Economic Notes最新文献

{"title":"Issue Information (ECNO)","authors":"","doi":"10.1111/ecno.12202","DOIUrl":"https://doi.org/10.1111/ecno.12202","url":null,"abstract":"","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"52 2","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecno.12202","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50146931","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}

{"title":"Financial intermediation, inclusion, Fintech, and income inequality in Africa: Robust evidence from the supply and demand side data","authors":"Biruk B. Ashenafi,&nbsp;Dong Yan","doi":"10.1111/ecno.12221","DOIUrl":"https://doi.org/10.1111/ecno.12221","url":null,"abstract":"<p>The current literature on the finance-inequality nexus fall short of providing extensive evidence. This paper fills the gap by framing the financial sector; to the development of financial intermediation (supply side) and individual use of financial services (demand side). The first approach decouples the financial sector into the banking and stock market. We use the 5-year nonoverlapping averaged data from 1980 to 2017 across 49 countries and employ a panel data fixed effect and two-stage least squared estimation (2sls). We show that banking and stock market development widens income inequality. Besides, the effect is more prominent in countries that have a banking and stock market than countries only with the banking sector. The second approach uses financial inclusion and financial technology (Fintech) data from three waves of survey data in 2011, 2014 and 2017 on the individual use of financial services across 39 countries. We obtain three key findings. First, institutional quality significantly affects financial inclusion and Fintech. Second, Fintech positively affects inclusion and savings. Third, financial inclusion and Fintech exacerbate income inequality. Our result asserts a natural tendency that financial sector development exacerbate income inequality in Africa.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"52 2","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50155590","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}

{"title":"Editorial policy of Economic Notes—1993–1998","authors":"Alessandro Vercelli","doi":"10.1111/ecno.12214","DOIUrl":"https://doi.org/10.1111/ecno.12214","url":null,"abstract":"<p>The context had radically changed when <i>Economic Notes</i> entered its third decade of activity. Specifically, the 1990s seemed to carry along a wave of conformity and of endangered pluralism in economic thought behind the mounting neoliberal economics mainstream. This paper reviews how the task of preserving pluralism in economic thought was resolutely pursued at Monte dei Paschi's publishing venture by placing the <i>Journal</i> on impartial grounds and keeping the door open to diversity.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"51 S1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71914877","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}

{"title":"Issue Information (ECNO)","authors":"","doi":"10.1111/ecno.12220","DOIUrl":"https://doi.org/10.1111/ecno.12220","url":null,"abstract":"","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"51 S1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecno.12220","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71914875","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}

{"title":"Economic Notes: 1999–2011","authors":"Antonio Roma","doi":"10.1111/ecno.12217","DOIUrl":"https://doi.org/10.1111/ecno.12217","url":null,"abstract":"<p>The paper documents that, over the period 1999–2011, <i>Economic Notes</i> made a further step forward in becoming a professional outlet for high-quality academic research by moving under the production and distribution by an international publisher (Blackwell, later on, Wiley). The <i>Journal</i> cultivated research on the challenges posed by an environment of financial innovation and security-market expansion, which posed new economic policy and bank management issues. Accordingly, it refocused on compelling financial, banking and monetary topics, as epitomized by adopting its current subtitle ‘Review of Banking, Finance and Monetary Economics’. On balance, the <i>Journal</i>'s long-standing editorial policy of being open to a variety of contributions in the field of economics was retained, but a noticeable shift toward financial themes took shape over the 1999–2011 period. This focus, inspired by the events of the period, helped the <i>Journal</i> to remain relevant to the research interests of many scholars at the time. Notably, the <i>Journal</i> included topics in applied research that had a potential impact on the management of financial institutions, such as risk management and asset pricing, as well as the analysis of financial regulations. Those years proved fertile for both editorial policy and the dissemination of the <i>Journal</i>.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"51 S1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71914876","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}

{"title":"The years of Monte dei Paschi's disengagement 2012–2019","authors":"Giovanni Ferri,&nbsp;Luca Fiorito","doi":"10.1111/ecno.12212","DOIUrl":"https://doi.org/10.1111/ecno.12212","url":null,"abstract":"<p>We review the critical phase of <i>Economic Notes</i> focusing on the years from 2012 to 2019 when the <i>Journal</i> suffered from the progressive disengagement by its founder, the Monte dei Paschi di Siena. The main reason for that gradual detachment is identified in the performance difficulties Monte was suffering from. Against the progressive fading away of the support provided by the Bank, the <i>Journal</i> entered a halo of the potential crisis itself. However, soon some measures were taken to allow <i>Economic Notes</i> to develop new and autonomous ways to project its own future. Specifically, we outline how the major changes in the structure of the Editorial Board were conducive to launching a new phase in which the <i>Journal</i> learned to rely more and more on low-cost ways to gain visibility and attract quality submissions. That new strategy materialized through the widespread adoption of repeated Calls for Papers to generate the consequent Special Issues. The topics selected for the Calls for Papers were selected with a view at themes that were policy-relevant and, whenever possible, not too far from the potential interest of Monte dei Paschi. We show that those Special Issues were functional to engineer a recovery in the <i>Journal</i>'s performance. It was essentially owing to that resumed good health and recovered resonance that when Monte finally abandoned it <i>Economic Notes</i> was by and large equipped for the new venture.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"51 S1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71914873","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}

{"title":"Economic notes: The early years, 1972–1983","authors":"Pier Francesco Asso,&nbsp;Giovanni Ferri","doi":"10.1111/ecno.12215","DOIUrl":"https://doi.org/10.1111/ecno.12215","url":null,"abstract":"<p>We set the stage in 1972 when the bank Monte dei Paschi di Siena founded <i>Economic Notes</i> as part of its manifold scheme to reach two main goals: going international and acquiring a stronger position in the public discourse on economics and finance. Then, we highlight how the new <i>Journal</i> aimed at achieving Monte's goals by adopting a specific editorial style. Moreover, through the turmoil of its first dozen years, <i>Economic Notes</i>' bold strategy attracted top international authors and testimonials, selected topical issues, knitted theory and policy, embraced pluralist and forward-looking views, helped the University of Siena to strengthen its international connections. The <i>Journal</i> quickly became a landmark for domestic, European and global debates owing also to favourable contingencies. A special blessing was that, would be Nobel laureate, Bob Mundell had just settled down in a shabby villa in the outskirts of Siena where he organized the Santa Colomba Meetings. Those informal summer workshops brought a free flow of the most authoritative experts on international money and finance exactly at the time the Bretton Woods monetary order collapsed and stagflation risks emerged. That greatly favoured the editorial success of the <i>Journal</i> throughout the 1970s.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"51 S1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71914870","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}

{"title":"General overview of the first 50 years of Economic Notes, 1972–2021","authors":"Giovanni Ferri","doi":"10.1111/ecno.12211","DOIUrl":"https://doi.org/10.1111/ecno.12211","url":null,"abstract":"<p>We review the five different phases lived by <i>Economic Notes</i> during its first 50 years. First, its foundation and early phase—until 1983—received great support from Monte dei Paschi and also benefited from a windfall since Robert A. Mundell attracted to Siena an international network of top economists, policy makers and executives, facilitating high-quality submissions to the <i>Journal</i>. When Mundell's meetings stopped (in 1978), <i>Economic Notes</i> had already secured a good reputation and had become a champion of a pluralist approach, accepting papers from different disciplines and views. In the second phase—from 1984 to the mid-1990s—the <i>Journal</i>, led by a qualified Editorial Board lived continuity but also some new directions emerged. <i>Economic Notes</i> became better connected to the local Faculty of Economics. Also, the drive towards pluralism of the early years was refocused to safeguard access by different economic schools rather than different disciplines. In those years, Monte dei Paschi too transformed from a mostly regional bank into a national and international player, thus demanding less visibility support from the <i>Journal</i>. Those events blurred the initial mission and started distancing the Bank from the <i>Journal</i>. The third phase—from mid-1990s to early 2000s—saw the maximum productivity and visibility of <i>Economic Notes</i>. Monte financed Conferences with great resonance also owing to an exceptional Advisory Board. In the fourth phase—from 2004, when the Conferences became rare, to 2012—the performance worsened. Communication between the Bank and the <i>Journal</i> grew more difficult, complicating any planning for the future. The fifth phase— from 2012 to 2019—aimed to relaunch the <i>Journal</i> without a significant support from the Bank, which had entered a period of difficulties of its own. The planned way out of this situation was to develop a series of Special Issues through dedicated Calls for Papers. As we show, that strategy delivered some results and, in effect, <i>Economic Notes</i>’ performance rebounded. Nevertheless, Monte was progressively disengaging from the <i>Journal</i>, which, eventually, was sold to Wiley, the publishing partner. The sixth and last phase of the <i>Journal</i>—from 2019 to 2021—under the new ownership by Wiley marked a gradual transformation. In the end, it seems that the publishing venture initiated in 1972 is still making progress and providing a pluralist forum for discussion. The journey of <i>Economic Notes</i> is still on!</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"51 S1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71914871","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}

{"title":"The recent changes of Economic Notes, 2019–2021","authors":"Giovanni Ferri","doi":"10.1111/ecno.12213","DOIUrl":"https://doi.org/10.1111/ecno.12213","url":null,"abstract":"<p>We assess that the passage of <i>Economic Notes</i>' property from the founding Bank Monte dei Paschi di Siena to Wiley occurred smoothly, and behind formal discontinuities, a real continuity occurred. Over the years 2012–2019, <i>Economic Notes</i> had starved because the difficulties of Monte obstructed the regular flow of financial support. The survival of the <i>Journal</i> was achieved through editorial innovations through attractive Calls for Papers and the ensuing quality submissions to feed Special Issues. These efforts restored the good health of <i>Economic Notes</i> when its ownership switched, and in the final 3 years considered here (2019–2021), the <i>Journal</i> showed no sign of worsening performance. Thus, we may state that the lifesaver passage under Wiley's ownership was not the swan song but the <i>Journal</i> is still alive and well.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"51 S1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71914874","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}

{"title":"Moments of cross-sectional stock market returns and the German business cycle","authors":"Jörg Döpke,&nbsp;Karsten Müller,&nbsp;Lars Tegtmeier","doi":"10.1111/ecno.12219","DOIUrl":"https://doi.org/10.1111/ecno.12219","url":null,"abstract":"<p>Based on monthly data covering the period from 1987 to 2021, we analyse whether cross-sectional moments of stock market returns may provide information about the future position of the German business cycle. We apply in-sample forecasting regressions with and without leading indicators as control variables, pseudo-out-of-sample exercises, autoregressive distributed lag models, and impulse-response functions estimated by local projections. We find in-sample predictive power of the first and third cross-section moments for the future growth of industrial production, even if one controls for well-established leading indicators for the German business cycle. Out-of-sample tests show that these variables reduce the relative mean squared error compared with benchmark models. We do not find a long-run relation between the moment series and industrial production. The dynamic response of industrial production to a shock on the cross-section moments is in line with the other results.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"52 2","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecno.12219","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50153940","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}