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Time-frequency dependency between stock market volatility, and Islamic gold-backed and conventional cryptocurrencies 股票市场波动与伊斯兰黄金和传统加密货币之间的时频依赖关系
Financial Economics Letters Pub Date : 2023-04-03 DOI: 10.58567/fel02010001
{"title":"Time-frequency dependency between stock market volatility, and Islamic gold-backed and conventional cryptocurrencies","authors":"","doi":"10.58567/fel02010001","DOIUrl":"https://doi.org/10.58567/fel02010001","url":null,"abstract":"We extend the Shariah-compliant digital assets and Islamic Fintech literature through exploring the time-frequency associations between the volatility index (VIX) and cryptocurrencies (both Islamic and traditional). Employing wavelet-based technique, we find that Islamic cryptocurrencies demonstrate low or no coherency with stock market volatility compared to traditional cryptocurrencies (except Tether) during the whole time and frequency bands, highlighting the hedging capabilities of Islamic cryptocurrencies. Tether also serves the same against VIX, as there is a low or favorable link between these variables. Finally, our findings would be prolific to digital currency traders and investors in designing the portfolio strategies.","PeriodicalId":262077,"journal":{"name":"Financial Economics Letters","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117004029","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
Time to build, financial frictions, and the effectiveness of fiscal stimulus 建立时间、金融摩擦和财政刺激的有效性
Financial Economics Letters Pub Date : 2022-12-28 DOI: 10.58567/fel01010003
Zhiming Ao
{"title":"Time to build, financial frictions, and the effectiveness of fiscal stimulus","authors":"Zhiming Ao","doi":"10.58567/fel01010003","DOIUrl":"https://doi.org/10.58567/fel01010003","url":null,"abstract":"By introducing time to build, which creates a time lag between government investment and the accumulation of productive capital, into an analysis of fiscal stimulus to the economy with financial frictions, we find that the effectiveness of fiscal policy is dampened. While the weakening effects of time to build become significantly weaker alongside a higher fraction of government bonds allocated to leverage-constrained banks, which can be explained by a high correlation between time to build and financial frictions in both worsening balance sheet conditions of banks. Furthermore, the stimulus effects of public investment become stronger associated with a shorter time-to-build period.","PeriodicalId":262077,"journal":{"name":"Financial Economics Letters","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130026403","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
Analysis of the Mediating Effect of Economic Policy Uncertainty Affecting Commercial Bank Credit 经济政策不确定性对商业银行信贷的中介效应分析
Financial Economics Letters Pub Date : 2022-12-28 DOI: 10.58567/fel01010002
Juan Meng
{"title":"Analysis of the Mediating Effect of Economic Policy Uncertainty Affecting Commercial Bank Credit","authors":"Juan Meng","doi":"10.58567/fel01010002","DOIUrl":"https://doi.org/10.58567/fel01010002","url":null,"abstract":"We analyze the annual microdata of China's 100 commercial banks from 2007 to 2018 using the mediating effect analysis method, analyze the negative impact of economic policy uncertainty on the credit scale of commercial banks, and then verify the intermediary effects of the operational risks and short-term capital liquidity of commercial banks in the impact of economic policy uncertainty on the scale of commercial bank credit, separately. Moreover, we find that non-state-owned commercial banks, large-scale commercial banks, low-leverage commercial banks, and commercial banks with low profitability are more susceptible to economic policy uncertainty affecting commercial bank credit growth through short-term capital liquidity, and vice versa.","PeriodicalId":262077,"journal":{"name":"Financial Economics Letters","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128798197","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
Housing and monetary policy: Fresh evidence from China 房地产和货币政策:来自中国的新证据
Financial Economics Letters Pub Date : 2022-12-28 DOI: 10.58567/fel01010001
Yun Liu
{"title":"Housing and monetary policy: Fresh evidence from China","authors":"Yun Liu","doi":"10.58567/fel01010001","DOIUrl":"https://doi.org/10.58567/fel01010001","url":null,"abstract":"We empirically address the effects of monetary policy on the housing market in China using a novel Time-Varying Parameter VARX model. We show that an expansionary monetary has positive effects on the housing market, while during COVID-19, the effects are approaching to zero or even negative. In addition, the effects of the LPR policy are strong and even larger than that of COVID-19. Relative impulse response functions in the shorter and longer time horizons are dynamic and especially during COVID. This paper also contributes to the housing literature to show that COVID-19 can block the transmission of monetary policy.","PeriodicalId":262077,"journal":{"name":"Financial Economics Letters","volume":"110 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121527507","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
The Driving Force of CO2 Reduction in China’s Industries 中国工业二氧化碳减排的驱动力
Financial Economics Letters Pub Date : 2022-12-28 DOI: 10.58567/fel01010005
Lu Liu
{"title":"The Driving Force of CO2 Reduction in China’s Industries","authors":"Lu Liu","doi":"10.58567/fel01010005","DOIUrl":"https://doi.org/10.58567/fel01010005","url":null,"abstract":"We employ the joint production decomposition model to conduct a full decomposition of CO2 emission among 36 industrial sectors in China from 1998 to 2011, under the framework of growth accounting. The results show that: (1) the average CO2 emission increases at an annual rate of 3.01%, and production technology progression is the main driving force, while the transformation toward clean production effectively curb the rapid growth of CO2 emissions; (2) the effect of technology changes on CO2 emission is larger during the \"10th Five-Year Plan\" compared with the \"11th Five-Year Plan\", which makes the annual growth rate of CO2 emission during the \"11th Five-Year Plan\" 1% lower than its counterpart; This study has important theoretical and practical significance for understanding the driving factors of CO2 emission and the corresponding emission reduction measures.","PeriodicalId":262077,"journal":{"name":"Financial Economics Letters","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130918505","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
The impact of economic policy uncertainty on the profitability of China’s listed export enterprises 经济政策不确定性对中国出口上市企业盈利能力的影响
Financial Economics Letters Pub Date : 2022-12-28 DOI: 10.58567/fel01010004
Liping Zheng
{"title":"The impact of economic policy uncertainty on the profitability of China’s listed export enterprises","authors":"Liping Zheng","doi":"10.58567/fel01010004","DOIUrl":"https://doi.org/10.58567/fel01010004","url":null,"abstract":"Based on the empirical data of 6110 listed export companies in China from 2010 to 2019, this paper studies the impact of China's economic policy uncertainty (EPU) index on the profitability of listed companies from the specific perspective of export companies, and analyzes the moderating effects of different factors on this impact. The results show that China's EPU index has a significant negative impact on the profitability of listed export companies, and the increase in R&D investment and wage returns will aggravate this negative impact. In addition, listed export enterprises with different enterprise characteristics have different responses to EPU. State-owned enterprises and enterprises located in coastal areas are relatively less negatively affected by EPU.","PeriodicalId":262077,"journal":{"name":"Financial Economics Letters","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122881542","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
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