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Foreign shareholding and corporate environmental expenditure: Evidence from China 外资持股与企业环境支出:来自中国的证据
IF 5.9 2区 经济学 Q1 ECONOMICS Pub Date : 2024-05-03 DOI: 10.1111/joes.12631
Zhi Luo, Huanhuan Yang, Yinuo Zhang

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.

本文通过区分上市前外资和上市后外资,估算了外资对中国上市公司环境支出的影响。我们的研究结果表明,上市前的外商投资对环境支出有显著的积极影响,而上市后的外商投资对环境支出的影响则微乎其微。对于那些位于中国沿海、从事重污染行业、管理层缺乏环保经验和国际视野的民营企业来说,这些结果尤为明显。此外,研究还致力于揭示上市前外商投资影响企业环境支出的潜在渠道,包括母国或地区的环境法规、政府对环境问题的关注、媒体报道以及企业财务限制等。
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引用次数: 0
A new method for measuring industrial chain risk exposure: A regional perspective in China 衡量产业链风险暴露的新方法:中国的区域视角
IF 5.9 2区 经济学 Q1 ECONOMICS Pub Date : 2024-04-21 DOI: 10.1111/joes.12626
Ni Hongfu, Zhong Daocheng, Peng Siyi

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.

我们对现有的全球价值链生产长度结构分解框架进行了扩展,并提出了一个新的概念,即在中国区域-部门层面上,需求方和供应方的产业链风险敞口。利用来自 WIOD、ADB-MRIOT 和中国多地区投入产出表的数据,我们测算并分析了 2002 年至 2017 年中国各地区-部门需求方和供应方的产业链风险敞口和风险收益比。我们的研究结果揭示了以下主要观点:首先,内陆地区表现出较高的国内产业链风险敞口,而沿海地区则具有较高的全球产业链风险敞口,这一模式在地区-产业层面上是一致的。此外,在地区-行业内,需求方的产业链风险敞口超过了供应方的敞口。其次,与其他行业相比,高科技制造业的风险敞口更大。第三,广东和上海作为中国国际贸易的主要地区,其全球产业链风险敞口与德国和韩国相似。第四,各地区产业链的双边需求方风险敞口不对称。
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引用次数: 0
Theories of market selection 市场选择理论
IF 5.3 2区 经济学 Q1 ECONOMICS Pub Date : 2024-04-18 DOI: 10.1111/joes.12625
Luca Fontanelli
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.
我们对经济学中使用的主要市场选择机制进行了调查。我们根据所采用的选择机制,将现有理论分为三大类--进化选择、简化形式选择和理性均衡。我们从选择的基本规律出发,对每种范式进行了探讨,寻找认识论方法、假设和结果中的趋同和分歧之处。对这些范式的比较揭示了研究方向的趋同性,特别是在复制与企业异质性相关的经验模式和承认收益递增的作用方面。然而,这些范式在关键假设和结果上存在分歧,包括对模型结果的强调、收益递增的来源、企业异质性的产生机制以及对企业理性的假设。讨论强调,这些差异源于范式的认识论基础。调查有助于细致入微地理解不同理论框架下的市场选择机制,同时强调它们之间的趋同和分歧领域。
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引用次数: 0
Multidimensional composite indicators of well-being: Applications in economic history 福祉的多维综合指标:经济史中的应用
IF 5.3 2区 经济学 Q1 ECONOMICS Pub Date : 2024-04-16 DOI: 10.1111/joes.12622
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。
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引用次数: 0
The dynamic impact of trade on environment 贸易对环境的动态影响
IF 5.9 2区 经济学 Q1 ECONOMICS Pub Date : 2024-04-12 DOI: 10.1111/joes.12624
Huanhuan Wang, Zhenglian Zhang, Zhiqiang Zhang

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.

本研究利用长期高分辨率污染遥感数据,考察了 2000 年至 2020 年中国出口扩张对当地环境的动态影响。面临较大出口扩张的地区在初期会经历更明显的当地空气质量恶化,而随后的环境改善则更为突出,这表明贸易对环境的影响随时间而变化。进一步的分析表明,这种动态变化背后的一个关键驱动因素是环境政策的调整,尤其是当地方政府在实现环境目标方面面临更大压力时,以及当中央政府接管环境监督权时。此外,在更严格的环境法规下,地区出口增长导致环境支出增加,同时推动地方减少煤炭等污染严重的能源投入。我们的研究表明,环境政策可以促进贸易与环境的协同发展。
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引用次数: 0
The global financial cycle and capital flows: Taking stock 全球金融周期与资本流动:盘点
IF 5.3 2区 经济学 Q1 ECONOMICS Pub Date : 2024-04-12 DOI: 10.1111/joes.12621
Beatrice Scheubel, Livio Stracca, Cédric Tille
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.
自全球金融危机以来,关于所谓的全球金融周期(GFCy)的文献日益丰富。这引发了学术界和政策界关于如何衡量 GFCy 及其如何影响国际资本流动(可能是以时变的方式)的争论。我们回顾了表明全球金融危机相关性的文献,以及它对资本流动影响的异质性及其随时间的变化。我们评估了全球金融危机的各种指标对大规模资本流动事件的影响,发现尤其是对由非居民投资者驱动的资本流动事件有强有力的影响。至少在全球金融危机的某些指标上,我们发现了非线性和随时间变化的不稳定性,尤其是在全球金融危机之后,这种影响就不那么强烈了。
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引用次数: 0
Economic inequality, culture, and governance quality 经济不平等、文化和治理质量
IF 5.3 2区 经济学 Q1 ECONOMICS Pub Date : 2024-04-11 DOI: 10.1111/joes.12623
Andreas P. Kyriacou
We review work that has linked economic inequality and culture to governance quality. We start with contributions that have considered the relationship between inequality and governance from a long‐run perspective. This historical perspective yields a range of insights and helps identify the deep drivers of specific cultural traits that relate to both economic inequality and governance in contemporary societies. We then survey work that has linked inequality and culture to governance in present‐day settings. We identify the complexity of the relationships with causality between any pair of these variables running both ways. These causal patterns, in turn, imply that countries may end up in either a good equilibrium characterized by lower economic inequality, the “right” culture and good governance, or a bad equilibrium described by greater inequality, the “wrong” culture and bad governance. We conclude with a range of policy implications.
我们回顾了将经济不平等和文化与治理质量联系起来的工作。我们首先从长远的角度探讨不平等与治理之间的关系。这种历史视角产生了一系列见解,有助于确定与当代社会经济不平等和治理相关的特定文化特征的深层驱动因素。然后,我们调查了在当今环境下将不平等和文化与治理联系起来的工作。我们确定了这些变量之间因果关系的复杂性。这些因果模式反过来又意味着,各国最终可能会处于一种好的均衡状态,其特点是经济不平等程度较低、文化 "正确 "且治理良好;或者处于一种坏的均衡状态,其特点是不平等程度较高、文化 "错误 "且治理不善。最后,我们提出了一系列政策影响。
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引用次数: 0
Maddison‐style estimates of the evolution of the world economy: A new 2023 update 麦迪逊式的世界经济演变估算:2023 年更新版
IF 5.3 2区 经济学 Q1 ECONOMICS Pub Date : 2024-04-04 DOI: 10.1111/joes.12618
Jutta Bolt, Jan Luiten van Zanden
This paper surveys the literature on historical national accounting, discusses the importance of relative income benchmarks for, in particular, historical income estimates, and presents an update of long run global economic development with a new version of the Maddison Project Database (MPD). As benchmarks are central to methodologies for global income comparisons over time, and therefore vital to MPD, we analyze the consequences and biases of three benchmarks, the 1990 benchmark, the 2011 benchmark and the multiple benchmark method following the recent Penn World Tables (PWT) methodology, for pre‐1940 income estimates. We develop a methodology to determine which benchmark in combination with time series produces the best anchor for the historical income estimates in the MPD. We conclude that the best way forward for the Maddison Project is to stick to the original 1990 benchmark, yet with two important changes. First, we integrate the 2011 benchmark for the post‐1990 period, and second, we fine tune the dataset for the pre‐1940 period by integrating a new historical benchmark for the US/UK comparison in 1909. By integrating more benchmarks, the MPD moves closer to a multiple benchmark approach as developed by the PWT.
本文对历史国民经济核算方面的文献进行了调查,讨论了相对收入基准对历史收入估算的重要性,并通过新版麦迪逊项目数据库(MPD)对全球长期经济发展进行了更新。 由于基准是全球收入长期比较方法的核心,因此对 MPD 至关重要,我们分析了 1990 年基准、2011 年基准和采用最新宾大世界表(PWT)方法的多重基准法这三种基准对 1940 年前收入估算的影响和偏差。我们制定了一种方法,以确定哪种基准与时间序列相结合,能为 MPD 中的历史收入估算提供最佳锚。我们得出的结论是,麦迪逊计划的最佳前进方向是坚持使用 1990 年的原始基准,但有两个重要变化。首先,我们整合了 1990 年后的 2011 年基准;其次,我们通过整合 1909 年美国/英国比较的新历史基准,对 1940 年前的数据集进行了微调。通过整合更多基准,MPD 更接近于 PWT 开发的多基准方法。
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引用次数: 0
Synthesizing explanations behind global gender (in)equality: Identifying the gaps and moving forward with more economic history 综合解释全球性别(不)平等背后的原因:找出差距,用更多的经济史推动发展
IF 5.3 2区 经济学 Q1 ECONOMICS Pub Date : 2024-03-23 DOI: 10.1111/joes.12620
Selin Dilli
This article aims to bridge the mainstream social science and the economic history literatures on the drivers of gender equality across contexts. We discuss the explanations in the social science literature on five central dimensions of global gender equality—health, work, education, marriage, and political representation—and survey the economic history literature that studied these explanations in the historical context. We analyze the commonalities and contradictions in the theoretical and methodological approaches of the two strands. The survey then offers an interdisciplinary theoretical framework that can bridge the two strands. By doing so, the review article discusses how incorporating the economic history literature into the social science literature can improve our current understanding of global gender equality in two ways. First, the long durée perspective provides insight into the diversity in the historical turning points in gender equality across world regions over the 20th century. Second, it suggests that the integration of a historical perspective can tackle the difficulties in isolating causal mechanisms and identify why standard economic and institutional conditions have varying impacts on gender equality outcomes across world regions. It also identifies the limitations in the current social science and economic history literatures and provide directions for future research.
本文旨在沟通主流社会科学文献与经济史文献对不同背景下性别平等驱动因素的研究。我们讨论了社会科学文献对全球性别平等五个核心维度--健康、工作、教育、婚姻和政治代表权--的解释,并考察了在历史背景下研究这些解释的经济史文献。我们分析了这两个方面在理论和方法上的共同点和矛盾。然后,该调查提供了一个跨学科的理论框架,可以在这两个分支之间架起桥梁。通过这样做,评论文章讨论了如何将经济史文献纳入社会科学文献,从而从两个方面改善我们目前对全球性别平等的理解。首先,长期视角让我们深入了解 20 世纪世界各地区性别平等历史转折点的多样性。其次,它表明,历史视角的整合可以解决因果机制分离的困难,并确定为什么标准的经济和制度条件会对世界各地区的性别平等结果产生不同的影响。报告还指出了当前社会科学和经济史文献的局限性,并为今后的研究指明了方向。
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引用次数: 0
The global sanitary revolution in historical perspective 从历史角度看全球卫生革命
IF 5.3 2区 经济学 Q1 ECONOMICS Pub Date : 2024-03-21 DOI: 10.1111/joes.12607
Daniel Gallardo‐Albarrán
This survey sheds light on the causes and consequences of the global sanitary revolution that resulted in the spread of waterworks and sewerage projects since the middle of the 19th century, by drawing on research from the fields of economic history, economics, and history. I begin with a discussion of the construction of these infrastructures during the period ca. 1850–1950 showing that their spread was relatively similar in major urban cities across the globe, while diffusion within and between countries, as well as within cities themselves, was markedly unequal. Second, I review research estimating the mortality impact of access to clean water and sanitation. Following the provision of these services, infant mortality declined between ca. 10 and 30 percent. Lastly, I examine the drivers of the sanitary revolution with a new framework that distinguishes between proximate factors (e.g., physical capital) and ultimate factors (e.g., institutions). I argue that the state of knowledge in the literature is insufficient to explain between‐ and within country differences in access to sanitary services and that more attention should be devoted to the interaction of political and economic factors within broader institutional, cultural and biogeographic contexts.
自 19 世纪中叶以来,全球卫生革命导致自来水厂和下水道工程的普及,本调查通过利用经济史、经济学和历史学领域的研究,揭示了这场革命的原因和后果。首先,我讨论了约 1850-1950 年间这些基础设施的建设情况,结果表明,它们在全球主要城市的传播情况相对相似,而在国家内部和国家之间以及城市内部的传播则明显不平等。其次,我回顾了对获得清洁水和卫生设施对死亡率影响的估计研究。在提供这些服务之后,婴儿死亡率下降了约 10% 到 30%。最后,我用一个新的框架来研究卫生革命的驱动因素,该框架区分了近因(如物质资本)和终因(如制度)。我认为,文献中的知识不足以解释国家之间和国家内部在获得卫生服务方面的差异,应该更多地关注政治和经济因素在更广泛的制度、文化和生物地理背景下的相互作用。
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引用次数: 0
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Journal of Economic Surveys
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