Review of Development Finance最新文献_第2页

Do small caps generate above average returns in the Brazilian stock market? 小盘股在巴西股市的回报率是否高于平均水平?

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Review of Development Finance Pub Date : 2018-06-01 DOI: 10.1016/j.rdf.2018.05.002

Matheus José Silva de Souza , Danilo Guimarães Franco Ramos , Marina Garcia Pena , Vinicius Amorim Sobreiro , Herbert Kimura

引用次数: 2

Financial development and intergenerational education mobility 金融发展与代际教育流动

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Review of Development Finance Pub Date : 2018-06-01 DOI: 10.1016/j.rdf.2018.05.006

Annalisa Russino

引用次数: 4

Bank concentration, competition, and financial inclusion 银行集中度、竞争与普惠金融

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Review of Development Finance Pub Date : 2018-06-01 DOI: 10.1016/j.rdf.2018.05.001

Ann L. Owen, Javier M. Pereira

{"title":"Bank concentration, competition, and financial inclusion","authors":"Ann L. Owen, Javier M. Pereira","doi":"10.1016/j.rdf.2018.05.001","DOIUrl":"https://doi.org/10.1016/j.rdf.2018.05.001","url":null,"abstract":"<div><p>Expanding access to financial services holds the promise to help reduce poverty and foster economic development. However, little is still known about the determinants of the outreach of financial systems across countries. Our study is the first attempt to employ a large panel of countries, several indicators of financial inclusion and a comprehensive set of bank competition measures to study the role of banking system structure as a determinant of cross-country variability in financial outreach for households. We use panel data from 83 countries over a 10-year period to estimate models with both country and time fixed effects. We find that greater banking industry concentration is associated with more access to deposit accounts and loans, provided that the market power of banks is limited. We find evidence that countries in which regulations allow banks to engage in a broader scope of activities are also characterized by greater financial inclusion. Our results are robust to changes in sample, data, and estimation strategy and suggest that the degree of competition is an important aspect of inclusive financial sectors.</p></div>","PeriodicalId":39052,"journal":{"name":"Review of Development Finance","volume":"8 1","pages":"Pages 1-17"},"PeriodicalIF":0.6,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.rdf.2018.05.001","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137277674","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: 0

Inflation Forecasts’ Performance in Latin America 拉丁美洲的通货膨胀预测表现

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Review of Development Finance Pub Date : 2017-12-01 DOI: 10.1016/j.rdf.2017.09.002

João Tovar Jalles

引用次数: 2

Regulating capital flows in emerging markets: The IMF and the global financial crisis 规范新兴市场的资本流动:国际货币基金组织与全球金融危机

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Review of Development Finance Pub Date : 2017-12-01 DOI: 10.1016/j.rdf.2017.05.002

Kevin P. Gallagher , Yuan Tian

引用次数: 25

Examining evidence of ‘shift-contagion’ in African stock markets: A CoVaR-copula approach 研究非洲股市“转移传染”的证据:一种CoVaR-copula方法

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Review of Development Finance Pub Date : 2017-12-01 DOI: 10.1016/j.rdf.2017.09.001

Gideon Boako, Paul Alagidede

{"title":"Examining evidence of ‘shift-contagion’ in African stock markets: A CoVaR-copula approach","authors":"Gideon Boako, Paul Alagidede","doi":"10.1016/j.rdf.2017.09.001","DOIUrl":"10.1016/j.rdf.2017.09.001","url":null,"abstract":"<div><p>This paper examines for the first time contagion to African stock markets with particular attention to the quantification of, and testing for the impact of (extreme) downside movements in foreign exchange and developed stock markets on the (extreme) downside risks in Africa stock markets. Using data of weekly periodicity, the empirical analysis captured the pre, during (both turmoil and acute), and post periods of the 2007–2009 global financial crisis. We analyzed contagion by comparing (extreme) downside cumulative mean distribution conditional value-at-risk (CoVaR) values for African stock markets for successive periods and tested for significance of contagion using the Kolmogorov–Smirnoff (KS) bootstrap technique. We used the KS statistic to test the hypothesis of equality or no systemic impact between the conditional African stock market return quantiles (for different successive sub-samples). CoVaR values are computed from four copula specifications — <em>Gaussian, Student-t, Gumbel and Rotated Gumbel.</em> By situating the empirical analysis within the shift-contagion thesis, we found evidence of contagion from some exchange rate and developed equity markets to African stocks only in the acute and the post-crisis periods. The findings are consistent with the view that global shocks propagation to developing markets may stagger during crisis and intensify post-crisis. A practical implication from the results is that given the relatively scarce resources and levels of technological know-how available to African governments, efforts to wean the continent’s equity markets from adverse effects of global market crashes should be geared towards plans and programmes to mitigate the shocks not at the early stages but latter stages, where the effects to Africa could be pronouncedly felt.</p></div>","PeriodicalId":39052,"journal":{"name":"Review of Development Finance","volume":"7 2","pages":"Pages 142-156"},"PeriodicalIF":0.6,"publicationDate":"2017-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.rdf.2017.09.001","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47436242","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: 17

Political uncertainty and firm risk in China 中国的政治不确定性与企业风险

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Review of Development Finance Pub Date : 2017-12-01 DOI: 10.1016/j.rdf.2017.06.001

Danglun Luo , K.C. Chen , Lifan Wu

引用次数: 32

The exposure of microfinance institutions to financial risk 小额信贷机构面临的金融风险

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Review of Development Finance Pub Date : 2017-12-01 DOI: 10.1016/j.rdf.2017.04.001

Thomas Gietzen

引用次数: 0

The role of financial development in poverty reduction 金融发展在减贫中的作用

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Review of Development Finance Pub Date : 2017-12-01 DOI: 10.1016/j.rdf.2017.10.001

Johan Rewilak

引用次数: 110

Regional economic integration in Mercosur: The role of real and financial sectors 南方共同市场的区域经济一体化:实体和金融部门的作用

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Review of Development Finance Pub Date : 2017-12-01 DOI: 10.1016/j.rdf.2017.05.001

Hem C. Basnet , Gyan Pradhan

{"title":"Regional economic integration in Mercosur: The role of real and financial sectors","authors":"Hem C. Basnet , Gyan Pradhan","doi":"10.1016/j.rdf.2017.05.001","DOIUrl":"10.1016/j.rdf.2017.05.001","url":null,"abstract":"<div><p>This study explores economic interdependence in Mercosur by examining common trends and common cycles among key macro-variables representing both the real and financial sectors of the economy. The serial correlation common features test reveals that the key macroeconomic variables (real output, investment, and intra-regional trade) share common trends in the long run suggesting that macroeconomic interdependence in the Mercosur economies is strong. The exchange rates demonstrate co-movement in the long run as they share a single common trend. These finding suggests that these economies cannot swing away from long-run equilibrium for an extended duration; they will be brought together by their common trends. Similarly, each variable under consideration shares common cycles lending support to the notion of short-run synchronous movement. The trend-cycle decomposition results reveal that the cyclical movements of real output and trade are synchronized with a high degree of positive correlations. Our overall findings thus provide justification and optimism for deeper economic integration among Mercosur countries.</p></div>","PeriodicalId":39052,"journal":{"name":"Review of Development Finance","volume":"7 2","pages":"Pages 107-119"},"PeriodicalIF":0.6,"publicationDate":"2017-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.rdf.2017.05.001","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45661969","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: 9