Considering that housing is the single biggest asset for most households, owning a home may create barriers to entrepreneurship for young people who generally accumulate relatively little wealth due to a short-term career and low income. Using longitudinal data from the China Family Panel Studies (CFPS) survey, our empirical work suggests that homeowners are associated with significantly less propensity for entrepreneurial engagement and the negative homeownership effect on entrepreneurship is much larger for younger homeowners. These findings are robust to omitted variable bias, reverse causality and model misspecification. We explore the mechanism through which capital constraints related to housing purchase may more affect younger homeowners from starting entrepreneurial activities. We find strong supportive evidence for this mechanism.

As the COVID-19 epidemic swept the world in early 2020, it is worth watching how it affects the total factor productivity of enterprises. Based on the theory of information asymmetry and the data of A-share listed companies from 2014 to 2021, this paper conducts an empirical study on the relationship between COVID-19 and the total factor productivity of enterprises. The results show that the impact of the COVID-19 epidemic can significantly reduce the total factor productivity of enterprises, and the conclusion is still true after a series of robustness tests. Taking the financing constraint as an intervening variable, it clearly reveals a transmission mechanism, that is to say, the impact of the COVID-19 epidemic exacerbates the financing constraint of the enterprise, thus it makes the total factor productivity of the enterprise reduce. It is further found that the above effects are more obvious for small and medium-sized enterprises and non-intelligent enterprises. Based on this, the government should implement some active economic development policies to create a free, relaxed and orderly market environment for enterprise financing. At the same time, enterprises should not only pay attention to digital and intelligent development, and transform into technology-intensive enterprises, but also strengthen the awareness of worry. Enterprises should store "more grain" for preparing for the cold winter.

A large body of research has been dedicated to the study of relationships between social or cultural capital and educational outcomes in Western countries. However, few studies have examined these associations in a Chinese context, and even fewer have examined the effects of both forms of capital on educational outcomes simultaneously within a familial context in China. This study offers a reformulation of the associations between family social capital and family cultural capital on the educational outcomes of adolescents in both rural and urban China. Using the structural equation modelling approach and the China Education Panel Survey, this study sheds some new insights – the presence of significant compositional differences in both family social capital and family cultural capital between rural and urban Chinese adolescents, and differential effects of both forms of capital on educational outcomes were found. Family social capital presented larger positive effects on the academic effort and educational aspiration of rural adolescents while having no positive effects in facilitating the academic achievement of both rural and urban adolescents. Meanwhile, family cultural capital presented larger positive effects for urban adolescents on all educational outcomes as compared to their rural counterparts.

There is a considerable amount of debate on the impact of capital liberalization on economic performance. Using Three-Stage Least Squares (3SLS) estimation technique introduced by Zellner and Theil (1962), we synthesize studies on the determinants of governance and capital flows. We find evidence of a revolving door relationship. Foreign aid has a negative impact on governance and, thereby reduces capital inflows since bad governance hinders capital inflows. The need to fill the gap created by private capital outflows encourages inflow of foreign aid, which in turn harms governance. Therefore, capital liberalization could grease a revolving door and undermine economic development in the aid receiving countries.

Bank capital requirements would entail large social costs if they made resource allocation suboptimal and banking services costly by unduly limiting the banks’ ability to lend. This paper considers three main factors that may make capital requirements relevant, namely, deposit insurance subsidies, stock valuation errors, and tax shields derived from debt financing. The theoretical model analyzes the combined effects of the three factors on the banks’ incentives to make fairly priced loans, which should also be socially optimal loans. A key finding is that the long-term cost of capital requirements is likely to be very small when deposit insurance is underpriced. Increased funding costs resulting from higher capital requirements are absorbed by shareholders of banks, rather than passed on to borrowers. Under some reasonable assumptions, higher capital requirements improve resource allocation by countervailing distortionary effects of deposit insurance subsidies. Short-term adjustment costs can still be large, but it should be relatively easy to mitigate the short-term effects.

Objective: The paper, specifically examines whether the recently formed Regional Comprehensive Economic Partnership (RCEP) can potentially facilitate minimising the constraints to renewable energy goods exports at the regional level in Asia. Data, Methodology and Findings: Using the panel data from 11 RCEP members from 2006 to 2014, this study has applied the ‘meta frontier stochastic gravity frontier’ methodology and confirms that the establishment of RCEP has the potential to improve trade in renewable energy commodities within the RCEP region. Policy Implications: The policy implication is that when countries work together, it will lead to enormous benefits for national, regional, and worldwide prospects of a more sustainable energy future. Practical Policy Implications: In terms of practical policy implications, the developed RCEP member countries should actively engage in promoting R&D activities and protecting intellectual property rights concerning renewable energy production, which are essential for countries to integrate with the world market and to lift the export frontiers of both the developed and developing RCEP member countries to reach the unrestricted export of renewable energy technology.

In China, the land arrangement behavior of over 160 million rural-urban migrant workers is closely related to the optimal allocation of rural land resources and sustainable development of urban and rural areas. Although previous studies show that social capital affects migrant workers’ land arrangement behavior, few empirical studies reveal the relationship between them, and the corresponding interventions remain unclear. Using survey data collected in Henan Province, China, and a multinomial logit model, this study empirically analyzes the mechanism behind the impact of social capital on migrant workers’ land arrangement behavior from the perspective of social capital. Results illustrate that social capital has a significant impact on the land arrangement behavior of migrant workers. The behavior is significantly correlated with the scale of migrant workers’ urban social networks, the degree of urban social trust, and urban belonging. More social capital in urban areas indicates a higher tendency for migrant workers to abandon their land contracting rights and become permanent urban residents. This study reveals the mechanism of social capital affecting migrant workers’ land arrangement behavior and provides a reference for decision-making with respect to guiding migrant workers’ land management behavior for other countries facing similar social problems.

In light of the events of 2020 and 2022, this study aims to examine the co-movements between the capital markets of the Netherlands (AEX), France (CAC 40), Germany (DAX 30), the United Kingdom (FTSE 100), Italy (FTSE MIB), Spain (IBEX 35), Russia (IMOEX), and spot prices of crude oil (WTI), silver (XAG), gold (XAU), and platinum (XPT) from January 1, 2018 to December 31, 2022. The purpose of this analysis is to answer the following research question: (i) Did the events of 2020 and 2022 increase the shocks between stock markets and WTI, XAG, XAU, and XPT prices? The findings indicate that time series do not follow a normal distribution and are stationary. In response to the question of investigation, we found that during the Tranquil period, it was possible to verify the existence of 28 causal relationships (out of 110 possibilities). During the stress period, there was a very significant increase in the number of causal relationships between the market pairs under analysis (62 causal relationships out of 110 possibilities), including a relative increase in the influence of commodities on capital markets and capital markets on commodities. These findings show that during the events of 2020 and 2022, capital markets and commodities significantly accentuated their co-movements among themselves, indicating that alternative markets such as WTI, XAG, XAU, and XPT do not provide safe-haven properties. These results have implications for portfolio diversification during times of global economic uncertainty.

When human civilization is thriving to the rapid economic and social development, the deteriorating ecological environment has also pressured the society to put environmental protection issues on the agenda future development. Therefore, green innovation is not merely a requirement for a corporate’s long-term development but the basics of sustainable development of human society. As an objective indicator to measure a company's commitment to social responsibility, corporate environmental responsibility has an extremely important impact on a corporate's business philosophy and innovation strategy. However, the existing literature rarely studies between these two variables. This paper collects the data of listed companies from 2010 to 2019 and empirically tests the impact of corporate environmental responsibility on corporate green innovation. The study finds that corporate environmental responsibility can promote green innovation by reducing financing constraints, improving corporate governance and increasing government subsidies and R&D investment, and the result is still significant under a series of robustness checks. The placebo test suggests that the Jiangsu enterprise responsibility construction pilot has facilitated the development of enterprises' green innovation to a great extent. The conclusions enrich existing literature on corporate environmental responsibility and corporate green innovation, providing implications for government policy orientation, social atmosphere guidance and corporate strategic decision-making process.

Human factor inputs are key to promoting agricultural modernisation. Traditional economic theory suggests that improving human capital is the key to boosting agricultural productivity, but can this conclusion hold in China's dualistic economic structure? We use Chinese provincial panel data from 2000-2017 to examine the impact of rural human capital inputs on agricultural total factor productivity. We find that, on the whole, rural human capital inputs have a negative effect on agricultural total factor productivity, and that there is a "rural human capital trap". Mechanism analysis reveals that rural human capital inputs, on the one hand, cause labour loss and reduce the quality of agricultural workers, while on the other hand, they may promote the application of mechanization, which has both positive and negative effects on agricultural total factor productivity. Heterogeneity analysis finds that this negative effect is more pronounced in the central region of China because of the serious loss of rural labour. This study provides new policy insights for further improving the structure of rural education inputs and promoting human capital accumulation in agriculture.

Based on provincial panel data in China, this study is the first to investigate whether industry-university-research collaborative innovation (IURCI) can help to improve factor misallocation. It is found that IURCI can significantly improve capital misallocation and labor misallocation, and the effect has regional differences, which shows that the improvement effect is obvious in areas with factor under-allocation, such as the central and western regions, but not obvious in areas with factor over-allocation, which conforms to the rule of diminishing marginal returns. A regulatory effect model is built to explore the impact of regional heterogeneity, through which we find that after considering three external environmental conditions, including economic development level, academic research level, and marketization degree, the improvement effect of IURCI on factor misallocation undergoes significant changes. The research results show that to deepen the marketization reform of factor allocation, we can start with IURCI. The government should form a sustainable and normalized industry-university-research collaborative innovation ecological mode through pilot cases and adopt measures according to local conditions to ensure the efficient use and reasonable distribution of capital and human resources of enterprises, universities, and scientific research institutions.

Regulation of financial institutions has two key purposes: Solvency (prudential regulation) and consumer protection. Prudential regulation is implemented mainly by capital requirements, but governments also provide insurance for customer deposits, as a backup tool. In this article, we discuss the critical conditions for deposit insurance and capitalization to act as substitutes for each other, under cyclical economic environment. We make two assumptions. The first one is that deposit insurance is fairly priced and there is no moral hazard. The second one is that insurance creates incentives for moral hazard among insured banks, resulting in increased risk taking. We also discuss the critical conditions for deposit insurance and capitalization to be complementary under different proportions of deposit insurance.

The paper addresses the alternative policy options available to address the question of lives versus livelihood in an SIRD model augmented with a macroeconomic structure. An important contribution of the paper lies in designing the policy of lockdown dependent on the extent of the constraint on the health facilities. The paper supplements the literature with a less stringent version of the lockdown policy, viz. soft lockdown policy which is shown to be more attractive from a public policy standpoint and has actually been practised in many countries across the globe during the recent pandemic. Finally, the optimal policy derived on the basis of the level of lockdown and adjustment of the binding constraint on health facilities depends on the objective of policy makers contingent on the relative weights of lives versus livelihood.

The presence of electrical harmonics in low voltage networks causes many problems for customers, the most important of which is the decrease in the power quality beyond the permissible limits, which leads to a decrease in voltage for long periods, a decrease in power factor and a large losses in the electrical network due to the deformation of the electric waveform of voltage and current. The aim of this paper is to design an optimal passive filter and its optimal location to suppress the harmonic distortion in the distribution system that results from nonlinear loads. This filter will use single objective functions and multi objective functions that will minimize the proposed filter cost, the real power losses, total harmonic distortion "THD" and individual harmonic distortion "IHD". This will be done under the equality constraint of power balance and some inequality constraints such as filter parameters limits, quality factor limits, voltage limits, harmonic distortion limits. The optimal passive filter parameters and location will be calculated using the modern optimization techniques such jellyfish optimization technique. IEEE 33 bus radial system will be used for demonstrating results obtained by the proposed method.

This study employs empirical analysis using an econometric model that examines the interdependence among environmental degradation, exports, and economic development with energy use. It also provides an environmental Kuznets curve (EKC) for selected South Asian economies utilizing time-series data. The findings reveal a long-term, stable equilibrium link between energy demand and pollution. There exists a positive relationship between structural factors and pollution. Moreover, this study constructs a model of exports and pollution from an interdependent perspective. The three perspectives are tested: the scale and structure of energy consumption considering the twin constraints of export-trade and pollution, and the scale of pollution in export-trade constraint. These results show that the increase in energy use leads to higher CO2 emissions amidst export volume. However, in the presence of income, the scale of effect lowers a little. The analysis also supports the presence of Kuznets curve for south-Asian economies. The results imply substantial scope for development in the energy use and pollution structure within South Asia's current export trade process. This development can be attained by regulating energy use and enhancing system efficacy without necessitating changes to the scale effect or structural effect.

Calculating the amount of regulatory capital to cover unexpected losses due to operational events in the upcoming year has caused problems because of difficulties in fitting probability distributions to data. It is consequently difficult to judge an appropriate level of capital that reflects the risk profile of a financial institution. We provide theoretical and empirical analyses to link the calculated capital to the sum of losses using appropriate statistical approximations. We conclude that, in order to reasonably reflect the associated risk, the capital should be approximately half the sum of losses, with a wide bound for the ratio of capital to sum.

The implementation of environmental protection strategy necessarily requires mapping the amount of capital stock of environmental infrastructure. Through the Weibull distribution function and hyperbolic age-decreasing efficiency model, the provincial environmental infrastructure capital stock in China from 1980 to 2018 is measured cautiously, and its spatial dynamics with the generated pollutants is analyzed using the center of gravity method. It is found that: the spatial distribution of environmental infrastructure capital stock is uneven, and the unevenness in the east-west direction is greater than that in the north-south direction, but the unevenness in the east-west direction is narrowing while the north-south direction is widening; the spatial and temporal distribution of environmental infrastructure capital and environmental pollution vary greatly, and the spatial management of environmental pollution is less accurate.

This study aims to examine the effects of student loan debt on the decisions of U.S. married households to invest in stocks located in non-retirement accounts. Using longitudinal datasets from the 2011 to 2017 U.S. Panel Study of Income Dynamics and a fixed effects logit model, the results show mixed findings. The presence of student debt decreases the probability that married households will own stocks, but the amount of student debt does not show a statistically significant effect. The findings suggest that the incidence of student debt raises the perception of liquidity constraints and debt burden among married households.

The high price of energy due to green energy policy will cause adjustments across the US economy predicted in the present general equilibrium model that includes energy Btu input with capital and labor to produce manufactures and services. This same model in trade theory examines the effects of a tariff on an imported factor of production such as a natural resource or capital.  Corresponding error correction estimates of the reduced form equations of the model in annual 1970-2018 data prove robust and suggest model modifications. A parametric approach to noncompetitive pricing based on unit cost diminishing with output brings the model much closer to the estimates. Manufactures are revealed to have a higher degree of noncompetitive pricing than services. Assuming constant elasticity of substitution production, a weak degree is revealed to provide the best fit to the error correction estimates. The high price of green energy will cause an inelastic decrease in energy input resulting in increased energy revenue. Outputs of both sectors fall, more in manufactures due to its energy intensity. The capital return and wage also fall given the weak substitution of capital and labor relative to the price of energy. The wage rises slightly in the model but falls considerably in the error correction estimate. The only clear winner is energy input with increased revenue. The government owns a large share of hydrocarbon reserves and will benefit from a higher price of energy.

We analyze the annual microdata of China's 100 commercial banks from 2007 to 2018 using the mediating effect analysis method, analyze the negative impact of economic policy uncertainty on the credit scale of commercial banks, and then verify the intermediary effects of the operational risks and short-term capital liquidity of commercial banks in the impact of economic policy uncertainty on the scale of commercial bank credit, separately. Moreover, we find that non-state-owned commercial banks, large-scale commercial banks, low-leverage commercial banks, and commercial banks with low profitability are more susceptible to economic policy uncertainty affecting commercial bank credit growth through short-term capital liquidity, and vice versa.