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Review of Development Finance最新文献

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Bank competition and regional integration: Evidence from ASEAN nations 银行竞争与区域一体化:来自东盟国家的证据
IF 0.6
Review of Development Finance Pub Date : 2018-12-01 DOI: 10.1016/j.rdf.2018.08.002
Alexia Ventouri
{"title":"Bank competition and regional integration: Evidence from ASEAN nations","authors":"Alexia Ventouri","doi":"10.1016/j.rdf.2018.08.002","DOIUrl":"10.1016/j.rdf.2018.08.002","url":null,"abstract":"<div><p>This study provides a characterization of the Association of the South East Asian Nations (ASEAN) banking system’s competition under the new environment that the implementation of the Financial Integration Framework (AFIF) implies. We focus on the largest banking markets in the region, represented by the ASEAN-5. The period under study is 2007–2016, covering the preparation period of the ASEAN banks to fully implement the new Banking Integration Framework (ABIF) in 2020. Panzar and Rosse non-structural approach is utilised to measure the competition level. Following Goddard and Wilson’s (2009) disequilibrium approach, the test for the dynamic competition measure is also conducted as a robustness check. We examine the evolution of the banking competition by observing the trend of the competition level using a rolling estimation with a 5-year window. This paper also investigates the factors that may influence the competitive conditions, specifically controlling for structural conditions and institutional characteristics. Our main findings confirm that banks operate under monopolistic competition, although there is still a high level of heterogeneity among the ASEAN countries’ banking market and banking integration sure is a challenging objective for the region. Our results reveal a positive relationship between density of demand, concentration and competition.</p></div>","PeriodicalId":39052,"journal":{"name":"Review of Development Finance","volume":"8 2","pages":"Pages 127-140"},"PeriodicalIF":0.6,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.rdf.2018.08.002","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48946396","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 16
Cash holdings and corporate governance: The effects of premium listing in Brazil 现金持有与公司治理:巴西溢价上市的影响
IF 0.6
Review of Development Finance Pub Date : 2018-12-01 DOI: 10.1016/j.rdf.2018.11.002
Aviner Augusto Silva Manoel , Marcelo Botelho C. Moraes , Marcelo Seido Nagano , Vinicius Amorim Sobreiro
{"title":"Cash holdings and corporate governance: The effects of premium listing in Brazil","authors":"Aviner Augusto Silva Manoel ,&nbsp;Marcelo Botelho C. Moraes ,&nbsp;Marcelo Seido Nagano ,&nbsp;Vinicius Amorim Sobreiro","doi":"10.1016/j.rdf.2018.11.002","DOIUrl":"10.1016/j.rdf.2018.11.002","url":null,"abstract":"<div><p>Although some studies have analysed the effects of corporate governance practices on cash holdings, this study is the first, to the best of our knowledge, to analyse the effects of a non-mandatory premium listing that was designed to establish a higher standard of governance set by Brazilian public companies. The creation of a domestic and non-mandatory premium listing in 2000 offers a unique opportunity to analyse the relation of its adoption on cash holdings. For this purpose, we used a sample of Brazilian companies between 2001 and 2014. The results indicate, after controlling for endogeneity through the Generalized Method of Moments (GMM) by dynamic panel data, that only firms listed in the New Market (NM), where companies can only issue shares with voting rights, obtained positive significance. Therefore, the issuance of only voting shares reduces agency costs and managerial entrenchment, and consequently reduces the expropriation of the cash holdings, given its vulnerability. In this way, the results obtained in this study contribute to the literature, especially for emerging markets where the use of non-voting shares is common, by pointing out that investors can have greater confidence on cash holdings management in companies where only voting shares are allowed.</p></div>","PeriodicalId":39052,"journal":{"name":"Review of Development Finance","volume":"8 2","pages":"Pages 106-115"},"PeriodicalIF":0.6,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.rdf.2018.11.002","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47410786","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 20
On the linkages between Africa’s emerging equity markets and global markets: Evidence from fractional integration and cointegration 关于非洲新兴股票市场与全球市场之间的联系:来自分数整合和协整的证据
IF 0.6
Review of Development Finance Pub Date : 2018-12-01 DOI: 10.1016/j.rdf.2018.11.003
Luis Gil-Alana , Hector Carcel , Emmanuel Joel Aikins Abakah
{"title":"On the linkages between Africa’s emerging equity markets and global markets: Evidence from fractional integration and cointegration","authors":"Luis Gil-Alana ,&nbsp;Hector Carcel ,&nbsp;Emmanuel Joel Aikins Abakah","doi":"10.1016/j.rdf.2018.11.003","DOIUrl":"10.1016/j.rdf.2018.11.003","url":null,"abstract":"<div><p>This paper uses fractional integration and cointegration for the period of January 2000–June 2018 to investigate the stochastic properties of the bilateral linkages between stock markets in Africa and selected international markets to establish if markets in Africa co-move with the rest of the world. Results from the univariate analysis show that there exists a high degree of persistence with orders of integration about 1 or higher than 1, implying that shocks to these stock markets have significant permanent effects. Concerning bivariate results and testing for cointegration, evidence of cointegration is found for Egypt and Kenya against the UK and the Europe Zone. There are some other cases where partial evidence of cointegration is found, though in general, in all cases, we observe that the degree of cointegration is very low, implying very long periods of convergence.</p></div>","PeriodicalId":39052,"journal":{"name":"Review of Development Finance","volume":"8 2","pages":"Pages 96-105"},"PeriodicalIF":0.6,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.rdf.2018.11.003","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49256326","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 15
Time-varying transmission between oil and equities in the MENA region: New evidence from DCC-MIDAS analyses 中东和北非地区石油和股票之间的时变传导:来自DCC-MIDAS分析的新证据
IF 0.6
Review of Development Finance Pub Date : 2018-12-01 DOI: 10.1016/j.rdf.2018.11.001
Basel Awartani , Farrukh Javed , Aktham Maghyereh , Nader Virk
{"title":"Time-varying transmission between oil and equities in the MENA region: New evidence from DCC-MIDAS analyses","authors":"Basel Awartani ,&nbsp;Farrukh Javed ,&nbsp;Aktham Maghyereh ,&nbsp;Nader Virk","doi":"10.1016/j.rdf.2018.11.001","DOIUrl":"10.1016/j.rdf.2018.11.001","url":null,"abstract":"<div><p>In this paper we use the DCC-MIDAS (Dynamic Conditional Correlation-Mixed Data Sampling) model to infer the association between oil and equities in five MENA countries between February 2006 and April 2017. The model indicates that higher oil returns tends to reduce the long-term risk of the Saudi market, but to increase it in other markets. The risk transfer from oil to MENA equities is found to be weak. The dynamic conditional correlation between oil and equities is not always positive and it unexpectedly changes sign during the sample period. However, the association always strengthens when there is a large draw down in oil prices as well as during periods of high volatility. Finally, we find that short term association occasionally breaks from the longer-term correlation particularly in Egypt and Turkey. These patterns of influence and associations are unique, and have important implications for equity portfolio managers who are interested in investing in energy and MENA equities.</p></div>","PeriodicalId":39052,"journal":{"name":"Review of Development Finance","volume":"8 2","pages":"Pages 116-126"},"PeriodicalIF":0.6,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.rdf.2018.11.001","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"55057066","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 8
Determinants of the non-life insurance market in Brazil 巴西非寿险市场的决定因素
IF 0.6
Review of Development Finance Pub Date : 2018-12-01 DOI: 10.1016/j.rdf.2018.11.004
Renata Telles Cavalcante, Vinicius Amorim Sobreiro, Herbert Kimura
{"title":"Determinants of the non-life insurance market in Brazil","authors":"Renata Telles Cavalcante,&nbsp;Vinicius Amorim Sobreiro,&nbsp;Herbert Kimura","doi":"10.1016/j.rdf.2018.11.004","DOIUrl":"10.1016/j.rdf.2018.11.004","url":null,"abstract":"<div><p>The objective of this study is to analyse the relationship of economic growth and financial development as determinants of NLI premium consumption, using data from a highly volatile economic environment. The empirical results revealed a positive relationship among economic growth, credit, and the NLI market in Brazil. Results also suggest Granger bi-causality between economic growth and NLI premiums in Brazil.</p></div>","PeriodicalId":39052,"journal":{"name":"Review of Development Finance","volume":"8 2","pages":"Pages 89-95"},"PeriodicalIF":0.6,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.rdf.2018.11.004","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44220444","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 21
Institutions, inward foreign direct investment, trade openness and credit level in emerging market economies 新兴市场经济体的制度、外来直接投资、贸易开放程度和信贷水平
IF 0.6
Review of Development Finance Pub Date : 2018-12-01 DOI: 10.1016/j.rdf.2018.11.005
Canh Phuc Nguyen , Christophe Schinckus , Thanh Dinh Su , Felicia Chong
{"title":"Institutions, inward foreign direct investment, trade openness and credit level in emerging market economies","authors":"Canh Phuc Nguyen ,&nbsp;Christophe Schinckus ,&nbsp;Thanh Dinh Su ,&nbsp;Felicia Chong","doi":"10.1016/j.rdf.2018.11.005","DOIUrl":"10.1016/j.rdf.2018.11.005","url":null,"abstract":"<div><p>This study investigates the effects of institutional quality, inward FDI, trade openness, and their interaction on the domestic credit equilibrium in 33 emerging economies between 2002 and 2015. Through two system-GMM estimators, our study shows that inward FDIs have a booming effect on the domestic credit in emerging market economies while the trade openness exhibits a crowding-out effects. Institutions help moderating these effects of inward FDIs and trade openness on the domestic credit suggesting a particular policy.</p></div>","PeriodicalId":39052,"journal":{"name":"Review of Development Finance","volume":"8 2","pages":"Pages 75-88"},"PeriodicalIF":0.6,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.rdf.2018.11.005","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45866718","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 51
Determinants of credit risk in the banking system in Sub-Saharan Africa 撒哈拉以南非洲银行体系信贷风险的决定因素
IF 0.6
Review of Development Finance Pub Date : 2018-12-01 DOI: 10.1016/j.rdf.2018.08.001
Trust R. Mpofu, Eftychia Nikolaidou
{"title":"Determinants of credit risk in the banking system in Sub-Saharan Africa","authors":"Trust R. Mpofu,&nbsp;Eftychia Nikolaidou","doi":"10.1016/j.rdf.2018.08.001","DOIUrl":"10.1016/j.rdf.2018.08.001","url":null,"abstract":"<div><p>This paper investigates the macroeconomic determinants of credit risk in the banking system of 22 Sub-Saharan African economies. We measure credit risk as the ratio of non-performing loans to total gross loans (NPLs) and employ dynamic panel data methods over the period 2000–2016. Using a variety of specifications, the results show that an increase in real GDP growth rate has a statistically and economically significant reducing effect on the ratio of non-performing loans to total gross loans. Furthermore, inflation rate, domestic credit to private sector by banks as a percent of GDP, trade openness, VIX as a proxy of global volatility, and the 2008/2009 global financial crisis, all have positive and significant impact on NPLs.</p></div>","PeriodicalId":39052,"journal":{"name":"Review of Development Finance","volume":"8 2","pages":"Pages 141-153"},"PeriodicalIF":0.6,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.rdf.2018.08.001","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46998352","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 51
Sub-Saharan African Eurobond yields: What really matters beyond global factors? 撒哈拉以南非洲的欧洲债券收益率:除了全球因素之外，真正重要的是什么?
IF 0.6
Review of Development Finance Pub Date : 2018-06-01 DOI: 10.1016/j.rdf.2018.05.005
Christian Senga , Danny Cassimon , Dennis Essers
{"title":"Sub-Saharan African Eurobond yields: What really matters beyond global factors?","authors":"Christian Senga ,&nbsp;Danny Cassimon ,&nbsp;Dennis Essers","doi":"10.1016/j.rdf.2018.05.005","DOIUrl":"10.1016/j.rdf.2018.05.005","url":null,"abstract":"<div><p>This study explores the drivers of secondary market yields of Sub-Saharan African (SSA) sovereign Eurobonds from 2008 to mid-2017. Our results indicate that, beyond global ‘push’ factors, country-specific ‘pull’ factors such as inflation and GDP growth matter too for SSA Eurobond performance. A panel error-correction analysis suggests large heterogeneity in the short-term influence of our global and country variables across countries. We find no significant effect of bond-specific factors on yields when push and pull factors are accounted for. By emphasizing the prominence of country variables, reflecting the quality of countries’ macroeconomic management and their economic performance, our results qualify the common view that SSA countries have little control over their market borrowing costs.</p></div>","PeriodicalId":39052,"journal":{"name":"Review of Development Finance","volume":"8 1","pages":"Pages 49-62"},"PeriodicalIF":0.6,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.rdf.2018.05.005","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43250115","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 24
Credit risk in microfinance industry: Evidence from sub-Saharan Africa 小额信贷行业的信贷风险:来自撒哈拉以南非洲的证据
IF 0.6
Review of Development Finance Pub Date : 2018-06-01 DOI: 10.1016/j.rdf.2018.05.004
Sydney Chikalipah
{"title":"Credit risk in microfinance industry: Evidence from sub-Saharan Africa","authors":"Sydney Chikalipah","doi":"10.1016/j.rdf.2018.05.004","DOIUrl":"10.1016/j.rdf.2018.05.004","url":null,"abstract":"<div><p>Paradoxically, a plethora of empirical evidence in the traditional banking industry claims that smaller loans are associated with higher risk and the exact opposite is true for large loans. In this study we investigate these claims by estimating the relationship between loan sizes and credit risk in the microfinance industry. The sample used for our analysis incorporates over 2000 annual observations, and 632 microfinance institutions drawn from 37 countries of the sub-Saharan African (SSA) region over the period 1995 to 2013. Using the GMM technique, our estimates indicate that credit risk is positively related to loan sizes among microfinance institutions operating in SSA. Our findings have significant implications for the portfolio managers of microfinance institutions operating in SSA, particularly in light of the current wave of mobile money services in many countries.</p></div>","PeriodicalId":39052,"journal":{"name":"Review of Development Finance","volume":"8 1","pages":"Pages 38-48"},"PeriodicalIF":0.6,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.rdf.2018.05.004","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49224487","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 24
On the importance of Chinese investment in Africa 中国对非洲投资的重要性
IF 0.6
Review of Development Finance Pub Date : 2018-06-01 DOI: 10.1016/j.rdf.2018.05.003
Ficawoyi Donou-Adonsou, Sokchea Lim
{"title":"On the importance of Chinese investment in Africa","authors":"Ficawoyi Donou-Adonsou,&nbsp;Sokchea Lim","doi":"10.1016/j.rdf.2018.05.003","DOIUrl":"10.1016/j.rdf.2018.05.003","url":null,"abstract":"<div><p>With the growing presence of China in Africa over the last two decades, this paper investigates the impact of Chinese foreign direct investment (FDI) on economic performance in Africa, which we compare to that of the traditional economic partners of African countries, including the U.S., France, and Germany. Also, we explore whether China’s new relationship with Africa has somehow altered the preexisting relationship between Africa and its traditional partners. Our results, using the fixed-effects and instrumental variable approaches to 36 countries over the period 2003–2012, indicate that Chinese FDI improves income in Africa. We also find that the impact is more pronounced for U.S. and German investment. Moreover, there is evidence that Chinese investment crowds out U.S. investment in Africa, whereas France seems to be competing with China. These results imply that as the Chinese economy grows, the demand for resources has increased its intensive competition with the U.S. rather than with France.</p></div>","PeriodicalId":39052,"journal":{"name":"Review of Development Finance","volume":"8 1","pages":"Pages 63-73"},"PeriodicalIF":0.6,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.rdf.2018.05.003","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42932789","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 62
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