Economic Notes最新文献_第2页

Are Indian markets insulated from the impact of cryptocurrencies? Unveiling the volatility linkages through multi-index dynamic multivariate GARCH analysis 印度市场是否不受加密货币的影响？通过多指数动态多元 GARCH 分析揭示波动性联系

IF 0.8

Economic Notes Pub Date : 2024-09-03 DOI: 10.1111/ecno.12246

Robin Thomas

{"title":"Are Indian markets insulated from the impact of cryptocurrencies? Unveiling the volatility linkages through multi-index dynamic multivariate GARCH analysis","authors":"Robin Thomas","doi":"10.1111/ecno.12246","DOIUrl":"https://doi.org/10.1111/ecno.12246","url":null,"abstract":"This paper investigates the dynamic relationships between the volatility of Bitcoin and major Indian stock market indices. Employing a dynamic conditional correlation–generalized autoregressive conditional heteroskedasticity (DCC-GARCH) model, we explore how volatility shocks and information flow influence the correlations between these asset classes. Our findings reveal a key characteristic: volatility spillovers tend to be short-lived, indicated by a relatively low DCC-GARCH parameter (dcca1). This suggests that while a surge in volatility in one market might lead to a temporary increase in correlation with the other, this heightened correlation is unlikely to persist for extended periods. However, the model also highlights a high DCC-GARCH parameter (dccb1), signifying that the correlations themselves are responsive to new information. This implies that volatility linkages can adjust rapidly in response to market events or economic data releases. To enhance accessibility for a broad audience, we translate these findings into economic intuitions. We illustrate how the model can be interpreted through real-world examples, such as the impact of sudden policy changes in India or global market flash crashes. By understanding the short-lived nature of volatility spillovers and the responsiveness of correlations, investors in the Indian markets can make more informed decisions when considering the potential influence of Bitcoin's volatility while contributing to a deeper understanding of the dynamic interactions between cryptocurrency and traditional financial markets in the Indian context.","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":"142137848","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

Financial inclusion and financial crisis: Arguments, stylized facts and evidence 金融包容性与金融危机：论点、典型事实和证据

IF 0.8

Economic Notes Pub Date : 2024-08-22 DOI: 10.1111/ecno.12245

Peterson K. Ozili

{"title":"Financial inclusion and financial crisis: Arguments, stylized facts and evidence","authors":"Peterson K. Ozili","doi":"10.1111/ecno.12245","DOIUrl":"https://doi.org/10.1111/ecno.12245","url":null,"abstract":"The literature has examined the relationship between financial inclusion and financial stability, but no studies have examined the relationship between financial inclusion and financial crisis. This study examines the effect of financial inclusion on financial crisis using data from 28 countries from 2006 to 2017. Three stylised facts were established based on real-world observation. One, the level of financial inclusion, in terms of number of bank depositors, decreases during domestic financial crisis. Two, the level of financial inclusion, in terms of ATM penetration, does not decrease during global and domestic financial crises. Three, the level of financial inclusion, in terms of number of bank branch, decreases during global and domestic financial crises and the contraction is stronger during a domestic financial crisis. Using the panel regression, logit and probit regression estimation methods, the empirical results show that low levels of financial inclusion, measured by fewer bank depositors and fewer bank branches, increase the likelihood that a financial crisis will occur. Low levels of financial inclusion, measured by fewer bank depositors, increase the likelihood that a financial crisis will occur in low financial-inclusion countries. In contrast, greater ATM penetration increases the likelihood that a financial crisis will occur in low financial-inclusion countries. The interaction analyses show that all indices of financial inclusion have a joint positive impact on financial crisis, implying that high levels of financial inclusion increases the likelihood that a financial crisis will occur.","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"53 3","pages":""},"PeriodicalIF":0.8,"publicationDate":"2024-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142041541","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

Measuring the macroprudential policy stance in the euro area with a semi-structural model 用半结构模型衡量欧元区的宏观审慎政策立场

IF 0.8

Economic Notes Pub Date : 2024-08-07 DOI: 10.1111/ecno.12244

Katarzyna Budnik, Louis Boucherie, Jiří Panoš

引用次数: 0

Ad hoc bank taxation and credit supply 特设银行税收和信贷供应

IF 0.8

Economic Notes Pub Date : 2024-08-06 DOI: 10.1111/ecno.12241

Matjaž Volk

引用次数: 0

Do macroprudential measures increase inequality? Evidence from the euro area household survey 宏观审慎措施会加剧不平等吗？来自欧元区家庭调查的证据

IF 0.8

Economic Notes Pub Date : 2024-08-03 DOI: 10.1111/ecno.12243

Oana-Maria Georgescu, Diego V. Martin

引用次数: 0

The impact of a preopening session on subsequent trading: An experimental analysis 开盘前时段对后续交易的影响：实验分析

IF 0.8

Economic Notes Pub Date : 2024-08-02 DOI: 10.1111/ecno.12242

Rocco Caferra, Andrea Morone, Simone Nuzzo

引用次数: 0

Issue Information (ECNO) 发行信息（ECNO）

IF 0.8

Economic Notes Pub Date : 2024-07-31 DOI: 10.1111/ecno.12224

引用次数: 0

Fostering decent jobs, formalising informal employment and spurring job mobility in MENA countries 在中东和北非国家促进体面工作，使非正规就业正规化，并刺激就业流动性

IF 0.8

Economic Notes Pub Date : 2024-07-22 DOI: 10.1111/ecno.12240

Philippe Adair, Shireen AlAzzawi, Vladimir Hlasny

{"title":"Fostering decent jobs, formalising informal employment and spurring job mobility in MENA countries","authors":"Philippe Adair, Shireen AlAzzawi, Vladimir Hlasny","doi":"10.1111/ecno.12240","DOIUrl":"10.1111/ecno.12240","url":null,"abstract":"Longstanding evidence in Middle East and North Africa (MENA) countries shows a high prevalence of unemployment and informality among a large fraction of population, and at the same time gender disparities in labour force participation and occupational mobility. Why is there such persistent labour-market segmentation? What is the impact and potential of various formalisation policies? An overview of the informal economy across three middle-income MENA countries (Egypt, Jordan and Tunisia) is provided with respect to taxonomy, coverage and drivers. Transition matrices and multinomial logistic regressions are applied to longitudinal microdata from Labour-Market Panel Surveys, focusing on workers' occupational mobility in relation to their previous status, age cohort, gender and other demographics. Persistent segmentation and low occupational mobility in all countries suggest that informal employment is not driven by choice on the labour supply side but by structural constraints on the demand side. Existing formalisation policies based on distinct stick and carrot strategies, and targeting of existing businesses and workers achieve rather modest impacts. One recommendation to supplement policies for decent jobs creation is to promote social and solidarity enterprises and extend microfinance to informal enterprises.","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"53 2","pages":""},"PeriodicalIF":0.8,"publicationDate":"2024-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecno.12240","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141771977","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

Wavelet analysis of the foreign aid and economic growth nexus in Turkey 土耳其外援与经济增长关系的小波分析

IF 1.5

Economic Notes Pub Date : 2024-06-08 DOI: 10.1111/ecno.12239

Tomiwa S. Adebayo, Demet B. Kalmaz, Abraham A. Awosusi

{"title":"Wavelet analysis of the foreign aid and economic growth nexus in Turkey","authors":"Tomiwa S. Adebayo, Demet B. Kalmaz, Abraham A. Awosusi","doi":"10.1111/ecno.12239","DOIUrl":"https://doi.org/10.1111/ecno.12239","url":null,"abstract":"Turkey is one of the highest donors in the world, who also receives substantial amount of aids from various entities and countries. This paper aims to investigate the on going nexus between economic growth (EG) and foreign aid (AID) in Turkey; utilizing yearly data between 1960 and 2022 by employing wavelet analysis tools: namely the power spectrum, wavelet coherence, wavelet cohesion and Continuous Wavelet Transform (CWT) causality approach, which provides information of both long-run and short-run linkages for separate subperiods of time and frequencies. Our results reveal that; (a) the result of the power spectrum indicates that at different frequency and period, there is evidence of significant variation in EG and AID; (b) the outcome of the wavelet coherence confirms that there is comovement at varying frequencies and varying periods between EG and AID, with AID leading; (c) the outcome of the wavelet cohesion shows a positive/negative connection in the short and medium term, but a negative connection in the long term; (d) the result of the CWT causality approach confirmed the ‘feedback hypothesis’ at the aggregate level, in-phase and out-phase condition. As a result, policymakers should be more effective in supporting EG at high frequencies and only under the rule of the economic cycle.","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"53 2","pages":""},"PeriodicalIF":1.5,"publicationDate":"2024-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141294964","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

Hurdles to financing micro-entrepreneurs in MENA countries prior and during COVID-19 中东和北非国家微型企业家在 COVID-19 之前和期间的融资障碍

IF 1.5

Economic Notes Pub Date : 2024-04-06 DOI: 10.1111/ecno.12235

Imène Berguiga, Philippe Adair

{"title":"Hurdles to financing micro-entrepreneurs in MENA countries prior and during COVID-19","authors":"Imène Berguiga, Philippe Adair","doi":"10.1111/ecno.12235","DOIUrl":"https://doi.org/10.1111/ecno.12235","url":null,"abstract":"Factors detrimental to funding females or micro-entrepreneurs arise both from the demand side of businesses, such as the absence of funding need versus self-selection despite account holding, and from the supply side of financial institutions, such as deficient financial infrastructure and discrimination towards loan applicants. A sequential model addresses both the demand and the supply sides, prior and during the COVID-19 pandemic, upon four MENA countries, namely Egypt, Jordan, Morocco and Tunisia. Probit regressions use two distinct though comparable sub-samples of micro-enterprises from the 2020 World Bank Enterprise Survey (WBES) and the Economic Research Forum (ERF) COVID-19 Monitor in 2021. Prior the pandemic, micro-enterprises are prone to self-selection vis-à-vis loan application in Tunisia (ERF) and in all North African countries (WBES). During the pandemic, no self-selection vis-à-vis government support affects either female or micro-entrepreneurs. Prior the pandemic, females or micro-entrepreneurs face no loan discrimination (WBES). During the pandemic, females face no discrimination regarding government support, whereas Moroccan micro-entrepreneurs do (ERF). Prior the pandemic, financial inclusion runs opposite to both self-selection and discrimination (WBES), but not for self-selection (ERF), whereas it proves insignificant during the pandemic with respect to self-selection or discrimination, whatever the sub-sample.","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"53 2","pages":""},"PeriodicalIF":1.5,"publicationDate":"2024-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecno.12235","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140533839","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