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The impact of capital-based macroprudential policy on banks’ balance sheet composition 基于资本的宏观审慎政策对银行资产负债表构成的影响
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-05-23 DOI: 10.1016/j.econlet.2025.112377
Marco Mandas , John W. Goodell
{"title":"The impact of capital-based macroprudential policy on banks’ balance sheet composition","authors":"Marco Mandas ,&nbsp;John W. Goodell","doi":"10.1016/j.econlet.2025.112377","DOIUrl":"10.1016/j.econlet.2025.112377","url":null,"abstract":"<div><div>We assess the effects of capital-based macroprudential policy on the composition of banks’ balance sheets. Employing a bank-level panel vector autoregressive model incorporating 188 macroprudential actions across 30 European countries, we analyze the impact of regulatory changes on banking variables while accounting for endogeneity. The results indicate that macroprudential policy shocks positively affect the common equity tier 1 ratio, prompting banks to adjust their asset allocations from higher-risk loans to safer, more liquid assets, thereby reducing risk-weighted assets and increasing the capital ratio. Additionally, regulators demonstrate proactive behavior by raising capital requirements in response to heightened bank lending and profitability. Policymakers should be cautious, as additional capital requirements may lead banks to strengthen their capital positions by reducing risk-weighted assets, potentially diminishing lending and adversely affecting banking profitability and real economy.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"253 ","pages":"Article 112377"},"PeriodicalIF":2.1,"publicationDate":"2025-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144131418","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Triggering precaution: Heat stress and the Chinese household saving puzzle 触发预防措施：热应激和中国家庭储蓄难题
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-05-20 DOI: 10.1016/j.econlet.2025.112408
Xinheng Liu, Taohong You, Xin Yang, Luqing Shi
{"title":"Triggering precaution: Heat stress and the Chinese household saving puzzle","authors":"Xinheng Liu,&nbsp;Taohong You,&nbsp;Xin Yang,&nbsp;Luqing Shi","doi":"10.1016/j.econlet.2025.112408","DOIUrl":"10.1016/j.econlet.2025.112408","url":null,"abstract":"<div><div>Utilizing survey data from the 2010–2022 China Family Panel Studies (CFPS), we investigate the Chinese household saving puzzle through the lens of heat stress. Our results show that heat stress substantially elevates household saving rates by amplifying income and expenditure uncertainties, consistent with a precautionary savings motive. Furthermore, this effect is stronger among agricultural households, those without commercial insurance, and those with lower social capital.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"253 ","pages":"Article 112408"},"PeriodicalIF":2.1,"publicationDate":"2025-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144124622","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Organization capital and trade credit access 组织资金和贸易信用准入
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-05-18 DOI: 10.1016/j.econlet.2025.112400
Siqi Zou , Shan Li , Joseph Sowahfio Sowah
{"title":"Organization capital and trade credit access","authors":"Siqi Zou ,&nbsp;Shan Li ,&nbsp;Joseph Sowahfio Sowah","doi":"10.1016/j.econlet.2025.112400","DOIUrl":"10.1016/j.econlet.2025.112400","url":null,"abstract":"<div><div>We present evidence of a positive link between organization capital and access to trade credit and offer an alternative perspective to the agency view. We show that firms with high organizational capital that secures greater trade credit are also more likely to grant credit to their customers, facilitating the flow of trade credit along the supply chain.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"253 ","pages":"Article 112400"},"PeriodicalIF":2.1,"publicationDate":"2025-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144098778","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Climate Disaster, Investor Attention, and Tail Risk: Graph-based CoVaR 气候灾害、投资者关注和尾部风险：基于图表的CoVaR
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-05-17 DOI: 10.1016/j.econlet.2025.112378
Peng Lu , Ziwei Wang , Kun Lu
{"title":"Climate Disaster, Investor Attention, and Tail Risk: Graph-based CoVaR","authors":"Peng Lu ,&nbsp;Ziwei Wang ,&nbsp;Kun Lu","doi":"10.1016/j.econlet.2025.112378","DOIUrl":"10.1016/j.econlet.2025.112378","url":null,"abstract":"<div><div>We evaluate how climate disasters affect tail risk and conditional tail dependency in the energy and agricultural commodity markets. We employ an innovative Quantile LSTM-GNN method to capture the time-varying graph-based structure of tail-risk spillover networks. Using regression and event analyses, we show that climate disasters, especially droughts, significantly increase both tail risk and conditional tail dependence, emerging before disasters occur. Investor attention further amplifies the impact of climate disasters on tail risk. However, climate disasters do not alter the underlying structure of tail-risk networks.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"253 ","pages":"Article 112378"},"PeriodicalIF":2.1,"publicationDate":"2025-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144084024","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Welfare effects of jointly managed non-targeted advertising in multi-sided media markets 多方媒体市场共同管理非定向广告的福利效应
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-05-16 DOI: 10.1016/j.econlet.2025.112383
Duarte Brito , Helder Vasconcelos
{"title":"Welfare effects of jointly managed non-targeted advertising in multi-sided media markets","authors":"Duarte Brito ,&nbsp;Helder Vasconcelos","doi":"10.1016/j.econlet.2025.112383","DOIUrl":"10.1016/j.econlet.2025.112383","url":null,"abstract":"<div><div>We examine the welfare effects of joint advertising by two competing media platforms that attract viewers through subscription pricing while also generating revenue by selling advertisers access to their subscriber base. Focusing on non-targeted advertising, we show that while joint advertising consistently reduces consumer welfare, its overall impact on total welfare remains uncertain. Crucially, this effect depends on the nuisance cost of advertising to consumers, with total welfare potentially increasing when this cost falls within an intermediate range.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"253 ","pages":"Article 112383"},"PeriodicalIF":2.1,"publicationDate":"2025-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144105854","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Polarization of opportunity 机会极化
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-05-15 DOI: 10.1016/j.econlet.2025.112386
Pedro Salas-Rojo , Vanesa Jordá , Paolo Brunori
{"title":"Polarization of opportunity","authors":"Pedro Salas-Rojo ,&nbsp;Vanesa Jordá ,&nbsp;Paolo Brunori","doi":"10.1016/j.econlet.2025.112386","DOIUrl":"10.1016/j.econlet.2025.112386","url":null,"abstract":"<div><div>We introduce the concept of polarization of opportunities (POp) to explore how various circumstances shape unfair inequalities. While conventional measures of inequality of opportunity (IOp) focus on outcome disparities linked to factors such as race or gender, they do not account for how these circumstances group individuals into relatively uniform clusters. POp fills this gap by examining both the influence of circumstances and their role in clustering individuals into distinct poles. Using U.S. data, our analysis shows that while income polarization and IOp have risen over time, POp has decreased.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"253 ","pages":"Article 112386"},"PeriodicalIF":2.1,"publicationDate":"2025-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144084039","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Impulse response diagnostics for priors on parameters in structural vector autoregressions 结构向量自回归中参数先验的脉冲响应诊断
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-05-14 DOI: 10.1016/j.econlet.2025.112390
Lutz Kilian
{"title":"Impulse response diagnostics for priors on parameters in structural vector autoregressions","authors":"Lutz Kilian","doi":"10.1016/j.econlet.2025.112390","DOIUrl":"10.1016/j.econlet.2025.112390","url":null,"abstract":"<div><div>Structural impulse response functions may be estimated based on priors about the parameters of the structural VAR presentation. Even when such priors appear seemingly reasonable, they may imply an unintentionally informative prior for the structural impulse responses. Rather than pretending that the posterior of the impulse responses does not depend on this prior, the proposal in this paper is to verify that the prior distribution of the vector of impulse responses of interest is not unintentionally informative. Moreover, if the impulse response prior is intentionally informative, this point must be conveyed, so the reader can properly evaluate the reported conclusions. This paper discusses easy-to-use diagnostic tools that help practitioners address these concerns.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"253 ","pages":"Article 112390"},"PeriodicalIF":2.1,"publicationDate":"2025-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144124620","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
From zero to hero: Memecoins’ spillover effects in cryptocurrency markets
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-05-13 DOI: 10.1016/j.econlet.2025.112381
Luca Galati , Salvatore Perdichizzi
{"title":"From zero to hero: Memecoins’ spillover effects in cryptocurrency markets","authors":"Luca Galati ,&nbsp;Salvatore Perdichizzi","doi":"10.1016/j.econlet.2025.112381","DOIUrl":"10.1016/j.econlet.2025.112381","url":null,"abstract":"<div><div>We analyze Trump’s memecoin launch, showing heterogeneous volatility spillovers driven by sentiment and fundamentals. Political signals amplified speculative dynamics, underscoring how politics increasingly shapes cryptocurrency markets and investor behavior.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"253 ","pages":"Article 112381"},"PeriodicalIF":2.1,"publicationDate":"2025-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143943075","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
IMF lending and firm investment decisions 国际货币基金组织贷款和企业投资决策
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-05-13 DOI: 10.1016/j.econlet.2025.112382
Pietro Bomprezzi , Silvia Marchesi , Rima Turk-Ariss
{"title":"IMF lending and firm investment decisions","authors":"Pietro Bomprezzi ,&nbsp;Silvia Marchesi ,&nbsp;Rima Turk-Ariss","doi":"10.1016/j.econlet.2025.112382","DOIUrl":"10.1016/j.econlet.2025.112382","url":null,"abstract":"<div><div>This paper investigates the dynamic aggregate response of firm investments to the approval of an IMF arrangement, distinguishing between General Resource Account (GRA) and Poverty Reduction and Growth Trust (PRGT). Using a stacked difference-in-differences estimator and leveraging firm-level characteristics, we find that firms relying more on external finance, those more exposed to uncertainty, or those with domestic ownership tend to increase investments significantly following a GRA agreement. In contrast, the effect is much more limited in the case of PRGT financed programs. The results contribute to the growing literature on the channels through which IMF programs influence the real economy, offering nuanced insights into how these interventions shape private sector dynamics and broader economic development.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"253 ","pages":"Article 112382"},"PeriodicalIF":2.1,"publicationDate":"2025-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143947474","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The vertical fiscal externalities of a territorial reform: Evidence from Brazil
IF 2.1 4区 经济学
Economics Letters Pub Date : 2025-05-12 DOI: 10.1016/j.econlet.2025.112354
Antonio Marcos Silva Santos, Ricardo Carvalho de Andrade Lima
{"title":"The vertical fiscal externalities of a territorial reform: Evidence from Brazil","authors":"Antonio Marcos Silva Santos,&nbsp;Ricardo Carvalho de Andrade Lima","doi":"10.1016/j.econlet.2025.112354","DOIUrl":"10.1016/j.econlet.2025.112354","url":null,"abstract":"<div><div>Do fiscal shocks associated with a government’s territorial reform generate vertical fiscal externalities for local governments? This paper investigates how local governments responded in terms of public spending to the creation of the Brazilian state of Tocantins in 1988. Using a dynamic Difference-in-Differences approach, we find that municipalities affected by changes in the second-tier government experienced a sharp reduction in public spending in the years following the reform. This may have been partly driven by the reduction in intergovernmental central transfers to the affected municipalities after the reform, which constrained their fiscal capacity.</div></div>","PeriodicalId":11468,"journal":{"name":"Economics Letters","volume":"253 ","pages":"Article 112354"},"PeriodicalIF":2.1,"publicationDate":"2025-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143943074","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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