Economic Notes最新文献_第8页

Community banks versus non-community banks: Post the Great Recession 社区银行与非社区银行：大衰退后

IF 1.5

Economic Notes Pub Date : 2021-11-13 DOI: 10.1111/ecno.12196

Alex Fayman, Su-Jane Chen, Timothy Mayes

{"title":"Community banks versus non-community banks: Post the Great Recession","authors":"Alex Fayman, Su-Jane Chen, Timothy Mayes","doi":"10.1111/ecno.12196","DOIUrl":"https://doi.org/10.1111/ecno.12196","url":null,"abstract":"Community banks (CBs), despite holding a fairly small share of US banking assets, provide vital financial services to key segments of the economy and fill a void untapped by larger non-community banks (Non-CBs). They face challenges brought on by a fast-changing banking landscape, evolving technology, and ever-increasing regulatory burden. To remain competitive and to gain scale-related efficiencies, CBs have been seeking mergers even as greater institutional size causes a departure from the classical relationship-based business model. This study examines performance of US CBs and Non-CBs post the Great Recession to reveal how size of these institutions may affect their business operations. Empirical findings show that CBs, compared with their larger counterparts, tend to maintain higher levels of liquidity and lower levels of capital, and demonstrate a greater dependence on core deposits, confirming that CBs focus on deposit taking and soft information-based lending strategies. Furthermore, this study suggests that CBs should not be considered a homogenous group operating under a singular business model and cautions that regulatory dialectics aimed at the banking industry should not employ a one-size-fits-all approach.","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"51 2","pages":""},"PeriodicalIF":1.5,"publicationDate":"2021-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72168801","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: 2

Exploring the dependencies among main cryptocurrency log-returns: A hidden Markov model 探索主要加密货币日志回报之间的相关性：一个隐马尔可夫模型

IF 1.5

Economic Notes Pub Date : 2021-11-10 DOI: 10.1111/ecno.12193

Fulvia Pennoni, Francesco Bartolucci, Gianfranco Forte, Ferdinando Ametrano

{"title":"Exploring the dependencies among main cryptocurrency log-returns: A hidden Markov model","authors":"Fulvia Pennoni, Francesco Bartolucci, Gianfranco Forte, Ferdinando Ametrano","doi":"10.1111/ecno.12193","DOIUrl":"https://doi.org/10.1111/ecno.12193","url":null,"abstract":"A hidden Markov model is proposed for the analysis of time-series of daily log-returns of the last 4 years of Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash. These log-returns are assumed to have a multivariate Gaussian distribution conditionally on a latent Markov process having a finite number of regimes or states. The hidden regimes represent different market phases identified through distinct vectors of expected values and variance–covariance matrices of the log-returns, so that they also differ in terms of volatility. Maximum-likelihood estimation of the model parameters is carried out by the expectation–maximisation algorithm, and regimes are singularly predicted for every time occasion according to the maximum-a-posteriori rule. Results show three positive and three negative phases of the market. In the most recent period, an increasing tendency towards positive regimes is also predicted. A rather heterogeneous correlation structure is estimated, and evidence of structural medium term trend in the correlation of Bitcoin with the other cryptocurrencies is detected.","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"51 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2021-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecno.12193","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72146764","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: 3

Exploring the dependencies among main cryptocurrency log‐returns: A hidden Markov model 探索主要加密货币日志回报之间的依赖关系:一个隐马尔可夫模型

IF 1.5

Economic Notes Pub Date : 2021-11-10 DOI: 10.1111/ecno.12193

F. Pennoni, F. Bartolucci, Gianfranco Forte, Ferdinando Ametrano

引用次数: 3

Regulating cryptocurrencies checkpoints: Fighting a trench war with cavalry? 监管加密货币检查站:与骑兵打一场堑壕战?

IF 1.5

Economic Notes Pub Date : 2021-11-09 DOI: 10.1111/ecno.12195

Giulio Soana

{"title":"Regulating cryptocurrencies checkpoints: Fighting a trench war with cavalry?","authors":"Giulio Soana","doi":"10.1111/ecno.12195","DOIUrl":"https://doi.org/10.1111/ecno.12195","url":null,"abstract":"The rise of cryptocurrencies during the last decade has caused growing concerns among national and international regulators. One of the risks identified is that these instruments may constitute an innovative tool for criminals when laundering money. This risk has been confirmed by numerous recent cases which have underlined the criminogenic potential of crypto-currencies. Through the V antimoney laundering (AML) Directive, the European legislator has first regulated this emerging issue. This legislation extends the AML duties to two players of the cryptocurrencies market: exchangers and wallet providers. This choice, however, does not exploit the opportunities offered by cryptocurrencies and fails to provide a customized regulatory framework. By maintaining a traditional regulatory approach centered on intermediaries it misses the key innovation of blockchain technology: disintermediation. Compared with traditional online money flows, intermediaries are not necessary nor fundamental in the cryptocurrencies environment. Failing to adapt to this reality, the Directive is employing chivalry to fight a trench war. To guarantee the integrity of this market, the policymaker has to abandon the traditional intermediary ‐ centred approach in favor of a strategy that seizes the new opportunities offered by blockchain. This paper advocates for a shift from an individual ‐ centered approach to financial crime control to a transaction ‐ centered one.","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"31 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2021-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79015467","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

Regulating cryptocurrencies checkpoints: Fighting a trench war with cavalry? 监管加密货币检查站：与骑兵进行堑壕战？

IF 1.5

Economic Notes Pub Date : 2021-11-09 DOI: 10.1111/ecno.12195

Giulio Soana

{"title":"Regulating cryptocurrencies checkpoints: Fighting a trench war with cavalry?","authors":"Giulio Soana","doi":"10.1111/ecno.12195","DOIUrl":"https://doi.org/10.1111/ecno.12195","url":null,"abstract":"The rise of cryptocurrencies during the last decade has caused growing concerns among national and international regulators. One of the risks identified is that these instruments may constitute an innovative tool for criminals when laundering money. This risk has been confirmed by numerous recent cases which have underlined the criminogenic potential of cryptocurrencies. Through the V antimoney laundering (AML) Directive, the European legislator has first regulated this emerging issue. This legislation extends the AML duties to two players of the cryptocurrencies market: exchangers and wallet providers. This choice, however, does not exploit the opportunities offered by cryptocurrencies and fails to provide a customized regulatory framework. By maintaining a traditional regulatory approach centered on intermediaries it misses the key innovation of blockchain technology: disintermediation. Compared with traditional online money flows, intermediaries are not necessary nor fundamental in the cryptocurrencies environment. Failing to adapt to this reality, the Directive is employing chivalry to fight a trench war. To guarantee the integrity of this market, the policymaker has to abandon the traditional intermediary-centred approach in favor of a strategy that seizes the new opportunities offered by blockchain. This paper advocates for a shift from an individual-centered approach to financial crime control to a transaction-centered one.","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"51 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2021-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecno.12195","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72145413","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: 1

Is the value effect due to M&A deals? Evidence from the Italian stock market 价值效应是由并购交易引起的吗？来自意大利股市的证据

IF 1.5

Economic Notes Pub Date : 2021-10-25 DOI: 10.1111/ecno.12194

Antonio Roma

引用次数: 0

Is the value effect due to M&A deals? Evidence from the Italian stock market 价值效应是否源于并购交易?证据来自意大利股市

IF 1.5

Economic Notes Pub Date : 2021-10-25 DOI: 10.1111/ecno.12194

A. Roma

引用次数: 0

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