Search

The prevailing environmental, social and governance (ESG) framework is currently based on micro‐ESG indicators. Research on national ESG is often limited to theory building and policy analysis. Based on previous scholars, this paper constructs a national ESG index framework consisting of 39 indices and updates the national ESG indices for 121 countries worldwide from 1990 to 2021 using the entropy weight method, aiming to provide a set of instrumental indices that capture the status and evolution of national ESG performance. The research findings are as follows: First, the Gini coefficient shows that the gap between national ESG performance has gradually widened over time. Second, the kernel density distribution suggests that global ESG performance is on the rise. High‐income countries are placing greater emphasis on ESG growth. Third, the results of the Markov transformation matrix suggest that there is a "club convergence" in ESG performance across countries. [ABSTRACT FROM AUTHOR]

With the high incidence of extreme events, it is important to examine how the occurrence of natural disasters influences long‐term sustainable development. We give evidence from the changing process of innovation. Using data from OECD countries from 1985 to 2018, we conclude that environmental threats from the occurrence of natural disasters drive countries to pay more attention to sustainable development and promote the change of innovation type from traditional to green innovation. Moreover, for different types of natural disasters, volcanic activities, landslides, and floods show a positive influence, while epidemics dampen it. Based on the sub‐sample analysis, this impact is more pronounced in countries with high levels of economic development, oil exports and right‐wing parties in power. Furthermore, renewable energy consumption acts as a positive moderator, while the moderating effects of government efficiency, corruption and globalization are inhibiting. Our paper provides new insights into natural disaster economics and sustainable development. [ABSTRACT FROM AUTHOR]

Environmental, social, and governance (ESG) performance has increasingly become the most pressing concern for governments, social organizations, companies, and other stakeholders. Understanding macro ESG behavior can assist governments in achieving their sustainable development goals (SDGs). In this paper, we investigate whether the macro ESG index of OPEC and non‐OPEC oil‐producing countries over the period 1990–2020 exhibits mean‐reversion behavior and whether the external shocks are transient or permanent. By conducting a series of advanced panel stationarity tests, we find that the macro ESG indices of the sample countries do not exhibit mean‐reversion and that an external shock has a permanent effect. We also identifies the yearly structural breaks that occur in the sample countries and attempts to explain why. Our research suggests that governments should use policy interventions to counteract external shocks to macro ESG behavior so as to achieve sustainable development and long‐term performance stability. [ABSTRACT FROM AUTHOR]

The nexus between trade conflict and monetary policy is of great importance in international political and economic analysis. By employing data from a panel of global countries covering the period 2000–2015, this paper empirically analyzes the impact of trade conflict on monetary policy and how it works. We document the evidence that trade conflict has caused targeted countries to implement loose monetary policy. We also find that the impact of trade conflict is not only effective in the current year, but also continues in the next five years. In addition, we show that the significant impact on monetary policy is manifested in non-OECD countries and transition countries but not in OECD countries and non-transition countries. Consequently, we believe our findings should shed light on those policy makers in target countries, who can hopefully prepare for potential trade conflict and avoid similar disputes from interfering with the effectiveness of monetary policies in the domestic economy by providing practical currency and valuation strategies. [ABSTRACT FROM AUTHOR]

This paper mainly presents a complete analysis of the impact of such sanctions on the innovation performance of target countries by exploiting the difference‐in‐differences method for panel data of 91 countries in the period 1988–2016. The empirical results confirm a significantly negative impact of overall international sanctions on innovation in the target countries; moreover, except for noneconomic sanctions, other types of sanctions have a negative impact on the level of innovation in the target countries to varying degrees. These findings are also supported by two semiparametric matchings: artificially matching according to the two factors of geographical location and land area respectively and the propensity score matching, one nonparametric matching: entropy balancing, as well as the system generalized method of moments estimates that account for any bias due to lagged dependent variables. This paper also shows that the significantly negative effect of international sanctions is manifested in the countries with high levels of trade openness, globalization, and democracy, but not in the countries with low levels of trade openness, globalization, and democracy. Our empirical findings merit particular attention from policy‐makers in target countries. [ABSTRACT FROM AUTHOR]

This research explores the impact of monetary policy on the growth rate of total factor productivity (TFPG) and innovation efficiency (IE) through panel data of 30 countries from 1983 to 2018 by the bias-corrected fixed-effect dynamic (BCFE) model. We find that tight monetary policy negatively impacts the growth rate of total factor productivity (TFPG) and innovation efficiency (IE), which is still valid after a series of robustness tests. We then perform sub-sample regressions, and the results show that countries with higher government efficiency, higher financial development, and stricter environmental policy can reduce the negative impact of tightening monetary policy on total factor productivity and innovation efficiency. Our research illustrates that a tightening monetary policy not only adversely impacts total factor productivity but also influences the main driving force of its growth-innovation efficiency. [ABSTRACT FROM AUTHOR]