Central Bank Review最新文献_第4页

Long shadows of the walking dead on economic activity 行尸走肉对经济活动的长期影响

IF 2.8

Central Bank Review Pub Date : 2023-12-01 DOI: 10.1016/j.cbrev.2023.100140

N. Nergiz Dincer, Pelin Pektekin, Ayça Tekin-Koru

{"title":"Long shadows of the walking dead on economic activity","authors":"N. Nergiz Dincer, Pelin Pektekin, Ayça Tekin-Koru","doi":"10.1016/j.cbrev.2023.100140","DOIUrl":"10.1016/j.cbrev.2023.100140","url":null,"abstract":"<div><p>This paper presents the panorama of zombie firms in the Turkish economy, which are highly inefficient, highly indebted firms that have low or sometimes negative productivity, and provides an analysis of the impact of these firms on economic activity for the period 2012–2015. Our results suggest that the number of zombie firms in Türkiye has increased. The share of these firms in sales and employment has also increased, but at a lower rate. These firms are mainly found in low-technology manufacturing and transportation and distribution services. The paper also shows that healthy firms increase total factor productivity, employment growth, and the investment-to-capital ratio in the economy in a robust manner. The sales of zombie firms have no distorting effect on the economic activity of healthy firms. However, capital sunk into zombie firms has a differential impact on the performance of healthy firms. When the share of zombie capital in a sector increases, the TFP growth of manufacturing firms decreases, while the employment growth of medium-sized service firms increases.</p></div>","PeriodicalId":43998,"journal":{"name":"Central Bank Review","volume":"23 4","pages":"Article 100140"},"PeriodicalIF":2.8,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1303070123000355/pdfft?md5=3190acaa719994e145f19347b5506273&pid=1-s2.0-S1303070123000355-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138546942","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

Financial literacy and cash holdings in Türkiye 金融知识和现金持有量在日本

IF 2.8

Central Bank Review Pub Date : 2023-10-27 DOI: 10.1016/j.cbrev.2023.100129

Mustafa Recep Bilici , Saygın Çevik

引用次数: 0

Heterogeneous effect of exchange rates on firms’ exports: Role of labor intensity 汇率对企业出口的异质性影响：劳动强度的作用

IF 2.8

Central Bank Review Pub Date : 2023-09-01 DOI: 10.1016/j.cbrev.2023.100130

Kurmaş Akdoğan , Yusuf Kenan Bağır , Huzeyfe Torun

{"title":"Heterogeneous effect of exchange rates on firms’ exports: Role of labor intensity","authors":"Kurmaş Akdoğan , Yusuf Kenan Bağır , Huzeyfe Torun","doi":"10.1016/j.cbrev.2023.100130","DOIUrl":"https://doi.org/10.1016/j.cbrev.2023.100130","url":null,"abstract":"<div><p>Using an extensive firm-level database that combines balance sheet information, social security registry and customs data, we examine whether the relationship between the exchange rate and exports change with the degree of labor-intensity of production. The results based on manufacturing firms in Türkiye suggest that the sensitivity of labor-intensive firms to the exchange rate is higher than that of the less labor-intensive ones, both at the intensive and extensive margins of exports. In addition, export product variety and export market variety of the labor-intensive firms increase more than the others during a currency depreciation. In particular, the increase in the exports of the labor-intensive firms is 2.7 percent higher than the increase in exports of the non-labor-intensive firms in case of a 10 percent decline in the real effective exchange rate. However, we do not find a significant impact on the export prices varying across the labor-intensity of the firms. Our results are robust to alternative definitions of labor-intensity and exchange rates, and the use of different time spans.</p></div>","PeriodicalId":43998,"journal":{"name":"Central Bank Review","volume":"23 3","pages":"Article 100130"},"PeriodicalIF":2.8,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50186433","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

A comparative analysis of the financial performance of commercial banks after mergers and acquisitions using Nepalese data 利用尼泊尔数据对商业银行并购后财务业绩的比较分析

IF 2.8

Central Bank Review Pub Date : 2023-09-01 DOI: 10.1016/j.cbrev.2023.100128

Baburam Adhikari , Marie Kavanagh , Bonnie Hampson

{"title":"A comparative analysis of the financial performance of commercial banks after mergers and acquisitions using Nepalese data","authors":"Baburam Adhikari , Marie Kavanagh , Bonnie Hampson","doi":"10.1016/j.cbrev.2023.100128","DOIUrl":"https://doi.org/10.1016/j.cbrev.2023.100128","url":null,"abstract":"<div><p>This article investigates consolidation and restructuring in the banking sector in Nepal that was induced by regulatory intervention in recent years. We compare the financial performance of the overall commercial banking sector and selected commercial banks on an individual basis before and after the mergers and acquisitions (M&A) policy intervention. The research employs an analysis of the financial ratios (profitability, liquidity, leverage, and wealth of shareholders ratios) before and after mergers that took place between 2013 and 2020 on a sample of seven Nepalese commercial banks. Hypotheses are tested using a paired sample <em>t</em>-test to measure any significant difference between the pre- and post-merger situations of the acquiring banks’ financial metrics. The findings indicate that the overall commercial banking sector significantly improved their liquidity and leverage ratios in the post-merger period. Other measures, such as the profitability and shareholder wealth ratios showed either mixed or insignificant results after the M&A. The results for selected commercial banks on an individual basis were even less conclusive and mixed. While some banks showed improvement in financial ratios, other results were insignificant.</p></div>","PeriodicalId":43998,"journal":{"name":"Central Bank Review","volume":"23 3","pages":"Article 100128"},"PeriodicalIF":2.8,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50186432","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

Credit growth and current account balance 信贷增长和经常账户余额

IF 2.8

Central Bank Review Pub Date : 2023-09-01 DOI: 10.1016/j.cbrev.2023.100131

Aysu Çelgin , Okan Eren , Pınar Özlü

引用次数: 0

Compliance with the Basel Core Principles and supervisory structure: A cross-country analysis 遵守巴塞尔核心原则和监管结构：跨国分析

IF 2.8

Central Bank Review Pub Date : 2023-06-01 DOI: 10.1016/j.cbrev.2023.100117

Maria Teresa Medeiros Garcia , Frederico Cavaleiro de Mendonça

引用次数: 0

Anticipation of central banks' adoption of inflation targeting and its effect on inflation 央行采用通胀目标制的预期及其对通胀的影响

IF 2.8

Central Bank Review Pub Date : 2023-06-01 DOI: 10.1016/j.cbrev.2023.100118

Amlendu Dubey, Akanksha Mishra

引用次数: 0

Household debt, heterogeneity and financial stability: Evidence from Kazakhstan 家庭债务、异质性和金融稳定：来自哈萨克斯坦的证据

IF 2.8

Central Bank Review Pub Date : 2023-06-01 DOI: 10.1016/j.cbrev.2023.100119

Alisher Aldashev, Birzhan Batkeyev

引用次数: 0

The determinants of savings rates in OECD countries: The role of private pensions 经合组织国家储蓄率的决定因素：私人养老金的作用

IF 2.8

Central Bank Review Pub Date : 2023-03-01 DOI: 10.1016/j.cbrev.2023.100107

Pınar Fulya Gebeşoğlu, Hasan Murat Ertuğrul , Ümit Bulut

{"title":"The determinants of savings rates in OECD countries: The role of private pensions","authors":"Pınar Fulya Gebeşoğlu, Hasan Murat Ertuğrul , Ümit Bulut","doi":"10.1016/j.cbrev.2023.100107","DOIUrl":"https://doi.org/10.1016/j.cbrev.2023.100107","url":null,"abstract":"<div><p>The design of pension schemes is crucial in determining savings behavior. The impact of pension schemes on saving rates across countries remains to be an intriguing empirical question considering the complicated nature of the relationship between saving patterns and pension wealth. This paper investigates the effect of the private pension contributions on savings rates in 25 selected OECD countries between the period 2001–2019 by employing quantile regression analysis which takes the heterogeneity of the data into account and provides information about not only the midpoint but also the extreme points of the distribution. According to the results, the savings rate is negatively associated with private pensions at all quantile levels. The empirical findings indicate that pension contributions tend to be strong substitutes for voluntary savings in countries with low tendencies to save. This result is especially important for its policy design implications as the policy makers tend to provide incentives either in the form of tax reliefs or direct substitutions for private pension contributions with the motivation to raise domestic savings.</p></div>","PeriodicalId":43998,"journal":{"name":"Central Bank Review","volume":"23 1","pages":"Article 100107"},"PeriodicalIF":2.8,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50197115","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

Inflation, perception of economic uncertainty and COVID-19: Evidence from Central Bank communication 通货膨胀、对经济不确定性的认识和新冠肺炎：来自央行沟通的证据

IF 2.8

Central Bank Review Pub Date : 2023-03-01 DOI: 10.1016/j.cbrev.2023.100108

Pierre Hítalo Nascimento Silva, Jevuks Matheus de Araújo

{"title":"Inflation, perception of economic uncertainty and COVID-19: Evidence from Central Bank communication","authors":"Pierre Hítalo Nascimento Silva, Jevuks Matheus de Araújo","doi":"10.1016/j.cbrev.2023.100108","DOIUrl":"https://doi.org/10.1016/j.cbrev.2023.100108","url":null,"abstract":"<div><p>Do extreme events have a significant effect about textual sentiment? The purpose of this article is to highlight the need to correct the estimation of indicators of economic uncertainty. The indicators were constructed from textual data about the perspective of extreme events. For this purpose, based on data extracted from the minutes of mee-tings of the Monetary Policy of eighteen Central Banks, we estimated two variables of perception of economic uncertainty: the first using only a traditional sentiment dictio-nary and the second incorporating terms associated with the extreme event (COVID- 19 Pandemic) in its word list. Initial results show that there is a significant effect of COVID-19 on the estimation of the perception of economic uncertainty; this effect acts as an accelerator that potentiates its impact. It was evident that incorporating conjunctural issues - be it local or global - is indispensable when performing sentiment analysis in texts during extreme events. Moreover, failing to take conjunctural issues into account throughout the estimation process can result in variables with biased in-formation.</p></div>","PeriodicalId":43998,"journal":{"name":"Central Bank Review","volume":"23 1","pages":"Article 100108"},"PeriodicalIF":2.8,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50197116","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