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The rise of internet-only banks: Analyzing the bias in cross-prefectural money demand elasticity
IF 1.3 4区 经济学 Q3 ECONOMICS Pub Date : 2024-07-19 DOI: 10.1016/j.japwor.2024.101268

In 2021, new bank forms, such as Internet-only banks, amassed 2 % of Japanese deposits. Tokyo’s statistics since 2005 encompass deposits in such banks, regardless of depositor location. These Tokyo-based banks operate branchless. Elevated deposits reported in Tokyo, Japan’s highest-income prefecture, could skew the income elasticity of money demand upwards in a cross-sectional regression. This study proposes reallocating Tokyo’s bank deposits to all prefectures to quantify the bias. Additionally, it suggests aggregating fifteen prefectures into five areas to address discrepancies between the deposit and income locations owing to cross-prefectural commuting. Adjusting for new bank deposits, the income elasticity of money demand decreased from 0.899 to 0.872 in March 2021, with overestimation increasing since March 2005. These findings suggest the adequacy of regional statistics in reflecting economic behavior in the digital era, warranting reevaluation.

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引用次数: 0
Does Information Exchange Affect Cross-border Tax Avoidance? Evidence from the Common Reporting Standard 信息交流会影响跨境避税吗?来自共同报告标准的证据
IF 2.9 2区 经济学 Q1 ECONOMICS Pub Date : 2024-07-19 DOI: 10.1111/cwe.12544
Muhan Wang, Kezhong Zhang, Sihan Gao

Using panel data from 2012 to 2020 for publicly traded Chinese companies, we explored the efficacy in mitigation of tax information asymmetry to combat profit shifting and transnational tax avoidance. Our empirical analysis revealed that, after the implementation of the inaugural multilateral automatic information exchange system known as the Common Reporting Standard, there was a statistically significantly increase in the effective tax rate by 1.4 percentage points, accompanied by an increase in instances of tax compliance. These trends were discernibly associated with a reduction in profit shifting and notable changes in reported profit margins, particularly influenced by actions related to debt shifting and strategic management of intellectual property assets. These findings underscore the strong connection between these effects and various factors such as investment destinations, asset portfolios, and industry classifications. The results imply a prospective decline in the incidence of cross-border tax avoidance by Chinese multinational entities and demonstrate the potential of emerging international tax cooperation frameworks for curbing the global tax avoidance practices of multinational corporations.

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引用次数: 0
A New Tri-channel Decomposition of External Adjustment: Model and Application
IF 2.9 2区 经济学 Q1 ECONOMICS Pub Date : 2024-07-19 DOI: 10.1111/cwe.12541
Wangyin Hu, Guangtao Xia, Yingting Li

In this study, we expanded upon the current benchmark model of external adjustment and dissected the concept of international financial adjustment into two distinct components: valuation effect and investment income. Our enhanced model, which we refer to as “tri-channel model,” incorporates three key elements: trade balance, valuation effect, and investment income. Using a consolidated quarterly dataset that encompassed China's balance of payments and international investment positions from 1998 to 2020, we estimated the relative importance of the three newly introduced adjustment channels to China's cyclical external imbalance. We found that the trade balance channel played a major role, accounting for approximately 76 percent of cyclical external adjustment. The contribution of the investment income channel to cyclical external adjustment (21 percent) was much greater than that of the valuation effect channel (3 percent). These findings imply that policy responses to the cyclical external imbalance in China should focus more on the trade balance and investment incomes channels rather than exploiting the valuation effects.

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引用次数: 0
Can a Teacher Salary Increase Promote Students' Educational Performance? 教师加薪能否提高学生的教育成绩?
IF 2.9 2区 经济学 Q1 ECONOMICS Pub Date : 2024-07-19 DOI: 10.1111/cwe.12543
Tianyang Liu, Baozhong Su, Jingjing Wang, Scott Rozelle

Policymakers in China have attempted to improve the quality of rural education by investing in teacher salaries through initiatives like the Rural Teachers Support Plan (RTSP). This study estimates the effects of teacher salary increase on students' educational outcomes in rural China by utilizing the exogenous variations of rural teacher salaries induced by the RTSP. It employs an intensity-based difference-in-differences strategy and panel data from 2010 to 2018 with 3,351 rural children. The findings reveal that an increase in teacher salaries had a significant positive impact on students' examination results. Moreover, the results of mechanism analysis indicate that salary increases could have both quality and quantity effects on students' outcomes by increasing the proportion of highly educated teachers and reducing the student–teacher ratio. Our findings contribute to the discussion on the importance of teacher salary incentives in education production functions and provide insights for other countries undertaking rural education reforms.

中国的政策制定者试图通过 "农村教师支持计划"(RTSP)等举措对教师工资进行投资,从而提高农村教育质量。本研究利用 "乡村教师支持计划 "引起的乡村教师工资的外生变化,估算了教师工资增长对中国乡村学生教育成果的影响。研究采用了基于强度的差分策略和 2010 年至 2018 年的面板数据,研究对象为 3351 名农村儿童。研究结果表明,教师工资的提高对学生的考试成绩有显著的积极影响。此外,机制分析的结果表明,通过增加高学历教师的比例和降低师生比,工资增长对学生的成绩既有质的影响,也有量的影响。我们的研究结果有助于讨论教师工资激励机制在教育生产函数中的重要性,并为其他进行农村教育改革的国家提供启示。
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引用次数: 0
Do clean energy stocks diversify the risk of FinTech stocks? Connectedness and portfolio implications
IF 5.5 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-07-19 DOI: 10.1016/j.gfj.2024.101019

The FinTech sector is growing rapidly, prompting a need to explore effective investment diversification strategies for stocks in this sector. The existing literature has identified the benefits of using clean energy stocks to diversify stock portfolios and the purpose of this research is to estimate how useful clean energy stocks are for diversifying an investment in FinTech stocks. This study uses a QVAR model to estimate the dynamic return connectedness between FinTech stocks and clean energy stocks for the period September 2016 to April 2024. Total connectedness is time varying and is higher in the tails than at the median. The onset of the COVID-19 pandemic had a large but short-term impact on connectedness. Under normal market conditions, systemic risk increases by 3.5% per year. FinTech is a net transmitter of shocks to nuclear energy but is mostly unaffected by shocks from wind, solar, and nuclear energy stocks illustrating the diversification benefits of these sub-sectors. Portfolio analysis shows that adding solar, wind, and nuclear energy to a portfolio with FinTech can produce higher risk adjusted returns and lower drawdown than an investment solely in FinTech stocks. These results are robust across various portfolio rebalancing frequencies (daily, weekly, monthly). For example, a minimum connectedness portfolio rebalanced daily has an average annual return of 11% and a Sharpe ratio of 0.37. These values are higher than their respective values for an investment solely in FinTech stocks (5.4%, 0.11). Thus, clean energy stocks do provide diversification benefits for investments in FinTech stocks.

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引用次数: 0
Has soil regulation policy reduced environmental violations by mining firms?
IF 10.2 2区 经济学 N/A ENVIRONMENTAL STUDIES Pub Date : 2024-07-19 DOI: 10.1016/j.resourpol.2024.105223

Compared to research on air and water pollution, scholarly attention to soil pollution remains somewhat marginalized. Using the Difference-in-Differences (DID) analytical framework, this research examines the impact of China's “Action Plan on Soil Pollution Prevention and Control” (APSPPC) policy on mining firms. Our result shows that the APSPPC policy can significantly reduce pollution violations by mining firms. And this finding retains its significance after an extensive series of robustness validations. In addition, APSPPC mainly affects mining firms' pollution compliance by promoting environmental protection investment and improving resource allocation efficiency. Furthermore, heterogeneity analysis shows that the policy compliance of mineral-extracting firms is achieved by increasing end-treatment and equipment purchases, while the compliance of mineral-processing firms with the APSPPC is achieved through technological progress and source control.

与对空气和水污染的研究相比,学者们对土壤污染的关注仍然有些边缘化。本研究采用差分法(DID)分析框架,考察了中国《土壤污染防治行动计划》(APSPPC)政策对矿业企业的影响。研究结果表明,《土壤污染防治行动计划》政策能够显著减少矿业企业的污染违规行为。在经过一系列广泛的稳健性验证后,这一结论仍然具有重要意义。此外,APSPPC 主要通过促进环保投资和提高资源配置效率来影响矿业企业的污染守法行为。此外,异质性分析表明,矿产开采企业是通过增加终端处理和设备采购来实现政策合规的,而矿产加工企业则是通过技术进步和源头控制来实现 APSPPC 的合规性。
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引用次数: 0
Using smart energy meter data to design better policy: Prepayment meter customers, fuel poverty and policy targeting in Great Britain
IF 6.9 2区 经济学 Q1 ENVIRONMENTAL STUDIES Pub Date : 2024-07-19 DOI: 10.1016/j.erss.2024.103666

During winter 2022–23, residential energy prices were exceptionally high in Europe. Governments provided unprecedented energy support payments, but millions of households still suffered from inadequate access to energy. This paper uses gas and electricity smart meter data from 2019 to 20 to 2022–23 for 11,500 prepayment meter (PPM) customers in Great Britain to characterise energy use over time, by dwelling and household characteristics, examine the effects of high prices and cold weather, evaluate current policy and propose improvements. Households with PPMs are a group where fuel poverty is highly concentrated. This sample use less energy than the general population and 63 % self-disconnected at least once a year, with an annual average 28 h of disconnection. Using smart meter data has enabled identification of groups in extreme need: 7 % of households use scarcely any energy, and no gas, for heating; 4 % self-disconnect for at least 240 h per year. More homes self-disconnected from gas during cold periods than at other times, despite the greater need for heating. The paper proposes replacing the current ‘Cold Weather Payment’ policy that has proven ineffective with advance, daily payments directly to energy accounts that are triggered by forecasts of minimum temperatures of −4 °C. High prices in 2022–23 had a very significant effect: annual gas use per household fell by 20 %, while electricity use fell by 3 %, compared with 2019–20. A new Energy Cost Support Scheme is proposed to provide financial support for households in fuel poverty, worth about £1000 per household. For the longer term, smart meter data could enable better targeting of support for vulnerable households and the fuel poor.

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引用次数: 0
Learning from Neighbors and Differentiating Export Quality 向邻国学习,实现出口质量差异化
IF 2.9 2区 经济学 Q1 ECONOMICS Pub Date : 2024-07-19 DOI: 10.1111/cwe.12539
Qiming Liu, Bin Qiu, Huw Edwards, Bo Gao

This paper explores how learning from neighboring firms affects new exporters' product quality. It builds a Bayesian learning model to study how new exporters revise their prior beliefs about foreign customers' preferences for product quality from neighboring pioneering exporters. The model shows that a new exporter improves its product quality when it receives a positive quality-preference signal from its neighbors. The learning process of a firm depends on the number of neighbors, the level and heterogeneity of their export quality, and its own prior knowledge of the market. Highly disaggregated firm–product–country level transaction data provide robust evidence for this. The results also suggest that the impact of neighboring signals on a new exporter's quality can be channeled through the importation of high-quality intermediate inputs and more fixed investment. Learning effects are heterogeneous across firms and learning can influence other aspects of export performance.

本文探讨了向邻近企业学习如何影响新出口商的产品质量。它建立了一个贝叶斯学习模型,研究新出口商如何从邻近的先驱出口商那里修正其关于外国客户对产品质量偏好的先验信念。该模型表明,当新出口商从邻国收到积极的质量偏好信号时,它就会提高产品质量。企业的学习过程取决于邻国的数量、其出口质量的水平和异质性,以及自身对市场的先验知识。高度分类的企业-产品-国家交易数据为此提供了有力的证据。研究结果还表明,邻国信号对新出口商质量的影响可以通过进口高质量的中间投入和增加固定投资来实现。不同企业之间的学习效应是不同的,学习也会影响出口绩效的其他方面。
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引用次数: 0
Multi-pollutants allocation and compensation schemes: A new approach considering materials balance principle
IF 6.6 2区 经济学 Q1 ECOLOGY Pub Date : 2024-07-19 DOI: 10.1016/j.ecolecon.2024.108309

The absolute cap policy has been widely used to alleviate environmental pollution. However, two practical problems must be solved to formulate effective absolute cap policies. First, there is always a conflict between efficiency and fairness. Second, the allocation scheme is often infeasible without considering the materials balance (MB) principle, especially in multi-pollutant scenarios. The MB principle comes from the physics field and requires that the mass of inputs is equal to the mass of both desired and undesired outputs. To address these two problems, this paper proposes joint allocation and compensation schemes in multi-pollutant scenarios based on the MB principle. The new approach can simultaneously satisfy efficiency and fairness principles and improve the feasibility and accuracy of allocation and compensation schemes. A case of China's thermal power industry is used to demonstrate the approach. These results indicate that the principles of efficiency and fairness can be satisfied simultaneously by the combination of the allocation scheme and compensation scheme. If the MB principle is not considered, the abatement potential and potential benefit may be overestimated, and the allocation scheme is infeasible for most provinces. Moreover, the compensation amounts may be significantly underestimated without the MB principle.

绝对上限政策已被广泛用于缓解环境污染。然而,要制定有效的绝对上限政策,必须解决两个实际问题。首先,效率与公平之间总是存在冲突。其次,如果不考虑物料平衡(MB)原则,分配方案往往是不可行的,尤其是在多污染物情况下。MB 原则来自物理学领域,要求输入的质量等于期望输出和不期望输出的质量。为解决这两个问题,本文基于 MB 原理提出了多污染物情况下的联合分配和补偿方案。新方法可同时满足效率和公平原则,提高分配和补偿方案的可行性和准确性。本文以中国火电行业为例,对该方法进行了论证。这些结果表明,分配方案和补偿方案的组合可以同时满足效率和公平原则。如果不考虑甲基溴原则,减排潜力和潜在效益可能会被高估,分配方案对大多数省份来说是不可行的。此外,如果不考虑甲基溴原则,补偿金额可能会被大大低估。
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引用次数: 0
Block trade contracting
IF 10.4 1区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-07-19 DOI: 10.1016/j.jfineco.2024.103901

We study the optimal execution problem in a principal–agent setting. A client contracts to purchase from a dealer. The dealer hedges, buying from the market, creating temporary and permanent price impact. The client chooses a contract, which specifies payment as a function of market prices; hidden action precludes conditioning on the dealer’s hedging trades. We show the first-best benchmark is theoretically achievable with an unrestricted contract set. We then consider weighted-average-price contracts, which are commonly used. In the continuous-time limit, the optimal weighting entails a constant density at interior times and discrete masses at the extremes.

我们研究的是委托代理环境下的最优执行问题。客户与交易商签订购买合同。交易商进行套期保值,从市场上买入,对价格产生暂时和永久的影响。客户选择合同,合同规定付款是市场价格的函数;隐藏行动排除了对交易商套期保值交易的条件限制。我们的研究表明,理论上第一最优基准是可以通过不受限制的合约集实现的。然后,我们考虑了常用的加权平均价格合约。在连续时间极限中,最优加权需要在内部时间具有恒定密度,而在极端时间具有离散质量。
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引用次数: 0
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