Economic Notes最新文献_第4页

Is the cryptocurrency market a hedge against stock market risk? A Wavelet and GARCH approach 加密货币市场是为了对冲股市风险吗？小波和GARCH方法

IF 1.5

Economic Notes Pub Date : 2023-09-16 DOI: 10.1111/ecno.12227

Susovon Jana, Tarak N. Sahu

{"title":"Is the cryptocurrency market a hedge against stock market risk? A Wavelet and GARCH approach","authors":"Susovon Jana, Tarak N. Sahu","doi":"10.1111/ecno.12227","DOIUrl":"https://doi.org/10.1111/ecno.12227","url":null,"abstract":"This study analyses six major cryptocurrencies and four global stock markets to explore the role of cryptocurrencies as a hedge, safe haven, and diversifier in stock markets. The study employs ADCC-GARCH and Wavelet Coherence Technique, using daily data from 4 January 2017 to 28 February 2023. The study has found that stock returns and unstable cryptocurrency returns have high volatility persistence in the long run. Besides, while unstable digital currencies (Bitcoin, Ethereum, Binance Coin, and Dogecoin) serve as a hedge during stable economic periods, they have not been a hedge during economic turmoil in the stock markets. Conversely, stablecoins (Tether and USD Coin) have been shown to have acted as a hedge during normal economic times and have offered a safe haven during economic downturns. Except for Tether, all cryptocurrencies' diversification capacity is time-varying. In stable economic conditions, they serve as diversifiers, but during turmoil, they do not. However, Tether serves as a diversifier regardless of the financial situation. Finally, the present investigation is expected to offer crucial information on hedge, safe haven and diversification for quasi-investors.","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"52 3","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50144113","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

Does financial inclusion empower women in Africa? 金融包容性是否赋予非洲妇女权力？

IF 1.5

Economic Notes Pub Date : 2023-08-28 DOI: 10.1111/ecno.12226

Admasu A. Maruta, Habtamu T. Edjigu, Woubet Kassa

{"title":"Does financial inclusion empower women in Africa?","authors":"Admasu A. Maruta, Habtamu T. Edjigu, Woubet Kassa","doi":"10.1111/ecno.12226","DOIUrl":"https://doi.org/10.1111/ecno.12226","url":null,"abstract":"This paper examines the effect of financial inclusion on women's empowerment. We contribute to the growing interest in financial inclusion effectiveness literature by conducting an empirical analysis of 42 African countries to examine the role of financial inclusion in empowering women. We also examine and compare the effectiveness of the three dimensions of financial inclusion viz. usage, access, and quality, and the first most influential indicators, based on their PCA score, of these dimensions. Our findings suggest that financial inclusion has a significantly positive effect on women's empowerment-measured by females' human development index. Examining the relative importance of financial inclusion dimensions, we find access to financial services has a higher effect on women's empowerment. These results are robust to alternative measures of women's empowerment and financial inclusion, and alternative estimation procedures. We also find that the effect of financial inclusion on women's empowerment is higher in low and lower-middle-income countries compared with upper-middle-income countries in the region. This study provides evidence of one of the channels through which financial inclusion contributes to reducing gender inequality, and thereby enhancing economic development.","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"52 3","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50146477","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

On the relationship between financial inclusion and bank performance 论金融包容性与银行绩效的关系

IF 1.5

Economic Notes Pub Date : 2023-08-09 DOI: 10.1111/ecno.12225

Mais Sha'ban, Claudia Girardone, Anna Sarkisyan, Thankom Arun

引用次数: 0

Issue Information (ECNO) 问题信息（ECNO）

IF 1.5

Economic Notes Pub Date : 2023-06-10 DOI: 10.1111/ecno.12202

引用次数: 0

Financial intermediation, inclusion, Fintech, and income inequality in Africa: Robust evidence from the supply and demand side data 非洲的金融中介、包容性、金融科技和收入不平等：来自供需侧数据的有力证据

IF 1.5

Economic Notes Pub Date : 2023-03-29 DOI: 10.1111/ecno.12221

Biruk B. Ashenafi, Dong Yan

{"title":"Financial intermediation, inclusion, Fintech, and income inequality in Africa: Robust evidence from the supply and demand side data","authors":"Biruk B. Ashenafi, Dong Yan","doi":"10.1111/ecno.12221","DOIUrl":"https://doi.org/10.1111/ecno.12221","url":null,"abstract":"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.","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}

引用次数: 0

Editorial policy of Economic Notes—1993–1998 《经济笔记》的编辑政策——1993-1998

IF 1.5

Economic Notes Pub Date : 2023-02-01 DOI: 10.1111/ecno.12214

Alessandro Vercelli

引用次数: 0

Issue Information (ECNO) 问题信息（ECNO）

IF 1.5

Economic Notes Pub Date : 2023-02-01 DOI: 10.1111/ecno.12220

引用次数: 0

Economic Notes: 1999–2011 经济资料:1999-2011年

IF 1.5

Economic Notes Pub Date : 2023-02-01 DOI: 10.1111/ecno.12217

Antonio Roma

{"title":"Economic Notes: 1999–2011","authors":"Antonio Roma","doi":"10.1111/ecno.12217","DOIUrl":"https://doi.org/10.1111/ecno.12217","url":null,"abstract":"The paper documents that, over the period 1999–2011, Economic Notes 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 Journal 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 Journal'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 Journal to remain relevant to the research interests of many scholars at the time. Notably, the Journal 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 Journal.","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}

引用次数: 0

The years of Monte dei Paschi's disengagement 2012–2019 蒙代·帕斯基脱离接触的年份2012-2019

IF 1.5

Economic Notes Pub Date : 2023-02-01 DOI: 10.1111/ecno.12212

Giovanni Ferri, Luca Fiorito

{"title":"The years of Monte dei Paschi's disengagement 2012–2019","authors":"Giovanni Ferri, Luca Fiorito","doi":"10.1111/ecno.12212","DOIUrl":"https://doi.org/10.1111/ecno.12212","url":null,"abstract":"We review the critical phase of Economic Notes focusing on the years from 2012 to 2019 when the Journal 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 Journal entered a halo of the potential crisis itself. However, soon some measures were taken to allow Economic Notes 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 Journal 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 Journal's performance. It was essentially owing to that resumed good health and recovered resonance that when Monte finally abandoned it Economic Notes was by and large equipped for the new venture.","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}

引用次数: 0

Economic notes: The early years, 1972–1983 经济笔记：早期，1972年至1983年

IF 1.5

Economic Notes Pub Date : 2023-02-01 DOI: 10.1111/ecno.12215

Pier Francesco Asso, Giovanni Ferri

{"title":"Economic notes: The early years, 1972–1983","authors":"Pier Francesco Asso, Giovanni Ferri","doi":"10.1111/ecno.12215","DOIUrl":"https://doi.org/10.1111/ecno.12215","url":null,"abstract":"We set the stage in 1972 when the bank Monte dei Paschi di Siena founded Economic Notes 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 Journal aimed at achieving Monte's goals by adopting a specific editorial style. Moreover, through the turmoil of its first dozen years, Economic Notes' 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 Journal 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 Journal throughout the 1970s.","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}

引用次数: 0