Showing papers in "Economic Modelling in 2021"

TL;DR: This article examined the role of gold as a hedge or safe-haven asset in different phases of the COVID-19 pandemic crisis, corresponding to the timing of fiscal and monetary stimuli to support the weakened economy.

TL;DR: In this article, the authors explore the relationship between financial development, information and communication technologies (ICT) diffusion, and economic growth by considering the interlinkage of finance and ICT.

TL;DR: In this paper, the impact of economic policy uncertainty on financial stability was investigated using bank-level data and different constructions of global panel portfolios, and controlling for Z-score skewness, the Global Financial Crisis, and for endogeneity.

TL;DR: In this paper, the productivity effects of market-based environmental regulation have been investigated using large panel data of Chinese industrial enterprises for 1998-2007, and the results suggest that the market based environmental regulation has exerted significant productivity-enhancing effects across all types of industrial enterprises, with stronger effects associated with privately owned, more productive and less pollution-intensive enterprises.

TL;DR: In this article, the authors investigated the relationship among corruption, economic growth and financial development in 142 countries in the long run using panel cointegration and panel error correction models from 2002 to 2016.

TL;DR: In this article, the role of Bitcoin in diversifying investment risks during periods of high global economic policy uncertainty is explored, and the authors employ the bootstrap full-and sub-sample rolling-window Granger causality tests to investigate the mutual causal influence between global economic uncertainty and Bitcoin returns.

TL;DR: In this article, the authors present an exploratory analysis of the causes of corporate financing behavior through the channels of firm-level characteristics, country-level factors, and policy-related risks.

TL;DR: The results demonstrate that cryptocurrencies fail to be a strong hedge or safe haven against stock markets, and Ethereum is the most effective diversifier in the short term, whereas all of the cryptocurrencies act as diversifiers over longer time scales.

TL;DR: In this paper, the impact and spatial effects of manufacturing agglomeration modes on regional carbon emission were investigated using panel data for 28 provinces from the year of 2007 to 2016 in China.

TL;DR: In this paper, an alternative measure of system-wide connectedness to the popular generalized spillover index, based on generalized forecast error variance decompositions, of Diebold and Yilmaz (2012, 2014), was proposed.

TL;DR: In this paper, a composite index of rural financial inclusion and its effect on agricultural total factor productivity growth in China was investigated and the authors found that financial inclusion is a significant driver of this growth and the effect exhibits geographic heterogeneity.

TL;DR: In this paper, the authors examined the impact of non-fundamental news related to the COVID-19 pandemic on the liquidity and returns volatility of the stock market in China.

TL;DR: In this article, the authors used a dynamic panel threshold technique to evaluate the impact of public debt on economic growth in seventy-one developing countries from 1984 to 2015, and showed a threshold debt value of 51.65 percent, which is much lower than in the previous literature.

TL;DR: In this article, the authors examined various uncertainties across countries and found that although uncertainty shocks are demand shocks in advanced economies with a contractionary output effect, they behave as supply shocks in emerging economies (e.g., India) with an inflationary effect.

TL;DR: In this article, the authors analyzed uncertainty and financial development effects on foreign direct investment (FDI) inflows using a global sample of 116 countries over 1996 - 2017 and found that countries with a higher level of economic policy uncertainty receive lower FDI inflows.

TL;DR: In this article, the authors investigate the effects of human development and political stability on environmental quality and examine whether they are viable tools for improving environmental policies and reveal the existence of an inverted U-shaped relationship between human development with the ecological footprint that varies between oil and non-oil countries.

TL;DR: Wang et al. as mentioned in this paper investigated the influence of a newly revised Environmental Protection Law (new EPL) on companies' profitability and the underlying mechanism, and found that the enactment of the new EPL has significantly improved the profitability of heavily polluting companies, which was realized through the consolidation of enterprises' cost management and elimination of small firms with high compliance costs.

TL;DR: In this article, the authors investigated the causal link between returns and volume in cryptocurrency markets and found that returns (especially the positive ones) are more likely to induce fundamental changes in traders' expectations compared to volume.

TL;DR: Li et al. as discussed by the authors investigated the relationship between causal language characteristics in annual financial reports and stock price crash risk and found that the causal language intensity is positively associated with future stock prices crash risk.

TL;DR: In this article, the authors conduct a literature review and meta-analysis of the topic, and find that IPR has an overall positive effect on innovation and growth in developing countries than developed countries.

TL;DR: Zhang et al. as discussed by the authors empirically investigated the effects of government intervention on the formation of zombie firms and found that a greater degree of intervention can increase the risk that a firm will become a zombie firm.

TL;DR: In this paper, the authors examined whether financial development can help explain the pace of innovation in 68 developed and developing countries during 1995-2018, by utilizing panel data and incorporating market institutions (market creating, market regulating, market stabilizing and market legitimizing).

TL;DR: In this article, a nonparametric Granger causality test procedure for longitudinal data is proposed, which exhibits the correct size and a high power in situations where linear panel data causality tests fail, such as when the linearity assumption does not hold, when the data generating process is heterogeneous across the cross-section units or presents structural breaks.

TL;DR: In this paper, the authors investigate the effect of carbon emissions on firms' default risk and identify the ROA and cash flow volatility as potential channels through which emissions affect the default risk.

TL;DR: In this article, the authors used the autoregressive distribution lag (ARDL) model to empirically study the overall effect of energy taxes, vehicle traffic taxes, and environmental taxes on energy efficiency.

TL;DR: In this article, the authors employ the Bartik method to construct instrumental variable to control for endogeneity, and find that when the proportion of an industry's zombie firm assets increases by 1%, the level of industrial upgrading reduces by approximately 0.85%.

TL;DR: In this article, the authors assess the impact of stock market crash on households' financial income and consumption and find that the financial income of households holding risky assets decreased significantly, in the meanwhile, financial literacy and investment experience did not help reduce loses.

TL;DR: In this paper, the authors investigate whether bank human capital efficiency has moderating effects on the relationship between diversification and bank performance. And they also find that the performance-reducing effects of diversification decrease as bank Human Capital efficiency improves.

TL;DR: Li et al. as mentioned in this paper investigated the effects of political incentives on firms' CSR performance using a panel of Chinese publicly listed firms for the period 2009-2013 and found that firms that strategically apply CSR to accommodate the local government's political incentives obtain more tax/subsidy benefits.

TL;DR: In this article, the authors employ six price series from international and Chinese crude oil markets and Chinese stock market to test for bubbles, and identify two bubble episodes in each series, namely, the 2007-2008 global financial crisis and 2014-2015 oil excess capacity bubbles.