volume 15 is August 2023. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.
本文概述了经济学中用于算法文本分析的方法,重点介绍了三个关键贡献。首先,我们介绍了将文档表示为词汇项上的高维计数向量、将单词表示为向量以及将单词序列表示为嵌入向量的方法。其次,我们定义了四个核心实证任务,其中包括经济学中的数据研究,并列举了迄今为止为完成这些任务而采取的各种方法。最后,我们指出了当前文献中的局限性,重点是验证算法输出的挑战。《经济学年度评论》第15卷预计最终在线出版日期为2023年8月。请参阅http://www.annualreviews.org/page/journal/pubdates用于修订估算。
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引用次数: 12
Gender Differences in Negotiation: Can Interventions Reduce the Gap? 谈判中的性别差异:干预措施能缩小差距吗?
IF 5.6 2区 经济学 Q1 ECONOMICS Pub Date : 2023-06-20 DOI: 10.1146/annurev-economics-092022-115353
María P. Recalde, L. Vesterlund
Gender differences in negotiation are seen as contributing to the persistent gender gaps in labor market outcomes. We review the literature on interventions aiming to mute differences in negotiation and assess their effectiveness in reducing the gender pay gap. We present research on initiatives that aspire to increase how often and how women negotiate, as well as institutional changes that ban negotiations, ban requests for employee salary history, and improve wage transparency. Along with exploring the effectiveness of these initiatives, we point to unintended consequences that warrant caution at implementation. The review makes clear that initial efforts to push women to negotiate more like men have shifted to alter instead the conditions of the negotiation. This shift results not only from wanting to consider policies that “fix the institutions” rather than “fixing the women,” but also from evidence that these interventions are more successful in securing pay equity. Expected final online publication date for the Annual Review of Economics, Volume 15 is August 2023. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.
谈判中的性别差异被视为导致劳动力市场结果中持续存在性别差距的原因。我们回顾了旨在消除谈判差异的干预措施的文献,并评估了它们在减少性别工资差距方面的有效性。我们提出了一些倡议,旨在提高女性谈判的频率和方式,以及禁止谈判的制度变革,禁止询问员工的工资历史,提高工资透明度。在探索这些举措的有效性的同时,我们指出了在实施时需要谨慎的意外后果。这份报告清楚地表明,最初推动女性更像男性那样谈判的努力已经转变为改变谈判的条件。这种转变不仅是因为想要考虑“修复机构”而不是“修复女性”的政策,而且还因为有证据表明,这些干预措施在确保薪酬平等方面更成功。《经济年度评论》第15卷的最终在线出版日期预计为2023年8月。修订后的估计数请参阅http://www.annualreviews.org/page/journal/pubdates。
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引用次数: 4
The Economics of Border Carbon Adjustment: Rationale and Impacts of Compensating for Carbon at the Border 边境碳调整的经济学:边境碳补偿的理论基础与影响
IF 5.6 2区 经济学 Q1 ECONOMICS Pub Date : 2023-05-03 DOI: 10.1146/annurev-economics-082322-034040
L. Fontagné, Katheline Schubert
International trade contributes directly to global greenhouse gas emissions, as the carbon content of high-emission products is priced differently in different countries. This phenomenon is termed carbon leakage. Thus, not putting a price on carbon is theoretically equivalent to an export subsidy, although that would be difficult to challenge in the context of multilateral trade law. Leakage can be alleviated by pricing the carbon embedded in imported products through a border carbon adjustment (BCA), be it a tax, a carbon tariff, or a regulation requiring the purchase of emissions allowances. The design of a BCA is a compromise between environmental effectiveness in preventing leakage, economic effectiveness in preserving competitiveness and ensuring acceptability, technical feasibility of the implementation, and World Trade Organization compatibility. An import-limited BCA is more effective than free emissions allowances in reducing leakage, but it does not preserve the export competitiveness of the country imposing it. Expected final online publication date for the Annual Review of Economics, Volume 15 is August 2023. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.
国际贸易直接导致全球温室气体排放,因为高排放产品的碳含量在不同国家的定价不同。这种现象被称为碳泄漏。因此,不为碳定价理论上相当于出口补贴,尽管在多边贸易法的背景下很难对此提出质疑。通过边境碳调整(BCA)对进口产品中的碳进行定价,无论是税收、碳关税还是要求购买排放配额的法规,都可以缓解泄漏。BCA的设计是在防止泄漏的环境有效性、保持竞争力和确保可接受性的经济有效性、实施的技术可行性和与世界贸易组织的兼容性之间的折衷。进口受限的BCA在减少泄漏方面比免费排放配额更有效,但它并不能保持实施该法案的国家的出口竞争力。《经济学年度评论》第15卷预计最终在线出版日期为2023年8月。请参阅http://www.annualreviews.org/page/journal/pubdates用于修订估算。
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引用次数: 9
Regulating Collusion 调节勾结
IF 5.6 2区 经济学 Q1 ECONOMICS Pub Date : 2023-03-27 DOI: 10.1146/annurev-economics-051520-021936
Sylvain Chassang, Juan Ortner
We attempt to provide a systemic view of the process of regulating collusion, including detection and prosecution as well as bargaining between firms and regulators via consent orders, the production of evidence, and containment measures that may be taken if collusion cannot be addressed with more direct means. In addition, we try to do justice to the peculiarities of the legal system: Modeling the courts as they are, rather than as economists think they should be, is essential for economic analysis to improve the way collusion is regulated. Expected final online publication date for the Annual Review of Economics, Volume 15 is August 2023. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.
我们试图对监管共谋的过程提供一个系统的观点,包括侦查和起诉,以及公司和监管机构之间通过同意令进行谈判、出示证据,以及如果不能通过更直接的手段解决共谋问题,可能采取的遏制措施。此外,我们试图公正地对待法律体系的特殊性:对法院进行建模,而不是像经济学家认为的那样,对于改进共谋监管方式的经济分析至关重要。《经济学年度评论》第15卷预计最终在线出版日期为2023年8月。请参阅http://www.annualreviews.org/page/journal/pubdates用于修订估算。
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引用次数: 5
Antitrust Reform: An Economic Perspective 反垄断改革:经济学视角
IF 5.6 2区 经济学 Q1 ECONOMICS Pub Date : 2023-03-27 DOI: 10.1146/annurev-economics-082222-070822
Richard J. Gilbert
There is widespread dissatisfaction with existing antitrust enforcement. The European Union has enacted comprehensive legislation to address perceived antitrust limitations, and several proposals to amend US antitrust laws have followed its lead. Most of the actual and proposed laws target firms that dominate the digital economy, while others have measures to tighten antitrust enforcement more generally. Market power has increased in the United States and most advanced economies, but it has not been uniformly associated with higher prices or lower productivity. Nonetheless, antitrust reforms can benefit consumers and address concerns about the concentration and exercise of economic power. In the United States, legislation would be desirable to amend rulings that are excessively deferential to antitrust defendants. However, most enacted and proposed reforms include prohibitions or obligations that depart from traditional antitrust principles and create potential risks for consumer welfare. Expected final online publication date for the Annual Review of Economics, Volume 15 is August 2023. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.
人们普遍对现有的反垄断执法感到不满。欧盟(eu)已颁布了全面立法,以解决人们眼中的反垄断限制,美国也提出了几项修改反托拉斯法的建议。大多数实际的和拟议的法律针对的是主导数字经济的公司,而其他法律则采取措施,更普遍地加强反垄断执法。在美国和大多数发达经济体,市场力量有所增强,但它并不总是与更高的价格或更低的生产率联系在一起。尽管如此,反垄断改革可以使消费者受益,并解决对经济权力集中和行使的担忧。在美国,立法修订对反垄断被告过分恭顺的裁决是可取的。然而,大多数已颁布和提议的改革都包括与传统反垄断原则相背离的禁令或义务,并对消费者福利造成潜在风险。《经济年度评论》第15卷的最终在线出版日期预计为2023年8月。修订后的估计数请参阅http://www.annualreviews.org/page/journal/pubdates。
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引用次数: 0
The Organization of Social Enterprises 社会企业组织
IF 5.6 2区 经济学 Q1 ECONOMICS Pub Date : 2023-02-28 DOI: 10.1146/annurev-economics-082222-075249
Robert H. Gertner
Growing interest in the role of business entities in addressing social problems highlights the potential of social enterprises—organizations that cover all or most of their costs through revenue-generating business and have an objective to address a societal problem. A social enterprise can be an efficient and effective way to create social value by internalizing externalities, exploiting complementarities with commercial activities, providing better prices or quality to disadvantaged customers, and reducing the need for scarce philanthropic support. The challenges of managing an organization for financial success and social impact may limit their potential. Social enterprises can be for-profit or nonprofit organizations. The legal and institutional structure of for-profit and nonprofit governance and financing makes it challenging for a social entrepreneur to find a business model and organization structure to succeed. Expected final online publication date for the Annual Review of Economics, Volume 15 is August 2023. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.
人们对商业实体在解决社会问题中的作用越来越感兴趣,这凸显了社会企业的潜力。社会企业是指通过创收业务来支付全部或大部分成本,并以解决社会问题为目标的组织。社会企业可以通过内部化外部性、利用与商业活动的互补性、向处境不利的顾客提供更好的价格或质量以及减少对稀缺的慈善支持的需要,成为创造社会价值的一种高效率和有效的方式。管理一个组织以获得财务成功和社会影响的挑战可能会限制他们的潜力。社会企业可以是盈利性或非盈利性组织。营利性和非营利性治理和融资的法律和制度结构使得社会企业家很难找到一种成功的商业模式和组织结构。《经济年度评论》第15卷的最终在线出版日期预计为2023年8月。修订后的估计数请参阅http://www.annualreviews.org/page/journal/pubdates。
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引用次数: 0
Labor Market Insurance Policies in the Twenty-First Century 21世纪的劳动力市场保险政策
IF 5.6 2区 经济学 Q1 ECONOMICS Pub Date : 2023-02-28 DOI: 10.1146/annurev-economics-082322-035621
T. Boeri, P. Cahuc
The COVID-19 crisis was a stress test for unemployment insurance schemes as it involved a sudden and unexpected shutdown of a very large set of activities. This forced countries to introduce, often from scratch, income support schemes for workers under new forms of employment and for the self-employed. There was also a considerable expansion of short-time work schemes. As we move past this crisis, labor markets are likely to be characterized by substantial labor reallocation, and major innovations in labor market policy will be required to smooth consumption of workers involved in this reallocation. We survey the large body of research on schemes complementary to unemployment insurance to reduce the costs of reallocation. We focus on short-time work, partial unemployment insurance, and wage insurance and compare their properties to those of standard unemployment benefits. Next we present the main empirical results on the effects of wage insurance, partial unemployment insurance, and short-time work. In the final section we discuss directions for further research. Expected final online publication date for the Annual Review of Economics, Volume 15 is August 2023. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.
新冠肺炎危机是对失业保险计划的压力测试,因为它涉及一系列非常大的活动的突然和意外关闭。这迫使各国通常从零开始为新就业形式下的工人和自营职业者推出收入支持计划。短期工作计划也有相当大的扩展。随着我们度过这场危机,劳动力市场的特点可能是劳动力的大量重新分配,需要对劳动力市场政策进行重大创新,以使参与这一重新分配的工人能够顺利消费。我们调查了大量关于失业保险补充计划的研究,以降低重新分配的成本。我们关注短期工作、部分失业保险和工资保险,并将其性质与标准失业救济金进行比较。接下来,我们给出了关于工资保险、部分失业保险和短期工作影响的主要实证结果。在最后一节中,我们讨论了进一步研究的方向。《经济学年度评论》第15卷预计最终在线出版日期为2023年8月。请参阅http://www.annualreviews.org/page/journal/pubdates用于修订估算。
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引用次数: 0
Networks and Economic Fragility 网络与经济脆弱性
IF 5.6 2区 经济学 Q1 ECONOMICS Pub Date : 2022-08-12 DOI: 10.1146/annurev-economics-051520-021647
M. Elliott, B. Golub
Many firms, banks, or other economic agents embedded in a network of codependencies may experience a contemporaneous, sharp drop in functionality or productivity following a shock—even if that shock is localized or moderate in magnitude. We offer an extended review of motivating evidence that such fragility is a live concern in supply networks and in financial systems. We then discuss network models of fragility, focusing on the forces that make aggregate functionality especially sensitive to the economic environment. The key structural features of networks that determine their fragility are reviewed, with an emphasis on the importance of phase transitions. We then turn to endogenous decisions, both by market participants (e.g., firms investing in network formation and robustness) and by planners (e.g., authorities undertaking macroprudential regulation). Fragility has some distinctive implications for such decisions.
许多公司、银行或其他嵌入在相互依赖网络中的经济主体可能会在冲击之后同时经历功能或生产力的急剧下降——即使这种冲击是局部的或适度的。我们提供了一个广泛的审查激励证据,这种脆弱性是一个活生生的关注供应网络和金融体系。然后,我们讨论脆弱性的网络模型,重点关注使总体功能对经济环境特别敏感的力量。回顾了决定其脆弱性的网络的关键结构特征,强调了相变的重要性。然后,我们转向市场参与者(例如,投资于网络形成和稳健性的公司)和计划者(例如,进行宏观审慎监管的当局)的内生决策。脆弱性对此类决策有一些独特的含义。
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引用次数: 12
Experimental Economics: Past and Future 实验经济学:过去与未来
IF 5.6 2区 经济学 Q1 ECONOMICS Pub Date : 2022-08-12 DOI: 10.1146/annurev-economics-081621-124424
Guillaume Fréchette, Kim Sarnoff, Leeat Yariv
Over the past several decades, lab experiments have offered economists a rich source of evidence on incentivized behavior. In this article, we use detailed data on experimental papers to describe recent trends in the literature. We also discuss various experimentation platforms and new approaches to the design and analysis of the data they generate.
在过去的几十年里,实验室实验为经济学家提供了关于激励行为的丰富证据来源。在本文中,我们使用实验论文的详细数据来描述文献中的最新趋势。我们还讨论了各种实验平台以及设计和分析它们产生的数据的新方法。
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引用次数: 7
期刊
Annual Review of Economics
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