|
on Investment |
| By: | Démurger, Sylvie (CNRS); Lin, Carl (Bucknell University); Schmillen, Achim (World Bank); Wang, Dewen (World Bank) |
| Abstract: | Minimum wages are found to have an inconclusive impact on poverty. Using China’s individual-level panel dataset combined with county-level minimum wages, our paper shows that minimum wages have a moderate yet sustained effect on poverty reduction. The results show a two-sided effect: higher minimum wages help pull some workers out of poverty, while simultaneously pushing others in. This dynamic of larger “pulling” effects being counterbalanced by smaller “pushing” effects explains why existing studies often find that minimum wages have a negligible or minimal impact on poverty reduction. Notably, the poverty reduction effect is most pronounced for female workers. |
| Keywords: | poverty, minimum wages, China |
| JEL: | I32 J3 J88 |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp18326 |
| By: | Kuntscher, Manuela; Schmidt, Thomas |
| Abstract: | Im Sommer 2023 wurde zwischen dem Bundesministerium für Landwirtschaft, Ernährung und Heimat (BMLEH) und 14 Unternehmen des Lebensmittelgroß- und -einzelhandels eine freiwillige Vereinbarung zur Reduzierung von Lebensmittelabfällen (LMA) geschlossen. Mit Unterzeichnung dieses Paktes gegen Lebensmittel- verschwendung (kurz Pakt) haben sich die Unternehmen dazu verpflichtet, ihre LMA bis 2025 um 30 % und bis 2030 um 50 % zu reduzieren. Diese Reduzierungsziele sind von jedem einzelnen Unternehmen zu erreichen und beziehen sich auf das jeweils individuell gewählte Basisjahr. Hierfür sind im Pakt Pflicht- und Wahlpflichtmaßnahmen festgelegt. Das Thünen-Institut wurde vom BMLEH mit der Berichterstattung beauftragt. Dazu übermitteln die Unternehmen jährlich Daten an das Thünen-Institut, welches diese auswertet und in anonymisierter und aggregierter Form in einem Ergebnisbericht veröffentlicht. Der erste Ergebnisbericht wurde im Dezember 2024 von Kuntscher und Schmidt veröffentlicht. Mit dem nun vorliegenden zweiten Ergebnisbericht wird das Monitoring des Paktes fortgeführt. Die Unternehmen liefern Daten zu Umsätzen und Abschreibungen, unterteilt in fünf Warengruppen. Abschreibungen umfassen Lebensmittel, die als nicht mehr verkaufsfähig aussortiert wurden. Zusätzlich sind die Unternehmen verpflichtet, mindestens einmal bis zum Jahr 2030 die Mengen an Lebensmitteln zu erfassen und zu berichten, die für den menschlichen Verzehr weitergegeben werden - beispielsweise in Form von Spenden an die Tafeln. Bis dahin erfolgt die Berechnung auf Basis einer Pauschale. Zudem besteht die Möglichkeit, die Mengen an Lebensmitteln zu melden, die als Futtermittel weitergegeben werden. Beide Formen der Weitergabe (als Lebensmittel und als Futtermittel) tragen zur Verringerung von LMA bei und somit zum Reduzierungsergebnis. Des Weiteren füllen die Unternehmen jährlich ein Formblatt aus, in dem die Umsetzung der Pflicht- und Wahlpflichtmaßnahmen dokumentiert wird. Zur Reduzierung der LMA setzen die Unternehmen neben fünf Pflichtmaßnahmen mindestens acht Wahlpflichtmaßnahmen um. Diesbezüglich steht eine Liste mit 36 verschiedenen Wahlpflichtmaßnahmen zur Auswahl, zudem ist die Anwendung individueller Maßnahmen zulässig. Die Daten zum Berichtsjahr 2024 wurden von allen teilnehmenden Unternehmen fristgerecht zum 1. Juli 2025 eingereicht. Insgesamt wurden 15 Datensätze mit Angaben zu Umsätzen und Abschreibungen, 14 Formblätter sowie ergänzende Nachweise zur Umsetzung der Pflicht- und Wahlpflichtmaßnahmen an das Thünen-Institut übermittelt und anschließend anonymisiert ausgewertet. Dabei erfolgte eine aggregierte Berechnung, gewichtet nach Umsatzzahlen der Unternehmen. Die gewichtete Gesamt-Abschreibungsrate über alle Warengruppen hinweg lag im Jahr 2024 mit 1, 78 % etwas über dem Vorjahreswert. In Warengruppen mit leicht verderblichen Lebensmitteln (Brot und Backwaren, Obst und Gemüse) fiel die Abschreibungsrate höher aus als in Warengruppen mit länger haltbaren Produkten. Die Weitergabe als Lebensmittel oder Futtermittel konnte leicht gesteigert werden, sodass etwas mehr als ein Viertel der Gesamt-Abschreibungsrate weitergegeben wurde. Der verbleibende Anteil wurde als LMA entsorgt. Der gewichtete Reduzierungserfolg über alle Unternehmen hinweg lag im Jahr 2024 bei 25 % und blieb damit auf dem Niveau des Vorjahres. Zwischen den Unternehmen zeigen sich jedoch deutliche Unterschiede: In acht Datensätzen konnte die Reduzierung gegenüber dem Vorjahr weiter verbessert werden, während sie in den übrigen sieben zurückging. Hauptursachen für den Rückgang waren vor allem eine gestiegene Gesamt- Abschreibungsrate und vereinzelt eine gesunkene Weitergabe von Lebensmitteln. Im Hinblick auf das Zwischenziel von 30 % Reduzierung bis 2025 zeigt der aktuelle Stand, dass neun Datensätze dieses Ziel bereits erreicht haben, während sechs noch darunter liegen. Zusammenfassung II Eine der Pflichtmaßnahmen ist, dass sich bis zum 1. Juli 2024 an 90 % der Geschäftsstandorten eine dauerhafte Kooperation mit mindestens einer Organisation zur Weitergabe von Lebensmitteln für den menschlichen Verzehr etabliert hat. Dieses Ziel haben neun Unternehmen bereits erreicht; drei weitere liegen mit über 80 % in Reichweite, während zwei Unternehmen derzeit bei rund 70 % oder knapp darunter liegen. Unternehmen, die das Ziel bislang nicht erfüllen, erstellten eine Zielsetzung zur künftigen Umsetzung. Die Anzahl der umgesetzten Wahlpflichtmaßnahmen stieg von 132 im Jahr 2023 auf 138 im Jahr 2024. Diese verteilten sich wie folgt: 48 an den Schnittstellen zu produzierenden und zuliefernden Betrieben, 43 in den Märkten oder im Online-Handel, 27 an den Schnittstellen zu Kund*innen, 17 zur Verbesserung der Weitergabe und drei individuelle Maßnahmen. Viele der umgesetzten Wahlpflichtmaßnahmen setzen an den Schnittstellen der Lebensmittelkette an, sowohl zu vorgelagerten Sektoren (Landwirtschaft, Verarbeitung) als auch zu nachgelagerten (Außer-Haus-Verpflegung, private Haushalte). Zur Erreichung der Reduzierungsziele ist es jedoch entscheidend, darüber hinaus gezielt Maßnahmen zu fördern, die direkt zur Verringerung der LMA im eigenen Unternehmen beitragen. Neben Strategien zur Senkung der Abschreibungen kann insbesondere der Ausbau der Weitergabe als Lebensmittel oder als Futtermittel einen wirksamen Beitrag leisten. Ergänzend wird eine vertiefte Datenanalyse auf Unternehmensebene empfohlen. Die Untersuchung der abschreibungsintensivsten Produktgruppen sowie eine Auswertung auf Filialebene können dabei wertvolle Erkenntnisse liefern, um gezielt neue Handlungsansätze zur Reduzierung von LMA zu eröffnen. |
| Abstract: | In the summer of 2023, a voluntary agreement to reduce food waste was concluded between the Federal Ministry of Agriculture, Food and Regional Identity and 14 food wholesale and retail companies. By signing this pact against food waste (Pact for short), the companies have committed to reducing their food waste by 30% by 2025 and by 50% by 2030. These reduction targets are to be achieved at company level and in relation to the individually selected base year. Mandatory and elective measures are specified in the pact for this purpose. The Thünen Institute was commissioned by the Federal Ministry of Agriculture, Food and Regional Identity to conduct the reporting. The companies hereto provide data to the Thünen Institute on an annual basis, after which the Thünen Institute analyzes the data and publishes it in an anonymized and aggregated report. The first monitoring report was published in December 2024 by Kuntscher and Schmidt. This second report continues the monitoring of the Pact. Companies submit information on sales and unsaleable groceries for five product groups. Unsaleable groceries include food products that have been sorted out and recorded by the companies as no longer saleable. In addition, the companies are required to measure and report the volume of food passed on for human consumption (e.g., food donations to food banks) at least by 2030. Until then, a fixed rate has been set for this purpose. Companies can also report the volume of food passed on for animal feed use. Both forms of passing (as food and as animal feed) contribute to the reduction of food waste and thus to the overall reduction achieved. Furthermore, companies fill out a form documenting the implementation of mandatory and elective measures. To reduce food waste, companies implement at least eight elective measures in addition to five mandatory measures. There is a list of 36 different elective measures to choose from, and application of individual measures is also permitted. The data for the 2024 reporting year was submitted by all participating companies on time, by July 1, 2025. A total of 15 data sets containing information on sales and unsaleable groceries, 14 forms and supplementary documents on the implementation of mandatory and elective measures were submitted and then analyzed by the Thünen Institute. For the aggregated calculation of the company data, the individual results were weighted according to sales. The weighted total rate of unsaleable groceries across all product groups was 1.78% in 2024, slightly above the previous year's figure. In product groups with perishable foods (bread and baked goods, fruit and vegetables), the rate of unsaleable groceries was higher than in product groups with longer-lasting products. The amount passed on as food or animal feed increased slightly, so that just over a quarter of the total rate of unsaleable groceries was passed on. The remaining part was disposed of as food waste. The weighted reduction success across all companies was 25% in 2024, remaining at the previous year's level. However, there are significant differences between companies: in eight data sets, the reduction improved further compared to the previous year, while in the remaining seven it declined. The main reasons for the decline were primarily an increase in the rate of unsaleable groceries and, in some cases, a decrease in the passing on of food. With regard to the intermediate target of a 30% reduction by 2025, the current status shows that nine data sets have already achieved this target, while six are still below it. The mandatory measures require that 90% of a company's locations enter into at least one long-term cooperation for the distribution of food for human consumption by July 1, 2024. Nine companies have already achieved this goal; three are within reach with over 80%, while two companies are currently at around 70% or just below. Companies that have not yet met the target have set a strategy for future implementation. Abstract IV The number of elective measures implemented rose from 132 in 2023 to 138 in 2024. These were distributed as follows: 48 at the interfaces with producing and supplying companies, 43 in the markets or in online sales, 27 at the interfaces with customers, 17 to improve distribution and three individual measures. Many of the implemented elective measures focus on the interfaces of the food chain - both upstream sectors (agriculture, processing) and downstream sectors (out-of-home consumption, private households). However, in order to achieve the reduction targets, it is crucial to promote measures that directly contribute to reducing food waste within companies themselves. In addition to strategies for reducing the rate of unsaleable groceries, the expansion of passing on as food or animal feed can make a particularly effective contribution. In addition, in-depth data analysis at company level is recommended. For example, they could identify, for each product group, which products are most frequently left unsaleable in order to take appropriate measures. An analysis at store level is also useful in order to take location-specific measures. Such detailed data analysis can provide valuable insights and open up new approaches for reducing food waste. |
| Keywords: | Lebensmittelabfälle, Lebensmitteleinzelhandel, Lebensmittelgroßhandel, Reduzierungsmaßnahmen, Monitoring, Food waste, retail, wholesale, reduction measures |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:jhtiwp:333955 |
| By: | Herath Bandara, Saman J. |
| Keywords: | Community/Rural/Urban Development, Labor and Human Capital, Production Economics |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ags:aaea24:343638 |
| By: | Meijer, Roy (RS: GSBE other - not theme-related research, ROA / Labour market and training); Höfelmann, Ludo (RS: GSBE other - not theme-related research, ROA / Education and transition to work); Dijksman, Sander (RS: GSBE other - not theme-related research, ROA / Labour market and training); Bakens, Jessie (ROA / Labour market and training, RS: GSBE other - not theme-related research) |
| Abstract: | In dit werkdocument wordt ingegaan op de prognosemethodiek en de databronnen gebruikt voor het opstellen van de regionale arbeidsmarktprognoses tot 2030 voor opleidingen (mbo, hbo, en wo) en beroepen. De gebruikte bronnen, begrippen en methodiek sluiten zoveel als mogelijk aan bij het rapport De arbeidsmarkt naar opleiding en beroep tot 2030 (Bakens et al., 2025a). In dat rapport is reeds ingegaan op het doel van de arbeidsmarktprognoses, en wordt een beknopte weergave van de gehanteerde methodiek gegeven. De uitgangspunten van het Project Onderwijs-Arbeidsmarkt en de prognosemethodiek zijn uitgebreider uiteengezet in verschillende andere publicaties.3 Het doel van het Project Onderwijs-Arbeidsmarkt (POA) is om inzicht te verschaffen in de actuele en de op middellange termijn verwachte situatie op de arbeidsmarkt, verbijzonderd naar beroep en opleiding. Beter inzicht in de toekomstige situatie op de regionale arbeidsmarkt kan helpen om het aanbod van voorzieningen bij verschillende onderwijsinstellingen beter op elkaar en op de arbeidsvraag van werkgevers af te stemmen. Ook kan deze informatie worden gebruikt als signaal bij de studie- en beroepskeuze van jongeren, eventueel in combinatie met de meer gedetailleerde landelijke arbeidsmarktprognoses naar opleidingstype of met andere regionale arbeidsmarktgegevens. De publicatie van de regionale arbeidsmarktprognoses is erop gericht om voortijdig discrepanties tussen vraag een aanbod op regionaal niveau te kunnen vaststellen. Door het afgeven van ‘early warnings’ aan provincies, gemeentes, UWV WERKbedrijf, uitzend- en bemiddelingsbureaus, werkgeversorganisaties en niet te vergeten onderwijsinstellingen kunnen beleidsmakers maatregelen nemen en individuele actoren (studiekiezers, werkzoekenden, werkgevers) hun beslissingen aanpassen. |
| Date: | 2025–12–17 |
| URL: | https://d.repec.org/n?u=RePEc:unm:umarot:2025005 |
| By: | Gao, Long; McCallister, Donna |
| Keywords: | Crop Production/Industries, Demand and Price Analysis |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ags:aaea24:343882 |
| By: | Haqiqi, Iman |
| Keywords: | Environmental Economics and Policy, Land Economics/Use, International Relations/Trade |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ags:aaea24:344026 |
| By: | Hadachek, Jeffrey; Ma, Meilin |
| Keywords: | Risk and Uncertainty, Agricultural and Food Policy, Agribusiness |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ags:aaea24:343748 |
| By: | Trummer, Ursula; Jachmann, Anne; Davidovic, Nadav; Gottlieb, Nora; McDaid, David; Wickramage, Kolitha |
| Abstract: | WKS 37: Round Table discussion on Migration and Health Economics: Bridging Evidence Gaps for Informed Policy and Practice, B302 (FCSH), September 5, 2025, 09:00 - 10:00 Rationales and Purpose The field of migration health is increasingly relevant due to globalization, aging European workforce, displacement from crisis regions, and climate-induced migration. Beyond the humanitarian duty to ensure healthcare access for vulnerable groups, questions arise about scope and economic cost of services. Evidence suggests that exclusion from care can be more costly than inclusion, yet data gaps hinder evidence-based policymaking. Stronger collaboration between experts in migration, health, and health economics is needed to strengthen the evidence base. This workshop aims to explore ways to foster research cooperation and identify priority topics for advancing equitable, sustainable healthcare policies. Workshop-Process The session will follow round table format. After short introductions, panelists from health economics, policy, public health, and migration health will share insights from their work. A panel discussion will examine what kind of economic evidence is needed to improve decision-making and health outcomes for migrants and refugees. Participants will then split into groups to discuss: which economic evidence is still missing, how to promote interdisciplinary, international cooperation to obtain it, how to prepare findings for policy and practice. The workshop will conclude with group presentations and wrap-up by the facilitators. Projected Learning Outcomes The workshop highlights the role of health economics in migration health and the need for cross-sector collaboration. Participants will define evidence gaps and how to link findings with policymaking to improve healthcare for migrants and refugees. |
| JEL: | N0 |
| Date: | 2025–12–08 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:130675 |
| By: | Shivani, .; Das Banerjee, Anannya; Ramji, Aditya |
| Keywords: | Engineering, Social and Behavioral Sciences |
| Date: | 2025–12–01 |
| URL: | https://d.repec.org/n?u=RePEc:cdl:itsdav:qt3db4b4cv |
| By: | Luca Barzanti (University of Bologna); Martina Nardon (Ca’ Foscari University of Venice) |
| Abstract: | Forecasting expected gifts is a key task in Fundraising Management. In this study, we propose modeling a gift as an individual risk that can be analyzed from multiple perspectives: the occurrence, frequency, and timing of donations, as well as their monetary amounts. We focus specifically on modeling the number of donations as a Poisson random variable whose intensity parameter depends on individual donor characteristics. By introducing a Gamma-distributed heterogeneity factor, a Negative Binomial model arises as a natural extension of the starting framework. This approach enables the estimation of both the expected number of donations and the probability of a gift through Negative Binomial regression. We illustrate the methodology with an empirical application. |
| Keywords: | Fundraising Management; Expected Gift; Poisson Regression; Negative Binomial Regression |
| JEL: | D64 C63 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ven:wpaper:2025:28 |
| By: | Elvio Accinelli; Laura Policardo; Edgar J. Sanchez Carrera |
| Abstract: | This paper develops a dynamic general equilibrium (DGE) model with heterogeneous agents to connect three macroeconomic phenomena: persistent poverty traps, sluggish real growth, and rising wealth inequality. The model achieves this by allowing agents, who differ in patience and face a subsistence consumption constraint, to choose portfolios between productive capital and a fixed-supply, unproductive asset susceptible to rational speculative bubbles. The analysis reveals that these bubbles, while rational, induce a positive wealth effect for asset-holders, which, through optimal consumption-smoothing (via agents’ Euler equations), reduces the aggregate savings rate, permanently “crowding out†productive capital that crowds out productive investment, leading to lower real wages and output, which in turn exacerbates wealth inequality by pushing constrained agents closer to the poverty trap. A calibration exercise, disciplined by real-world stylized facts, illustrates the model’s path-dependence and highlights the particular vulnerability of middle-income economies to such collapses |
| Keywords: | Poverty Traps, Wealth Inequality, Speculative Bubbles, Endogenous Savings, Portfolio Choice, Heterogeneous Agents, General Equilibrium, Subsistence Consumption. Jel Classification:D31, E21, E44, G12, O11, O40 |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:usi:wpaper:936 |
| By: | Wang, Xiaobing; Zhou, Yanyan |
| Keywords: | Community/Rural/Urban Development |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ags:aaea24:343672 |
| By: | Flintz, Joschka |
| Abstract: | This study examines the determinants of away fan attendance in Germany's top three football divisions over six seasons and assesses its impact on match outcomes. The analysis reveals that, after conditioning on home and away teams, distance and kick-off time are the most important predictors of away fan turnout. Moreover, away support is found to have a statistically significant positive effect on team performance: an additional 1, 000 away fans is associated with a 4.6% to 7.5% increase in the probability of the away team winning or drawing the match. These findings suggest that league organizers should consider fan logistics and the potential influence of away fan presence when scheduling fixtures, in order to maintain sporting equity. At the club level, the results underscore the value of fostering fan engagement and indicate that strategies aimed at increasing away attendance may contribute to improved sporting outcomes. |
| Abstract: | Diese Studie untersucht die Determinanten der Auswärtsfanbeteiligung in den drei höchsten deutschen Fußballligen über sechs Spielzeiten hinweg und bewertet deren Auswirkungen auf die Spielergebnisse. Die Analyse zeigt, dass nach Berücksichtigung der Heim- und Auswärtsmannschaften die Entfernung und die Anstoßzeit die wichtigsten Prädiktoren für die Auswärtsfanbeteiligung sind. Darüber hinaus hat die Unterstützung der Auswärtsfans einen statistisch signifikanten positiven Einfluss auf die Leistung der Mannschaft: 1.000 zusätzliche Auswärtsfans erhöhen die Wahrscheinlichkeit, dass die Auswärtsmannschaft das Spiel gewinnt oder unentschieden spielt, um 4, 6 % bis 7, 5 %. Diese Ergebnisse legen nahe, dass die Liga-Organisatoren bei der Spielplanerstellung die Logistik für die Fans und den potenziellen Einfluss der Anwesenheit von Auswärtsfans berücksichtigen sollten, um die sportliche Fairness zu wahren. Auf Vereinsebene unterstreichen die Ergebnisse den Wert der Förderung des Fanengagements und deuten darauf hin, dass Strategien zur Steigerung der Auswärtsbesucherzahlen zu besseren sportlichen Ergebnissen beitragen können. |
| Keywords: | Sport economics, Away fan attendance, Team performance, Spatio-temporal analysis |
| JEL: | C23 Z20 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:rwirep:333895 |
| By: | Ngoc-Sang Pham; Thi Kim Cuong Pham; Trong Tin Nguyen; Cuong Le Van |
| Abstract: | We develop a dynamic endogenous-growth model with an R&D sector in which the elasticity of innovation with respect to existing knowledge can be negative. We prove the existence and uniqueness of a balanced growth path (BGP) and derive closed-form growth factors, showing that productivity and output growth are semi-endogenous and population-driven. We also establish the global stability under general production function. Under testable parameter restrictions, the economy converges to the BGP. When the knowledge elasticity is sufficiently low, a Jacobian-based condition implies instability, and an N-period innovation cycle can emerge. Comparative statics are conducted to show the role of several factors, including research efficiency, elasticity of inputs and population growth. Calibrated simulations map out transitions and mark the points at which stability is lost. They make clear when innovation frictions endanger balanced growth and provide practical guidance for R&D and demographic policy. |
| Keywords: | endogenous growth, population-driven growth, balanced growth path, stability, instability, innovation, monotone dynamical system. |
| JEL: | C62 O31 O41 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:drm:wpaper:2025-46 |
| By: | Nenovsky, Nikolay; Marinova, Tsvetelina |
| Abstract: | We focus on two of the leading representatives of the Bulgarian intelligentsia during the late Ottoman Empire, Ivan Bogorov and Georgi Sava Rakovski, who engaged in discussions on economic issues. Each of them believed that the collective national and economic goal of the Bulgarians could be solved within the framework of a certain economic worldview, which seems eclectic and contradictory to the contemporary economist, but consistent and logical when taking into account the era in which the two authors lived and wrote. |
| Keywords: | economic modernization, Ottoman Empire, bulgarian economic thought, Bulgaria, Ivan Bogorov, Georgi Sava Rakovski |
| JEL: | B1 B10 B31 N00 N93 |
| Date: | 2025–12–10 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:127299 |
| By: | Huijts, Tim (RS: GSBE other - not theme-related research, ROA / Health, skills and inequality); Ozaist, Martyna (RS: GSBE other - not theme-related research, ROA / Health, skills and inequality) |
| Abstract: | MBO-scholen hebben ervaring met Positieve Gezondheid (PG) bij studenten en willen de toepassing voor medewerkers verder ontwikkelen. |
| Date: | 2025–12–17 |
| URL: | https://d.repec.org/n?u=RePEc:unm:umarof:2025008 |
| By: | Billerbeck, Anna; Hoffmann, Jakob (LMU Munich); Fritz, Markus |
| Abstract: | The fate of the energy transition hinges not only on the existence of well-crafted policies, but also on their successful implementation, oftentimes by conglomerates of local actors. Usually involving both public and private parties without clear hierarchies, local implementation of policy is a process of multi-stakeholder governance and often characterized by difficult collective decision-making due to different perceptions of challenges and priorities. A good example of this process is energy and heat planning, which involves several local stakeholders with different hierarchical structures. In this paper, we study the evaluation of challenges and success factors among municipalities and utilities in the context of heat planning in Germany. Based on a survey of 267 communal stakeholders, we find an effect of inversion in juxtaposing importance and difficulty ratings: While municipalities perceive factors such as effective communication, clearly defined responsibilities and concrete measures and projects as more important than their utility counterparts, utilities see them as more challenging. Such perceptual inversion has the potential to complicate collective goal-setting and decision-making and thus can slow down energy transition governance processes. |
| Date: | 2025–12–08 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:pagvs_v1 |
| By: | Anahit Gasparyan (Central Bank of Armenia); Aleksandr Shirkhanyan (Central Bank of Armenia) |
| Abstract: | This paper estimates structural demand for business loans and household deposits in a small, highly dollarized banking system. Using quarterly bank-level data from Armenia over 2012–2024, we estimate discrete-choice demand models, with a focus on the Random Coefficient Logit specification, to recover product-level own- and cross-price elasticities. These elasticities provide behavioral measures of competition, capturing how borrowers and depositors substitute across banks, currencies, and maturities over time. The results reveal substantial heterogeneity and directional asymmetry in substitution patterns, with systematically stronger price responsiveness in AMD-denominated products: while substitution from AMD to USD lending declines steadily, substitution toward AMD remains comparatively more responsive, particularly during periods of macro-financial stress. Regulatory-driven consolidation in 2015–2016 is associated with a marked reduction in price sensitivity across both loan and deposit markets. Deposit markets are less price-elastic overall, but competitive conditions vary systematically by currency and demographic characteristics, with older and male depositors exhibiting stronger preferences for USD-denominated savings. |
| Keywords: | Banking competition; Demand elasticities; Random coefficient logit; Dollarization; Loan and deposit markets |
| JEL: | G21 L11 D12 |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:ara:wpaper:wp-2025-07 |
| By: | McKetty, Matthew NR; Foltz, Jeremy D. |
| Keywords: | Food Security and Poverty, International Development, Resource/Energy Economics and Policy |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ags:aaea24:343715 |
| By: | Stefano Caselli, Marta Zava |
| Abstract: | The study examines the structure, functioning, and strategic implications of financial ecosystems across four European countries—France, Sweden, the United Kingdom, and Italy—to identify institutional best practices relevant to the ongoing transformation of Italy’s financial system. Building on a comparative analysis of legislation and regulation, taxation, investor bases, and financial intermediation, the report highlights how distinct historical and institutional trajectories have shaped divergent models: the French dirigiste system anchored by powerful state-backed institutions and deep asset management pools; the Swedish social-democratic ecosystem driven by broad household equity participation, tax efficient savings vehicles, and equity-oriented pension funds; and the British liberal model, characterized by deep capital markets, strong institutional investor engagement, and globally competitive listing infrastructure. In contrast, Italy remains predominantly bank-centric, with fragmented institutional investment, limited retail equity participation, underdeveloped public markets, and a structural reliance on domestic banking channels for corporate finance. |
| Keywords: | financial ecosystems; capital markets; institutional investors; household savings; taxation; IPO markets; SME finance; European financial integration; Savings and Investments Union. |
| JEL: | G10 G18 G23 G28 O16 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:baf:cbafwp:cbafwp25261 |
| By: | Linovski, Orly |
| Abstract: | Despite calls for reform, many transit agencies rely heavily on enforcement to increase fare revenue and perceptions of safety. Both fare evasion and behaviour violations (like loitering and public intoxication) can carry heavy fines, and lead to debt collection and criminal justice system involvement. Yet, there has been limited examination of the financial and social costs of transit fines, and whether enforcement programs can achieve revenue goals. Using administrative data obtained through freedom of information requests, I document the nature and extent of transit enforcement and fines in sixteen Canadian cities. I find that transit fines are excessively punitive when compared with parking violations, with fines on average five times higher than similar parking infractions. While there may be deterrence value from enforcement, few transit fines are paid, and the costs of enforcing transit violations are likely significantly greater than revenue from payments. Given this, transit agencies should evaluate the goals, impacts, and outcomes of enforcement programs, with a full accounting of both the financial and social costs, and consideration of alternative programs. |
| Date: | 2025–12–23 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:stw6y_v1 |
| By: | Bernd Bonfert (Aarhus University [Aarhus]); Helle Ørsted Nielsen (Aarhus University [Aarhus]); Anders Branth Pedersen (Aarhus University [Aarhus]) |
| Abstract: | Strategies for transforming capitalist economies often struggle with scaling up more socially just and ecologically sustainable alternatives. To avoid being stuck in a "local trap", many prefigurative initiatives form larger networks and coalitions. Agroecological practices, such as community-supported agriculture (CSA), have been especially expansive in recent years. However, since most scholarship on the growing CSA networks focuses primarily on their development and positive achievements, we learn little about their encountered challenges and their strategies for overcoming them. This article therefore investigates the causes and extent of "network failure", including barriers to collaboration and potential responses, among CSA networks in the UK and Germany. It draws on qualitative case studies, based on interviews, observation and document analysis. The article finds that CSA networks operate well at national and local level, but have experienced relative network failure at regional level, and encounter regular barriers to collaboration due to capacity limitations, differences and competition between members, all of which they are trying to address. |
| Keywords: | Green cities, Experimental governance, Local governance, Energy communities, Energy transition, Renewable energy |
| Date: | 2024–07–24 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05394859 |
| By: | Jonathan Thebault; Meltem Chadwick |
| Abstract: | This study shows that Paris-aligned indices (PAB) have similar return and volatility to conventional indices for both equities and bonds. Thus, from an investor’s perspective, Paris aligned investments do not necessarily add volatility despite reduced diversification, and they may offer investors, including institutionals, an opportunity to green their portfolios without taking on additional risk. <p> Cette étude montre que les indices alignés sur l’Accord de Paris (Paris-aligned benchmarks, PAB) ont des rendements et une volatilité comparables à ceux des indices classiques pour les actions comme pour les obligations. Ainsi, du point de vue de l’investisseur, les investissements alignés sur l’Accord de Paris n’accroissent pas nécessairement la volatilité, malgré une diversification réduite, et ils peuvent offrir une possibilité de verdir les portefeuilles sans prendre de risque supplémentaire, y compris pour les investisseurs institutionnels. |
| Date: | 2025–12–08 |
| URL: | https://d.repec.org/n?u=RePEc:bfr:econot:422 |
| By: | Daniel O. Cajueiro; Mauricio Ribeiro |
| Abstract: | We study how to test whether choices are compatible with maximizing an incomplete preference when we cannot choose the menus from which to observe choices, both theoretically and empirically. Theoretically, we contrast the testable restrictions of the complete and incomplete preference maximization models, showing that once we drop completeness, testing for compatibility becomes computationally hard and may even require an infinite dataset. Empirically, we propose a toolkit to test for compatibility with maximizing an incomplete preference, addressing cases where the analyst might only observe some of the choices a person would make from a menu. We apply this toolkit to compare the performance of the complete and incomplete preference maximization models in three existing choice experiments. |
| Date: | 2025–04–02 |
| URL: | https://d.repec.org/n?u=RePEc:bri:uobdis:25/806 |
| By: | Capps, Oral; Wang, Lingxiao |
| Keywords: | Consumer/Household Economics, Demand and Price Analysis, Agribusiness |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ags:aaea24:343575 |
| By: | Mohite, Manasi Sandeep; Gaikwad, Rahul Shashikant (Investments Key Limited, Canary Wharf, UK) |
| Abstract: | This research critically examines the Khoti system in the Konkan region of western India as a historical manifestation of agrarian exploitation, wherein intermediary landlords imposed exorbitant rents upon cultivators – predominantly from marginalized castes – systematically depriving them of land ownership, rights, and dignity. Situating this feudal framework within the broader socio-economic discourse, the study investigates how entrenched hierarchies sustained structural inequality and economic disenfranchisement. Central to the analysis is Dr. B. R. Ambedkar’s constitutional vision, which redefined Indian democracy through the inseparable pursuit of social and economic justice. His transformative legal architecture not only dismantled exploitative land relations but also facilitated the emergence of an inclusive middle class across diverse sectors. Employing a historical-analytical methodology, this paper interrogates the transition from feudal dependency to constitutional empowerment by engaging with economic theory, constitutional provisions on equality, abolition of untouchability, and land reforms. By juxtaposing pre- and post-Constitutional realities, the research elucidates how juridical reform can function as an instrument of social emancipation and equitable redistribution. Ultimately, this study contributes to global discourses on agrarian justice by positioning India’s constitutional experience as a replicable model for reform, capable of addressing similar socio-economic inequities in other parts of the world. Keywords: Khoti system; Agrarian exploitation; Marginalized castes; Agrarian justice JEL Classification: Q15; N55; O13; D63; P48; J43 |
| Date: | 2026–01–01 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:k5edn_v1 |
| By: | Arpita Mukherjee (Indian Council for Research on International Economic Relations (ICRIER)); Aashish Chaudhry; Trishali Khanna; Latika Khatwani; Pallavi Verma |
| Abstract: | This policy-brief outlines key action points that the FSSAI may undertake to support “Vitamin D Kuposhan Mukt Bharat”. These include permitting a wider range of products to be fortified with Vitamin D from both plant-based and animal-based sources, mandating fortification in select products, strengthening research and innovation in fortification, defining high fat sugar and salt (HFSS), raising awareness and building consumer trust, improving effective monitoring to enhance fortification impact, integrating fortified food into dietary guidelines, and providing capacity-building and training to MSMEs on fortification. |
| Keywords: | Vitamin D, food processing, food fortification, health policy, India, micronutrien, icrier |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:bdc:ppaper:55 |
| By: | Taisuke Imai; Salvatore Nunnari; Jilong Wu; Ferdinand M. Vieider |
| Abstract: | We present a meta-analysis of prospect theory (PT ) parameters, summarizing data from 166 papers reporting 812 estimates. These parameters capture risk-taking propensities, thus holding interest beyond PT. We develop an inverse-variance weighted method that accounts for correlations in PT parameters and imputes missing information on standard errors. The mean patterns align with the stylized facts of diminishing sensitivity towards outcomes and probabilities discussed in PT. Beyond this, the analysis yields several new insights: 1) between-study variation in parameters is vast; 2) heterogeneity is difficult to explain with observable study characteristics; and 3) the strongest predictors are experimental and measurement indicators, revealing systematic violations of procedure invariance. These findings highlight the promise of cognitive accounts of behavior in organizing unexplained variation in risk-taking, which we discuss. |
| Keywords: | prospect theory, probability weighting function, meta-analysis |
| JEL: | C11 D81 D91 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_12334 |
| By: | Miranda De Souza Almeida, Felipe |
| Keywords: | Production Economics, Productivity Analysis, International Development |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ags:aaea24:343844 |
| By: | Miranda De Souza Almeida, Felipe |
| Keywords: | Productivity Analysis, Production Economics, International Development |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ags:aaea24:343849 |
| By: | Yoosoon Chang (Indiana University, Department of Economics); Youngmin Choi (Baruch College (CUNY), Zicklin School of Business, Department of Economics and Finance); Soohun Kim (Korea Advanced Institute of Science and Technology (KAIST), College of Business); Joon Park (Indiana University, Department of Economics) |
| Abstract: | This paper develops a novel functional predictive regression framework linking option-implied distributions to stock market returns, motivated by the fundamental link between risk-neutral and physical densities. Using extensive S&P 500 option panels, our model exhibits significant forecasting power, achieving robust out-of-sample R2 exceeding 4% and outperforming traditional predictors. Superior performance arises from leveraging the full spectrum of the risk-neutral density via functional principal components. Our analysis reveals forecasting success stems from nuanced variations in risk-neutral densities beyond conventional finite moments, underscoring the predictive value of distributional shape and higher-order information, and demonstrates potential economic gains through a market-timing strategy. |
| Keywords: | functional predictive regression, market risk premium, option market, return predictability, risk-neutral measure, stochastic discount factor |
| Date: | 2025–07 |
| URL: | https://d.repec.org/n?u=RePEc:inu:caeprp:2025003 |
| By: | Shekhawat, Ravindra Singh; Chand, Prem; Kiran Kumara, T. M.; Moharana, Pratap Chand; Rathore, Vijay Singh; Panwar, Nav Ratan; Kumar, Dinesh |
| Abstract: | Arid regions face severe challenges due to wind-induced sand erosion, which accelerates land degradation and disrupts the ecological balance. The mobility of unstabilized sand dunes exacerbates these challenges by encroaching on arable land, damaging infrastructure such as roads and buildings, and threatening the local biodiversity. This dynamic process undermines agricultural productivity and increases its vulnerability to extreme weather events, thereby impacting food security and the livelihoods of communities dependent on these fragile ecosystems. Addressing these challenges requires comprehensive adaptation and mitigation strategies and their associated economic and environmental costs for evidence-based decision-making to prioritize interventions and allocate resources while balancing immediate human needs and long-term sustainability. In this paper, authors provide a comprehensive assessment of the conditions affecting sand dunes, including the dynamics of sand mobilization, stabilization methods employed, and the economic benefits of sand dune stabilization technologies. Looking forward, this paper proposes pathways for scaling up the deployment of sand dune stabilization technologies, emphasizing their integration into desertification control, afforestation, and water conservation programs. I hope this paper will be a valuable resource for policymakers, researchers, and other stakeholders in understanding the technological gaps in sand dune stabilization efforts and in designing sustainable land management practices for ecologically fragile arid environments. |
| Keywords: | Environmental Economics and Policy |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ags:icarpp:383744 |
| By: | Juan C. Chaparro; Nataly Corredor-Martinez; Eleonora Dávalos; Leonardo Fabio Morales |
| Abstract: | The advent of digital technology and widespread internet access has transformed how firms advertise job vacancies and how job seekers conduct their searches. This paper presents a novel methodology for identifying job-related skills and knowledge from the textual descriptions of online job postings, using data from Colombia’s largest public online job board and the O*NET database. By analyzing posted wages and applying a data-driven approach to identify skill requirements, the study estimates the wage returns associated with specific skills and knowledges in the formal Colombian labor market. The findings indicate that, within a given occupation, the prevalence of certain basic skill categories such as mathematics, writing, time management, and instructing is associated with higher wage returns. Notably, most of the skill categories with significant positive returns are not occupation-specific; rather, they represent transferable capabilities that enhance performance across a wide range of tasks and occupations. *****RESUMEN: El auge de la tecnología digital y el acceso generalizado a internet ha transformado la forma en que las empresas anuncian vacantes laborales y cómo los buscadores de empleo realizan sus búsquedas. Este artículo presenta una metodología para identificar habilidades y conocimientos relacionados con el trabajo a partir de las descripciones textuales de ofertas de empleo en línea, utilizando datos del mayor portal público de empleo en línea de Colombia y la base de datos O*NET. Al analizar los salarios publicados y aplicar un enfoque basado en datos para identificar los requisitos de habilidades, el estudio estima los retornos salariales asociados con habilidades y conocimientos específicos en el mercado laboral formal colombiano. Los hallazgos indican que, dentro de una ocupación determinada, la prevalencia de ciertas categorías de habilidades básicas como matemáticas, redacción, gestión del tiempo e instrucción está asociada con mayores retornos salariales. Cabe destacar que la mayoría de las categorías de habilidades con retornos positivos significativos no son específicas de una ocupación; más bien, representan capacidades transferibles que mejoran el desempeño en una amplia gama de tareas y ocupaciones. |
| Keywords: | Online job portals, Vacancies, Occupational skill requirements, Wage disparities, Labor markets in developing countries, Portales de empleo en línea, Vacantes, Requisitos de habilidades ocupacionales, Disparidades salariales, Mercados laborales en países en desarrollo |
| JEL: | J23 J24 J31 J63 O15 |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:bdr:borrec:1337 |
| By: | Mr. Damien Capelle; Eduardo Espuny Diaz; Mr. Divya Kirti; Mr. Germán Villegas-Bauer; Sharan Banerjee |
| Abstract: | This paper analyzes the effectiveness of green financial policies—green credit policies and free emissions allowances—at improving emission efficiency while supporting output. We develop a heterogeneous-firm model with financial constraints and endogenous adoption of cleaner capital. The model matches key targeted and untargeted moments from granular micro-data, including the facts that more financially constrained firms are less productive, more emission intensive, and respond less to carbon pricing. In counterfactual simulations in our model, credit policies without green bias raise output but also raise emissions, as firms become more capital and energy intensive. In contrast, well-targeted green credit policies—focusing on frontier technologies—cut emissions while boosting output. In the presence of financial frictions, free emissions allowances offset the output costs of carbon pricing, breaking the usual irrelevance of permits allocation. |
| Keywords: | Climate Change; Emissions; Financial Constraints; Financial Frictions; Productivity; Technology Adoption; Capital Vintages. |
| Date: | 2025–12–19 |
| URL: | https://d.repec.org/n?u=RePEc:imf:imfwpa:2025/269 |
| By: | Ana Cebreiro Gomez; Ms. Christina Kolerus; Guilherme Dal Pizzol; Pablo Moreira; Miguel Pecho |
| Abstract: | Brazil’s landmark VAT reform, approved in December 2023, will profoundly alter the way consumption taxes are raised across three levels of government. The dual VAT will replace five overlapping taxes, address major inefficiencies of the current system, and simplify and harmonize a widely scattered tax landscape. While the objective of revenue neutrality is anchored in the reform law, deep structural changes will generate uncertainty about the expected revenue collection. This paper estimates consumption tax revenues under the new VAT based on an adjusted IMF's RA-GAP framework taking into account Brazil’s specificities and documents sectoral shifts in tax burdens. We simulate a wide set of scenarios, modifying key assumptions including on the compliance gap and informality, while being guided by legislated decisions on rates and exemptions. Our findings indicate that minimizing the compliance gap will be the most effective way towards ensuring revenue neutrality. To address revenue risks and unleash the reform’s benefits, full integration of operations and effective management of the input tax credit mechanism are critical. |
| Keywords: | Tax policy; VAT; RA-GAP model; tax compliance; informality |
| Date: | 2025–12–19 |
| URL: | https://d.repec.org/n?u=RePEc:imf:imfwpa:2025/266 |
| By: | Marc Blatter; Joséphine Molleyres |
| Abstract: | In this paper, we analyze the effects of the introduction of the liquidity coverage ratio (LCR) on banks' funding behavior. We use changes in regulatory liquidity requirements in Switzerland as a natural experiment. Using data for the period before and after the LCR was applied for all banks in Switzerland, our dataset allows us to analyze how the introduction of the LCR affects the banks' funding structure. Our results show that the LCR had its intended effects as banks reduced their exposure to short-term funding. At the same time, we find evidence for optimization of the LCR by banks. Banks optimize their LCR by extending the maturities of liabilities slightly over 30 days, which leads to an improvement in the LCR by 10 percentage points on average. Our results imply that it makes sense to complement the 30-day LCR with longer-term liquidity requirements to reduce cliff risks. |
| Keywords: | Regulatory arbitrage, Liquidity regulation, Contractual maturity mismatches, Funding structure |
| JEL: | G21 G28 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:snb:snbwpa:2025-18 |
| By: | Brune, Niclas; Vetter, Oliver A.; Walter, Philipp; Buxmann, Peter |
| Abstract: | This paper explores how the integration of generative artificial intelligence (GenAI)reshapes organizational sensemaking in sustainability reporting. While reporting iscritical to environmental progress, small enterprises often lack the resources to engagemeaningfully in the necessary sensemaking processes. GenAI technologies offer newopportunities to support these processes, yet their impact remains underexplored. Toinvestigate how GenAI integration affects sensemaking, we conducted an exploratorycase study in six companies using a prototype Green Information System (IS) forsustainability reporting. We found that GenAI can support sensemaking by providingcontext-specific information and adaptive guidance. It can trigger sensemaking bytaking an active role, enabling joint human-AI sensemaking. We contribute to Green ISresearch by illustrating how GenAI fosters sustainability-oriented reflection and action.We extend the sensemaking support systems research by demonstrating that GenAI canfunction not just as an analytical tool but as an active trigger of sensemaking processes. |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:dar:wpaper:158247 |
| By: | Zaman, Azaz; Miao, Ruiqing |
| Keywords: | Agricultural and Food Policy, Environmental Economics and Policy, Agribusiness |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ags:aaea24:344069 |
| By: | Haley, Nicholas M.; Savchenko, Olesya |
| Keywords: | Environmental Economics and Policy, Resource/Energy Economics and Policy, Land Economics/Use |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ags:aaea24:343778 |
| By: | Zhang, Wenbei; Qiu, Feng |
| Keywords: | Resource/Energy Economics and Policy |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ags:aaea24:344062 |
| By: | Vincent Chatellier (SMART - Structures et Marché Agricoles, Ressources et Territoires - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Rennes Angers - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement) |
| Abstract: | This conference presents the major dynamics of international trade in agricultural and agri-food products over the past 25 years. Drawing on analyses applied to two customs databases (BACI and COMEXT), it aims, on the one hand, to describe the structure of this trade by product type and, on the other hand, to highlight changes in the relative importance of the main geographic regions involved. It then examines the effects of CETA (Comprehensive Economic and Trade Agreement) on the evolution of trade between Canada and the European Union, as well as the issue of the proposed trade agreement -an important source of political tension- between the EU and Mercosur countries. Particular attention is also given to the structure of intra-European trade and its repercussions on value chains in key countries such as France, the Netherlands, and Germany. Finally, the conference offers some reflections on the interplay between inflationary pressures, competitiveness, and agricultural policies. |
| Abstract: | Cette conférence présente les grandes dynamiques du commerce international de produits agricoles et agroalimentaires au cours des 25 dernières années. En s'appuyant des traitements appliqués à deux bases de données issues des douanes (BACI et COMEXT), cette conférence vise d'une part à rendre compte de la structure de ce commerce selon les types de produits et, d'autre part, à souligner l'évolution du poids des principales zones géographiques impliquées. Elle aborde ensuite les effets du CETA sur l'évolution des échanges entre le Canada et l'Union européenne et la question de l'accord commercial envisagé, et sources de tensions politiques, entre l'UE et les pays du Mercosur. Une attention est également portée à structure du commerce intra-européen et à ses répercussions sur les filières de pays clés comme la France, les Pays-Bas et l'Allemagne. Cette conférence apporte également quelques éléments de réflexion sur l'entrecroisement entre pressions inflationnistes, compétitivité et politiques agricoles. |
| Keywords: | Canada, EU, Competitiveness, Agricultural and agri-food products, International trade, UE, Compétitivité, Produits agricoles et agroalimentaires, Echanges internationaux |
| Date: | 2025–12–11 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05430364 |
| By: | Ma, Chang; Rebucci, Alessandro; Zhou, Sili |
| Abstract: | Chinese private portfolio equity outflows, though small compared to other Chinese outflows, are growing rapidly because of capital account liberalization and capital flight. Using granular stock-holding data on Qualified Domestic Institutional Investor (QDII) mutual funds, we identify a nascent financial channel of international transmission of Chinese monetary policy to world stocks. Event study analysis around monetary policy announcement days reveals that monetary policy tightening depresses returns of country equity indexes and individual U.S. stocks with QDII fund exposure relative to non-exposed stocks. The results are robust to controlling for the real transmission channel of Chinese monetary policy and other confounders. The effect is driven by smaller and less liquid firms, but not by China-concept stocks or those highly exposed to China's macroeconomic shocks. We also find that the results are driven by household portfolio rebalancing from more to less risky assets following the announcement. |
| Keywords: | QDII Funds, Chinese Monetary Policy, Household Rebalancing, Foreign Portfolio Equity Flows |
| JEL: | F30 G10 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:bofitp:333958 |