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on Macroeconomics |
| By: | Guerini, Mattia; Marin, Giovanni; Vona, Francesco |
| Abstract: | This paper studies how monetary policy can shape firm-level carbon emissions and energy efficiency. It also looks at the heterogeneity of these effects by firm size, the underlying transmission channels and interaction with climate policies. The authors draw on administrative and survey data on French manufacturing firms for the period 2000–2019, including emissions, energy use, financial conditions, environmental protection investments and productivity. They examine the effect of credit easing following a variation to interest rate policy made by the European Central Bank in July 2012. They find that financially constrained firms cut emissions by about 9.4% more than unconstrained ones. This effect primarily stems from improvements in energy efficiency, reduced carbon intensity of energy, and general productivity improvements associated with capital deepening that outweighed modest scale effects. The results are driven by small and medium-sized firms. Large firms including those regulated by the EU emissions trading system (ETS) showed no significant response. On average, emissions fell by 3.3% per year, summing up to 5.3 million tonnes of CO2 saved (comparable to the savings from the EU ETS), highlighting the untargeted nature of the policy. |
| Keywords: | carbon intensity; credit; EU ETS; European Central Bank; firms; France; interest rates; manufacturing; SMEs |
| JEL: | Q48 Q52 |
| Date: | 2025–12–16 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:137115 |
| By: | Sangyup Choi (Yonsei University); Kyung Woong Koh (Johns Hopkins University) |
| Abstract: | Does government spending raise prices? While standard models predict an inflationary effect, empirical findings are mixed-a puzzle known as the "fiscal price puzzle." We argue that this puzzle reflects differences in aggregation rather than a failure of standard demand transmission. Using newly constructed U.S. MSA-level federal procurement data from 1989-2023 and a shift-share IV strategy, we show that regional fiscal shocks raise local consumer prices when aggregate forces are absorbed through time fixed effects. When aggregate conditions are allowed to respond endogenously, however, the same shocks generate attenuated or even negative price responses. To interpret these findings, we develop a two-region New Keynesian model with centralized monetary policy. Local fiscal expansions increase regional prices but induce union-wide monetary responses that dampen aggregate inflation. Extending the model to consumption and investment sectors, we show that government consumption shocks raise regional and sectoral prices more than investment shocks, yet can produce smaller aggregate price effects due to stronger monetary feedback. Our results highlight how general equilibrium mechanisms and spending composition jointly shape fiscal inflation dynamics. |
| Keywords: | Fiscal price puzzle; Government spending; Spending composition; Military procurement; Monetary union; Shift-share instrument |
| JEL: | E31 E52 E58 E62 F33 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:yon:wpaper:2026rwp-280 |
| By: | Itay Goldstein; Ming Yang; Yao Zeng |
| Abstract: | We study competition between monies that provide separate payment and non-payment (e.g., store-of-value) functions. Our central insight is that payment adoption is governed not by absolute payment superiority, but by comparative advantage between payment and non-payment roles. A money that is “too good” as a store of value may circulate less as a payment instrument, even if it is technologically superior, because agents prefer to hoard it rather than spend it. The model delivers equilibria in which monies either specialize into distinct roles or coexist as payment instruments with one emerging as dominant. These mechanisms provide a unified microfoundation for classic monetary phenomena such as Gresham’s law and the big problem of small change, and offer a new perspective on modern debates over stablecoins and central bank digital currencies (CBDCs). Contrary to the common view that interest-bearing digital currencies necessarily threaten bank deposits, we show that higher yields can weaken payment adoption by raising the opportunity cost of spending. As a result, traditional bank deposits may coexist with, and even retain dominance over, technologically superior digital alternatives. |
| JEL: | E41 E42 E58 F33 G21 G23 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:34865 |
| By: | Isabella Damiani (LIMEEP – PS - Laboratoire Interdisciplinaire sur les Mutations des Espaces Économiques et Politiques – Paris Saclay - UVSQ - Université de Versailles Saint-Quentin-en-Yvelines - Université Paris-Saclay); Marie Hiliquin (TVES - Territoires, Villes, Environnement & Société - ULR 4477 - ULCO - Université du Littoral Côte d'Opale - Université de Lille) |
| Abstract: | This article examines the role of Khorgos, a special economic zone located on the border between China and Kazakhstan, within the framework of China's Belt and Road Initiative (BRI). In less than a decade, Khorgos has become a strategic hub for rail freight between China and Europe, increasing from 25 trains in 2013 to more than 8, 700 in 2024, reflecting China's efforts to strengthen overland connectivity and establish alternative corridors to maritime trade. This paper, drawing on satellite data and spatial analysis through remote sensing, focuses on three main dimensions. First, it analyses the peripheral urbanisation of the city of Khorgos, which is embedded in China's territorial strategies to connect the western region to the rest of the country through infrastructure development, securitisation, and territorial control. Second, it situates Khorgos within a regional scale, namely the Khorgos-Yining-Qingshuihe economic complex. This analysis highlights the functional division of employment between Yining, the true administrative centre, Qingshuihe as the production core, and Khorgos, which remains primarily a transit point for Chinese exports, thereby illustrating an asymmetry in cross-border exchanges with Kazakhstan. Third, the paper examines territorial production and environmental differentiation. Remote sensing analyses reveal pronounced asymmetries in land use and ecological transformations between the Chinese and Kazakh sides of the border: China has developed a diversified and tightly regulated territorial model, combining urban and agricultural infrastructures, whereas the Kazakh side remains less structured and less developed. Chinese ecological initiatives, such as photovoltaic projects and urban greening policies, further reinforce cross-border territorial asymmetries and raise critical questions about the actual impacts of the BRI and the associated "win-win" cooperation rhetoric. |
| Keywords: | Climate change, Urban planing, Borders, Kazakhstan, China, Belt Road Initiative, Khorgos |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05486194 |
| By: | Comisión Nacional de los Mercados y la Competencia (CNMC) (Comisión Nacional de los Mercados y la Competencia (CNMC)) |
| Abstract: | Las instalaciones de autoconsumo fotovoltaico (ACFV) han aumentado de forma exponencial en el sistema eléctrico español desde 2021. Estas instalaciones y los sistemas de almacenamiento acoplados a ellas se han beneficiado también de importantes ayudas públicas durante el mismo periodo, las cuales han podido afectar tanto al desarrollo del sector como a la dinámica competitiva en el ámbito energético y en otros mercados. El estudio analiza las diversas ayudas públicas ofrecidas a nivel estatal, autonómico y local en forma de subvenciones, deducciones y bonificaciones. Se evalúa su impacto sobre la penetración del ACFV y, a partir de ahí, se valora su efecto sobre la competencia. Para reforzar la eficacia y los efectos procompetitivos de estas ayudas, así como para minimizar posibles distorsiones competitivas, la CNMC recomienda, primero, reforzar el marco institucional y la coordinación entre administraciones, asegurando que la intensidad de las ayudas combinadas no exceda un determinado umbral, instaurando soluciones de ventanilla única y agrupando incentivos. Segundo, se propone definir las ayudas en términos de cuantías fijas unitarias, así como reevaluar regularmente las áreas prioritarias susceptibles de apoyo público. Tercero, se plantea acelerar el acceso a las ayudas, agilizando su tramitación y la concesión de oficio, ampliando los sistemas de anticipos de subvenciones, concentrando las bonificaciones en el primer año y valorando el uso de instrumentos financieros. |
| Keywords: | Regulación, Competencia, Ayudas públicas, Generación de energía eléctrica, Autoconsumo fotovoltaico |
| JEL: | H23 K23 L52 L9 Q42 Q48 |
| Date: | 2025–10–21 |
| URL: | https://d.repec.org/n?u=RePEc:awo:epaper:ei/02/2023 |
| By: | Leow, Maggi |
| Abstract: | This research study examined firm specific (internal) and macroeconomic (external) factors of determining financial risk performance at Target Corporation in the United States during a ten-year period, 2014-2023. The company had variability in operating profitability and a number of indicators had indicated an increase in financial pressure, which is why it is essential to know what factors determine financial risk. Financial ratios and economic indicators were analyzed with the help of SPSS which included correlation and regression models. The three models were created to identify the impact of internal factors, external factors, and a combination of both sets of variables on Operating Profit Margin (OPM) that served as the primary proxy of financial risk. As per the results, Net Profit Margin (NPM) has been identified as the most important internal factor to enhance OPM, whereas Operational Risk has been identified as the most important internal factor to decrease OPM. With GDP and interest rate having weak effects on the outside, it means that Target is more affected by its internal managerial factors than the macroeconomic factors. The results indicate that the optimization of costs, operational failures, and the risk management of interest rate risks are pivotal in reducing the financial risk. This study has the limitation of time as it considers a single company and 10 years of data, which might not portray the industry in general; thus, further studies can involve multiple companies and other financial indicators. |
| Keywords: | Target Corporation, Financial Risk Performance, United States, Operating Profit Margin, Net Profit Margin, Operational Risk, GDP, Interest Rate |
| JEL: | G3 G32 |
| Date: | 2026–01–08 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:127634 |
| By: | Valle, Judith; Romano, Silvina Alejandra |
| Abstract: | Este trabajo, enmarcado en una tesis doctoral, realiza una revisión bibliográfica de experiencias de pesca artesanal en América Latina, con el objetivo de identificar similitudes y diferencias en los modelos de gobernanza. Se examinan casos como Colombia, Costa Rica, Perú y Chile, donde se han implementado modelos de gobernanza participativa (GP) con distintos niveles de éxito. El artículo concluye que la GP es clave para lograr la sostenibilidad y equidad en la pesca artesanal, pero requiere superar desafíos como la falta de consenso, la mejora en la representatividad y la definición de mecanismos claros para la toma de decisiones. |
| Keywords: | Pesca Artesanal; Gobernanza; Revisiones Bibliográficas; América Latina; |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:nmp:nuland:4461 |
| By: | Yosr Ammar (UJML - Université Jean Moulin - Lyon 3 - Université de Lyon, MAGELLAN - Laboratoire de Recherche Magellan - UJML - Université Jean Moulin - Lyon 3 - Université de Lyon - Institut d'Administration des Entreprises (IAE) - Lyon, IFGE - Institut Français de Gouvernement des Entreprises - EM - EMLyon Business School); Julien Cloarec (MAGELLAN - Laboratoire de Recherche Magellan - UJML - Université Jean Moulin - Lyon 3 - Université de Lyon - Institut d'Administration des Entreprises (IAE) - Lyon, UJML - Université Jean Moulin - Lyon 3 - Université de Lyon, Iaelyon - Iaelyon School of Management - UJML - Université Jean Moulin - Lyon 3 - Université de Lyon); Bertrand Valiorgue (CleRMa - Clermont Recherche Management - ESC Clermont-Ferrand - École Supérieure de Commerce (ESC) - Clermont-Ferrand - UCA [2017-2020] - Université Clermont Auvergne [2017-2020], EM - EMLyon Business School) |
| Abstract: | As technological advancements, artificial intelligence (AI), and climate change become increasingly intertwined, energy efficiency has emerged as a crucial issue for organizations and public authorities. This research examines how firms can align financial and environmental goals to attract diverse investor groups, focusing on AI-driven energy efficiency strategies. To do so, we use the Economies of Worth framework and explore how investors respond to energy strategies framed by financial or environmental motivations (i.e., market or green worlds), depending on the type of AI adopted and the nature of compliance. Across four experimental studies with 1, 500 investors, we find that environmental motivations can reduce investor willingness to invest, mediated by perceived energy efficiency. However, AI implementation and certification mechanisms act as critical boundary conditions that can legitimize environmental strategies and enable compromise between market and green logics. Specifically, coupling environmental motivations with AI for energy efficiency and third-party certification leads to higher investor willingness to invest. This study contributes to sustainable investment research by highlighting the critical role of AI and compliance in building hybrid justifications that can facilitate alignment between environmental and financial priorities in investor decision-making. |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05470461 |
| By: | Lan Bu; Ning Cai; Chenxi Xia; Jingping Yang |
| Abstract: | This paper addresses a key challenge in CDO modeling: achieving a perfect fit to market prices across all tranches using a single, consistent model. The existence of such a perfect-fit model implies the absence of arbitrage among CDO tranches and is thus essential for unified risk management and the pricing of nonstandard credit derivatives. To address this central challenge, we face three primary difficulties: standard parametric models typically fail to achieve a perfect fit; the calibration of standard parametric models inherently relies on computationally intensive simulation-based optimization; and there is a lack of formal theory to determine when a perfect-fit model exists and, if it exists, how to construct it. We propose a theoretical framework to overcome these difficulties. We first introduce and define two compatibility levels of market prices: weak compatibility and strong compatibility. Specifically, market prices across all tranches are said to be weakly (resp. strongly) compatible if there exists a single model (resp. a single conditionally i.i.d. model) that perfectly fits these market prices. We then derive sufficient and necessary conditions for both levels of compatibility by establishing a relationship between compatibility and LP problems. Furthermore, under either condition, we construct a corresponding concrete copula model that achieves a perfect fit. Notably, our framework not only allows for efficient verification of weak compatibility and strong compatibility through LP problems but also facilitates the construction of the corresponding copula models that achieve a perfect fit, eliminating the need for simulation-based optimization. The practical applications of our framework are demonstrated in risk management and the pricing of nonstandard credit derivatives. |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2602.08039 |
| By: | Jheelum Sarkar |
| Abstract: | Over the past three decades, extreme climate events have caused losses of worth USD 4.5 trillion. Using a panel of 151 countries (1995-2019), I examine how extreme climate conditions shape gender gap in labor force participation. Key results show that the gender gap in paid labor exhibits a U-shaped relationship with droughts and an inverted U-shaped relationship with extreme wet conditions. The drought pattern is primarily driven by gender gap in employment while wetness affects gender gap in participation through unemployment. These relationships vary with country characteristics. Countries with high disaster-displacement risk exhibit declining gender gaps in participation during excess wetness while moderate-risk economies experience expanded gaps during droughts. Furthermore, the drought U-shape is most pronounced in countries with low to moderate empowerment while the nonlinear wet responses is concentrated only in moderately empowered countries. Lastly, both droughts and excess wetness expands gender gap in countries with weak net resilience to climate shocks. |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2602.07808 |
| By: | Sunghun Ko |
| Abstract: | We introduce a new class of automated market maker (AMM), the \emph{partially active automated market maker} (PA-AMM). PA-AMM divides its reserves into two parts, the active and the passive parts, and uses only the active part for trading. At the top of every block, such a division is done again to keep the active reserves always being \(\lambda\)-portion of total reserves, where \(\lambda \in (0, 1]\) is an activeness parameter. We show that this simple mechanism reduces adverse selection costs, measured by loss-versus-rebalancing (LVR), and thereby improves the wealth of liquidity providers (LPs) relative to plain constant-function market makers (CFMMs). As a trade-off, the asset weights within a PA-AMM pool may deviate from their target weights implied by its invariant curve. Motivated by the optimal index-tracking problem literature, we also propose and solve an optimization problem that balances such deviation and the reduction of LVR. |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2602.09887 |
| By: | António Afonso; José Alves; João Tovar Jalles; Sofia Monteiro |
| Abstract: | Climate change is reshaping sovereign risk and macroeconomic stability by amplifying fiscal and external fragilities. This paper develops a unified framework to assess how climate vulnerability and resilience jointly influence fiscal–external solvency. We construct a market-based sustainability index that integrates time-varying fiscal and external reaction coefficients – estimated using Schlicht’s (2021) method-weighted by sovereign yields. Using a global panel of more than 60 economies (1981–2024), we document four key findings. First, structural vulnerability exerts a large and persistent drag on sustainability, even after controlling for macro fundamentals, as higher exposure magnifies expected losses and tightens financing conditions. Second, resilience does not display a strong unconditional effect but significantly mitigates the adverse impact of vulnerability, acting as a state-contingent stabilizer. Third, local projections with smooth transition (LP-STAR) reveal sharp nonlinearities: identical climate shocks trigger modest, short-lived effects in low-vulnerability or high-resilience regimes but cause deep and persistent deterioration when vulnerability is high and resilience weak. Fourth, these dynamics generate an “adaptation trap” – a self-reinforcing cycle where vulnerability raises yields, yields compress fiscal space, and limited adaptation perpetuates vulnerability. Policy implications are clear: resilience investment yields sizable macro-financial returns by reducing expected losses and compressing climate risk premia, while delaying adaptation risks entrenching fragility. Our results highlight the need to embed climate parameters into debt sustainability analyses and sovereign risk frameworks, particularly for emerging markets facing tighter financing constraints. |
| Keywords: | climate vulnerability, climate resilience, fiscal sustainability, external sustainability, sovereign risk premia |
| JEL: | C33 E62 F34 H63 Q54 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_12389 |
| By: | Danne, Christian; Schiersch, Alexander |
| Abstract: | Die Studie untersucht die technologische Leistungsfähigkeit Deutschlands im internationalen Vergleich anhand von Daten zur sektoralen Wertschöpfung sowie mittels Daten zum Handel mit Industriegütern. Sie zeigt, dass die deutsche Wirtschaft weiterhin stark auf die Produktion hochwertiger Technologiegüter ausgerichtet ist. Bei wissensintensiven Dienstleistungen, liegt Deutschland weiterhin nur internationalen Mittelfeld liegt. Dies gilt auch für die Arbeitsproduktivität in den betreffenden Dienstleistungsbereichen. Diese Entwicklung ist insofern besorgniserregend, da die globale Wirtschaft seit Jahren von einer zunehmenden Digitalisierung und Tertiarisierung geprägt ist. Im Außenhandel mit forschungsintensiven Waren, besitzt Deutschland stabile, aber sinkende komparative Vorteile. Diese beruhen auf der deutlichen positiven Spezialisierung bei Kraftwagen und Maschinenbauerzeugnissen im Segment der hochwertigen Technologie und den chemischen Erzeugnissen. Demgegenüber finden sich nach wie vor komparative Nachteile im Segment der Spitzentechnologie. |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:efisdi:336802 |
| By: | Jessica Coria |
| Abstract: | Large volumes of e-waste collected under formal schemes in high-income countries are still processed informally in developing ones, despite continuous policy efforts to reverse this trend. This paper shows that the persistence of informal e-waste processing is a consequence of how global waste flows interact with domestic market structure. I develop a two-country model in which a cost-minimizing broker exports low-value fractions of e-waste to a poorer country, where informal dismantlers and licensed recyclers compete to purchase material from local collectors. Because formal facilities incur fixed-capacity costs, their competitiveness depends on achieving sufficiently high-value throughput. Low-value exports from the rich country increase total inflows but depress the effective high-value throughput and dilute domestic subsidies, keeping average costs high and allowing informal dismantlers to outbid formal recyclers. The model generates a formalization trap with multiple equilibria and explains why widely used policies, including per-unit subsidies, capital support, higher recycling targets in rich countries, and integration of informal collectors into formal systems, often fail to trigger a transition toward formal treatment. |
| Keywords: | electronic waste, Informality, recycling and waste management, international trade in waste, formalization traps, developing countries |
| JEL: | O17 O19 F18 Q53 Q58 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_12471 |
| By: | Spirin, Victor |
| Abstract: | International consultants and institutions such as the International Monetary Fund (IMF), the World Bank, and a group of American advisors from the Harvard Institute for International Development (HIID) actively recommended that Russia implement radical economic reforms in the 1990s, which included, among other things, closing inefficient state-owned enterprises. This paper demonstrates that if the only "efficient" industries are raw material extraction and primary processing using imported equipment, then supporting "inefficient" enterprises is the only way to improve the well-being of the population. This goes so far as to suggest that even 100% subsidy, for example, of the automobile industry and the free distribution of Volga and Lada cars to the population, leads to an increase in the standard of living in the country. Furthermore, in this case, subsidizing "loss-making" enterprises leads to a slowdown, not an acceleration, of inflation. Following these same principles, developed countries have been subsidizing their "loss-making" enterprises, such as Airbus and Nokia, for decades. The model presented is greatly simplified and does not take into account numerous other factors influencing economic development. Therefore, much of the article is devoted to discussing why these seemingly obvious mathematical methods won't work when applied to the Russian economy, and why economic development in Russia is impossible, regardless of any measures of government support or stimuli. |
| Keywords: | Vanek-Reinert effect, free trade, macroeconomic effects of globalization |
| JEL: | F0 F6 F62 F63 |
| Date: | 2026–02–01 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:127937 |
| By: | Ousmane Sambou (UGB - Université Gaston Berger de Saint-Louis Sénégal, LARES - Laboratoire de Recherche en Economie de Saint-Louis - UGB - Université Gaston Berger de Saint-Louis Sénégal) |
| Abstract: | The aim of this research is to examine the relationship between ICT infrastructure and the women's economic empowerment, considering the quality of democracy. Based on a fixed effects model covering the period 2005–2022 using a panel of WAEMU countries, our estimation results reveal that information and communication technology infrastructures negatively affect the economic automation of women in the region. Conversely, democracy positively influences the women's economic empowerment. Furthermore, the interaction between ICT infrastructure and democracy positively impacts women's participation in the labor market, thus confirming the catalytic role of democracy in the relationship between ICT infrastructure and women's economic empowerment. These results imply the need for efforts to strengthen the democratization of access to ICT infrastructure in order to promote the growth of women's empowerment in the study area. |
| Abstract: | Déclaration de divulgation : L'auteur n'a pas connaissance de quelconque financement qui pourrait affecter l'objectivité de cette étude. Conflit d'intérêts : L'auteur ne signale aucun conflit d'intérêts. |
| Keywords: | Democracy ICT women empowerment catalytic effect WAEMU. African Scientific Journal, Democracy, ICT, women empowerment, catalytic effect, WAEMU. African Scientific Journal |
| Date: | 2025–12–02 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05421977 |
| By: | Marouane El Aliti (National School of Commerce and Management, Ibn Tofail University, Kénitra, Morocco); Omar TAOUAB (National School of Commerce and Management, Ibn Tofail University, Kénitra, Morocco) |
| Abstract: | Diese Studie, die auf einer narrativen Literaturrecherche und einem soliden konzeptionellen Rahmen basiert, untersucht die strategische Rolle der internen Revision bei der Verbesserung der operativen Leistungsfähigkeit industrieller Organisationen und hebt ihre Entwicklung von einer traditionellen Prüfungs- und Sicherungsfunktion hin zu einem strategischen Partner der Wertschöpfung und organisatorischen Exzellenz hervor. Die narrative Synthese integriert theoretische und empirische Beiträge, um einen konzeptionellen Rahmen zu entwickeln, der die Mechanismen identifiziert, durch die die interne Revision zur organisatorischen Leistungsfähigkeit beiträgt. Die Analyse versteht die operative Leistung als ein multidimensionales Konstrukt, das Effizienz, Qualität, Flexibilität, Innovation und kontinuierliche Verbesserung umfasst. Innerhalb dieses Rahmens erweist sich die interne Revision als zentraler Ermöglicher durch Prozessoptimierung, Risikomanagement und die Unterstützung von Innovationsprozessen. Im industriellen Sektor, insbesondere in kleinen und mittleren Unternehmen (KMU), bleibt dieses Potenzial jedoch aufgrund einer begrenzten digitalen Reife, fragmentierter Governance-Strukturen und einer unzureichenden Integration in Managementkontrollsysteme weitgehend ungenutzt. Die Analyse hebt kritische Erfolgsfaktoren hervor, darunter das Engagement des Managements, den Reifegrad der Kontroll- und Governance-Rahmenwerke sowie die Einführung digitaler Instrumente. Demgegenüber bestehen weiterhin Herausforderungen hinsichtlich funktionsübergreifender Zusammenarbeit, kultureller Widerstände und des nur teilweisen Einsatzes datengetriebener Audit-Techniken. Vor dem Hintergrund dieser Ergebnisse schlägt die Studie einen strategischen Rahmen vor, der auf vier miteinander verknüpften Hebeln beruht: einer strategischen Neupositionierung der internen Revision hin zu einer leistungsorientierten Partnerschaft, einer systemischen Ausrichtung mit dem Risiko- und Managementcontrolling, der digitalen Befähigung durch Analytik und künstliche Intelligenz sowie einer kulturellen Transformation zur Förderung von Zusammenarbeit und Lernen. Die interne Revision ist somit nicht mehr lediglich ein Kontrollmechanismus, sondern ein wirklicher Katalysator für Innovation, Resilienz und nachhaltige industrielle Leistungsfähigkeit und eröffnet bedeutende Perspektiven für die akademische Forschung und die berufliche Praxis. |
| Abstract: | This research, conducted through a narrative review of the literature and based on a solid conceptual framework, explores the strategic role of internal auditing in improving the operational performance of industrial organizations, highlighting its evolution from a traditional assurance function to a strategic partner in value creation and organizational excellence. The narrative synthesis integrates theoretical and empirical contributions to develop a conceptual framework identifying the mechanisms through which internal auditing contributes to organizational performance. The analysis conceptualizes operational performance as a multidimensional construct encompassing efficiency, quality, flexibility, innovation, and continuous improvement. Within this framework, internal auditing emerges as a key enabler through process optimization, risk management, and support for innovation. However, in the industrial sector, particularly in SMEs, its potential remains underutilized due to limited digital maturity, fragmented governance structures, and insufficient integration with management control systems. The analysis highlights critical success factors such as management commitment, the maturity of the control and governance frameworks, and the adoption of digital tools. Conversely, challenges remain in terms of cross-functional collaboration, cultural resistance, and the partial deployment of data-driven audit techniques. In light of these findings, the study proposes a strategic framework structured around four interdependent levers: strategic repositioning towards performance partnership, systemic alignment with risk and management control, digital enablement through analytics and AI, and cultural transformation that fosters collaboration and learning. Internal audit is no longer just a control mechanism but a true catalyst for innovation, resilience, and sustainable industrial performance, opening up significant opportunities for academic research and professional practice. |
| Abstract: | Cette recherche, menée à travers une revue narrative de la littérature et s'appuyant sur un cadre conceptuel solide, explore le rôle stratégique de l'audit interne dans l'amélioration de la performance opérationnelle des organisations industrielles, en soulignant son évolution d'une fonction d'assurance traditionnelle vers un partenaire stratégique de création de valeur et d'excellence organisationnelle. La synthèse narrative intègre des contributions théoriques et empiriques afin d'élaborer un cadre conceptuel identifiant les mécanismes par lesquels l'audit interne contribue à la performance organisationnelle.L'analyse conceptualise la performance opérationnelle comme un construit multidimensionnel englobant l'efficacité, la qualité, la flexibilité et l'amélioration continue. Dans ce cadre, l'audit interne émerge comme un facilitateur clé grâce à l'optimisation des processus, la gestion des risques et le soutien à l'innovation. Cependant, dans le secteur industriel, particulièrement dans les PME, son potentiel reste sous-exploité en raison d'une maturité numérique limitée, de structures de gouvernance fragmentées et d'une intégration insuffisante avec les systèmes de contrôle de gestion.L'analyse met en évidence des facteurs critiques de succès tels que l'engagement de la direction, la maturité des cadres de contrôle de gouvernance et l'adoption d'outils numériques. À l'inverse, les défis persistent concernant la collaboration inter-fonctionnelle, la résistance culturelle et le déploiement partiel des techniques d'audit basées sur les données.La recherche propose un cadre stratégique structuré autour de quatre leviers interdépendants : le repositionnement stratégique, l'alignement systémique, l'habilitation numérique et la transformation culturelle. L'audit interne n'est plus seulement un mécanisme de contrôle mais un véritable catalyseur d'innovation, de résilience et de performance industrielle durable, ouvrant des perspectives significatives pour la recherche académique et la pratique professionnelle. |
| Keywords: | Governance and innovation, Strategic management, Industrial firms, Operational performance, Internal auditing, Gestion stratégique, Gouvernance et innovation, Entreprises industrielles, Performance opérationnelle, Audit interne |
| Date: | 2026–01–01 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05437257 |
| By: | Mitra, Alessio (European Commission) |
| Abstract: | This paper explores the intersection of product complexity, economic relatedness, and macroeconomic determinants to identify industrial opportunities across European Union (EU) Member States |
| Keywords: | Economic complexity, relatedness, data-driven industrial policy, rule of law, research & development |
| JEL: | L52 L60 L70 O25 O30 |
| Date: | 2025–07 |
| URL: | https://d.repec.org/n?u=RePEc:bda:wpsmep:wp2025/44 |
| By: | Laura Beton-Athmani (LEST - Laboratoire d'Economie et de Sociologie du Travail - AMU - Aix Marseille Université - CNRS - Centre National de la Recherche Scientifique, IRTS Paca-Corse - Institut régional du travail social Paca-Corse - Institut régional du travail social) |
| Abstract: | le-recours-a-linterim-dans-le-travail-social-opportunite-ou-fatalite-262823 Quelles réalités recouvre l'emploi intérimaire dans le secteur médico-social en 2025 ? Une recherche exploratoire auprès de professionnels permet de dresser un premier panorama du phénomène. Depuis plusieurs années, l'emploi intérimaire émerge dans un secteur où on ne l'attendait pas. Pire ! Où on le redoutait : le secteur social et médico-social. Au coeur d'un paradoxe fort, entre accompagnement de longue durée et travail par essence temporaire. |
| Date: | 2025–09–29 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05512889 |
| By: | Luis Laguinge; Leonardo Gasparini; Guido Neidhöfer |
| Abstract: | Conditional cash transfer (CCT) programmes aim to break the intergenerational transmission of poverty by fostering human capital accumulation among children in vulnerable households. However, due to data limitations, evidence on their long-run effects remains scarce. This paper contributes to the literature in two main ways. First, by proposing a methodological approach to estimate the long-term impacts of CCTs in the absence of longitudinal data. |
| Keywords: | Conditional cash transfers, Human capital, Labour, Income, Brazil, Latin America |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:unu:wpaper:wp-2026-14 |
| By: | Bernardo David Romero-Torres; Gerson Javier Pérez-Valbuena; Andrés García-Suaza; Jaime Bonet-Morón |
| Abstract: | Disadvantaged communities worldwide have been the focus of government-sponsored programs aimed at improving living standards and fostering economic development. Decentralization has emerged as a central strategy in this effort, strengthening accountability, and promoting local development, a trend to which Colombia is no exception. This paper examines the effects of a regionally targeted transfer program that designated additional resources to municipalities allocated along the Magdalena River, the longest country’s waterway. To identify causal impacts, we exploit the 2002 reform that significantly reduced these transfers and apply a difference-in-differences approach using panel data for the period 1994-2019. The findings reveal no effects on social outcomes but a slowdown in economic activity, accompanied by reductions in municipal operating expenditures and investment, while revealing an increase in tax revenues. These results highlight the complex interplay between fiscal decentralization and regional development, raising important questions about the effectiveness of targeted transfers in achieving their intended objectives. **** RESUMEN: Las comunidades desfavorecidas en todo el mundo han sido el foco de programas patrocinados por los gobiernos, orientados a mejorar las condiciones de vida y fomentar el desarrollo económico. La descentralización ha surgido como una estrategia central en este esfuerzo para reforzar la rendición de cuentas y promover el desarrollo local, tendencia de la cual Colombia no es la excepción. Este artículo examina los efectos de un programa de transferencias regionalmente focalizado que asignó recursos adicionales a los municipios ubicados a lo largo del río Magdalena, la principal vía fluvial del país. Para identificar impactos causales, se aprovecha la reforma de 2002 que redujo significativamente dichas transferencias y se aplica un enfoque de diferencias en diferencias utilizando datos de panel para el período 1994-2019. Los hallazgos revelan ausencia de efectos sobre los resultados sociales, pero una desaceleración de la actividad económica, acompañada de reducciones en los gastos operativos e inversión municipal, al tiempo que se observa un incremento en los ingresos tributarios. Estos resultados ponen de relieve la compleja interacción entre descentralización fiscal y desarrollo regional, planteando interrogantes relevantes sobre la efectividad de las transferencias focalizadas para alcanzar sus objetivos previstos. |
| Keywords: | decentralization, difference-in-differences, regional development, descentralización, diferencia en diferencias, desarrollo regional |
| JEL: | H77 C3 R58 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:bdr:region:340 |
| By: | Francesco Decarolis |
| Abstract: | The energy crisis of 2022–2023 marked a turning point for European electricity markets. It exposed how tightly power prices remain linked to gas, how market volatility can destabilize investment, and how fragmented national responses can undermine the integrity of the internal energy market. In the wake of that shock, the European Union has placed electricitymarket reform at the center of its Clean Industrial Deal, coupling decarbonization with competitiveness and energy security. The 2024 Electricity Market Design (EMD) reform and forthcoming guidance on Contracts for Difference (CfDs) and Power Purchase Agreements (PPAs) aim to ensure that long-term investment signals coexist with short-run market efficiency. Yet implementation will determine success: translating legislative intent into market outcomes requires sound economic design and clear institutional coordination. This report was prepared to support that process. It analyzes how PPAs and CfDs can jointly mobilize private and public capital while preserving efficient dispatch and price discovery. Drawing on academic research, EU policy documents, and empirical evidence from different countries, the study provides a structured framework for reform. It links economic theory on incomplete markets and risk allocation to the operational experience of regulators, utilities, and corporate buyers. The analysis proceeds from the recognition that volatility in high renewable systems is not an anomaly but a structural feature, one that must be managed. |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:baf:cbafwp:cbafwp26264 |
| By: | Jiasong Han; Yufei Feng; Xiaofeng Zhong |
| Abstract: | Communication scene recognition has been widely applied in practice, but using deep learning to address this problem faces challenges such as insufficient data and imbalanced data distribution. To address this, we designed a weighted loss function structure, named FilterLoss, which assigns different loss function weights to different sample points. This allows the deep learning model to focus primarily on high-value samples while appropriately accounting for noisy, boundary-level data points. Additionally, we developed a matching weight filtering algorithm that evaluates the quality of sample points in the input dataset and assigns different weight values to samples based on their quality. By applying this method, when using transfer learning on a highly imbalanced new dataset, the accuracy of the transferred model was restored to 92.34% of the original model's performance. Our experiments also revealed that using this loss function structure allowed the model to maintain good stability despite insufficient and imbalanced data. |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2602.07772 |
| By: | Katherine Eriksson; Gregory Niemesh; Myera Rashid; Jacqueline Craig |
| Abstract: | We document that women’s economic mobility improved nearly a century before married women gained broad labor market opportunities. Using Massachusetts marriage registers linked to U.S. censuses (1850–1920), we create new father–child links for women to estimate intergenerational mobility and assortative mating, overcoming a key historical linkage barrier. Estimates from a structural marriage market model suggest assortative mating fell 61% from 1850–1870 to 1900–1920. Counterfactuals imply women’s mobility would have been far lower absent the decline in assortative mating. Had late cohorts faced early cohort sorting, the rank–rank slope between a woman’s father and husband would have been 2.5 times higher. |
| JEL: | J12 J62 N31 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:34821 |
| By: | Paula López-Villalba (University of Michigan); Christian Ruzzier (Universidad de San Andrés) |
| Abstract: | The most corrupt countries are developing or transition countries, have low income levels, and are closed economies. More interesting, corruption is significantly positively correlated with left-wing governments in a simple cross section of countries – conditional on GDP per capita, income inequality, dominant religion, a recent history of war, and a history of communist rule. Correlation is not causality, however. In this paper, we analyze the direct relevance of government ideology for the extent of corruption, which is a question that has received little attention in the literature so far. Exploiting close electoral races across the world in the post-WWII period in a regression discontinuity design, we compare the levels of corruption in countries where the left wins and loses elections by a small margin, and find that electing a left-wing government has a significant and positive effect on corruption. We also link our results to extended government intervention in the economy and lower-quality bureaucracies under the left. |
| Keywords: | corruption, ideology, partisan effects, close elections. |
| JEL: | D72 D73 D78 H11 K42 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:sad:wpaper:178 |
| By: | Montagnes, B. Pablo; Peskowitz, Zachary; Sridharan, Suhas A. |
| Abstract: | Asset managers face increasing political risk stemming from concerns that they prioritize their own interests when voting on behalf of investors. Using survey evidence and structural estimation, we provide early evidence on how well asset managers represent their investors by studying the ideological alignment between the two in the initial implementation of "voting choice policies." These policies allow investors in mutual funds and ETFs a limited menu of options to express their preferences on how fund managers vote their shares in corporate proxy contests. We conduct an original survey to measure investors' preferences on management and shareholder proposals and assess how well voting choice policies agree with these preferences. Using this survey data, we structurally estimate the ideological locations of investors and compare them to those of the voting choice policies. Our structural estimation includes ideological weighting to account for variation in relative importance of different ESG topics. We find that voting choice policies are clustered in the first and third dimensions of the ideological space. These correspond to left-right preferences and the willingness to implement socially conservative restrictions on the agency of the firm's managers. The addition of a simple new voting choice policy, which supports the positions of a majority of survey respondents, can increase investor-policy alignment. |
| JEL: | M40 M41 M48 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:cbscwp:336738 |
| By: | Marcel Ricou (IREX); John Mountford (Consultant); Helen Dempster (Center for Global Development); Shona Warren (Center for Global Development) |
| Abstract: | The global transition to a low-carbon economy demands the increased delivery of green skills, yet technical and vocational education and training (TVET) systems in Africa struggle to meet this need. This landscape analysis, by the Center for Global Development and IREX, aims to identify “investment-ready” TVET providers in Côte d’Ivoire, Ghana, Kenya, and Morocco that are capable of scaling green skills training for local and international markets. Drawing on a literature review, field visits, and stakeholder interviews, the landscape analysis identifies nine high-performing providers – mainly public-private partnerships and utility-based Centres of Excellence – delivering industry-aligned, employment-driven training. To accelerate green skills development, support international labour mobility, and advance equitable participation in the green transition, donors and national governments should invest in these providers and help scale their models. This agenda is particularly urgent when considering the challenges facing Africa: a demographic youth bulge, increasing unemployment rates, and a scarcity of workers to support Africa’s green transition. The paper concludes with actionable opportunities for international donors and national governments to invest in scalable, sustainable green-skilled migration partnerships. |
| Date: | 2026–02–24 |
| URL: | https://d.repec.org/n?u=RePEc:cgd:ppaper:382 |
| By: | Marc Schmitt |
| Abstract: | I construct a Market Stress Probability Index (MSPI) that estimates the probability of high stress in the U.S. equity market one month ahead using information from the cross-section of individual stocks. Using CRSP daily data, each month is summarized by a set of interpretable cross-sectional fragility signals and mapped into a forward-looking stress probability via an L1-regularized logistic regression in a real-time expanding-window design. Out of sample, MSPI tracks major stress episodes and improves discrimination and accuracy relative to a parsimonious benchmark based on lagged market return and realized volatility, delivering calibrated stress probabilities on an economically meaningful scale. Further, I illustrate how MSPI can be used as a probability-based measurement object in financial econometrics. The resulting index provides a transparent and easily updated measure of near-term equity-market stress risk. |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2602.07066 |
| By: | Dan Adler |
| Abstract: | Complex change is often described as "evolutionary" in economics, policy, and technology, yet most system dynamics models remain constrained to fixed state spaces and equilibrium-seeking behavior. This paper argues that evolutionary dynamics should be treated as a core system-thinking problem rather than as a biological metaphor. We introduce Stability-Driven Assembly (SDA) as a minimal, non-equilibrium framework in which stochastic interactions combined with differential persistence generate endogenous selection without genes, replication, or predefined fitness functions. In SDA, longer-lived patterns accumulate in the population, biasing future interactions and creating feedback between population composition and system dynamics. This feedback yields fitness-proportional sampling as an emergent property, realizing a natural genetic algorithm driven solely by stability. Using SDA, we demonstrate why equilibrium-constrained models, even when simulated numerically, cannot exhibit open-ended evolution: evolutionary systems require population-dependent, non-stationary dynamics in which structure and dynamics co-evolve. We conclude by discussing implications for system dynamics, economics, and policy modeling, and outline how agent-based and AI-enabled approaches may support evolutionary models capable of sustained novelty and structural emergence. |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2602.15957 |
| By: | Federico Araya (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía); Pablo Blanchard (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía); Juan Camilo Cárdenas (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía); Elisa Failache (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía); Ivone Perazzo (Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía) |
| Abstract: | Taking advantage of a random assignment to a conventional introductory microeconomics course or to a course based on the CORE Project (Curriculum Open-Access Resources in Economics) in Uruguay, we provide causal evidence on the effects of CORE on students ‘academic experience, study practices and academic performance. Consistent with the project ‘s objectives, our results show that students assigned to CORE are 18% more likely than those in the traditional course to believe that the course contributed to their academic and professional formation. Furthermore, assignment to CORE reduces the probability of students paying for private microeconomics tutoring outside of school and increases both class attendance and the probability of study in group. Lastly, we do not observe systematic differences in course pass rates. We also find no significant differences in the simultaneous calculus course or an advanced microeconomics course. Therefore, we find no evidence of disadvantages in subsequent related courses of using CORE-based courses. |
| Keywords: | economics education, CORE-Project |
| JEL: | A20 |
| Date: | 2025–05 |
| URL: | https://d.repec.org/n?u=RePEc:ulr:wpaper:dt-16-25 |
| By: | Doron Avramov; Xin He |
| Abstract: | This paper develops a unified framework that links firm-level predictive signals, cross-asset spillovers, and the stochastic discount factor (SDF). Signals and spillovers are jointly estimated by maximizing the Sharpe ratio, yielding an interpretable SDF that both ranks characteristic relevance and uncovers the direction of predictive influence across assets. Out-of-sample, the SDF consistently outperforms self-predictive and expected-return benchmarks across investment universes and market states. The inferred information network highlights large, low-turnover firms as net transmitters. The framework offers a clear, economically grounded view of the informational architecture underlying cross-sectional return dynamics. |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2602.20856 |
| By: | Stergios Skaperdas; Patrick A. Testa |
| Abstract: | While the populations of wealthy modern states primarily identify with their nation, middle- and low-income countries often contain large populations that adhere to distinct subnational identities. We model a central government elite that has a conflictual relationship with its “tribal rimland.” Elites share a dominant national identity, while members of tribes may hold alternative identities, with identities conferring psychological payoffs. Elite investment in state capacity increases material production, strengthens incentives for members of tribes to adopt the national identity, and facilitates extraction from those who continue to adhere to their own identity. Tribes, meanwhile, are better able to resist when their strategies of resistance, collective organization, and identity status remain strong. Increased democratic representation does not necessarily favor the persistence of tribal identity relative to elite rule. The model is consistent with accounts of incorporation and resistance from both history and the present, ranging from the Scottish and Southeast Asian highlands to past and present indigenous societies in the Americas. |
| Keywords: | national identity, state capacity, conflict |
| JEL: | D74 H10 H50 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_12431 |
| By: | Andreas Fuster; Virginia Gianinazzi; Andreas Hackethal; Philip Schnorpfeil; Michael Weber; Michael Weber |
| Abstract: | How borrowers respond to future changes in the interest rate on their debt matters for the transmission of monetary policy and for household financial stability. Combining bank data, a letter RCT, and a survey, we study this question in the context of the German mortgage market, where since 2022 borrowers have faced high interest rates when their rate fixation period ends. We find that borrower actions substantially reduce the impact of higher rates on monthly payments. Survey responses corroborate high informedness and a strong propensity to prepare for rate changes. The letter intervention does not affect rate beliefs but increases awareness of available options and refinancing among borrowers close to expiration of their rate fixation. |
| Keywords: | mortgages, refinancing, interest rates, survey, RCT |
| JEL: | C93 D14 E52 G21 G41 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_12417 |
| By: | Andy Au |
| Abstract: | We study entropy-regularized mean-variance portfolio optimization under Bayesian drift uncertainty. Gaussian policies remain optimal under partial information, the value function is quadratic in wealth, and belief-dependent coefficients admit closed-form solutions. The mean control is identical to deterministic Bayesian Markowitz feedback; entropy regularization affects only the policy variance. Additionally, this variance does not affect information gain, and instead provides belief-dependent robustness. Notably, optimal policy variance increases with posterior conviction $|m_t|$, forcing greater action randomization when mean position is most aggressive. |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2602.16862 |
| By: | Sana Khalil |
| Abstract: | This paper examines how gender and residential socioeconomic status shape hiring outcomes in the information technology sector using a field experiment from the city of Karachi, Pakistan. Employers in Pakistan can openly state preferences regarding gender, residential location, and other characteristics, but the majority in the information technology sector choose not to do so. This creates an opportunity to examine whether discrimination persists when such biases are not explicitly stated. An analysis of explicitly gender-targeted job ads shows that men are preferred over women across most occupations, even in traditionally pink-collar roles. Moreover, results from a resume audit experiment, submitting 2, 032 applications to 508 full-time job openings, show that men receive more callbacks for job interviews than women, even in the absence of explicit gender preferences in job ads. The study also indicates a significant premium favoring candidates from high-income areas, who receive 45 percent more callbacks than applicants from low-income neighborhoods. This advantage remains robust even after controlling for commuting distance. Qualitative interviews with human resource officials suggest that employers associate productivity with both gender and neighborhood socioeconomic status. Residential address acts as a proxy for class background and signals education, skills, and perceived "fit" in professional settings. These perceptions may reinforce stereotypes, disadvantaging women and candidates from low-income backgrounds. |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2602.08134 |