Macroeconomics: Monetary & Fiscal Policies eJournal最新文献_第3页

Mortgage Forbearance and Economic Recovery from the Pandemic 抵押贷款宽限与疫情后经济复苏

Macroeconomics: Monetary & Fiscal Policies eJournal Pub Date : 2021-07-01 DOI: 10.20955/es.2021.19

Miguel Faria-e-Castro, Olivia Wilkinson

引用次数: 1

The Real Effects of Low-for-long Interest Rates on Mainland Firms Listed in Hong Kong 长期低利率对在港上市内地企业的实际影响

Macroeconomics: Monetary & Fiscal Policies eJournal Pub Date : 2021-07-01 DOI: 10.2139/ssrn.3889844

Shuang Jin

{"title":"The Real Effects of Low-for-long Interest Rates on Mainland Firms Listed in Hong Kong","authors":"Shuang Jin","doi":"10.2139/ssrn.3889844","DOIUrl":"https://doi.org/10.2139/ssrn.3889844","url":null,"abstract":"Using financial disclosure of listed firms in Hong Kong from 2003 to 2016, this paper investigates the investment response of Mainland firms to the low-for-long interest rate environment after the Global Financial Crisis and examines whether the changes in their investment decisions reflect the mitigation of financial constraints or the manifestation of agency problems. Our difference-in-difference tests show that Mainland firms listed in Hong Kong increased investments significantly more than local firms during this period when external financing costs were reduced. Empirical evidence also shows that Mainland firms’ total investments on average became more responsive to productive investment opportunities and their operating efficiency improved in the low-for-long interest rate environment when benchmarked to local firms. In addition, further tests show that Mainland firms with higher independent institutional ownership, which may be relatively less subject to agency problems, tend to exhibit higher level of investments. These empirical results support the view that the mitigation of financial constraints accounted relatively more for the surge in leverage and investment in Mainland firms listed in Hong Kong after the GFC. Nevertheless, the findings should be interpreted with caution, as they would explain the economic behaviour of Mainland firms listed in Hong Kong as a group rather than individual Mainland firms.","PeriodicalId":244949,"journal":{"name":"Macroeconomics: Monetary & Fiscal Policies eJournal","volume":"122 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114575629","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Money or Power? Financial Infrastructure and Optimal Policy 金钱还是权力?金融基础设施与最优政策

Macroeconomics: Monetary & Fiscal Policies eJournal Pub Date : 2021-07-01 DOI: 10.3386/W29086

Susanna Berkouwer, P. Biscaye, Eric Hsu, Kenneth Lee, E. Miguel, Catherine Wolfram

{"title":"Money or Power? Financial Infrastructure and Optimal Policy","authors":"Susanna Berkouwer, P. Biscaye, Eric Hsu, Kenneth Lee, E. Miguel, Catherine Wolfram","doi":"10.3386/W29086","DOIUrl":"https://doi.org/10.3386/W29086","url":null,"abstract":"In response to the Covid-19 crisis, 186 countries implemented direct cash transfers to households, and 181 introduced in-kind programs that lowered the cost of utilities such as electricity, water, transport, and mobile money. Do cash or in-kind transfers generate greater welfare improvements? And, does a country’s financial infrastructure affect optimal aid disbursement? Through a parallel set of surveys in two urban regions in Africa—with comparable education, cell phone ownership, and electricity connectivity—we show that optimal government aid disbursement hinges on financial infrastructure. In line with economic theory favoring direct cash transfers, in a randomized experiment in Kenya 95% of urban recipients prefer mobile money over electricity transfers of a similar monetary value. But Kenya is an outlier with high mobile money adoption: this increases its value and reduces transaction costs of buying electricity credit. By contrast, in Ghana—where mobile money is less widespread and the transaction costs for buying electricity are higher—half of recipients prefer electricity transfers, and many are willing to forego significant value to receive electricity instead of mobile money. These results have several important policy implications. First, the optimal government policy in response to an economic crisis is not uniform: cash and in-kind transfers have different advantages that make each suitable for specific contexts. Second, the adoption of modern financial technologies will likely increase the efficiency of government cash transfer programs, even as in-kind transfers continue to be preferred in settings where mobile money uptake is slow. Finally, giving recipients a choice harnesses valuable local information that a policy maker may not have access to.","PeriodicalId":244949,"journal":{"name":"Macroeconomics: Monetary & Fiscal Policies eJournal","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115322713","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 5

The Bright Side of Transparency: Evidence from Supervisory Capital Requirements 透明度的光明面:来自监管资本要求的证据

Macroeconomics: Monetary & Fiscal Policies eJournal Pub Date : 2021-06-14 DOI: 10.2139/ssrn.3866364

Nordine Abidi, Livia Amato, Ixart Miquel-Flores, Quentin Vandeweyer

引用次数: 1

Stock Market Reactions to Legislated Tax Changes: Evidence from the United States, Germany, and the United Kingdom 股票市场对立法税收变化的反应:来自美国、德国和英国的证据

Macroeconomics: Monetary & Fiscal Policies eJournal Pub Date : 2021-06-14 DOI: 10.2139/ssrn.3866716

B. Hayo, Sascha Mierzwa

{"title":"Stock Market Reactions to Legislated Tax Changes: Evidence from the United States, Germany, and the United Kingdom","authors":"B. Hayo, Sascha Mierzwa","doi":"10.2139/ssrn.3866716","DOIUrl":"https://doi.org/10.2139/ssrn.3866716","url":null,"abstract":"We study the effect of tax policy on stock market returns in the United States, Germany, and the United Kingdom using GARCH models and a unique daily dataset of legislative tax changes during the period 1978 to 2018. We find that days of discretionary tax legislation during all stages of the process often matter for returns, both in terms of statistical significance as well as economic relevance. Further disaggregating the tax shocks shows that news about personal income tax cuts affects stock market returns positively, whereas business tax legislation is rarely influential. We find evidence of stock market spillovers, mainly from US tax changes to European stock markets. In several cases, we measure significant effects of changes in tax legislation on the days the changes are implemented. The US House Committee Report appears to be the most influential legisla-tive stage. During the financial crisis, stock markets were more responsive to tax legislation. Finally, S&P500 returns tend to react at earlier legislative stages than do DAX returns, whereas FT30 returns barely react on days of domestic legislative action.","PeriodicalId":244949,"journal":{"name":"Macroeconomics: Monetary & Fiscal Policies eJournal","volume":"424 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114264976","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

Enterprise Payments with Central Bank Digital Currency 使用央行数字货币进行企业支付

Macroeconomics: Monetary & Fiscal Policies eJournal Pub Date : 2021-06-02 DOI: 10.2139/ssrn.3858778

M. Fleming, Alan J. King, F. Parr

引用次数: 0

Voting right rotation, behavior of committee members and financial market reactions: Evidence from the U.S. Federal Open Market Committee 投票权轮换，委员会成员的行为和金融市场反应:来自美国联邦公开市场委员会的证据

Macroeconomics: Monetary & Fiscal Policies eJournal Pub Date : 2021-06-01 DOI: 10.2139/ssrn.3860724

Michael Ehrmann, Robert Tietz, B. Visser

引用次数: 6

The Bank of Russia Tightens Its Monetary Policy In Response to Accelerated Inflation 俄罗斯央行收紧货币政策以应对通货膨胀加速

Macroeconomics: Monetary & Fiscal Policies eJournal Pub Date : 2021-06-01 DOI: 10.2139/ssrn.3881591

A. Bozhechkova, P. Trunin

引用次数: 0

The Deflationary Bias of the ZLB and the FED's Strategic Response ZLB的通缩倾向与美联储的战略应对

Macroeconomics: Monetary & Fiscal Policies eJournal Pub Date : 2021-06-01 DOI: 10.2139/ssrn.3858109

D. Siena, Adrian Penalver

引用次数: 0

Aggregate Demand Externalities, Income Distribution, and Wealth Inequality 总需求外部性、收入分配和财富不平等

Macroeconomics: Monetary & Fiscal Policies eJournal Pub Date : 2021-05-28 DOI: 10.2139/ssrn.3855763

Luke Petach, Daniele Tavani

{"title":"Aggregate Demand Externalities, Income Distribution, and Wealth Inequality","authors":"Luke Petach, Daniele Tavani","doi":"10.2139/ssrn.3855763","DOIUrl":"https://doi.org/10.2139/ssrn.3855763","url":null,"abstract":"We study a two-class model of growth and the distribution of income and wealth at the intersection of contemporary work in classical political economy and post-Keynesian economics. The key insight is that aggregate demand is an externality for individual firms: this generates a strategic complementarity in production and results in equilibrium underutilization of the economy’s productive capacity, as well as hysteresis in real output. Underutilization also affects the functional distribution of income and the distribution of wealth: both the wage share and the workers’ wealth share would be higher at full capacity. Consequently, fiscal allocation policy that achieves full utilization also attains a higher labor share and a more equitable distribution of wealth;while demand shocks have permanent level effects. Extensions look at hysteresis in the employment rate and growth. These findings are useful as an organizing framework for thinking through the lackluster economic record of the so-called Neoliberal era, the sluggish recovery of most advanced economies following the Great Recession, and the importance of fiscal policy in countering large shocks such as the Covid-19 pandemic.","PeriodicalId":244949,"journal":{"name":"Macroeconomics: Monetary & Fiscal Policies eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121363999","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3