Search

This paper argues that energy efficiency is a potent shield against oil price uncertainty in an increasingly interconnected world fraught with geopolitical tensions. By reducing dependence on oil, enhancing economic resilience, and improving energy security, energy efficiency measures offer multifaceted benefits for both national economies and global stability. Specifically, a wavelet coherence analysis is conducted to study the response of global energy efficiency to geopolitical oil price uncertainty. Quantile-on-quantile and quantile regressions are additionally employed to separate the impacts of various geopolitical oil price risk quantiles on the quantiles of energy efficiency. These methods are utilized in the examination of global time-series data covering the timeframe 2004:Q1–2020:Q4. The wavelet coherence outcomes indicate a positive correlation between geopolitical oil price uncertainty and energy efficiency, particularly during the energy crisis of the 2000s and the COVID-19 pandemic. The results also reveal that geopolitical oil price uncertainty leads to energy efficiency, indicating that an upsurge in geopolitical oil price uncertainty causes energy efficiency to increase. Moreover, the results from quantile-on-quantile and quantile regressions affirm the predominantly positive effects of geopolitical oil price uncertainty on global energy efficiency. Our conclusion therefore is that through strategic investments, innovative policies, and international collaborations relating to energy efficiency, nations can fortify themselves against the destabilizing effects of geopolitical conflicts on energy markets. This would ensure a more sustainable and secure energy future for all. [ABSTRACT FROM AUTHOR]

Carbon emissions are a global issue, especially among manufacturers, and China is facing many problems to lower such pollutants due to its goal of attaining carbon neutrality. This research applies a mathematical model to achieve the desired goal of decreasing CO 2 with the innovation of carbon neutrality tools and by moving towards high quality under the load capacity factor (LCF). We adopt a simulation-based optimization approach at different carbon peaks and manipulate various scenarios in order to find the best decisions for carbon neutrality tools. The results indicate that the green innovation fund, CO 2 emission tax, and CO 2 emission cap have significant roles in maximizing LCF. First, the green innovation fund plays a crucial part in reducing carbon emissions. Second, a CO 2 emission tax allows manufacturers to produce less than the green innovation fund and CO 2 emission cap. Third, the CO 2 emission cap strategy conversely allows manufacturers to produce more than the CO 2 emission tax strategy. This study provides reference for policymakers to achieve carbon neutrality and for the government to determine the best carbon-neutral tools under carbon peak. Lastly, the findings help manufacturers maximize LCF and profit and clean up the environment. [ABSTRACT FROM AUTHOR]

This research mainly focuses on investigating the role of the interactions between cash flows, oil price uncertainty, and geopolitical risk on corporate cash holdings across 42 countries. We also investigate whether such interactions may differ across firm and country characteristics. The main results show that the interactions between cash flows interacting with oil price uncertainty and geopolitical risk have a positive correlation with corporate cash holdings. Additionally, the nexus between the interactions and corporate cash holdings is more prominent for financially constrained firms, firms located in highly competitive industries, or Asia and Europe. The main policy implication based on our findings is that policymakers should exercise caution and take into account the effect of the uncertainties of oil price movement and geopolitical risk when designing policies related to corporate decision makings. [ABSTRACT FROM AUTHOR]

The world's largest food producer, China, is now facing increasing pressure to solve food security and is committed to forging new prospects for global food security and sustainable agricultural development. As food security is receiving greater attention, this research takes panel data from 31 provinces and cities in China from 2011–2020 to examine the spatial spillover effect of the digital economy on food security. The study conclusions are as follows. (1) Improvement of the digital economy significantly promotes the development of China's food security. (2) The digital economy has an inhibitory effect on food security in local regions and promotes food security in neighboring regions. (3) Heterogeneity exists within the spatial spillover effects of the digital economy on food security, and such differences often vary based on the status of regional economic development, natural geographical location, and land function. Therefore, policy suggestions proposed herein cover three aspects: accelerating infrastructure investment and construction, improving the empowering capability of the digital economy, and implementing different digital economy strategies to better support food security in China. [ABSTRACT FROM AUTHOR]

This research examines the role of corporate investment inefficiency and abnormal investment behaviors on the effectiveness of monetary policy in China's transitional economy during 2001–2017. Using panel data regression models, we explore corporate investment inefficiency and its response to money supply and interest rates. We find that firms tend to overinvest and react abnormally to interest rates. Overall, the interest rate transmission mechanism is hindered and monetary policy becomes muddled. Our finding suggests that regulating the money supply or interest rates cannot help in coping with the dilemma between economic and financial stability until extensive financial reforms are made. Finally, we draw implications for overall financial reforms. [ABSTRACT FROM AUTHOR]

The financial industry has been affected by the rise of informational technology and is actively developing digital finance. The use of technology has become an alternative resolution to improve global financial inclusion. This research discusses whether the development of mobile payment systems promotes financial inclusion and improves green environment in 29 low- and middle-income countries in Asia from 2014 to 2018. We utilize the outstanding bank deposit ratio and bank loan ratio as measures of financial inclusion and three measures for mobile payment. This study considers green recovery under an education indicator that shows awareness about the implementation of green recovery technologies. We find that some amount from loans is also useful when spent on green recovery in the move towards a clean environment. The empirical investigation notes a significant impact from mobile payment to financial inclusion development with the effect from mobile payment to financial inclusion more critical for lower- than higher-income countries in the sample. The empirical findings offer concrete evidence to encourage mobile payment ecosystems through the cooperation of government, financial institutions, and technology companies. A few policy implications are presented at the end of the study. [ABSTRACT FROM AUTHOR]

Digital financial inclusion (DIFI) exerts vital influence on poverty alleviation in China, thus developing digital financial inclusion may provide new approaches to inclusive growth and create more possibilities for the sustainable development with extending the coverage and usage concerning financial services. This research explores how poverty alleviation is impacted by digital financial inclusion derived from the provincial data of China from 2011 to 2019. The results show that digital financial inclusion can make considerable contributions to poverty alleviation significantly. We conduct heterogeneity analysis with quantile regression conjointly, which reveals that digital financial inclusion has divergent effects on users with diverse poverty levels. The results of mediation regression demonstrate that the income level and income distribution play a vital role in poverty alleviation. Moreover, based on spatial Dubin model, digital financial inclusion enhances poverty alleviation with a spillover effect, which correlates with a "U" non-linear relation, laying a hidden danger of increasing poverty. Finally, we carry out IV regression to enhance the robust results, proving the reliability of this research's basic conclusion. [ABSTRACT FROM AUTHOR]

This research applies the Data Envelopment Analysis-Slack Based Measure (DEA-SBM) model and Global Malmquist–Luenberger (GML) index to estimate the quality of economic growth (QEG) in 30 provinces of China during the period 2011–2019. The results are that both digital finance and QEG have significant temporal and spatial differentiation characteristics. Moreover, the regional disparities of digital finance show a significant decline, and the regional disparities of QEG exhibit an upward trend. In terms of research methods, the relational data analysis paradigm and the quadratic assignment procedure help examine the impact of various factors, including digital finance on the regional disparities in QEG. The findings cover the following four aspects. First, from the perspective of the full sample, the regional disparities of digital finance have a negative effect on the regional disparities of QEG. The influence of the narrowing regional disparities of digital finance on widening the regional disparities of QEG is realized by widening the regional disparities in technological progress. The regional disparities of the coverage breadth and usage depth of digital finance have a negative effect in the regional disparities of QEG. Among the factors, marketization is the primary factor affecting the regional disparities of the QEG. Second, during the '12th Five-Year' and '13th Five-Year' periods, the regional disparities of digital finance have played a negative role on the regional disparities of QEG, but the impact intensity is lower. Third, narrowing regional disparities of digital finance can expand regional disparities of QEG in the east and central regions. Finally, in terms of different years the role of digital finance in regional disparities of QEG demonstrates a downward trend. This study has important academic and practical significance for the sustainable development of China's economy and has theoretical and practical implications for the formulation and implementation of digital finance related policies in the future. It also provides a basis for narrowing the regional disparities in QEG in China and for promoting regional coordinated development. [ABSTRACT FROM AUTHOR]

This study investigates the relationship between environment, society, and governance (ESG) performance and maturity mismatches between investment and financing based on unbalanced panel data from Chinese listed companies. The results suggest that ESG performance significantly reduces the potential for maturity mismatch between corporate investment and financing and that the ESG activities of Chinese enterprises are consistent with the principles of responsible investment. Specifically, society and governance performance significantly reduces maturity mismatch, while environmental performance exerts an insignificant effect. Enterprises with high ESG performance prefer long-term debt financing structures, and they also have increased trade credit and endogenous financing. In addition, investment efficiency and innovative investment are beneficial for ESG performance to promote the long-term transformation of debt maturity structures. Finally, ESG performance is more effective in reducing maturity mismatch caused by environmental policy and COVID-19. [Display omitted] • Investigate the relationship between ESG performance and maturity mismatch of investment and financing. • ESG performance significantly reduces the maturity mismatch. • Enterprises with high ESG performance prefer long-term debt financing and increase trade credit and endogenous financing. • Investment efficiency and innovative investment contribute to the long-term transformation of the debt maturity structure. • ESG performance plays a significant role in reducing the maturity mismatch caused by environmental policies and COVID-19. [ABSTRACT FROM AUTHOR]

• Calculate the land ecological security (LES) index at the city level. • Analyze the relationship between green finance (GF) and LES. • Synthetic DID is applied to assess the impact of the GF on LES. • Examine the transmission mechanisms of GF effects on LES As the phenomenon of ecological degradation increases, there is a growing body of research related to green finance, but no papers evaluating the link between it and land ecological security. Thus, this research calculates land ecological security using data from 158 cities in China's major grain-producing regions from 2012 to 2020. Taking China's green finance policy as an example, it applies the synthetic difference-in-difference method to analyze green finance's impact on land ecological security. The conclusions show that, first, green financial policy implementation has contributed to the improvement of land ecological security by 0.154 units. This result still holds after a series of robustness tests such as parallel trend tests, dynamic effects tests, and placebo tests. Second, mechanism analysis finds that green finance affects land ecological security through three paths: agricultural scale management, agricultural technological progress, and eco-industrialization. Third, in terms of the sub-dimension of eco-industrialization, green finance promotes domestic tourism revenues, agriculture, forestry, and animal husbandry, while its impact on international tourism revenues and fisheries is not significant. The results herein confirm the role of green finance in securing ecological security of land. Future research will further enrich the indicator system of land ecological security as well as excavate the boundary conditions for green finance in order to promote land ecological security. [ABSTRACT FROM AUTHOR]

This research examines whether a destination's national culture has a substantial effect on tourism development. It focuses on six national culture proportions of Hofstede (2010). To account for probable asymmetric and non-linear associations among factors, the study tests a quantile regression by utilizing panel data from 101 nations and finds that most national cultures are non-linearly and statistically significant in explaining diverse quantiles of international traveler arrivals and international tourism receipts, whereas they do not do so for travel and leisure industry returns. We show that masculinity and indulgence negatively affect traveler arrivals, while power distance positively affects traveler arrivals. [ABSTRACT FROM AUTHOR]

This research examines the impact of Hofstede's six cultural dimensions on 122 countries' green economy and finds strong evidence that individualism, uncertainty avoidance, and long-term orientation positively influences this special economy. By contrast, power distance, masculinity, and indulgence have negative and robust impact on all measures of a green economy. Legislating environmental regulations or focusing on green technologies can be harmful for a green economy in countries with high levels of individualism, power distance, and indulgence. In more masculine countries, green economies can be promoted through technology rather than regulation. Finally, we note that the level of economic and financial development influences the relationship between national culture and the green economy. The empirical evidence offers implications for governments, policy makers, and future researchers. [ABSTRACT FROM AUTHOR]

This research intends to investigate whether the "bank capital channel" does exist, by examining the relationship between bank capital and liquidity creation through 35 Asian countries over the period 2001–2018 and contributes to the literature in several respects. First, this study confirms the existence of the "bank capital channel" and solves the puzzle between the "risk absorption" hypothesis and the "financial fragility-crowding out" hypothesis. Our results reveal that strongly-capitalized banks retain more liquid assets, but do not lend more. Second, we explore the role of liquidity on the effects of bank capital and lending. Third, this study investigates whether the effect of bank capital on lending differs depending upon the role of political risk. Higher political risk leads to a higher level of uncertainty and results in a decrease of liquidity creation; only properly-capitalized banks are able to increase their liquidity creation. Our robustness tests also reveal that the "risk absorption" effect remains for commercial banks and large banks. However, cooperative banks have a greater positive effect on the banking capital channel probably due to differences in capital requirements. We also consider the effects of concentration and a financial crisis and find that liquidity creation drops under higher competition and during a crisis period. Lastly, we discuss policy implications. [ABSTRACT FROM AUTHOR]

The goal of this study is to explore the causal relationship among economic growth, economic complexity and CO 2 emissions by using panel data of 95 countries for the period 1996–2015. A novel panel Granger approach proposed by Juodis et al. (2021) is adopted. Under this approach, we can explore the Granger causality in homogeneous or heterogeneous panels. To uncover the heterogeneous causal effects at different income levels, this study further divide the sample into three groups according to their annual income levels. Empirical results show that there are bi-directional causalities among economic growth, economic complexity and CO 2 emissions for all groups. However, the magnitudes of the effects are heterogeneous for different groups. As to low-income countries, economic complexity is positive and significant for CO 2 emissions, while CO 2 emissions are negative for economic complexity. Furthermore, there is a positive interaction between economic complexity and CO 2 emissions for middle-income countries. Regarding high-income countries, however, increasing economic complexity might effectively reduce CO 2 emissions, and CO 2 emissions can significantly increase economic complexity. Additionally, economic complexity will prominently decrease GDP in low-income countries. These findings are robust to different economic complexity indexes. Our results suggest that both developing and developed countries should set a reasonable CO 2 emissions target, and on this basis, maintain a good balance between economic complexity and CO 2 emissions. [ABSTRACT FROM AUTHOR]

Information and communication technologies (ICTs) have transformed the travel and leisure sector worldwide, yet until now there are no studies presenting international evidence of the different impacts of ICTs (i.e., Internet usage, secure Internet servers, mobile cellular subscriptions, high-technology export, communications as well as computer, and fixed broadband subscriptions) on tourism development (i.e., international traveler arrivals, increased international tourism receipts, and travel and leisure sector returns) by considering countries with different tourism development processes (e.g., high or low tourism development quantile). It is possible that ICTs have diverse or non-linear impacts on countries undergoing varying tourism development processes. Using international data based on a new panel quantile approach, this research thus aims to explore whether ICTs affect tourism development and looks into the possible asymmetric and non-linear relationships among the many variables. Results show that increasing mobile cellular subscriptions, secure Internet servers, and fixed broadband subscriptions have greater positive effects on traveler arrivals. ICTs also asymmetrically and non-linearly influence tourism across different quantiles. Non-global financial sub-periods and developing nations gain benefits from ICTs' establishment. Lastly, there are geographic differences in the ICTs-tourism nexus. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to introduce the idea of shift-share analysis, where local inflation is decomposed into the national factor, structural stickiness (with sectoral and regional aspects), and a localized pricing power effect in order to gain a better understanding of the inflation dynamics. We apply price-level data in China as a dual economy, which has historically been separated into urban and rural areas. The results show that sectoral differences in inflation are the most important factor explaining inflation in China, while local pricing power must be seriously considered in many sectors in rural areas. [ABSTRACT FROM AUTHOR]

As population aging becomes the new demographic norm in China, its workforce structure is changing, and its demographic dividend is about to disappear. Artificial intelligence (AI) has been experiencing rapid progress in the last few years, and it is becoming an important tool to address the impact and challenges of an aging population. Therefore, this research introduces population aging and artificial intelligence into agricultural production, focusing on the effects of population aging on food security and the function played by artificial intelligence in it. From an empirical study conducted based on provincial panel data, the following conclusions arise. First, population aging in rural China has not negatively impacted food security, so there is no need to be overly pessimistic about the inevitable aging of the rural population. Second, AI has a favorable moderating function on the effects of population aging on food security. Third, the moderating effect of AI is heterogeneous. Compared with other provinces, AI can play a strongly positive moderating effect in central and west regions and major grain-selling areas. Based on the above findings, this paper proposes targeted policy recommendations on protecting food security in the context of artificial intelligence and population aging. • Artificial intelligence is introduced into the field of agricultural production. • Food security is investigated considering the aging of the agricultural workforce. • The positive moderating role of AI on the influence of aging population on food security. • This study contributes to ensuring food security in the context of aging population and artificial intelligence. [ABSTRACT FROM AUTHOR]

Financing constraints have always been a common problem for small- and medium-sized enterprises (SMEs) around the world, but the emergence of supply chain finance (SCF) has largely helped to ease such constraints on their bank financing. This research expands the cash-cash flow sensitivity model and examines the effect and mechanism of SCF on alleviating the financial constraints of 740 firms listed in the SME Boards and Growth Enterprise Market (GEM) of the Shanghai and Shenzhen Stock Exchanges from 2010 to 2017. The results show that SMEs in China overall suffer from financial constraints, and the degree of the constraints is greater for private SMEs than state-owned SMEs. Furthermore, the constraints faced by SMEs in the central and western regions are more severe than those in the eastern region, the constraints in the tertiary industry are more severe than those in the primary or secondary industry, and the constraints for innovative SMEs are more severe than non-innovative SMEs. It is also found in this paper that SCF more mitigates the financial constraints on SMEs, particularly private SMEs, innovative SMEs, and those locating in the central and western regions, than on state-owned SMEs, non-innovative SMEs, and those locating in the east regions. These findings provide important policy implications for governments, financial institutions, and firms alike. • This research expands the cash-cash flow sensitivity model and examines the effect of SCF on alleviating the financial constraints of 740 Chinese listed firms from 2010 to 2017. • The financial constraints faced by SMEs in the central and western regions are more severe than those in the eastern region. • It is also found in this paper that SCF more mitigates the financial constraints on SMEs locating in the central and western regions and innovative SMEs than, those locating in the east regions and non-innovative SMEs. • Our paper has the far-reaching policy implications for relevant stakeholders including government, financial institutions as well as firms based on our empirical findings. [ABSTRACT FROM AUTHOR]

The increasingly critical ecological environment in the major grain-producing regions (MGPRs) of China has attracted widespread attention, but there is limited research at the city level. This study presented a land ecological security (LES) evaluation index system based on the pressure, state, response (PSR) model. It used the panel entropy weight method, kernel density function method, Moran index model, and spatial econometric model to measure LES of 158 cities in MGPRs from 2005 to 2020, and analyzed the spatial and temporal evolutionary trends, spatial divergence characteristics, and influencing factors of LES. The results are as follows. (1) From 2005 to 2020, the overall trend of urban LES level was rising, but it experienced an N-shape fluctuation trajectory of "rise-fall-rise". The state index and response index were on an upward trend, while the pressure index had a certain degree of decline. (2) LES was characterized by the spatial distribution of "high in the north and low in the south" and "high in the east and low in the west", while spatial heterogeneity became increasingly significant, with greater spatial differences within the northern cities and within the central cities. (3) There was a significant spatial spillover effect of LES, but the effect decreased with the expansion of spatial divergence. The spatial association patterns mainly exhibited "high-high" (HH) and "low-low" (LL) agglomerations. (4) The response layer was the main obstacle subsystem, while green space per capita, environmental governance investment, precipitation per capita, arable land per capita, and agricultural development were the main obstacle factors. (5) Economic development, fiscal decentralization, industrial advancement, and innovation input were the positive factors of LES, whereas financial development and industrial development were the negative factors of LES. The findings provide effective policy reference for the sustainable utilization of urban land resources. • Constructed an evaluation index system for land ecological security at the city level. • The land ecological security was generally on the rise, but with increasing spatial differences. • There was a significant spatial spillover effect of land ecological security. • The paper conducted obstacle factor identification and influencing factor analysis. [ABSTRACT FROM AUTHOR]

The trend of global warming has sparked a growing concern about the impact of climate change on food security. China is a vast country with different climate situations in each region. This study examines the impact of climate change on food security in China using panel data from 31 provinces and cities (1984–2020). Results show that climate change significantly affects food security, bringing more uncertainty risks. Agricultural policies can mitigate this impact by reducing production costs and improving farmers' risk resistance and motivation. Regional heterogeneity exists, with climate change having significant moderating effects on food security in non-food-producing regions and rainfall having significant effects in north and central regions. Relevant policy implications are suggested for strengthening climate change resilience, improving system design, and coordinating regional agricultural production. • A long-term evaluation of food security in China from 1984 to 2020. • Empirically analyze the influence of climate change in terms of temperature, rainfall, and sunshine. • Agricultural policies can ensure food security and reduce the impact of climate change on it by serving as a moderating effect. • Heterogeneity analysis of climate change on food security with regional differences. [ABSTRACT FROM AUTHOR]

• Measure the energy and environmental performance of 260 cities in China. • Use China's smart city pilot policy as a quasi-natural experiment. • Evaluate the effect of smart city construction on energy and environmental performance. • Smart city construction has two important influence channels. Attaining a win-win scenario among economic growth, energy conservation, and emission reduction is an essential requirement for the transformation towards smart cities. This research leverages panel data from 260 prefecture-level cities in China between 2009 and 2020, applies the non-radial directional distance function (NDDF) for the quantification of energy and environmental performance (EEP), and harnesses the multi-period difference-in-differences (DID) model to empirically investigate the influence of the smart city pilot policy (SCPP) on EEP. The findings reveal the following. (1) SCPP significantly enhances EEP in cities of China. (2) Mechanism analysis indicates that SCPP primarily improves EEP by promoting economic agglomeration and driving innovation development. (3) The enhancement effect of SCPP on EEP exhibits a time lag and tends to decay in later stages, without exerting a notable spillover effect on EEP of neighboring cities. (4) The EEP of cities with lower administrative levels and insufficient resource endowments has experienced more substantial improvements under SCPP. This study offers valuable insights for developing countries with backgrounds similar to China for improving urban ecological environments and achieving sustainable development. [Display omitted] [ABSTRACT FROM AUTHOR]

• NPZEC significantly promotes green innovation (GI). • NPZEC promotes GI through increasing fiscal support and economic agglomeration. • The effect of NPZEC is heterogeneous due to patent types and urban characteristics. • NPZEC has a negative impact on GI in neighboring cities. This study examines the impact of the National Pilot Zone for Ecological Conservation (NPZEC) policy in China on green innovation (GI) using panel data from 282 Chinese cities during the period 2011-2019. Employing a difference-in-differences (DID) model, we find that the NPZEC policy positively influences GI, leading to a significant increase of approximately 23.98% in the number of green patents in cities where the policy is implemented. Mechanism tests reveal that the NPZEC policy enhances fiscal support and promotes economic agglomeration, thereby fostering GI. Heterogeneity analyses indicate that the NPZEC policy prioritizes quantity over quality, with a stronger impact observed in western cities, low administrative level cities, and cities with lower economic development. Additionally, our findings highlight that higher public environmental attention and stronger intellectual property (IP) protection enhance the promotion effect of the NPZEC policy on GI. Lastly, the findings indicate that the NPZEC policy has a negative impact on GI in neighboring cities. Our study provides empirical references for policymakers to scientifically implement place-based policies and effectively promote GI in the future. [ABSTRACT FROM AUTHOR]

• The wealth effect centered on stock repurchase announcements in U.S. companies and combine it with the concept of market efficiency. • Higher the market efficiency, the lower the information asymmetry between internal managers and external investors and the lower the company opacity, resulting in the disappearance of abnormal returns after stock repurchases. • When market uncertainty decreases, the lower the information asymmetry opacity, the lower the abnormal returns after stock repurchases. This article aims to measure the wealth effect centered on stock repurchase announcements in U.S. companies and combine it with the concept of market efficiency, which means that information can be fully disclosed and circulated. We find that the higher the market efficiency, the lower the information asymmetry between internal managers and external investors and the lower the company opacity, resulting in the disappearance of abnormal returns after stock repurchases. Furthermore, we show that when market uncertainty decreases, the lower the information asymmetry opacity, the lower the abnormal returns after stock repurchases. Our findings have important policy implications for governments and investors. [ABSTRACT FROM AUTHOR]

Promoting the synergy of pollution control (PC) and carbon reduction (CR) is an important strategy for ecological civilization construction in China. Based on constructing a measuring system for PC and CR respectively, we employ the coupling coordination model to determine the coupling coordination degree (CCD) between PC and CR in 30 Chinese provinces during 2006–2019, and analyze the spatial–temporal characteristics, regional differences, and convergence of the CCD between PC and CR from a dual perspective of east–west and south–north regional divisions. The results show that the average CCD between PC and CR increases from 0.8339 in 2006 to 0.8904 in 2019, suggesting that the two subsystems are in a well-coordinated stage. Moreover, China's CCD shows a "high in the east and low in the west, high in the south and low in the north" layout and exhibits a prominent spatial positive autocorrelation characteristic. Furthermore, the overall regional differences in the CCD of each province show an increasing trend initially, followed by a decreasing trend. The overall differences in east–west and south–north originate primarily from the cross-regional and within-regional difference, respectively. The results of the convergence model show that there is no σ convergence of China's CCD, while there exists β convergence in China and different regions. These findings provide empirical evidence and policy implications for facilitating the synergistic effect of PC and CR. • Show the spatial-temporal characteristics, regional differences, and convergence of China's CCD between pollution control and carbon reduction. • China's CCD shows a layout of "high in the east and low in the west, high in the south and low in the north". • The overall differences of China's CCD in the east-west and south-north primarily originate from the cross-regional and the within-regional difference. • There is no σ convergence of China's CCD, but there exists β convergence. [ABSTRACT FROM AUTHOR]

This paper explores the determinants for the leverage decision of financial institutions via the channels of bank-specific characteristics, peer bank behavior, and economic policy uncertainties, which are critical to appropriately control the risk of the financial system and explain the cross-sectional heterogeneity in risk-taking behavior among financial institutions. Our results indicate that bank-specific characteristics are the most influential one among the three channels for leverage decision of financial institutions, while the other two channels also exhibit significant effects on the leverage decision. We further note that economic policy uncertainty may affect their leverage decisions through the channels of their shifting lending behavior and risk-taking capacity. [ABSTRACT FROM AUTHOR]

The paper investigates whether a firm's implied volatility is affected by the volatility of central bank digital currencies. Our sample covers 2853 listed companies in the United States from 2014 to 2018. First, we find the variation of central bank digital currency has a positive impact on a firm's implied volatility. Second, the healthier firms' conditions can reduce the relationship between central bank digital currency variation and a firm's implied volatility. Third, the positive relation between central bank digital currency and firm's implied volatility still exists in investment-grade, speculative-grade, and unrated firms. Finally, to eliminate the endogeneity problem, we adopt simultaneous equation models (SEM) and find our results are still robust after excluding endogenous concerns. Our research provides a reminder for corporate managers and new implications for policymakers. [Display omitted] • Variation of CBDC has a positive impact on firms' implied volatility. • Healthier firms' conditions can reduce the above relationship. • The positive relation still exists in investment-grade, speculative-grade, and unrated firms. [ABSTRACT FROM AUTHOR]

This research uses a hybrid systemic risk indicator (rSYR) to measure the systemic financial risk of China's banking industry from 2009 to 2019 and combines rSYR with sSYR (new standardized rSYR) to more accurately determine systemic important banks. We also forecast systemic risk in the next period, finding that large-scale banks (such as ICBC, Bank of China, Agricultural Bank of China, and China Merchants Bank) have high systemic importance. After eliminating the impact of scale, we then pay attention to the possibility of systemic risk brought by some smaller banks (such as Huaxia Bank and Everbright Bank). Through the prediction of systemic risk in the next six months, we also find out that the possibility of systemic risk caused by possible capital shortage brought by Agricultural Bank of China, Ping An Bank, Bank of China and Everbright Bank is more obvious, which is worth paying greater attention. [Display omitted] • Use a hybrid systemic risk indicator (rSYR) to measure the systemic financial risk of China's banking industry from 2009 to 2019. • Combine rSYR with sSYR (new standardized rSYR) to more accurately determine systemic important banks. • We forecast systemic risk in the next period, finding that large-scale banks have high systemic importance. • Pay attention to the possibility of systemic risk brought by some smaller banks (such as Huaxia Bank and Everbright Bank). [ABSTRACT FROM AUTHOR]

China has proposed ambitious carbon neutrality targets to address the challenge of climate change and promote sustainable development despite being the world's largest emitter of carbon dioxide. This study constructs an index system with six dimensions: carbon source, carbon sink, electrification, low-carbon technology, the government in action, and economic decarbonization. Furthermore, it measures the low-carbon sustainable development of China's provinces as an assessment of the progress toward carbon neutrality. The comprehensive scores show that most provinces in China have progressed in their pursuit of carbon neutrality from 2007 to 2018. However, improvements can still be made. Low-carbon technology is the advantageous for low-carbon sustainable development in the eastern region and the driving force of the catch-up effect in the central region. In addition, this study finds that the overall differences in provincial carbon neutralization scores are widening. Specifically, inter-regional differences are leading, followed by intra-regional differences. Convergence analysis also shows that the carbon neutralization scores in different provinces exhibit a non-convergence trend or even an expanding trend. A large regional imbalance exists in low-carbon sustainable development. The kernel density estimation and Markov chain state analysis show that China's provinces are moving toward carbon neutrality, and the absolute difference in carbon neutrality scores is also widening. However, a phenomenon of club convergence exists. • Construct an index system with six dimensions for evaluating the low-carbon sustainable development. • The overall differences in provincial carbon neutralization scores are widening. • The overall differences are primarily composed of inter- and intra-regional differences. • Convergence analysis finds that different regions show a non-convergence or even an expanding trend. • Evolutionary trend results show that China's provinces are moving toward carbon neutrality. [ABSTRACT FROM AUTHOR]

• Using panel data for 241 cities at the prefecture level and above in China from 2010 to 2019. • Consider urban agglomeration planning as a quasi-natural experiment of regional integration and use a DIDs method. • Regional integration significantly improves economic resilience. • The policy effect of regional integration on economic resilience varies by time, region, and urban structure. • Urban size structure and industrial structure are critical pathways. Under the dual pressure of "slow-burn" challenges and acute shocks, increasing economic resilience is gaining attention around the world to ensure the security and stability of economic activities. With the goal of achieving sustainable development, the China is exploring an innovative, coordinated, green, open, shared and secure development path for the regional economy. Using panel data for 241 cities at the prefecture level and above in China from 2010 to 2019, this research considers urban agglomeration planning as a quasi-natural experiment of regional integration and use a difference-in-differences method to explore the effect of regional integration on economic resilience. The results show the following. 1) Regional integration does improve economic resilience after various robustness tests. 2) The policy effect of regional integration on economic resilience varies by time, region, and urban structure. 3) Urban size structure and industrial structure are important ways in which regional integration affects economic resilience. Our findings enrich the theoretical study of the relationship between regional integration and economic resilience and provide a new path to improve regional economic resilience and achieve sustainable development. [ABSTRACT FROM AUTHOR]

Using a balance panel dataset of 278 Chinese cities, this study is the first to employ a spatial difference-in-differences (SDID) approach to investigate both the direct and indirect effects of low-carbon pilot policy on technological innovation. A series of robustness tests including the parallel trend test, placebo test and using SDID with propensity score matching to alleviate spatial sample selection bias are performed. Furthermore, mechanism and heterogeneity analyses are conducted by using mediation effect and moderation effect models, respectively. The results show that implementing low-carbon pilot policy have a significant promotion effect on technological innovation both in pilot cities and neighbouring cities, resulting from enhancing green total factor productivity, optimizing the industrial structure, alleviating financing constraints, and enhancing economic density. Moreover, the technological innovation increasing effect is more significant in cities with higher CO 2 emissions, more cultural diversity, higher political hierarchy, lower terrain relief and more integrated market. However, low-carbon pilot policy which implementing in cities with higher CO 2 emissions would not help to promoting technological innovation in neighbouring cities. In addition, low-carbon pilot policy increase technological innovation within 700 km of the coastline, whereas the beyond 800 km, the reduction effect is dominant. • Based on the market-based environmental regulation and agglomeration economic theory • Examine both the direct and indirect effects of LCCP on technological innovation via SDID approach. • Implement LCCP promotes technological innovation both in pilot cities and neighboring cities • LCCP enhance green TFP, optimize industrial structure, alleviate financing constraints and enhance economic density • Effect of LCCP on technological innovation exhibits spatial attenuation [ABSTRACT FROM AUTHOR]

Carbon emission is one of the major problems in emissions generating companies (EGCs) due resource consumption, spurring a need for carbon emission reduction, but most EGCs cannot reduce it due to a lack of green technology implementation. This research proposes a monopoly market under the consideration of EGCs and develops a simulation-based optimization model to measure the optimal behavior of green technology investment to reduce carbon emission. To see its implementation, we investigate the intervention of the government, which provides an optimal subsidy on green technology investment. Our study helps the government to find an optimal green technology investment and subsidy on green technology investment. Additionally, this optimal subsidy allows decision-makers to improve environment cleanliness by taking incentives in the form of green subsidy. They can also fulfill their primary objective of profit maximization by finding an optimum product price. • The optimal behavior of green technology investment has been investigated in EGCs. • The study was analyzed by using discrete event simulation modeling and optimization under a monopoly market. • Subsidy policies from the government have been extracted to maximize the profit of EGCs and to keep the environment clean. • Optimal behavior of green technology investment subsidy was found to maximize profit under GTI. [ABSTRACT FROM AUTHOR]