Journal of Economic Surveys最新文献

Using Chinese data, this paper reveals that climate disaster events have a positive impact on the granting of green invention patents. The occurrence of climate disasters leads the patent-granting officials to overestimate the likelihood of disaster recurrence, strengthens their perception of environmental protection as urgent, and consequently increases the number of patents that they grant. Salience bias, the tendency to overestimate probabilities due to the occurrence of salient events, is widely studied in psychology and behavioral finance. This paper extends this research by examining the influence of salience bias on people's behavior in processing green invention patents, with a specific focus on climate disaster events in Beijing, the headquarters of China's patent examination authority. In addition to the overall positive impact on granted patent numbers, the paper finds that (i) the influence of salience bias is temporary, with a more pronounced effect on energy-saving patents than on other categories  of patents, and (ii) the primary effect is on green invention patents filed by firms in Beijing, with the effect of salience bias rapidly diminishing as the distance of the application city from Beijing increases.

This paper presents an in-depth review of the methodologies and innovations in the study of correlation networks in economics and finance. We explore the development of filtering algorithms and distance measures, emphasizing their critical role in extracting meaningful financial interconnections. Our study underscores the relevance of the minimum spanning tree, planar maximally filtered graph, and other advanced tools in interpreting financial dynamics. Empirical insights emphasize the increasing interconnectedness of global financial markets, underscoring the necessity of grasping correlation levels, market structures, and time-varying dynamics. A notable observation is the marked increase in studies focusing on econometrics, economics, and finance post-2015, indicating a paradigm shift in research emphasis. Through bibliometric analysis of 1200 publications, we highlight key authorship clusters, the instrumental contributions of individual researchers, trending keywords, and the growing influence of countries like Italy and China. We conclude with an overview of the software tools essential for both academic research and practical applications in financial network analysis.

The current review systematically synthesizes existing literature to provide a comprehensive overview of the nature of financial crimes in Africa and their impact on economic growth. We adopted the PRISMA protocol to identify 128 papers from the Scopus database, which were analyzed using MS Excel, VOSviewer, and R-packages (Bibliometrix). The survey reveals that financial crimes are on the rise in Africa and have gained increasing concern over the years on the part of scholars, governments, and NGOs. The survey also demonstrates that most of the financial crime in Africa emanates from illicit activities such as credit card fraud, cybercrime, mobile money fraud, financial statement fraud, Ponzi scheme, bribery and corruption, public fund mismanagement, terror financing, piracy, identity fraud, tax invasion, drug trafficking, product based-fraud, burglary, trade-based money laundering, sex marketing, and gambling; with the majority occurring in specific regions like Western Africa, Southern Africa, and Eastern Africa. Sociopolitical marginalization, poverty, and unemployment, weak institutional and financial regulatory systems and individual selfish interests were the major causes. Overall, the content analysis of the studies indicates that financial crimes have significant negative impacts on the economic growth of the African continent. Implications for future research and practices have been discussed.

This paper conducts an extensive systematic literature review on the measurement of efficiency in the hotel sector, which is the cornerstone of tourism. Thus, scrutinizing its performance measurement is vital for the advancement and strategic development of the sector. Exploiting the Scopus database, the paper offers a unique methodology for documenting sample transparency and selection objectivity and can constitute an example for future literature reviews. A range of articles is assessed to discern prevailing trends, key authors, and influential journals. A division of parametric and non-parametric nature, various efficiency measurement methodologies, the input and output variables, geographical covering as well as various other metrics and benchmarks have been included. The study reveals a predominant focus on technical efficiency and commonly employed input variables such as the number of hotel rooms and employees. The paper suggests future research directions, advocating for a broader exploration of efficiency dimensions, including profit and cost aspects, the integration of emerging variables like digitalization and environmental factors and the use of larger samples. This study provides a comprehensive overview beneficial for academics, industry practitioners, and policymakers, synthesizing a clear orientation in the subject and indicating critical research routes for advancing the field's understanding and practical applications.

Climate change-driven extreme heat events pose a major threat to urban expansion globally. This study evaluates the relationship between extreme heat and housing prices utilizing panel data from Chinese cities between 2009 and 2019. Our findings indicate a significant negative correlation between housing prices and extreme temperatures. Specifically, we observe a 0.1% reduction in housing prices for each additional day per year with temperatures surpassing 35°C. This research evaluates two primary mechanisms underpinning this finding. Firstly, our analysis demonstrates a decline in labor inflows to cities experiencing extreme heat, with a particularly significant effect on the influx of high-skilled workers. In addition, existing residents in these hotter urban environments exhibit reduced home-buying intentions and reduced proclivity for long-term residency, coupled with higher living costs. Secondly, our findings indicate that extreme heat acts as a deterrent to firm entry, thereby further suppressing housing demand. This study contributes valuable empirical insights into the capitalization of climate risk in housing markets, with a specific emphasis on the effect of extreme heat. Moreover, it highlights the urgent necessity for the development and implementation of sustainable adaptation strategies to reduce the negative effects of evolving climatic conditions.

This paper investigates the impact of climate change on international portfolio allocations of global funds. We select the heat wave disasters in Europe in 2018 as a quasi-natural experiment and employ the DID framework. Our findings indicate that global funds would reduce their holdings in the affected country after heat wave disasters. The congestion of inland waterways and electricity shortages during the heatwave have resulted in production delays, thereby transmit risks to the financial sector. Countries with higher foreign exposure experience a larger scale of capital outflow after heat waves; while countries with great institutional quality and resilience demonstrate greater capacity to withstand heat wave disasters. The funds with lower risk tolerance are more sensitive to climate change. Additionally, domestic funds will remain in their home countries post-heatwave when foreign capitals flow away. These findings have important policy implications, and countries with high climate risks should carefully monitor the capital flows. In order to reduce the impact of climate risks, it is crucial to improve the quality of institution and efficiency of government as well as to implement effective disaster prevention and mitigation measures.

While international trade can offer gains from specialization and access to a wider range of products, it is also closely interlinked with global environmental problems, above all, anthropogenic climate change. This survey provides a structured overview of the economic literature on the interaction between environmental outcomes, trade, environmental policy and trade policy. In this endeavor, it covers approaches reaching from descriptive data analysis based on input-output tables, over quantitative trade models and econometric studies to game-theoretic analyses. Addressed issues are in particular the emission content of trade and emissions along value chains, the relocation of dirty firms and environmental impacts abroad, impacts of specific trade policies (such as trade agreements or tariffs) or environmental policies (such as border carbon adjustment), transportation emissions, as well as the role of firms. Across the different topics covered, the paper also tries to identify avenues for future research, with a particular focus on extending quantitative trade and environment models.

Market sentiment analysis (MSA) has evolved significantly over nearly four decades, growing in relevance and application in economics and finance. This paper extensively reviews MSA, encompassing methodologies ranging from lexicon-based techniques to traditional Machine Learning (ML), Deep Learning (DL), and hybrid approaches. Emphasizing the transition from rudimentary word counters to sophisticated feature extraction from diverse sources such as news, social media, and share prices, the study presents an updated state-of-the-art review of sentiment analysis. Furthermore, using network analysis, a bibliometric and scientometric lens is applied to map the expanding footprint of sentiment research within economics and finance, revealing key trends, dominant research hubs, and potential areas for interdisciplinary collaboration. This exploration consolidates the foundational and emerging methods in MSA and underscores its dynamic interplay with global financial ecosystems and the imperative for future integrative research trajectories.

This paper investigates the adoption patterns of Leadership in Energy and Environmental Design (LEED) certification in China, analyzing data from 2010 to 2021. We find that builders' choices of certification levels are positively correlated within each province. However, for commercial buildings, builders differentiate from each other in the choice of certification levels. The study also identifies spatial spillovers of LEED certification across nearby provinces. We propose potential explanations for these findings and discuss their policy implications. The results suggest that the design of certification schemes should account for the strategic behavior of firms. Additionally, regional policies promoting green building certifications may have spillover effects, encouraging adoption in neighboring regions.

Global poverty both in terms of conceptualization and measurement has been the point of a long-standing debate for at least the last 20 years. The debate mostly evolves around the appropriateness of the dominant dollar-a-day approach—conceptualized and popularized by the World Bank since the early 1990s—and the quest for (better) alternatives. The most prominent alternatives are the cost of basic needs method and the capabilities/multidimensional. However, the later lacks medium and long run global reach due to data limitations. In addition, global poverty estimates across the literature resist meaningful direct comparison due to the substantial methodological differences between each attempt, even using the same broad methodological framework. More welfare demanding definitions of cost of basic needs implementation, building upon the EAT-Lancet healthy reference diet, indicate that global poverty has reduced at a much lower rate, and its estimates diverge at an increasing rate from the dollar-a-day definition of extreme poverty. This review compares the two main approaches on the definition and measurement of global poverty and contrasts available results with a focus in the long run implementations.