[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-127016-en":3,"doc-seo-127016-105":30,"detail-sidebar-cat-0-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":4,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":27,"seo_description":14,"update_tm":28,"read_time":29},127016,2336474466412,"Ezra","https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d",8,"Research & Report","How do Chinese urban investment bonds affect its economic resilience - Evidence from double machine learning","The paper employs the double machine learning model to investigate how Chinese urban investment bonds influence economic resilience. LASSO estimation is used to handle a wide set of macroeconomic and industry variables. The analysis covers 239 Chinese cities that issued debt and loan instruments from 2016 to 2021. Results indicate a positive inverted U-shaped relationship, and highlight recovery capability in forming the economic resilience index. Heterogeneity varies by location, industrial and financial structure, while mechanism evidence points to infrastructure development.","Research in International Business and Finance 74 (2025) 102728  \nContents lists available at ScienceDirect  \nResearch in International Business and Finance  \njournal [homepage:](homepage: www.elsevier.com/locate/ribaf)[ www.elsevier.com/locate/ribaf](homepage: www.elsevier.com/locate/ribaf)  \n| How do Chinese urban investment bonds affect its economic resilience? Evidence from double machine learning |  |  |  |\n| --- | --- | --- | --- |\n| Yan Fanga,1, Yinglin Liu b,*,1, Yi Yang c,1, Brian Luceyd,1, Mohammad Zoynul Abedine,1\u003Cbr>a Shanghai University of International Business and Economics, Shanghai 201620, China b Shanghai Lixin University of Accounting and Finance, Shanghai 201620, China c East China University of Political Science and Law, Shanghai 201620, China\u003Cbr>d Trinity Business School, Trinity College Dublin, The University of Dublin, College Green, Dublin, Ireland e School of Management, Swansea University, Bay Campus, Fabian Way, Swansea SA1 8EN, UK |  |  |  |\n| A R T I C L E I N F O |  | A B S T R A C T |  |\n| JEL Classification: R11\u003Cbr>H6\u003Cbr>C33 C14 Keywords:\u003Cbr>Economic Resilience Urban Investment Debts Double Machine Learning LASSO Technique Heterogeneity Analysis |  | This paper employs the double machine learning model to investigate the impact of urban investment bonds on economic resilience. To deal with a broad set of macroeconomic and industry variables, LASSO is used for model estimation. The sample consists of 239 Chinese cities that issued debt and loan instruments between 2016 and 2021. The results show that 1) urban investment bonds have a positive, inverted U-shaped effect on economic resilience; 2) the ability to recover from an economic shock plays an important role in constructing the Chinese economic resilience index. The heterogeneity analysis reveals that the impact of urban investment bonds on economic resilience varies according to cities’ locations, industrial structure, and financial structure. Furthermore, the mechanism analysis demonstrates that urban investment bonds enhance economic resilience by promoting infrastructure development. These findings provide helpful guidance for China and other developing countries to ensure financing security and maintain robust economic growth. |  |\n\n1. Introduction  \nOver the past two decades, the global economic environment has increasingly faced numerous risks and crises, such as the global financial crisis in 2008 and the COVID-19 pandemic in 2020. These events underscore the critical importance of economic resilience, i. e., the ability of an economy to withstand, recover from, and adapt to adversities. This concept has drawn significant attention from scholars and policymakers, who emphasize the need to improve resilience as a strategy to mitigate risks and adapt to changes in both domestic and international markets (Han and Goetz, 2015; Brada et al., 2021). Currently, there is a substantial amount of research on economic resilience.  \nIn China, the need to boost economic resilience is especially critical, given the frequent changes in both internal and external environments. Local governments, when confronted with economic crises, face the pressing challenge of maintaining economic  \n* Corresponding author.  \nE-mail addresses: [yiffanyfang@163.com](yiffanyfang@163.com) (Y. Fang), [yinglinliu1992@163.com](yinglinliu1992@163.com) (Y. Liu), [yangyibetty@yahoo.com](yangyibetty@yahoo.com) (Y. Yang), [Brian.Lucey@tcd.ie](Brian.Lucey@tcd.ie)  \n(B. Lucey), [m.z.abedin@swansea.ac.uk](m.z.abedin@swansea.ac.uk) (M.Z. Abedin).  \n1 All authors are co-first author  \n[https://doi.org/10.1016/j.ribaf.2024.102728](https://doi.org/10.1016/j.ribaf.2024.102728)  \nReceived 19 June 2024; Received in revised form 16 December 2024; Accepted 21 December 2024 Available online 24 December 2024  \n0275-5319/© 2024 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY license  \n([http://creativecommons.org/licenses/by/4.0/](http://creativecommo","cbCaiqjtnA2GXrlA","https://ap.wps.com/l/cbCaiqjtnA2GXrlA","pdf",2139481,1,13,"English","en",105,"# Introduction\n## Economic resilience and risk context\n## Urban investment bonds and research questions\n# Data and variables\n# Methodology\n## Double machine learning and LASSO estimation\n# Empirical results\n## Main effects and inverted U-shaped pattern\n## Recovery role in resilience index\n# Heterogeneity analysis\n# Mechanism analysis\n## Infrastructure development channel\n# Conclusions and policy implications","[{\"question\":\"What model and estimation technique does the study use to assess the bond impact?\",\"answer\":\"The study uses a double machine learning framework and applies LASSO for model estimation to accommodate a broad set of macroeconomic and industry variables.\"},{\"question\":\"What is the main relationship between urban investment bonds and economic resilience?\",\"answer\":\"Urban investment bonds have a positive effect on economic resilience with an inverted U-shaped pattern.\"},{\"question\":\"How do the effects differ across cities, and what mechanism is proposed?\",\"answer\":\"The impact varies with cities’ locations, industrial structure, and financial structure. 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