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Journal of Emerging Market Finance最新文献

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Understanding the Finance–Growth Nexus from a Multidimensional Perspective 从多维视角理解金融与增长的关系
IF 1.5
Journal of Emerging Market Finance Pub Date : 2022-04-12 DOI: 10.1177/09726527221091403
Guangdong Xu
{"title":"Understanding the Finance–Growth Nexus from a Multidimensional Perspective","authors":"Guangdong Xu","doi":"10.1177/09726527221091403","DOIUrl":"https://doi.org/10.1177/09726527221091403","url":null,"abstract":"This paper discusses the multidimensional nature of banking development and its effects on economic growth. Previous studies focused on the quantity dimension and overlooked other dimensions of banking development, which may have led to serious omitted variable bias in exploring the determinants of economic growth. However, incorporating other dimensions, such as banking efficiency, into growth models has proven to be a challenging task. More efforts are needed to construct indicators that can be used to proxy banking development in a more inclusive, precise, and consistent manner in future studies. JEL Codes: G21; O16; O47","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"21 1","pages":"412 - 427"},"PeriodicalIF":1.5,"publicationDate":"2022-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41588186","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
Central Bank Policies and Market Power Over the Business Cycle in Africa 中央银行政策与非洲商业周期中的市场力量
IF 1.5
Journal of Emerging Market Finance Pub Date : 2022-04-04 DOI: 10.1177/09726527221086492
Daniel Ofori‐Sasu, E. Agbloyor, Saint Kuttu, J. Abor
{"title":"Central Bank Policies and Market Power Over the Business Cycle in Africa","authors":"Daniel Ofori‐Sasu, E. Agbloyor, Saint Kuttu, J. Abor","doi":"10.1177/09726527221086492","DOIUrl":"https://doi.org/10.1177/09726527221086492","url":null,"abstract":"This article empirically examines the impact of the business cycle on the relationship between individual central bank policies and market power. We present a representative sample of 52 African economies over the period 2006–2018. We find that monetary, macro-prudential and central bank independence policies increase market power. The study found that, in the long run, market power reacts positively to changes or adjustments made to a central bank policy framework. We show that the individual central bank’s policy framework increase market power, when interacted with business cycle. JEL Codes: E3, E5, E61, G21, L10, L51, M21","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"21 1","pages":"385 - 411"},"PeriodicalIF":1.5,"publicationDate":"2022-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41767207","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: 1
Socioeconomic Determinants of Household Investment Portfolio in India 印度家庭投资组合的社会经济决定因素
IF 1.5
Journal of Emerging Market Finance Pub Date : 2022-03-29 DOI: 10.1177/09726527221082067
Priya Rampal, S. Biswas
{"title":"Socioeconomic Determinants of Household Investment Portfolio in India","authors":"Priya Rampal, S. Biswas","doi":"10.1177/09726527221082067","DOIUrl":"https://doi.org/10.1177/09726527221082067","url":null,"abstract":"This study examines the determinants of asset holding by low- income households in India using the second wave of the Indian Human Development Survey. Our exploratory analysis indicates that even low-income households seem to hold portfolios that are in line with financial goals such as education and marriage. Employing parametric and non-parametric methods, the study finds that affordability is one of the critical predictors of asset holding by households. Further, we find that higher educational attainment, being more socially connected and having confidence in financial institutions are positive predictors of individual asset holding and the likelihood of holding a diversified portfolio. The study discusses policy implications emanating from the findings for designing financial products along with improving penetration.","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"21 1","pages":"265 - 290"},"PeriodicalIF":1.5,"publicationDate":"2022-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49172020","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: 1
Calling the Shots: Determinants of Financial Decision-making and Behavior in Domestic Migrant Households in India 发号施令：印度家庭移民家庭财务决策和行为的决定因素
IF 1.5
Journal of Emerging Market Finance Pub Date : 2022-03-28 DOI: 10.1177/09726527221082005
Vinith Kurian, Shashank Sreedharan, F. Valenti
{"title":"Calling the Shots: Determinants of Financial Decision-making and Behavior in Domestic Migrant Households in India","authors":"Vinith Kurian, Shashank Sreedharan, F. Valenti","doi":"10.1177/09726527221082005","DOIUrl":"https://doi.org/10.1177/09726527221082005","url":null,"abstract":"This article explores financial decision-making and behavior in migrant households. Literature on migration and financial inclusion usually focuses on either migrant workers and their financial needs or remittance flows and their effects on development, leaving the subject of household decision-making significantly underresearched. Using primary data from two sample surveys, one with migrant workers and one with their household members, we employ descriptive analysis to study the financial decision-making processes and outcomes. Our sample is mostly composed of male Indian domestic migrants from Bihar, Jharkhand, and eastern Uttar Pradesh. Our analysis considers the following migrant typology dimensions: duration of migration cycle, skills, and destination. Key household characteristics explored in our study include household size, the number of financial contributors in the household, the presence of an older male and children below the age of 18, and overall household income. Our results show that household members compete for influence over financial decisions and power balances change significantly whether the migrant is at home or at destination. These dynamics play an important role in determining household financial preferences. This suggests that financial products and interventions targeting specific financial behavior (for instance, financial literacy programs) need to take these factors into account since different households and different migrant types make these choices differently. JEL Codes: D14, O15, O16","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"21 1","pages":"317 - 342"},"PeriodicalIF":1.5,"publicationDate":"2022-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45172317","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: 1
An Endless Bargain: A Participatory Approach to Understanding Intra-household Finance 无休止的交易:一种理解家庭内部金融的参与式方法
IF 1.5
Journal of Emerging Market Finance Pub Date : 2022-03-08 DOI: 10.1177/09726527221080681
Shriyam Gupta, Dhwani Yagnaraman, Aditya Jagati
{"title":"An Endless Bargain: A Participatory Approach to Understanding Intra-household Finance","authors":"Shriyam Gupta, Dhwani Yagnaraman, Aditya Jagati","doi":"10.1177/09726527221080681","DOIUrl":"https://doi.org/10.1177/09726527221080681","url":null,"abstract":"While factors influencing intra-household dynamics, preferences of individual members, and their impact on household financial decision-making have been studied, the actual process of bargaining, and decision-making process remain uncaptured. We take a qualitative approach to address this gap and do so in two distinct ways. We first conduct a photo elicitation session (n = 55) to understand gender differences in financial responsibility, dynamics in purchase and saving decisions, and conflict resolution. Then, using findings from the photo elicitation, we develop a gamified instrument to observe financial decision-making in real-time between couples (n = 32). We find that husbands and wives have separate spheres of responsibility within the household, which determine their financial decision-making ability. Further, we find that income, investment and children motivate “big” financial expenditures, while savings is understood as an act of cutting expenses. Finally, we discuss the opportunities to employ new qualitative methods to study and capture behavioral dynamics. JEL Codes: D130, G510, G59","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"21 1","pages":"291 - 316"},"PeriodicalIF":1.5,"publicationDate":"2022-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45538869","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
Exchange Rate Volatility and Financial Stress: Evidence from Developing Asia 汇率波动与金融压力：来自亚洲发展中国家的证据
IF 1.5
Journal of Emerging Market Finance Pub Date : 2022-03-06 DOI: 10.1177/09726527221078634
Daitri Tiwary, K. Das, Jagdish Shettigar, P. Misra
{"title":"Exchange Rate Volatility and Financial Stress: Evidence from Developing Asia","authors":"Daitri Tiwary, K. Das, Jagdish Shettigar, P. Misra","doi":"10.1177/09726527221078634","DOIUrl":"https://doi.org/10.1177/09726527221078634","url":null,"abstract":"The study investigates the role of financial stress in triggering exchange rate volatility in developing Asia, where instability in financial markets contributes to the extent of exogenous shocks. We investigate volatility clustering in nominal exchange rate (NER) of dollar-denominated domestic currencies of developing Asia. Using country-level monthly time series data from 2006 to 2019 of NER and financial stress for seven representative economies of developing Asia, namely, Philippines, Indonesia, Malaysia, India, Republic of Korea, Singapore, and Thailand, we construct conditional volatility of returns. With volatility clustering in dollar-denominated exchange rates, we find significant bi-directional and predictive causality in exchange rate volatility and financial stress using vector autoregressive model and test for Granger’s causality. Our findings corroborate with the third-generation model of currency crises in the context of emerging economies. For developing Asian nations, our study implicates the strength of the financial system impacting the level and spread of stress, inducing exchange rate volatility. Our empirical model propounds that though stress is driven by multiple factors, management of exchange rate volatility in emerging economies will need to address problems not only in the foreign exchange market, but also in other financial sectors. JEL Codes: G01, F31, C58","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"21 1","pages":"355 - 384"},"PeriodicalIF":1.5,"publicationDate":"2022-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45393461","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: 1
Characterizing India’s Financial Cycle 印度金融周期特征
IF 1.5
Journal of Emerging Market Finance Pub Date : 2022-03-03 DOI: 10.1177/09726527221077727
Harendra Behera, Saurabh Sharma
{"title":"Characterizing India’s Financial Cycle","authors":"Harendra Behera, Saurabh Sharma","doi":"10.1177/09726527221077727","DOIUrl":"https://doi.org/10.1177/09726527221077727","url":null,"abstract":"The severity of the effects of global financial crisis resuscitates the need for assessing the macro-financial linkages and measuring financial cycle to prevent the economy from major financial shocks. Our article measures financial cycle by using turning point analysis, spectral analysis and band-pass filter and provides the evidence on the existence of financial cycle in India. We find the length and duration of cycles in financial variables are much greater as compared to the business cycle. While both credit and equity prices drive financial cycles over time, the contribution of house prices has increased since mid-2000s. We find that the expansionary phase of the financial cycle provides an early warning signal about stress build-up in the banking sector and impending depress in the economy. JEL Codes: C22, E30, E44, E58, G18","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"21 1","pages":"152 - 183"},"PeriodicalIF":1.5,"publicationDate":"2022-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49585761","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: 1
Corruption, Chinese Investment, and Trade: Evidence from Africa 腐败、中国投资和贸易：来自非洲的证据
IF 1.5
Journal of Emerging Market Finance Pub Date : 2022-02-08 DOI: 10.1177/09726527221073981
V. Tawiah, J. Kebede, Anthony K. Kyiu
{"title":"Corruption, Chinese Investment, and Trade: Evidence from Africa","authors":"V. Tawiah, J. Kebede, Anthony K. Kyiu","doi":"10.1177/09726527221073981","DOIUrl":"https://doi.org/10.1177/09726527221073981","url":null,"abstract":"We investigate whether corruption in host countries drives the different routes of Chinese economic engagement with Africa. Using data from 49 African countries for 2000–2018, we find that corruption affects each route of China’s engagement with Africa differently. Corruption in Africa is significantly negatively associated with FDI from China, but significantly positive with both trade and construction. These relationships are moderated by the availability of natural resources but do not change after the implementation of the Xi Jinping anti-corruption campaign. By disaggregating China–Africa financial engagement into its different routes, we demonstrate that the relationship between corruption and China’s presence in Africa varies with the nature of the engagement. JEL Codes: F21, F23","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"21 1","pages":"123 - 151"},"PeriodicalIF":1.5,"publicationDate":"2022-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49381344","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: 6
Multiclass Discriminant Analysis using Ensemble Technique: Case Illustration from the Banking Industry 基于集成技术的多类判别分析——以银行业为例
IF 1.5
Journal of Emerging Market Finance Pub Date : 2022-02-03 DOI: 10.1177/09726527211070947
P. Viswanathan, Sandeep Srivathsan, Wayne L. Winston
{"title":"Multiclass Discriminant Analysis using Ensemble Technique: Case Illustration from the Banking Industry","authors":"P. Viswanathan, Sandeep Srivathsan, Wayne L. Winston","doi":"10.1177/09726527211070947","DOIUrl":"https://doi.org/10.1177/09726527211070947","url":null,"abstract":"Linear discriminant analysis (LDA) has found extensive application in predicting bankruptcy. In this article, we elucidate a novel modelling approach for LDA that can also aid in gaining useful insights regarding the relative importance and ranking of factors in the banking industry. The model steers away from the traditional computation of the variance/covariance matrix and employs an ensemble technique to assign records to classes. The efficacy of our model is tested using two datasets. Specifically, a large dataset from the banking industry was partitioned into the testing and training datasets, and an accuracy of 87.9% was achieved JEL Codes: C38, G33","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"21 1","pages":"92 - 115"},"PeriodicalIF":1.5,"publicationDate":"2022-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45933128","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: 1
Can Equity be Safe-haven for Investment? 股票能成为投资的避风港吗?
IF 1.5
Journal of Emerging Market Finance Pub Date : 2022-01-23 DOI: 10.1177/09726527211068411
Janani Sri, P. Kayal, G. Balasubramanian
{"title":"Can Equity be Safe-haven for Investment?","authors":"Janani Sri, P. Kayal, G. Balasubramanian","doi":"10.1177/09726527211068411","DOIUrl":"https://doi.org/10.1177/09726527211068411","url":null,"abstract":"Popular investment choices such as fixed income, gold, and real estate have generated low returns over long horizons. Equity seems to have performed much better despite its inherent risk. Although, investors prefer safe-haven assets, they are increasingly moving to equities in search for better returns. We consider whether equity could be a safe-haven investment if chosen from quality stocks’ basket. We examine the safe-haven and hedging properties of the Nifty-50 constituent stocks over the period 2008–2020. To address this, we employ copula-based framework to model the dependence structure between stocks and five indices. We distinguish between safe-haven attributes and hedging features of the individual stocks. We show that the safe-haven properties of the Nifty-50 listed stocks are not as concentrated as gold but they show much low co-movement with the market. We call them pseudo–safe-haven as they are the safe-bets for investors seeking relatively safe-haven assets with impressive returns. JEL Codes: G11, G12, G15","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"21 1","pages":"32 - 63"},"PeriodicalIF":1.5,"publicationDate":"2022-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47111519","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
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