Economic Analysis and Policy最新文献

This study examines the impact of increased market competition on labor income share. We use the enactment of China's Anti-Monopoly Law as a quasi-natural experiment. The results reveal that the Anti-Monopoly Law has a significant positive effect on the labor income share of firms with higher market power. This is because the rising market competition, effected by the Anti-Monopoly Law, inhibits market power and increases average labor wages. Our findings are relevant for firms in provinces with higher administrative monopolies, with less competition, and under industries with less competition.

On the 5th of March 2013, the Department of Environment, Food and Rural Affairs (Defra) issued warnings regarding elevated pollution levels. Air pollution were reported in various regions of England, thereby influencing consumer behavior significantly. In response to the inconveniences and health threats posed by air pollution, individuals may alter their behavior to contribute to environmental improvement and mitigate the risks of potential future disasters. This study employs a difference-in-difference model, incorporating a two-way fixed effect model, to explore the repercussions of air pollution on consumer behavior. The findings suggest severe air pollution increase reliance on public transportation, as well as heighten inclination towards walking and cycling for short journeys.

China’s Green Credit Policy (GCP) promotes environmentally sustainable practices, which are crucial for ecological responsibility. Despite its importance, the policy’s impact on asset-debt maturity mismatches—a key determinant of financial stability—has not been systematically examined. This research scrutinizes the consequences of the Green Credit Guidelines on asset-debt maturity mismatches in China’s heavily polluting enterprises, employing a difference-in-differences (DID) methodology. An analysis of data from Chinese-listed companies from 2009 to 2017 reveals that the implementation of the guidelines has precipitated a marked shift towards short-term debt as a financing mechanism for long-term assets, particularly noticeable in state-owned and large-scale enterprises. The effects intensify in regions with stringent environmental regulations and companies possessing significant collateral. Moreover, the guidelines amplify financial constraints and decrease long-term debts, prompting firms to strategically embrace greater asset-debt maturity mismatches in response to more rigorous financial conditions. Our findings indicate that although the GCP is designed to promote eco-friendly practices, it inadvertently affects corporate financial decisions, underscoring the complex relationship between environmental policy and financial strategy. This study enhances the understanding of the financial repercussions of environmental policies on corporate actions, offering valuable perspectives to regulators and financial institutions.

Amid concerns that high levels of stress among local officials may impede effective governance and economic strategies, this study aims to explore the direct impact of such stress on efforts to enhance regional economic development. Thus, this study conducts interviews with 957 grassroots cadres, the local officials in western China, to examine the influence of their psychological stress on the initiative to promote regional economic development (hereafter shortened to the growth-promoting initiative), which reveals an inverted U-shaped relationship between grassroots cadres' psychological stress and their growth-promoting initiatives. The sense of mission strengthens the relationship between stress and growth-enhancing initiative. Conversely, the psychological contract does not significantly affect this relationship. These findings provide valuable guidance for addressing the psychological stress of Chinese grassroot cadre, refining organizational management, tailoring incentive systems, and ultimately catalyzing regional economic development.

In this paper, we analyse the relationship between international trade and economic growth in an unbalanced panel of 20 European countries in a long-term perspective, since the mid-19th century to present days, differentiating between the periods before and after the start of the Second World War. To this end, we perform Granger-causality tests between exports and GDP, and between imports and GDP, following the novel methodology of Juodis et al. (2021) for panel data models with large cross-sectional and time series dimensions. Our results support the existence of a bi-directional relationship between both trade variables and GDP, for the whole period and across subperiods.

Climate change has added new dimensions of uncertainty associated with India's rice production. Previous research has explored the impact of climate variation on production and noted the interdependence among neighbouring regions. Using district-level data, we investigate two categories of spatial dynamics associated with the climate sensitivity of rice yield. First, we find evidence that supports previous research that yield is significantly influenced by the direct effects of monsoon maximum temperature and rainfall. The second category, capturing indirect effects, is novel because it provides additional insights into formal and informal networks that underpin the information flow on climate adaptation. Empirical evidence of spatial interdependence arising from information spillovers provides insights into the development of spatially targeted policies that offer the potential for knowledge transfer that contributes to sustaining and increasing rice yields. Policy objectives should therefore focus on advancing technology and promoting social networks that enhance information flow across regions.

This paper investigates whether and how digital economy (especially digital platforms and digital finance) restrains the informal economic activities in China measured by the MIMIC (multiple indicators multiple causes) model. Using Chinese provincial panel data from 1995 to 2020, we find that the average size of China's provincial informal economy displays a five-stage fluctuation, ranging from 13.63 % to 17.53 %. More importantly, we uncover a robust “inverted U-shaped” nonlinear relationship between the digital platform development and the informal economy, with a turning point of 0.4189. Initially, the development of digital platforms increases informal economic activities by disrupting traditional sectors, causing new types of tax evasion, challenging regulators and raising digital crime. However, beyond a certain threshold, digital platforms can overcome these problems through more job creations and improved regulation. Meanwhile, the digital financial development is proved to have a negative impact on the informal economy because it can offer much more advantages in addressing informality such as making payments transparent, easing credit constraints, raising total income, helping governments reach people and businesses. Our study provides convincing evidence and valuable advice for policymakers when developing digital economy to curb the informal economy.

The importance of information and communication technology in rural areas has gradually become prominent, and rural e-commerce has emerged as a crucial driver for promoting agricultural and rural development. This paper takes the comprehensive demonstration policy for e-commerce in rural areas as a quasi-natural experiment. It is based on five-period panel data from the China Family Panel Studies (CFPS) and employs the staggered difference-in-differences method to examine the impact of e-commerce on rural women entrepreneurship and its mechanisms. The research results indicate that the implementation of the comprehensive demonstration policy for e-commerce in rural areas significantly increases the probability of rural women engaging in entrepreneurship by 1.6 %. The entrepreneurial promotion effect of this demonstration policy is more pronounced for rural women in the central and western regions and those with lower educational levels, demonstrating the inclusiveness of e-commerce in rural development. Additionally, this promotion effect is also significantly influenced by marital heterogeneity. Mechanism analysis results suggest that the comprehensive demonstration policy for e-commerce in rural areas can stimulate the use of information and communication technology by rural women, leverage the crucial role of non-traditional education in skill development, alleviate financial and social capital constraints for rural women, and inspire a wave of rural women entrepreneurship. The paper argues that the construction of rural e-commerce has the potential to empower rural women entrepreneurship.

Using data from A-share pharmaceutical manufacturing listed companies between 2011 and 2021, this paper constructs a difference in differences (DID) model to systematically analyze the impact of China's Marketing Authorization Holder (MAH) system pilot policy on pharmaceutical enterprise innovation. Our findings indicate that implementing the MAH system can significantly stimulate innovation in pharmaceutical enterprises, both in terms of input and output. Additionally, local intellectual property protection positively moderates the incentive effect of MAH system on pharmaceutical innovation. The results of our heterogeneity analysis further demonstrate that the pilot policy of the MAH system exerts a stronger incentive effect on the innovation behavior of non-state-owned enterprises and enterprises in the growth and mature stage. Moreover, we provide evidence for the long-term impact of MAH system on innovation within pharmaceutical companies.

Understanding the impact of local government debt expansion on microeconomic entities is crucial in evaluating local government debt policies. This study explored the crowding-out effect of local government debt on firms' commercial credit financing. We found that local government debt plays a crucial role in enhancing corporate commercial credit financing by exacerbating the financing constraints faced by firms. Second, the impact of local government debt on commercial credit financing is more pronounced for firms with lower leverage and a more stable capital chain. Third, state-owned enterprises (SOEs) are more susceptible to the impact of local government debt on commercial credit financing compared to private enterprises. And the crowding-out effect of local government debt on firms' commercial credit financing is more pronounced in the regions where the credit market regulation is relatively weaker. Our findings provide valuable insights that can contribute to the reform of the local government debt management system.