Economic Notes最新文献

Optimal Monetary Policy Under Inflation Targeting in Tunisia: New Keynesian Model

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Economic Notes Pub Date : 2025-01-31 DOI: 10.1111/ecno.70005

Dorra Turki, Foued Badr Gabsi

引用次数: 0

Big Moves, Small Gains: Unpacking the Size Effect in Takeovers and Other Corporate Deals

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Economic Notes Pub Date : 2025-01-10 DOI: 10.1111/ecno.70004

Antonio Roma, Costanza Consolandi

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Understanding Happiness Amidst COVID-19: Exploring Relations, Religion and Trust

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Economic Notes Pub Date : 2025-01-03 DOI: 10.1111/ecno.70003

Matteo A. Ruberto, Giulia Gioeli, Matteo Rizzolli, Antonello Maruotti

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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

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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）

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Economic Notes Pub Date : 2024-11-26 DOI: 10.1111/ecno.70001

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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

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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, 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

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On the connectedness of stock returns and exchange rates in emerging and frontier markets in Africa 论非洲新兴市场和前沿市场股票收益与汇率的关联性

IF 0.8

Economic Notes Pub Date : 2024-09-18 DOI: 10.1111/ecno.12249

Umar-Farouk Atipaga, Imhotep Alagidede, George Tweneboah

{"title":"On the connectedness of stock returns and exchange rates in emerging and frontier markets in Africa","authors":"Umar-Farouk Atipaga, Imhotep Alagidede, George Tweneboah","doi":"10.1111/ecno.12249","DOIUrl":"https://doi.org/10.1111/ecno.12249","url":null,"abstract":"<p>The effect of currency volatility on investments in Africa continues to dominate the headlines, especially in the recent period of global crisis and heightened geopolitical tensions. This paper tackles the dynamic relationship between stock returns and exchange rates in nine emerging and frontier African markets. The study departs from the usual VAR and GARCH models and employs a tool that accounts for time–frequency co-movements and lead/lag relationships between exchange rates and stock returns in Africa. The bivariate wavelet technique applied to daily data from 1 April 2013 to 31 March 2022 established a profound negative co-movement between stock returns and exchange rates, especially in the medium to long-term frequencies. With exchange rates dominantly playing a leading role, it presents a case for policy consideration toward currency stability. We employed the partial wavelet approach to determine how stock returns and exchange rates related during the peak period of the COVID-19 pandemic and found negative co-movements within the short-term frequency, revealing that investors preferred the short-term horizon in times of crisis. However, when the covariate (COVID-19) was controlled or suppressed, we discovered the health pandemic failed to drive both stock returns and exchange rates.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"53 3","pages":""},"PeriodicalIF":0.8,"publicationDate":"2024-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecno.12249","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142273016","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

Impact of UK's social stock exchange trading scheme on the performance of social enterprises 英国社会证券交易所交易计划对社会企业绩效的影响

IF 0.8

Economic Notes Pub Date : 2024-09-14 DOI: 10.1111/ecno.12248

Akshat Bhargava, Subhadip Mukherjee, Neelam Rani

引用次数: 0

Principal–agent trust and adoption of digital financial services: Evidence from India 委托代理信任与数字金融服务的采用：来自印度的证据

IF 0.8

Economic Notes Pub Date : 2024-09-03 DOI: 10.1111/ecno.12247

Rajat S. Yadav, Siva R. Kalluru

{"title":"Principal–agent trust and adoption of digital financial services: Evidence from India","authors":"Rajat S. Yadav, Siva R. Kalluru","doi":"10.1111/ecno.12247","DOIUrl":"https://doi.org/10.1111/ecno.12247","url":null,"abstract":"<p>The high reliance on cash is a lifestyle for many people, and their low proficiency with smartphone usage acts as an inertial barrier to using digital financial services (DFS). Given low financial or digital literacy, online banking transactions have to be promoted and mediated by DFS agents. This study examines the role of digital platforms, intermediaries such as banks, mobile money agents, payment banks, post offices, and the government's increasing use of digital technologies. This usage of digital platforms is based on the trust relationship between the principals, who are owners of their bank accounts, and agents of DFS, who are intermediaries. A linear probabilistic model is employed to determine the determinants behind the low adoption of DFS between the necessity and nonnecessity groups. We observe that demand-side factors like education level, identity proof (documentation), and level of smartphone use proficiency increase the probability of a principal's involvement in a digital mode of payment. At the same time, supply-side factors like digital infrastructure and trust deficit due to unviable commission incentives to DFS agents decrease the principal's likelihood of using digital platforms.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"53 3","pages":""},"PeriodicalIF":0.8,"publicationDate":"2024-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142137849","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