We study the social and distributional implications of the euro area (EA) sovereign debt crisis in countries that received external financial assistance for macroeconomic adjustments. Combining granular data from about one million survey interviews with households across euro area states carried...

The spatial dimension is central to future adaptation due to the uneven expected damages in the EU. Damages will not only be local, but would spread out to unaffected regions through spatial linkages. Trade, a key dimension of these linkages, is vulnerable to climate damages and current...

We investigate how firms adjust to demand shocks when wages and employment determination are regulated. Using firm-level data for the Italian metal engineering industry from 2009 to 2021, we estimate the elasticity of the wage bill to changes in firm's real sales. We disentangle the effect on...

A fundamental problem for sovereigns enacting climate policies is whether they can manage increasing debts as their economies suffer from adverse climate impacts. We develop stochastic debt sustainability analysis integrating a coupled climate-economy model with debt financing scenario...

Background: Corporate bonds are crucial for corporations as they provide a flexible and often less costly alternative to equity financing. However, rising corporate debt levels, along with rating downgrades and economic uncertainty, can cause corporations to face financial distress, exacerbating...

Purpose - This paper aims to assess the economic impacts of the European Union's Carbon Border Adjustment Mechanism (CBAM) on Vietnam. Design/methodology/approach - We constructed a general equilibrium model to assess the economic impacts of the CBAM on the macroeconomic indicators of Vietnam....

As a unique environmental regulation in China, the official accountability audit was piloted in 2014. With a focus on prioritizing the ecological environment, officials in pilot districts have implemented economic construction, adjusted industrial structures, and promoted coordinated development...

For the scientific understanding and correct adjustment of domestic and foreign economic operations, both academic research and policy-making require the analysis of the relationship between the proportion principle of labor distribution, market mechanism and state economic adjustment. The...

Climate change adaptation has been gathering momentum. At COP26 in 2021, the parties to the UNFCCC agreed to develop a work programme to deliver on the global goal on adaptation; at COP28, in December 2023, they adopted the framework for achieving that goal. Adaptation efforts should be led...

We examine the economic and electoral effects of liberalisation measures using newlyconstructed databases on structural economic reforms and the outcome of democratic elections since the 1970s. The data shows a remarkable slowdown in the pace of liberalisation in both advanced and emerging...

Oman's potential nonhydrocarbon real GDP growth has trended downward since the global financial crisis, with a negative contribution from total factor productivity. This paper estimates productivity gains associated with structural reforms and identifies key binding constraints and reform...

We use the strengthening of China's emission target control regime during the Eleventh Five-Year Plan period as a quasi-natural experiment to study the impact of strengthened environmental regulation on firm's emissions and other economic performances, and find that more rigorous environmental...

This paper scrutinizes the issue of economic resilience, aiming to detect the existence of a systematic link with economic specialization. To this end, the paper conducts an empirical analysis at the local (i.e., municipal) level of Greece during the economic crisis period (2009-2015), providing...

This study investigates the macroeconomic resilience of the Moroccan economy using a comprehensive analysis of key indicators and policy variables. Utilising data from sources such as the World Bank, we examined GDP per capita, government debt, government final expenditure, agriculture and...

This report synthesises the evidence on the impact of the war and its implications on food security in Africa based on country case studies covering Egypt, Ethiopia, Kenya, Morocco, Mozambique, Senegal, South Africa and Sudan, as well as Africa-wide studies utilising econometric modelling...

This paper assesses the economic effects of climate policies on different regions and countries with a focus on external adjustment. The paper finds that various climate policies could have substantially different impacts on external balances over the next decade. A credible and globally...

This paper examines the impact of labour market and product market reforms on income inequality for 25 OECD countries, using the local projections approach and updates of the reform indicators put together by Duval et al. (2018) until 2020. Our results suggest that both types of (endogenized)...

This paper presents an empirical analysis of plant level responses to the China trade shock based upon a DSGE framework with heterogeneous firms and productivity shocks. The empirical analysis shows that soaring imports from China are associated with a higher probability of plant closure. By...

This paper investigates the effect of robot adoption on employment adjustment at the firm level in China. Using an instrument that exploits the source of the firm-level variation in robot adoption, we find that using industrial robots increases employment within firms, especially when focusing...

Amalgamation reforms have been extensively implemented in several countries as policy instruments to improve local government service provision and reduce costs based on scale economies. However, their effectiveness has proved ambiguous in practice. We investigate the impact of a substantial...