Cristhian Fernández‐González, Luis A. Hierro, Helena Domínguez‐Torres
In this paper, a comprehensive review is carried out on the strand of the literature related to the effects of bubbles on production, which includes the scarce empirical literature. The content is structured according to the bubble phase, since a major part of the literature considers that during the boom, there can be a crowding‐in effect that can even offset the crowding‐out effect derived from the bursting of the bubble. This possibility is due to the influence of two opposing mechanisms: a substitution effect derived from the possible diversion of resources previously allocated to productive investments, and an income effect derived from the fact that investors have more resources obtained from the sale of the bubble assets and from the role of these assets as collateral in loan operations. Studies also show the negative effect derived from the involvement of banks in bubbles. In this paper, both the results of the research and the main methodological framework are reviewed, thereby identifying as a gap in the literature to be considered for future research: the scarcity of empirical research, of studies that include demand factors, of papers that address bubbles in nonfinancial and nonhousing markets, and in undeveloped and emerging countries.
{"title":"The effect of bubbles on production: The state of the literature","authors":"Cristhian Fernández‐González, Luis A. Hierro, Helena Domínguez‐Torres","doi":"10.1111/joes.12635","DOIUrl":"https://doi.org/10.1111/joes.12635","url":null,"abstract":"In this paper, a comprehensive review is carried out on the strand of the literature related to the effects of bubbles on production, which includes the scarce empirical literature. The content is structured according to the bubble phase, since a major part of the literature considers that during the boom, there can be a crowding‐in effect that can even offset the crowding‐out effect derived from the bursting of the bubble. This possibility is due to the influence of two opposing mechanisms: a substitution effect derived from the possible diversion of resources previously allocated to productive investments, and an income effect derived from the fact that investors have more resources obtained from the sale of the bubble assets and from the role of these assets as collateral in loan operations. Studies also show the negative effect derived from the involvement of banks in bubbles. In this paper, both the results of the research and the main methodological framework are reviewed, thereby identifying as a gap in the literature to be considered for future research: the scarcity of empirical research, of studies that include demand factors, of papers that address bubbles in nonfinancial and nonhousing markets, and in undeveloped and emerging countries.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2024-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140942361","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}
Intellectual property rights are fundamental to how economies organize innovation and steer the diffusion of knowledge. Copyright law, in particular, has developed constantly to keep up with emerging technologies and the interests of creators, consumers, and intermediaries of the different creative industries. We provide a synthesis of the literature on the law and economics of copyright in the digital age, with a particular focus on the available empirical evidence. First, we discuss the legal foundations of the copyright system and developments of length and scope throughout the era of digitization. Second, we review the literature on technological change with its opportunities and challenges for the stakeholders involved. We give special attention to empirical evidence on online copyright enforcement, changes in the supply of works due to digital technology, and the importance of creative re‐use and new licensing and business models. We then set out avenues for further research identifying critical gaps in the literature regarding the scope of empirical copyright research, the effects of technology that enables algorithmic licensing, and copyright issues related to software, data and artificial intelligence.
{"title":"The economics of copyright in the digital age","authors":"Christian Peukert, Margaritha Windisch","doi":"10.1111/joes.12632","DOIUrl":"https://doi.org/10.1111/joes.12632","url":null,"abstract":"Intellectual property rights are fundamental to how economies organize innovation and steer the diffusion of knowledge. Copyright law, in particular, has developed constantly to keep up with emerging technologies and the interests of creators, consumers, and intermediaries of the different creative industries. We provide a synthesis of the literature on the law and economics of copyright in the digital age, with a particular focus on the available empirical evidence. First, we discuss the legal foundations of the copyright system and developments of length and scope throughout the era of digitization. Second, we review the literature on technological change with its opportunities and challenges for the stakeholders involved. We give special attention to empirical evidence on online copyright enforcement, changes in the supply of works due to digital technology, and the importance of creative re‐use and new licensing and business models. We then set out avenues for further research identifying critical gaps in the literature regarding the scope of empirical copyright research, the effects of technology that enables algorithmic licensing, and copyright issues related to software, data and artificial intelligence.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2024-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140939252","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}
Meta‐analyses in economics frequently exhibit considerable overlap among primary samples. If not addressed, sample overlap leads to efficiency losses and inflated rates of false positives at the meta‐analytical level. In previous work, we proposed a generalized‐weights (GW) approach to handle sample overlap. This approach effectively approximates the correlation structure between primary estimates using information on sample sizes and overlap degrees in the primary studies. This paper demonstrates the application of the GW method to economics meta‐analyses, addressing practical challenges that are likely to be encountered. We account for variations in data aggregation levels, estimation methods, and effect size metrics, among other issues. We derive explicit covariance formulas for different scenarios, evaluate the accuracy of the approximations, and employ Monte Carlo simulations to demonstrate how the method enhances efficiency and restores the false positive rate to its nominal level.
{"title":"Accounting for sample overlap in economics meta‐analyses: The generalized‐weights method in practice","authors":"Pedro R. D. Bom, Heiko Rachinger","doi":"10.1111/joes.12633","DOIUrl":"https://doi.org/10.1111/joes.12633","url":null,"abstract":"Meta‐analyses in economics frequently exhibit considerable overlap among primary samples. If not addressed, sample overlap leads to efficiency losses and inflated rates of false positives at the meta‐analytical level. In previous work, we proposed a generalized‐weights (GW) approach to handle sample overlap. This approach effectively approximates the correlation structure between primary estimates using information on sample sizes and overlap degrees in the primary studies. This paper demonstrates the application of the GW method to economics meta‐analyses, addressing practical challenges that are likely to be encountered. We account for variations in data aggregation levels, estimation methods, and effect size metrics, among other issues. We derive explicit covariance formulas for different scenarios, evaluate the accuracy of the approximations, and employ Monte Carlo simulations to demonstrate how the method enhances efficiency and restores the false positive rate to its nominal level.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2024-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140939251","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}
This paper estimates the effects of foreign investments on the environmental expenditure of listed companies in China by differentiating pre‐IPO foreign investors from post‐IPO foreign investors. Our findings indicate that while pre‐IPO foreign investments make significant and positive contributions, the influence of post‐IPO foreign investments is negligible. These results are particularly pronounced for enterprises that are privately owned, located in coastal China, operating in heavily polluting industries, and whose management lacks prior experience in environmental protection and international vision. Furthermore, research efforts are devoted to uncovering potential channels through which pre‐IPO foreign investments affect corporate environmental expenditure, including environmental regulations in home countries or regions, government attention to environmental issues, media coverage, and corporate financial constraints.
{"title":"Foreign shareholding and corporate environmental expenditure: Evidence from China","authors":"Zhi Luo, Huanhuan Yang, Yinuo Zhang","doi":"10.1111/joes.12631","DOIUrl":"https://doi.org/10.1111/joes.12631","url":null,"abstract":"This paper estimates the effects of foreign investments on the environmental expenditure of listed companies in China by differentiating pre‐IPO foreign investors from post‐IPO foreign investors. Our findings indicate that while pre‐IPO foreign investments make significant and positive contributions, the influence of post‐IPO foreign investments is negligible. These results are particularly pronounced for enterprises that are privately owned, located in coastal China, operating in heavily polluting industries, and whose management lacks prior experience in environmental protection and international vision. Furthermore, research efforts are devoted to uncovering potential channels through which pre‐IPO foreign investments affect corporate environmental expenditure, including environmental regulations in home countries or regions, government attention to environmental issues, media coverage, and corporate financial constraints.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2024-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141015462","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}
Academic interest in insurance and economic growth nexus has prospered in the last two decades. There needs to be more review‐based research in this area. We, therefore, reviewed the literature and presented future research directions helpful for the further development of the research field. This literature review seeks to enrich the discourse on insurance and economic growth through a comprehensive and detailed review of 126 articles covering 96 journals from 2004 to 2023. Using Theory, Context, Characteristics, and Methods (TCCM), a detailed analysis has been conducted on the prominent theories, research context, key variables, and the methodologies and analysis techniques employed in the literature over the past 19 years. Through content analysis, we present the findings across three knowledge dimensions related to insurance and economic growth: research focus, country focus, and insurance focus. Our research sheds light on under‐researched contexts, variables, and analytical techniques.
{"title":"Insurance and economic growth nexus: A comprehensive exploration of the dynamic relationship and future research trajectories","authors":"Dharmendra Singh, Abhay Kumar Srivastava, Garima Malik, Anshul Yadav, Prateek Jain","doi":"10.1111/joes.12627","DOIUrl":"https://doi.org/10.1111/joes.12627","url":null,"abstract":"Academic interest in insurance and economic growth nexus has prospered in the last two decades. There needs to be more review‐based research in this area. We, therefore, reviewed the literature and presented future research directions helpful for the further development of the research field. This literature review seeks to enrich the discourse on insurance and economic growth through a comprehensive and detailed review of 126 articles covering 96 journals from 2004 to 2023. Using Theory, Context, Characteristics, and Methods (TCCM), a detailed analysis has been conducted on the prominent theories, research context, key variables, and the methodologies and analysis techniques employed in the literature over the past 19 years. Through content analysis, we present the findings across three knowledge dimensions related to insurance and economic growth: research focus, country focus, and insurance focus. Our research sheds light on under‐researched contexts, variables, and analytical techniques.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2024-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140664042","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}
We extend the existing framework for decomposition of production length structure in global value chains and propose a novel concept and measure of industrial chain risk exposure on both the demand‐side and supply‐side at the region‐sector level in China. Using data from WIOD, ADB‐MRIOT, and China's multi‐regional input‐output tables, we measure and analyze the industrial chain risk exposures, and risk‐return ratios on the demand‐side and supply‐side of each region‐sector in China from 2002 to 2017. Our results reveal the following key insights: First, inland regions exhibit high domestic industrial chain risk exposures, while coastal regions have high global industrial chain risk exposures, a pattern consistent at the region‐industry level. Furthermore, demand‐side industrial chain risk exposures surpass supply‐side exposures within region‐sectors. Second, High‐tech manufacturing industries display greater risk exposure compared to other sectors. Third, Guangdong and Shanghai, as the main regions of China's international trade, share similar global industrial chain risk exposures to those of Germany and South Korea. Fourth, the bilateral demand‐side exposures of the industrial chains in each region are asymmetric.
{"title":"A new method for measuring industrial chain risk exposure: A regional perspective in China","authors":"Hongfu Ni, Daocheng Zhong, Peng Siyi","doi":"10.1111/joes.12626","DOIUrl":"https://doi.org/10.1111/joes.12626","url":null,"abstract":"We extend the existing framework for decomposition of production length structure in global value chains and propose a novel concept and measure of industrial chain risk exposure on both the demand‐side and supply‐side at the region‐sector level in China. Using data from WIOD, ADB‐MRIOT, and China's multi‐regional input‐output tables, we measure and analyze the industrial chain risk exposures, and risk‐return ratios on the demand‐side and supply‐side of each region‐sector in China from 2002 to 2017. Our results reveal the following key insights: First, inland regions exhibit high domestic industrial chain risk exposures, while coastal regions have high global industrial chain risk exposures, a pattern consistent at the region‐industry level. Furthermore, demand‐side industrial chain risk exposures surpass supply‐side exposures within region‐sectors. Second, High‐tech manufacturing industries display greater risk exposure compared to other sectors. Third, Guangdong and Shanghai, as the main regions of China's international trade, share similar global industrial chain risk exposures to those of Germany and South Korea. Fourth, the bilateral demand‐side exposures of the industrial chains in each region are asymmetric.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2024-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140678654","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}
We provide a survey of the main mechanisms of market selection used in economics. We categorize existing theories into three broad classes—evolutionary selection, reduced form selection, and rational equilibrium—based on their adopted selection mechanisms. Each paradigm is explored in terms of underlying laws of selection, searching for elements of convergence and divergence in epistemological approaches, hypotheses, and results. The comparison of these paradigms reveals convergences in research directions, particularly in replicating empirical patterns related to firm heterogeneity and acknowledging the role of increasing returns. However, these paradigms diverge in key assumptions and results, including emphasis on model outcomes, sources of increasing returns, mechanisms generating firm heterogeneity, and assumptions regarding firm rationality. The discussion highlights that these differences stem from the epistemological foundations of paradigms. The survey contributes to a nuanced understanding of market selection mechanisms within diverse theoretical frameworks, emphasizing both areas of convergence and divergence among them.
{"title":"Theories of market selection","authors":"Luca Fontanelli","doi":"10.1111/joes.12625","DOIUrl":"https://doi.org/10.1111/joes.12625","url":null,"abstract":"We provide a survey of the main mechanisms of market selection used in economics. We categorize existing theories into three broad classes—evolutionary selection, reduced form selection, and rational equilibrium—based on their adopted selection mechanisms. Each paradigm is explored in terms of underlying laws of selection, searching for elements of convergence and divergence in epistemological approaches, hypotheses, and results. The comparison of these paradigms reveals convergences in research directions, particularly in replicating empirical patterns related to firm heterogeneity and acknowledging the role of increasing returns. However, these paradigms diverge in key assumptions and results, including emphasis on model outcomes, sources of increasing returns, mechanisms generating firm heterogeneity, and assumptions regarding firm rationality. The discussion highlights that these differences stem from the epistemological foundations of paradigms. The survey contributes to a nuanced understanding of market selection mechanisms within diverse theoretical frameworks, emphasizing both areas of convergence and divergence among them.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2024-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140629641","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}
Auke Rijpma, Robin C. M. Philips, Bas J. P. van Bavel
Economists and social scientists have widely contributed to the so-called “Beyond GDP” debate—the view that current measures of economic growth are inadequate to measure well-being and multidimensional indicators. While economic history has not been prominent in these debates, multidimensional indicators have captured the interest of economic historians, with both theoretical and empirical contributions. In this contribution, we examine the areas of consensus and debate in economic history. A comprehensive literature review shows a lack of consensus on how to use multidimensional indicators and that they face substantial critiques. We use two case-studies (a long-term series for the Netherlands and one on the basis of the CLIO-INFRA panel dataset) to illustrate how common findings emerge in the literature and empirical exercises despite methodological differences. We argue that debates on the relation between economic growth and well-being in the long-run using these indicators can not only contribute to many founding questions in economic history—though greater precision and transparency in our assumptions about well-being measurement are necessary—but also to better understand present-day challenges such as how to better pursue growth in well-being and not merely in GDP.
经济学家和社会科学家为所谓的 "超越 GDP "辩论做出了广泛贡献，这一辩论认为目前的经济增长措施不足以衡量福祉和多维指标。虽然经济史在这些争论中并不突出，但多维指标却引起了经济史学家的兴趣，他们在理论和实证方面都做出了贡献。在本文中，我们将探讨经济史中的共识和争论领域。全面的文献综述表明，在如何使用多维指标方面缺乏共识，而且多维指标面临着大量批评。我们利用两个案例研究（一个是荷兰的长期序列，另一个是基于 CLIO-INFRA 面板数据集）来说明，尽管方法上存在差异，但文献和实证研究中如何出现共同的发现。我们认为，利用这些指标对经济增长与长期福祉之间的关系进行辩论，不仅有助于解决经济史上的许多创始问题--尽管我们对福祉衡量的假设必须更加精确和透明，而且还有助于更好地理解当今的挑战，例如如何更好地追求福祉增长而不仅仅是国内生产总值的增长。
{"title":"Multidimensional composite indicators of well-being: Applications in economic history","authors":"Auke Rijpma, Robin C. M. Philips, Bas J. P. van Bavel","doi":"10.1111/joes.12622","DOIUrl":"https://doi.org/10.1111/joes.12622","url":null,"abstract":"Economists and social scientists have widely contributed to the so-called “Beyond GDP” debate—the view that current measures of economic growth are inadequate to measure well-being and multidimensional indicators. While economic history has not been prominent in these debates, multidimensional indicators have captured the interest of economic historians, with both theoretical and empirical contributions. In this contribution, we examine the areas of consensus and debate in economic history. A comprehensive literature review shows a lack of consensus on how to use multidimensional indicators and that they face substantial critiques. We use two case-studies (a long-term series for the Netherlands and one on the basis of the CLIO-INFRA panel dataset) to illustrate how common findings emerge in the literature and empirical exercises despite methodological differences. We argue that debates on the relation between economic growth and well-being in the long-run using these indicators can not only contribute to many founding questions in economic history—though greater precision and transparency in our assumptions about well-being measurement are necessary—but also to better understand present-day challenges such as how to better pursue growth in well-being and not merely in GDP.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2024-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140586218","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}
Utilizing long‐term and high‐resolution pollution remote sensing data, this study examines the dynamic impact of export expansion on the local environment in China from 2000 to 2020. Regions facing larger export expansion experience more pronounced initial deterioration in local air quality, while followed by a more prominent subsequent environmental improvement, indicating that the environmental impact of trade varies over time. Further analysis reveals that a key driver behind this dynamic change is the adjustment in environmental policies, particularly when local government faces higher pressure in achieving the environmental goals and when the central government takes over environmental monitoring powers. Additionally, under more stringent environmental regulations, regional export growth leads to increased environmental expenditures, concurrently driving localities to reduce heavily polluting engergy inputs such as coal. Our study suggests that environmental policies can facilitate the synergistic development of trade and the environment.
{"title":"The dynamic impact of trade on environment","authors":"Huanhuan Wang, Zhenglian Zhang, Zhiqiang Zhang","doi":"10.1111/joes.12624","DOIUrl":"https://doi.org/10.1111/joes.12624","url":null,"abstract":"Utilizing long‐term and high‐resolution pollution remote sensing data, this study examines the dynamic impact of export expansion on the local environment in China from 2000 to 2020. Regions facing larger export expansion experience more pronounced initial deterioration in local air quality, while followed by a more prominent subsequent environmental improvement, indicating that the environmental impact of trade varies over time. Further analysis reveals that a key driver behind this dynamic change is the adjustment in environmental policies, particularly when local government faces higher pressure in achieving the environmental goals and when the central government takes over environmental monitoring powers. Additionally, under more stringent environmental regulations, regional export growth leads to increased environmental expenditures, concurrently driving localities to reduce heavily polluting engergy inputs such as coal. Our study suggests that environmental policies can facilitate the synergistic development of trade and the environment.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2024-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140712322","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}
Since the global financial crisis, a rich and expanding literature on the so-called global financial cycle (GFCy) has emerged. This has fueled a debate in academic and policy circles on how to measure the GFCy, and how it impacts international capital flows, possibly in a time-varying way. We review the literature that has shown the relevance of the GFCy, as well as the heterogeneity of its impact on capital flows and its variations over time. We assess how various indicators of the GFCy affect episodes of large capital flows, and find a robust effect especially on episodes driven by non-resident investors. Non-linearity and instability over time, notably a less strong impact after the global financial crisis, are found at least for some GFCy indicators.
{"title":"The global financial cycle and capital flows: Taking stock","authors":"Beatrice Scheubel, Livio Stracca, Cédric Tille","doi":"10.1111/joes.12621","DOIUrl":"https://doi.org/10.1111/joes.12621","url":null,"abstract":"Since the global financial crisis, a rich and expanding literature on the so-called global financial cycle (GFCy) has emerged. This has fueled a debate in academic and policy circles on how to measure the GFCy, and how it impacts international capital flows, possibly in a time-varying way. We review the literature that has shown the relevance of the GFCy, as well as the heterogeneity of its impact on capital flows and its variations over time. We assess how various indicators of the GFCy affect episodes of large capital flows, and find a robust effect especially on episodes driven by non-resident investors. Non-linearity and instability over time, notably a less strong impact after the global financial crisis, are found at least for some GFCy indicators.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2024-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140585903","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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