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The Relationship Between the Dodd–Frank Act and the Cost Efficiency of US Banks
IF 0.8
Economic Notes Pub Date : 2025-02-24 DOI: 10.1111/ecno.70008
Eduardo G. Minuci
{"title":"The Relationship Between the Dodd–Frank Act and the Cost Efficiency of US Banks","authors":"Eduardo G. Minuci","doi":"10.1111/ecno.70008","DOIUrl":"https://doi.org/10.1111/ecno.70008","url":null,"abstract":"<p>Motivated by the regulatory changes introduced by the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010, this study investigates its impact on the cost efficiency of US banks. Using a parametric cost frontier methodology previously linked to bank failure risk, the analysis reveals a 13% average decline in cost efficiency under the new regulatory framework. The study also examines the Act's potential heterogeneous effects across banks of different sizes, revealing that while larger banks are typically more efficient, the stricter regulatory oversight imposed on them by the Dodd–Frank Act reduced the efficiency gap with smaller banks.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"54 1","pages":""},"PeriodicalIF":0.8,"publicationDate":"2025-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecno.70008","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143481479","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
Too Risky for Businesses?—Examining the Relationship Between Crime and Firm Registrations in India
IF 0.8
Economic Notes Pub Date : 2025-02-19 DOI: 10.1111/ecno.70006
Shreya Biswas, Ritika Jain
{"title":"Too Risky for Businesses?—Examining the Relationship Between Crime and Firm Registrations in India","authors":"Shreya Biswas,&nbsp;Ritika Jain","doi":"10.1111/ecno.70006","DOIUrl":"https://doi.org/10.1111/ecno.70006","url":null,"abstract":"<p>The study examines the relationship between crime and firm entry in India. Using district-level data for a decade, we find that an increase in crime is related to fewer firms registering in the district. The results are robust to estimation approaches that address the endogeneity related to crime variable. We also explore the pathways through which crime negatively affects firm entry in India. We provide suggestive evidence in favour of a fall in demand caused by the lower income of existing firms in the market as one of the reasons why crime lowers firm entry. Additionally, we show that fear of victimisation is also a possible channel that drives the negative relationship between crime and firm entry. However, we do not find any evidence that crime increases the expenses incurred by existing firms. The findings have important policy implications in terms of the importance of a stable environment for firm entry.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"54 1","pages":""},"PeriodicalIF":0.8,"publicationDate":"2025-02-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecno.70006","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143446945","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
Enhanced Transparency on Single-Name Credit Default Swaps: A Comparison Between the United States and the European Union
IF 0.8
Economic Notes Pub Date : 2025-02-17 DOI: 10.1111/ecno.70007
Randy Priem
{"title":"Enhanced Transparency on Single-Name Credit Default Swaps: A Comparison Between the United States and the European Union","authors":"Randy Priem","doi":"10.1111/ecno.70007","DOIUrl":"https://doi.org/10.1111/ecno.70007","url":null,"abstract":"<div>\u0000 \u0000 <p>The goal of this article is to examine and compare the various actions that both US and EU legislators have taken—or want to take—to enhance the transparency of single-name credit default swaps (CDSs). Legislators on both sides of the Atlantic are of the view that enhanced transparency is beneficial but their focus is different. That is, the European Union focuses on enhancing pre- and post-trade transparency, whereas US legislators want to mitigate manufactured credit events by requesting disclosure of large positions. Both legislators are of the view that transparency could lead to enhanced market discipline and quality but where European Regulators focus on market participants knowing whether a transaction could take place at a certain price or has happened at certain conditions, US legislators believe that investors should have a more complete picture on creditors’ incentives in restructuring and whether there is a concentrated exposure to a limited number of counterparties. This paper discusses the regulatory differences and explains them based on the different market contexts in both continents.</p>\u0000 </div>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"54 1","pages":""},"PeriodicalIF":0.8,"publicationDate":"2025-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143431534","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
Optimal Monetary Policy Under Inflation Targeting in Tunisia: New Keynesian Model
IF 0.8
Economic Notes Pub Date : 2025-01-31 DOI: 10.1111/ecno.70005
Dorra Turki, Foued Badr Gabsi
{"title":"Optimal Monetary Policy Under Inflation Targeting in Tunisia: New Keynesian Model","authors":"Dorra Turki,&nbsp;Foued Badr Gabsi","doi":"10.1111/ecno.70005","DOIUrl":"https://doi.org/10.1111/ecno.70005","url":null,"abstract":"<div>\u0000 \u0000 <p>This article analyzes monetary policy under inflation targeting in a developing economy using a hybrid new Keynesian model to determine the optimal policy rule. Firstly, we estimate the model's parameters using a Bayesian approach with data from the Tunisian economy from 2000 Q1 to 2020 Q4. Then, we solve an optimization problem to evaluate different types of monetary policy rules within the framework of two inflation-targeting regimes. The results show that a forward-looking rule with interest rate smoothing minimizes welfare loss most effectively within a strict inflation-targeting framework.</p>\u0000 </div>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"54 1","pages":""},"PeriodicalIF":0.8,"publicationDate":"2025-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143121162","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
Big Moves, Small Gains: Unpacking the Size Effect in Takeovers and Other Corporate Deals
IF 0.8
Economic Notes Pub Date : 2025-01-10 DOI: 10.1111/ecno.70004
Antonio Roma, Costanza Consolandi
{"title":"Big Moves, Small Gains: Unpacking the Size Effect in Takeovers and Other Corporate Deals","authors":"Antonio Roma,&nbsp;Costanza Consolandi","doi":"10.1111/ecno.70004","DOIUrl":"https://doi.org/10.1111/ecno.70004","url":null,"abstract":"<div>\u0000 \u0000 <p>This study explores the size effect in financial markets, focusing on how mergers, acquisitions, and other corporate transactions influence the returns of small versus large stocks. Employing a comprehensive data set of US-listed companies from 1992 to 2021, which includes 51,780 events, this research improves upon previous methodologies by integrating detailed timing information on deal announcements and completions with stock size and return data. Our analysis shows that small stocks are often the targets of transactions that significantly enhance their returns, not limited to takeovers. We find that pre-announcement returns are consistently higher for small stocks, likely due to less analyst coverage, resulting in largely unanticipated deal news. The study deepens our understanding of the size effect, suggesting that deal-related dynamics are essential for analyzing performance variations across different stock sizes and contributing to discussions on market efficiency and the valuation effects of corporate actions.</p>\u0000 </div>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"54 1","pages":""},"PeriodicalIF":0.8,"publicationDate":"2025-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143113961","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
Understanding Happiness Amidst COVID-19: Exploring Relations, Religion and Trust
IF 0.8
Economic Notes Pub Date : 2025-01-03 DOI: 10.1111/ecno.70003
Matteo A. Ruberto, Giulia Gioeli, Matteo Rizzolli, Antonello Maruotti
{"title":"Understanding Happiness Amidst COVID-19: Exploring Relations, Religion and Trust","authors":"Matteo A. Ruberto,&nbsp;Giulia Gioeli,&nbsp;Matteo Rizzolli,&nbsp;Antonello Maruotti","doi":"10.1111/ecno.70003","DOIUrl":"https://doi.org/10.1111/ecno.70003","url":null,"abstract":"<p>In recent literature, various social implications arising from the COVID-19 pandemic have been extensively deliberated upon. In this study, we introduce an ordinal random effects model designed to explore the changes in individual perceived happiness during periods of lockdown. We delve into the impact of diverse factors such as social and family relationships, spirituality, religiosity, and trust in institutions, alongside a range of demographic and economic variables. Our data set comprises responses from 1212 individuals in the United States gathered between March and April 2020. The findings reveal an anticipated decline in overall happiness during the COVID-19 crisis, particularly noticeable within specific demographic and behavioural segments: social connections, trust, and religiosity exhibit nuanced variations, contingent upon the level of spirituality and the specific institutions under consideration.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"54 1","pages":""},"PeriodicalIF":0.8,"publicationDate":"2025-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecno.70003","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143111105","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
Re-Investigating the UIP Hypothesis: Recent Evidence From BRICS Economies 重新审视UIP假说：来自金砖国家经济体的最新证据
IF 0.8
Economic Notes Pub Date : 2024-12-17 DOI: 10.1111/ecno.70002
Madhur Bhatia
{"title":"Re-Investigating the UIP Hypothesis: Recent Evidence From BRICS Economies","authors":"Madhur Bhatia","doi":"10.1111/ecno.70002","DOIUrl":"https://doi.org/10.1111/ecno.70002","url":null,"abstract":"<div>\u0000 \u0000 <p>The study re-investigates the existence of the Uncovered interest parity (UIP) hypothesis and substantially adds to the literature by offering the most recent evidence during the period from 2000 to 2022 from developing and emerging economies. The study further augments the literature by extending the standard UIP hypothesis to account for the monetary policy stance and risk premium. The estimates of nonlinear autoregressive distributed lag (NARDL) and component generalised autoregressive conditional heteroscedasticity (C-GARCH) show that the UIP hypothesis does not exist in any of the BRICS economies. Nevertheless, after accounting for the risk premium and monetary policy stance using inflation levels, the interest rate differential significantly and positively influences the expected changes in the spot exchange rates. This indicates three important aspects: first, the necessity of risk premium to make up for the higher risk that comes with holding the foreign bond for the benefit of domestic investors. Second that the UIP puzzle does not hold, such that higher interest differential depreciates the domestic currency. Third, the analysis underscores the substantial and direct impact of US inflation level, particularly for Brazil, Russia and India, in determining the changes in the spot exchange rate. These insights hold crucial implications for policymakers and regulators.</p>\u0000 </div>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"54 1","pages":""},"PeriodicalIF":0.8,"publicationDate":"2024-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142861410","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
Issue Information (ECNO) 发行信息（ECNO）
IF 0.8
Economic Notes Pub Date : 2024-11-26 DOI: 10.1111/ecno.70001
{"title":"Issue Information (ECNO)","authors":"","doi":"10.1111/ecno.70001","DOIUrl":"https://doi.org/10.1111/ecno.70001","url":null,"abstract":"","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"54 1","pages":""},"PeriodicalIF":0.8,"publicationDate":"2024-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecno.70001","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142724244","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 inclusion, financial stability, and poverty reduction in Africa 非洲的金融包容性、金融稳定性和减贫
IF 0.8
Economic Notes Pub Date : 2024-10-22 DOI: 10.1111/ecno.70000
George Tweneboah, Anthony Y. Nsiah
{"title":"Financial inclusion, financial stability, and poverty reduction in Africa","authors":"George Tweneboah,&nbsp;Anthony Y. Nsiah","doi":"10.1111/ecno.70000","DOIUrl":"https://doi.org/10.1111/ecno.70000","url":null,"abstract":"<p>Financial inclusion universally remains one of the critical means to end poverty in the world, especially Africa, where the level of poverty is high. It has however been argued that financial inclusion equally has the tendency to destabilize the financial system, thwarting the poverty reduction efforts, which necessitates the interrogation of the relationship between the variables. This study therefore investigates how financial stability mediates the financial inclusion and poverty reduction relationship in Africa. Using the panel Autoregressive Distributive Lag model, covering a period of 2004–2020, the study found that financial inclusion is positively related to financial stability in both short and long-run, with education, Gross National Income per capita (GNI) and domestic credit to private sector, contributing to financial stability, and trade openness negatively related to financial stability in the long-run. The study further established that financial stability is positively related to household consumption expenditure as such leads to poverty reduction with trade openness, government expenditure, GNI, education, domestic credit to private sector, and institutional quality contributing significantly to poverty reduction. This confirms the mediating role financial stability plays in enhancing the impact of financial inclusion on poverty reduction in Africa and must therefore be given the necessary attention, through proper regulatory mechanisms.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"53 3","pages":""},"PeriodicalIF":0.8,"publicationDate":"2024-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142525098","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
Will the real carbon pricing please stand up? 请真正的碳定价站出来好吗？
IF 0.8
Economic Notes Pub Date : 2024-10-03 DOI: 10.1111/ecno.12250
Marco Fugazza, David Neto
{"title":"Will the real carbon pricing please stand up?","authors":"Marco Fugazza,&nbsp;David Neto","doi":"10.1111/ecno.12250","DOIUrl":"https://doi.org/10.1111/ecno.12250","url":null,"abstract":"<p>This paper aims at extracting a common factor from major carbon pricing which is interpreted as an <i>effective carbon pricing</i> or a <i>shadow pricing</i>. For this purpose, we use a dynamic factor model for which the unobserved common factors and idiosyncratic noises are potentially nonstationary processes. The two-step Kalman smoother procedure is used to estimate the model. We found (i) that the extracted common factor (i.e., the effective carbon pricing) exhibits very low values which range from 2.05 to 16.1 USD per ton, and more importantly, (ii) this factor does not cointegrate with the market prices. This last result highlights a total lack of integration of carbon markets.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"53 3","pages":""},"PeriodicalIF":0.8,"publicationDate":"2024-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142428879","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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