Economic Systems最新文献

英文中文

Financial access and income inequality in Sub-Saharan Africa: Does ethnic fragmentation give new evidence? 撒哈拉以南非洲的金融获取与收入不平等：种族分裂是否提供了新证据？

IF 2.8 2区经济学 Q1 ECONOMICS

Economic Systems

Pub Date : 2025-03-01 DOI: 10.1016/j.ecosys.2024.101200

Valentine Soumtang Bimé , Itchoko Motande Mondjeli Mwa Ndjokou

There is a large body of work documenting the non-consensual effects of financial access on income inequality. Despite this extensive literature and the predominance of ethnic fragmentation in Sub Saharan Africa countries (SSA), little is known about its mediating effect on the above relation. This paper focuses on assessing the effect of ethnic fragmentation on financial access income inequality nexus. Based on Kripfganz and Schwarz's (2019) dynamic panel estimator of time-invariant variables in a sample of thirty-seven (37) SSA countries over the period of 1990–2019, it is observed that ethnic fragmentation hinders financial access to reduce inequality in SSA. The results remain stable following several sensitivity tests related to corruption, urbanization, financial literacy and socio-geographic factors. They are also robust to the use of alternative measures of financial access and to change estimation technique.

有大量文献记录了金融服务对收入不平等的非共识性影响。尽管有这些广泛的文献，而且撒哈拉以南非洲国家（SSA）普遍存在种族分裂现象，但人们对其对上述关系的中介效应知之甚少。本文重点评估种族分化对金融获取收入不平等关系的影响。基于 Kripfganz 和 Schwarz（2019 年）在 1990-2019 年期间对三十七（37）个撒哈拉以南非洲国家样本中的时间不变变量进行的动态面板估计，发现种族分裂阻碍了金融获取，从而减少了撒哈拉以南非洲国家的不平等。在进行了与腐败、城市化、金融知识普及和社会地理因素相关的若干敏感性测试后，结果保持稳定。此外，使用其他金融获取措施和改变估算技术也能使结果保持稳定。

引用次数: 0

The impact of Russia’s Geopolitical Risk on stock markets’ high-moment risk 俄罗斯地缘政治风险对股市高风险的影响

IF 2.8 2区经济学 Q1 ECONOMICS

Economic Systems

Pub Date : 2025-03-01 DOI: 10.1016/j.ecosys.2024.101242

Asil Azimli , Demet Beton Kalmaz

We investigated the time and frequency connectedness between Russia’s geopolitical risk (R-GPR) and the high-order moments (volatility, skewness, and kurtosis) of equity markets in eight countries: U.S., Belgium, France, Germany, U.K., Italy, Switzerland, and Spain. Our findings showed that R-GPR and realized volatility co-move in the short- and medium-term frequency bands during wartime, except in the U.S. and U.K. markets. Concerning realized skewness, significant co-movements were observed between R-GPR and Belgium and Germany during the short- and medium-frequency bands, implying that higher skewness (crash risk) was associated with higher R-GPR. Contrastingly, the realized kurtosis and R-GPR were connected at a long-term frequency. Finally, R-GPR negatively led to realized kurtosis in the U.S. market, implying the U.S. market’s hedging potential for fat-tail risk. Our results provide essential insights into the investment and risk-management practices of market participants with different investment horizons.

引用次数: 0

The effects of EU grants on SMEs: Evidence from Bulgaria 欧盟赠款对中小型企业的影响：保加利亚的证据

IF 2.8 2区经济学 Q1 ECONOMICS

Economic Systems

Pub Date : 2025-03-01 DOI: 10.1016/j.ecosys.2024.101244

Daniel Nigohosyan , Iglika Vassileva, Albena Vutsova

The paper explores the effects of European Union (EU) support on small and medium-sized enterprises (SMEs) in Bulgaria in the 2014–2020 programming period. In particular, it applies two standard counterfactual techniques (Difference-in-Differences and Propensity Score Matching) to review a 200-million EUR scheme under the Operational Programme ‘Innovation and Competitiveness’ (2014–2020). The analysis shows a positive and statistically significant effect of the grants on the assets of the supported companies. Some positive effects on the SMEs' revenues and revenues per employee have also been observed. However, the paper finds no evidence that the SME grants have supported the companies' profitability and employment. Thus, the findings raise questions about the design of grant schemes supporting competitiveness, which may lead to selecting better-performing companies (‘cherry-picking’) without providing any substantial positive effects.

本文探讨了欧盟（EU）在 2014-2020 年规划期间对保加利亚中小型企业（SMEs）的支持效果。特别是，本文采用了两种标准的反事实技术（差分法和倾向得分匹配法）来审查 "创新与竞争力 "业务计划（2014-2020 年）下的一项 2 亿欧元计划。分析表明，补助金对受资助公司的资产产生了积极的、具有统计意义的影响。对中小企业的收入和员工人均收入也产生了一些积极影响。然而，本文没有发现任何证据表明中小企业补助金支持了公司的盈利能力和就业。因此，研究结果对支持竞争力的资助计划的设计提出了质疑，因为这可能会导致选择表现更好的公司（"挑肥拣瘦"），而不会带来任何实质性的积极影响。

引用次数: 0

Economic analysis and competition policy practice: A comparative empirical examination 经济分析和竞争政策实践：比较实证研究

IF 2.8 2区经济学 Q1 ECONOMICS

Economic Systems

Pub Date : 2025-03-01 DOI: 10.1016/j.ecosys.2024.101245

Svetlana Golovanova , Eduardo Pontual Ribeiro , Svetlana Avdasheva

This paper contributes to empirical studies of competition policy enforcement. The study applies an empirical approach to measure the extent of economic analysis (legal standard) applied by competition authorities in antitrust cases by leading developing countries, namely, Brazil, Russia, India, and South Africa (4 out of 5 BRICS countries). Using antitrust case-by-case information we explore the level, dynamics, and convergence of legal standards in antitrust investigations. The results indicate that the countries differ in the legal standard used, even on the same conduct type under investigation. On average, competition authorities in Brazil and India apply higher legal standards than those in Russia and South Africa. The ranking of legal standards by conduct groups differs as well, with vertical agreements and abuse of dominance cases having the highest levels. There is no evidence of an increasing trend or convergence in the legal standard in antitrust investigations, either between cases of the same conduct group or between countries investigated. This study also does not find unambiguous evidence on the effect of resources (funding and staff) on legal standards or on the consistency of case-specific analysis.

{"title":"Economic analysis and competition policy practice: A comparative empirical examination","authors":"Svetlana Golovanova , Eduardo Pontual Ribeiro , Svetlana Avdasheva","doi":"10.1016/j.ecosys.2024.101245","DOIUrl":"10.1016/j.ecosys.2024.101245","url":null,"abstract":"<div><div>This paper contributes to empirical studies of competition policy enforcement. The study applies an empirical approach to measure the extent of economic analysis (legal standard) applied by competition authorities in antitrust cases by leading developing countries, namely, Brazil, Russia, India, and South Africa (4 out of 5 BRICS countries). Using antitrust case-by-case information we explore the level, dynamics, and convergence of legal standards in antitrust investigations. The results indicate that the countries differ in the legal standard used, even on the same conduct type under investigation. On average, competition authorities in Brazil and India apply higher legal standards than those in Russia and South Africa. The ranking of legal standards by conduct groups differs as well, with vertical agreements and abuse of dominance cases having the highest levels. There is no evidence of an increasing trend or convergence in the legal standard in antitrust investigations, either between cases of the same conduct group or between countries investigated. This study also does not find unambiguous evidence on the effect of resources (funding and staff) on legal standards or on the consistency of case-specific analysis.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"49 1","pages":"Article 101245"},"PeriodicalIF":2.8,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141709313","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}

引用次数: 0

Climate policy uncertainty and the Chinese sectoral stock market: A multilayer network analysis 气候政策不确定性与中国行业股票市场：多层网络分析

IF 2.8 2区经济学 Q1 ECONOMICS

Economic Systems

Pub Date : 2025-03-01 DOI: 10.1016/j.ecosys.2024.101250

Jiusheng Chen, Xianning Wang

Climate change is the most important challenge currently faced by humans, which affects their health and financial stability. This study proposes a multilayer network that includes return, volatility, and risk layers to investigate the risk connectedness between climate policy uncertainty and the sectoral stock market in China. We explore the static and dynamic topological features of multilayer networks from the perspectives of the system and market levels, respectively. The results indicate that (i) a crisis increases the intensity of risk spillovers; (ii) an obvious nonsynchronous effect was found among the layers during financial turmoil; and (iii) industrials, materials, information technology, and consumer discretionary act more often as net risk transmitters during the sample period, whereas climate policy uncertainty, telecommunication services, and financials are more frequently net risk receivers. The results of this study have important implications for regulators, policymakers, and investors in alleviating climate risk and developing hedging and investment strategies.

引用次数: 0

Structural characteristics and non-linear fiscal multipliers 结构特点和非线性财政乘数

IF 2.8 2区经济学 Q1 ECONOMICS

Economic Systems

Pub Date : 2025-03-01 DOI: 10.1016/j.ecosys.2024.101247

Mahima Gupta, Amlendu Dubey

We identify structural characteristics of economies which determine the fiscal multipliers in normal times. We find that structural variables determine fiscal multipliers in a non-linear fashion where fiscal multipliers change significantly across the threshold of structural variables. Using the recently developed Panel Latent Threshold Model, we identify latent groups of countries intrinsic to the structural characteristics of the variables. Results suggest that improvement in human development and financial infrastructure measures play a prominent role in enhancing the fiscal multiplier effects across the economies. We also find that economies can achieve higher fiscal multipliers by keeping a check on the import propensity. We identify female labour force participation as one of the significant structural determinants of the fiscal multiplier, where many latent groups find parallels with the declining portion of the feminisation U-shaped hypothesis. Overall, the results suggest that countries should pursue targeted structural change-oriented fiscal policy to achieve higher economic growth.

引用次数: 0

Individualism, innovation, and inequality: Exploring the nexus 个人主义、创新和不平等：探索两者之间的关系

IF 2.8 2区经济学 Q1 ECONOMICS

Economic Systems

Pub Date : 2025-03-01 DOI: 10.1016/j.ecosys.2024.101252

Daniel V. Santos , Oscar Afonso , Paulo B. Vasconcelos

We provide an alternative explanation for the direction of technological change and the related wage inequality between skilled and unskilled workers. To this end, we formulate a skill-biased technological change model in which households’ decisions on consumption, savings, and human-capital accumulation are influenced by the level of individualism. We conclude that more individualistic cultures experience higher technological-knowledge bias toward skilled technologies, larger output growth rates, and higher wage inequality between skilled and unskilled workers. We also find that union bargaining only reduces wage inequality between skilled and unskilled at moderate levels of individualism, while introducing redistributive income taxes does not necessarily reduce income inequality.

我们为技术变革的方向以及熟练工人和非熟练工人之间的相关工资不平等提供了另一种解释。为此，我们建立了一个技术偏向的技术变革模型，在这个模型中，家庭在消费、储蓄和人力资本积累方面的决策受到个人主义水平的影响。我们的结论是，个人主义程度越高的文化，其技术知识越偏向于熟练技术，产出增长率越高，熟练工人与非熟练工人之间的工资不平等程度越高。我们还发现，在中等个人主义水平下，工会谈判只能减少熟练工人和非熟练工人之间的工资不平等，而引入再分配所得税并不一定能减少收入不平等。

引用次数: 0

Technological catch-up, nonmonotonicity, and convergence: Parametric evidence from the BRICS and European banking systems 技术追赶、非单调性和趋同：来自金砖五国和欧洲银行体系的参数证据

IF 2.8 2区经济学 Q1 ECONOMICS

Economic Systems

Pub Date : 2025-03-01 DOI: 10.1016/j.ecosys.2024.101253

Navendu Prakash , Shveta Singh , Seema Sharma

IT-driven productivity growth offers banks an intriguing opportunity to differentiate their offerings in a monopolistic market, introduce attractive products, enhance customer service, streamline back-office processes, and ultimately achieve the twin goals of cost minimization and profit maximization. However, there has been no convincing explanation for the observed divergence in the IT-productivity literature, raising doubts about whether IT can significantly improve performance in contemporary banking markets. The article examines the role of IT-led productivity growth in governing the direction and magnitude of intra-industry and inter-country convergence by investigating the potential nonmonotonicity of IT in influencing frontier-based efficiency of the BRICS and European banking markets. Findings reveal U-shaped associations between IT and cost (profit) efficiency, suggesting that excessive investment in IT may explain the productivity conundrum for BRICS nations. IT capital is not a significant driver of cost efficiency for European nations. Nevertheless, R&D spending significantly influences frontier efficiency, reinforcing that European banks can achieve frontier-level performance by investing in innovative solutions. Inter-regional comparisons reveal that BRICS banks are converging with their European counterparts by leveraging IT solutions, while diminishing marginal benefits for the latter reinforces the presence of a catch-up effect. Intra-industry comparisons reveal that size, age, and R&D intensity drive technological catch-up and convergence.

信息技术驱动的生产率增长为银行提供了一个引人入胜的机会，使其能够在垄断市场上提供与众不同的产品，推出有吸引力的产品，加强客户服务，简化后台流程，并最终实现成本最小化和利润最大化的双重目标。然而，对于所观察到的信息技术与生产率之间的差异，却没有令人信服的解释，这不禁让人怀疑信息技术能否显著提高当代银行业市场的绩效。本文通过研究信息技术在影响金砖五国和欧洲银行业市场基于前沿的效率方面的潜在非单调性，探讨了信息技术带动的生产率增长在管理行业内和国家间趋同的方向和幅度方面的作用。研究结果表明，信息技术与成本（利润）效率之间存在 U 型关联，这表明过度的信息技术投资可能是金砖国家生产力难题的原因。对于欧洲国家而言，信息技术资本并不是成本效率的重要驱动因素。然而，研发支出对前沿效率有重大影响，这进一步说明欧洲银行可以通过投资创新解决方案实现前沿水平的业绩。地区间比较显示，金砖五国银行通过利用信息技术解决方案，正在向欧洲同行靠拢，而欧洲同行的边际效益递减则强化了赶超效应的存在。行业内比较显示，规模、年龄和研发强度推动了技术赶超和趋同。

{"title":"Technological catch-up, nonmonotonicity, and convergence: Parametric evidence from the BRICS and European banking systems","authors":"Navendu Prakash , Shveta Singh , Seema Sharma","doi":"10.1016/j.ecosys.2024.101253","DOIUrl":"10.1016/j.ecosys.2024.101253","url":null,"abstract":"<div><div>IT-driven productivity growth offers banks an intriguing opportunity to differentiate their offerings in a monopolistic market, introduce attractive products, enhance customer service, streamline back-office processes, and ultimately achieve the twin goals of cost minimization and profit maximization. However, there has been no convincing explanation for the observed divergence in the IT-productivity literature, raising doubts about whether IT can significantly improve performance in contemporary banking markets. The article examines the role of IT-led productivity growth in governing the direction and magnitude of intra-industry and inter-country convergence by investigating the potential nonmonotonicity of IT in influencing frontier-based efficiency of the BRICS and European banking markets. Findings reveal U-shaped associations between IT and cost (profit) efficiency, suggesting that excessive investment in IT may explain the productivity conundrum for BRICS nations. IT capital is not a significant driver of cost efficiency for European nations. Nevertheless, R&D spending significantly influences frontier efficiency, reinforcing that European banks can achieve frontier-level performance by investing in innovative solutions. Inter-regional comparisons reveal that BRICS banks are converging with their European counterparts by leveraging IT solutions, while diminishing marginal benefits for the latter reinforces the presence of a catch-up effect. Intra-industry comparisons reveal that size, age, and R&D intensity drive technological catch-up and convergence.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"49 1","pages":"Article 101253"},"PeriodicalIF":2.8,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142200709","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}

引用次数: 0

A comparative analysis on how much individuals are left behind in the former state socialist countries of the European Union

IF 2.8 2区经济学 Q1 ECONOMICS

Economic Systems

Pub Date : 2025-03-01 DOI: 10.1016/j.ecosys.2024.101255

E. Bárcena-Martín , F. García-Pardo , S. Pérez-Moreno

This paper examines the extent to which individuals from the former state socialist countries of the EU’s Central and Eastern European (CEE) countries have been left behind compared to the rest of EU individuals from Western European (WE) countries and across countries within the CEE bloc. To this end, a fuzzy approach is applied to a multidimensional setting made up of income, material deprivation, and work intensity to measure the ‘Leaving no one behind’ (LNOB) principle of the 2030 Sustainable Development Agenda. A certain process of convergence is found between both blocs of countries over the period 2007–2019 due to a decrease in the level individuals were left behind in the CEE countries, as well as an increase in the level individuals were left behind in the WE countries in the years following the 2007–2008 financial crisis. Significant cross-country disparities in the degree individuals lag behind are also revealed among the CEE countries related to the different models of post-socialist capitalism established in these countries and their subsequent development after joining the EU.

{"title":"A comparative analysis on how much individuals are left behind in the former state socialist countries of the European Union","authors":"E. Bárcena-Martín , F. García-Pardo , S. Pérez-Moreno","doi":"10.1016/j.ecosys.2024.101255","DOIUrl":"10.1016/j.ecosys.2024.101255","url":null,"abstract":"<div><div>This paper examines the extent to which individuals from the former state socialist countries of the EU’s Central and Eastern European (CEE) countries have been left behind compared to the rest of EU individuals from Western European (WE) countries and across countries within the CEE bloc. To this end, a fuzzy approach is applied to a multidimensional setting made up of income, material deprivation, and work intensity to measure the ‘Leaving no one behind’ (LNOB) principle of the 2030 Sustainable Development Agenda. A certain process of convergence is found between both blocs of countries over the period 2007–2019 due to a decrease in the level individuals were left behind in the CEE countries, as well as an increase in the level individuals were left behind in the WE countries in the years following the 2007–2008 financial crisis. Significant cross-country disparities in the degree individuals lag behind are also revealed among the CEE countries related to the different models of post-socialist capitalism established in these countries and their subsequent development after joining the EU.</div></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"49 1","pages":"Article 101255"},"PeriodicalIF":2.8,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143510034","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The influence of income tax incentives on small and low-profit enterprises’ production factor investment

IF 2.8 2区经济学 Q1 ECONOMICS

Economic Systems

Pub Date : 2025-03-01 DOI: 10.1016/j.ecosys.2024.101256

Gang Xue, Yanxi Cai, Yan Zhang

Small and low-profit enterprises (SLEs) are critical and active market participants throughout the economy and wider society. To help SLEs thrive, China continues to expand the scope of its tax incentives. This study investigates the influence of a particular tax incentive – the Income Tax Incentive on Small and Low-profit Enterprises – to identify the impact of tax incentives on investment in labor input and fixed assets. Using a staggered difference-in-differences estimation strategy, we found that tax incentives significantly increase investments in labor input and fixed assets. The impact was stronger for state-owned, non-technology-intensive, and manufacturing enterprises.

引用次数: 0

下一页尾页

类型

全部化学•材料生命科学医学物理工程技术环境•农林材料科学地球科学法学管理学化学环境科学与生态学计算机科学教育学经济学农林科学人文科学生物学数学物理与天体物理心理学综合性期刊其他工业工程理学历史学农学文学信息工程

数据库

全部 ACS Publications Elsevier ieeexplore Springer The Royal Society of Chemistry Wiley

期刊

Economic Systems

全部 Acc. Chem. Res. ACS Applied Bio Materials ACS Appl. Electron. Mater. ACS Appl. Energy Mater. ACS Appl. Mater. Interfaces ACS Appl. Nano Mater. ACS Appl. Polym. Mater. ACS BIOMATER-SCI ENG ACS Catal. ACS Cent. Sci. ACS Chem. Biol. ACS Chemical Health & Safety ACS Chem. Neurosci. ACS Comb. Sci. ACS Earth Space Chem. ACS Energy Lett. ACS Infect. Dis. ACS Macro Lett. ACS Mater. Lett. ACS Med. Chem. Lett. ACS Nano ACS Omega ACS Photonics ACS Sens. ACS Sustainable Chem. Eng. ACS Synth. Biol. Anal. Chem. BIOCHEMISTRY-US Bioconjugate Chem. BIOMACROMOLECULES Chem. Res. Toxicol. Chem. Rev. Chem. Mater. CRYST GROWTH DES ENERG FUEL Environ. Sci. Technol. Environ. Sci. Technol. Lett. Eur. J. Inorg. Chem. IND ENG CHEM RES Inorg. Chem. J. Agric. Food. Chem. J. Chem. Eng. Data J. Chem. Educ. J. Chem. Inf. Model. J. Chem. Theory Comput. J. Med. Chem. J. Nat. Prod. J PROTEOME RES J. Am. Chem. Soc. LANGMUIR MACROMOLECULES Mol. Pharmaceutics Nano Lett. Org. Lett. ORG PROCESS RES DEV ORGANOMETALLICS J. Org. Chem. J. Phys. Chem. J. Phys. Chem. A J. Phys. Chem. B J. Phys. Chem. C J. Phys. Chem. Lett. Analyst Anal. Methods Biomater. Sci. Catal. Sci. Technol. Chem. Commun. Chem. Soc. Rev. CHEM EDUC RES PRACT CRYSTENGCOMM Dalton Trans. Energy Environ. Sci. ENVIRON SCI-NANO ENVIRON SCI-PROC IMP ENVIRON SCI-WAT RES Faraday Discuss. Food Funct. Green Chem. Inorg. Chem. Front. Integr. Biol. J. Anal. At. Spectrom. J. Mater. Chem. A J. Mater. Chem. B J. Mater. Chem. C Lab Chip Mater. Chem. Front. Mater. Horiz. MEDCHEMCOMM Metallomics Mol. Biosyst. Mol. Syst. Des. Eng. Nanoscale Nanoscale Horiz. Nat. Prod. Rep. New J. Chem. Org. Biomol. Chem. Org. Chem. Front. PHOTOCH PHOTOBIO SCI PCCP Polym. Chem.

﹀