Finance Research Letters最新文献_第7页

Green development through finance: Discussion on the dual benefits of environment and economy 金融助力绿色发展：论环境与经济的双重效益

IF 6.9 2区经济学

Finance Research Letters Pub Date : 2025-09-21 DOI: 10.1016/j.frl.2025.108521

Yujun Liu , Jian Song , Yongmin Wu

引用次数: 0

Digital transformation and bank transparency: Evidence from China 数字化转型与银行透明度：来自中国的证据

IF 6.9 2区经济学

Finance Research Letters Pub Date : 2025-09-21 DOI: 10.1016/j.frl.2025.108520

Yiwen Zhang , Liang Zhao , Chuanzhen Li

引用次数: 0

Sovereign credit ratings: the ripple effect of investor protection 主权信用评级：投资者保护的连锁反应

IF 6.9 2区经济学

Finance Research Letters Pub Date : 2025-09-21 DOI: 10.1016/j.frl.2025.108517

Oussama Ben Hmiden , Max Berre , Maria Tselika

引用次数: 0

When nature disrupts: biodiversity risk and corporate supply chain resilience 当自然破坏：生物多样性风险和企业供应链弹性

IF 6.9 2区经济学

Finance Research Letters Pub Date : 2025-09-21 DOI: 10.1016/j.frl.2025.108518

Wenwen Jin

引用次数: 0

The valuation allowance for deferred tax assets and stock price crash risk 递延税项资产和股价崩盘风险的估值备抵

IF 6.9 2区经济学

Finance Research Letters Pub Date : 2025-09-20 DOI: 10.1016/j.frl.2025.108513

Mahsa Behnamrad, Jaehee Jo, Hui Dong Kim

引用次数: 0

Real estate price fluctuations and institutional misconduct 房地产价格波动与机构失当行为

IF 6.9 2区经济学

Finance Research Letters Pub Date : 2025-09-20 DOI: 10.1016/j.frl.2025.108505

Mingya Hu , Yongjie Zhang , Xu Feng

引用次数: 0

The paradox of more credit, less growth: Investigating the credit-growth puzzle in developing countries 更多信贷，更少增长的悖论：调查发展中国家的信贷增长之谜

IF 6.9 2区经济学

Finance Research Letters Pub Date : 2025-09-20 DOI: 10.1016/j.frl.2025.108507

Elwaleed Ahmed Talha

{"title":"The paradox of more credit, less growth: Investigating the credit-growth puzzle in developing countries","authors":"Elwaleed Ahmed Talha","doi":"10.1016/j.frl.2025.108507","DOIUrl":"10.1016/j.frl.2025.108507","url":null,"abstract":"<div><div>This paper investigates the credit-growth puzzle across 121 developing countries from 2015 to 2024 using Panel Threshold Regression Models (PTRMs). It addresses two key questions: (i) At what level does credit expansion begin to hinder economic growth? and (ii) How does institutional quality influence this threshold? The analysis examines how credit’s impact on growth changes at varying credit-to-GDP ratios while controlling for macroeconomic, financial, and institutional factors. The baseline model identifies thresholds at 20 %, 40 %, and 68 %, with growth effects diminishing beyond 68 %. Incorporating institutional quality and financial depth controls raises these thresholds to 79 %, indicating that stronger institutions enhance a country’s credit absorption capacity. Sub-sample analysis confirms this. Countries with strong institutions have a higher threshold 73 %, whereas those with weaker institutions face a lower threshold 49 %. To address endogeneity, a Two-Stage Least Squares (2SLS) regression validates these nonlinear, institution-dependent credit-growth dynamics, underscoring the importance of pairing credit expansion with institutional reforms and financial sector strengthening for sustainable growth. The paper concludes with policy recommendations, urging central banks to enhance credit monitoring by integrating country-specific credit-to-GDP thresholds for timely, targeted interventions.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108507"},"PeriodicalIF":6.9,"publicationDate":"2025-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145155756","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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 extreme risk spillover effect of international commodity price fluctuations on China's real economy: Discussing the effect of geopolitical conflicts 国际大宗商品价格波动对中国实体经济的极端风险溢出效应：地缘政治冲突的影响探讨

IF 6.9 2区经济学

Finance Research Letters Pub Date : 2025-09-20 DOI: 10.1016/j.frl.2025.108509

Chengliang Peng , Liangyu Deng , Han Hong

{"title":"The extreme risk spillover effect of international commodity price fluctuations on China's real economy: Discussing the effect of geopolitical conflicts","authors":"Chengliang Peng , Liangyu Deng , Han Hong","doi":"10.1016/j.frl.2025.108509","DOIUrl":"10.1016/j.frl.2025.108509","url":null,"abstract":"<div><div>This paper investigates the extreme risk spillover effects from the international commodity market to China's real economy, with a particular focus on the impact of geopolitical conflicts. To this end, we utilize the Reuters CRB international commodity price index and China’s real economy industry price index from January 2019 to December 2024. A GARCH-Copula-CoVaR model is employed to quantify these extreme risk spillover effects. Furthermore, a sub-sample analysis is conducted to examine the evolution of spillover characteristics in the periods preceding and following major geopolitical conflicts. The findings suggest significant disparities and temporal variations in the extreme risk spillover effects of the international commodity market on various industries of China's real economy. On average, the energy and materials industries suffer the largest proportion of risk spillovers, as much as 59.9% and 56.4%, respectively. The Russia-Ukraine conflict triggers a substantial surge in extreme risk spillover effects across all industries of China's real economy, with the most affected industry experiencing an increase of 58.27%. However, the Israel-Palestine conflict does not result in an increased risk spillover effect for all industries. In quantifying extreme risk spillover, this study accounts for multiple characteristics of the return series and conducts a cross-sectoral analysis, thereby providing a critical foundation for precise macroeconomic policy formulation.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108509"},"PeriodicalIF":6.9,"publicationDate":"2025-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145217250","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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

Real estate ETFs as a pathway to property ownership for young Australians 房地产etf是澳大利亚年轻人拥有房产的途径

IF 6.9 2区经济学

Finance Research Letters Pub Date : 2025-09-20 DOI: 10.1016/j.frl.2025.108439

Abbas Valadkhani, S M Miraj Ahmmod, Janine Muir, John Webster

{"title":"Real estate ETFs as a pathway to property ownership for young Australians","authors":"Abbas Valadkhani, S M Miraj Ahmmod, Janine Muir, John Webster","doi":"10.1016/j.frl.2025.108439","DOIUrl":"10.1016/j.frl.2025.108439","url":null,"abstract":"<div><div>We examine the viability of real estate exchange-traded funds (ETFs) as an alternative investment conduit for young Australians who face persistent affordability barriers to direct property ownership. Drawing on a Mixed Data Sampling (MIDAS) framework, we estimate the dynamic linkages between lagged monthly returns of listed real estate ETFs and quarterly house price movements across Australia’s major capital cities. The analysis incorporates six ETFs—two domestically listed (ticker codes: VAP and MVA) and four based in the U.S (IYR, REZ, RWR, and VNQ)—enabling a cross-market comparison of both domestic and international exposures. A general-to-specific modelling approach is employed to isolate statistically robust short- and long-run effects of ETF price movements on residential property returns. The empirical results reveal significant lagged relationships, as quarterly house prices in Sydney, Melbourne, and Brisbane respond most strongly to positive movements in U.S. ETFs—especially REZ, VNQ, and IYR—with lags ranging from one to four months. These findings highlight the informational content and signalling value of global listed real estate markets in shaping domestic housing dynamics. For younger Australians unable to access traditional homeownership due to high deposit requirements and tightening credit conditions, real estate ETFs offer a clear and practical alternative—providing low-cost, liquid, and diversified exposure to the property market, with the ability to invest any amount, no matter how small.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108439"},"PeriodicalIF":6.9,"publicationDate":"2025-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145103325","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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

Nonlinear spillovers in precious metals markets: A TCN-based extension of the Diebold–Yilmaz Framework 贵金属市场的非线性溢出效应：基于tcn的Diebold-Yilmaz框架扩展

IF 6.9 2区经济学

Finance Research Letters Pub Date : 2025-09-20 DOI: 10.1016/j.frl.2025.108486

Josef Novotny, Petr Hajek

引用次数: 0