Economic Notes最新文献

{"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}

{"title":"Leverage and firm value","authors":"William R. Pratt,&nbsp;Gustavo A. Barboza,&nbsp;Matthew Brigida","doi":"10.1111/ecno.12218","DOIUrl":"https://doi.org/10.1111/ecno.12218","url":null,"abstract":"<p>Three highly cited studies with over 6000 citations collectively report a negative relationship between the market value of the firm and leverage. Such empirical findings clearly contradict the hypothesis of leverage adding value to the firm and an optimal capital structure that maximizes firm value—these findings have yet to be resolved. Employing a sample of 3,768 firms consisting of 39,015 observations, a stochastic frontier analysis was used to assess the relationship of leverage among other capital structure factors with firm value. It was found that in general the use of leverage promotes firm value, consistent with the trade-off theory and that the inverse relationship between leverage and firm value was a temporary occurrence and is likely attributable to firms employing tax loss carrybacks in response to the 1986 Tax Reform Act. The estimates of technical efficiency indicate that many firms can do more to increase their value, the sample as a whole improves efficiency (value) over the sample period. The findings reconcile the reports of leverage decreasing firm value as reported in Baker and Wurgler, Fama and French, and Habib and Ljungqvist. The empirical findings suggest prior observation was a due to a decline in the value of the tax shield generated by leverage after the Tax Reform Act of 1986. Specifically, tax carrybacks extended the pre-Tax Reform Act of 1986 tax shield value to 1991 and after 1991 the tax shield value declined.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"52 2","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50138624","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.12201","DOIUrl":"https://doi.org/10.1111/ecno.12201","url":null,"abstract":"","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"52 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecno.12201","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50152025","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":"Time-frequency comovement among green financial assets and cryptocurrency uncertainties","authors":"Inzamam Ul Haq","doi":"10.1111/ecno.12216","DOIUrl":"https://doi.org/10.1111/ecno.12216","url":null,"abstract":"<p>The high energy consumption and carbon footprints have raised environmental and sustainable concerns of green investors and policymakers. This study explores comovements between three green and socially responsible financial assets, S&amp;P global clean energy index (GCEI), S&amp;P green bonds index (GB), DJ sustainability world index (DJSWI) and four cryptocurrency uncertainty/attention indices cryptocurrency policy uncertainty index, Central Bank Digital Currencies Uncertainty Index, Central Bank Digital Currencies Attentions Index and Index of Cryptocurrency Environmental Attention using the bivariate wavelet coherence approach. The findings show that GCEI, GB, DJSWI returns have consistent positive comovement with all cryptocurrency uncertainty/attention indices in the medium-term, suggesting their time-varying leading role. Evidence of negative coherences shows that higher cryptocurrency uncertainties/attentions lead to lower green financial asset returns, reflecting the adverse impact of higher uncertainties/attention on the trust of green and sustainable investors. The above empirical findings offer up-to-date insights for guiding policymakers, and regulators, enabling them in environmental policy development. Furthermore, socially responsible investors can make better investment judgments by considering the environmental concerns in the cryptocurrency marketplaces.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"52 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2022-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50152286","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":"“Book Review: The Worth of Water by Matt Damon and Gary White”","authors":"Tebaldo Vinciguerra","doi":"10.1111/ecno.12210","DOIUrl":"https://doi.org/10.1111/ecno.12210","url":null,"abstract":"<p>Gary White and Matt Damon's recent book, <i>The Worth of Water</i>, details the challenges faced and insights gleaned while building a major microcredit initiative to improve access to safe water and/or sanitation. It was presented during the World Water Forum in Dakar (March 2022). I will describe the birth and evolution of this initiative, contextualizing it in the current concern for access to clean water, and attempting to highlight its main technical details (financing, organization, and reach). I will also try to offer some critical consideration (regarding access to drinking water as a human right) and perspective (on the possible development of the approach promoted by the book).</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"52 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2022-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50150293","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":"Political connections and bank behaviour","authors":"Saibal Ghosh","doi":"10.1111/ecno.12209","DOIUrl":"https://doi.org/10.1111/ecno.12209","url":null,"abstract":"<p>Using disaggregated data on Indian state-owned banks, we study how political connections influence their lending behaviour. The findings indicate an overall credit expansion of 10% during election years for banks with political connections, driven by increased lending to agriculture and Small and Medium Enterprises. Further disaggregation reveals cycles in such lending driven by electoral considerations, primarily for banks with political connections. In turn, there is a gradual weakening in the asset quality of these banks. The net effect is manifest in lower productivity. The key policy implication is that electoral manipulation exerts significant economic costs.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"52 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2022-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50120910","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\u0000 Economic Notes\u0000 —1993–1998","authors":"A. Vercelli","doi":"10.1111/ecno.12214","DOIUrl":"https://doi.org/10.1111/ecno.12214","url":null,"abstract":"","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"121 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89250518","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\u0000 Economic Notes\u0000 , 1972–2021","authors":"G. Ferri","doi":"10.1111/ecno.12211","DOIUrl":"https://doi.org/10.1111/ecno.12211","url":null,"abstract":"","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"33 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88916267","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}