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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":"<p>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.</p>","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
{"title":"Is the value effect due to M&A deals? Evidence from the Italian stock market","authors":"A. Roma","doi":"10.1111/ecno.12194","DOIUrl":"https://doi.org/10.1111/ecno.12194","url":null,"abstract":"This paper empirically characterises the value effect detected in the Italian stock market for the sample period 2000 – 2018 based on the value premium offered for the acquisition of a value stock. Bids on value stock (as opposed to bids on growth stocks) generate a large and statistically significant average return on the holding of the target in the deal window. Returns on target stocks for a bid make up to two ‐ thirds of the average return on the long side of the Fama and French high book ‐ to ‐ market minus low book ‐ to ‐ market (HML) portfolio. The other significant component of the average return of HML is due to short ‐ selling small ‐ growth stocks. As evidenced in previous literature, this is often difficult to implement from a practical point of view.","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"32 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2021-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85583651","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
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
{"title":"Is the value effect due to M&A deals? Evidence from the Italian stock market","authors":"Antonio Roma","doi":"10.1111/ecno.12194","DOIUrl":"https://doi.org/10.1111/ecno.12194","url":null,"abstract":"<p>This paper empirically characterises the value effect detected in the Italian stock market for the sample period 2000–2018 based on the value premium offered for the acquisition of a value stock. Bids on value stock (as opposed to bids on growth stocks) generate a large and statistically significant average return on the holding of the target in the deal window. Returns on target stocks for a bid make up to two-thirds of the average return on the long side of the Fama and French high book-to-market minus low book-to-market (HML) portfolio. The other significant component of the average return of HML is due to short-selling small-growth stocks. As evidenced in previous literature, this is often difficult to implement from a practical point of view.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"51 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2021-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecno.12194","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72191915","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
Issue Information (ECNO) 发行信息(ECNO)
IF 1.5
Economic Notes Pub Date : 2021-10-20 DOI: 10.1111/ecno.12171
{"title":"Issue Information (ECNO)","authors":"","doi":"10.1111/ecno.12171","DOIUrl":"https://doi.org/10.1111/ecno.12171","url":null,"abstract":"","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"50 3","pages":""},"PeriodicalIF":1.5,"publicationDate":"2021-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecno.12171","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137946823","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
The hype of social capital in the finance-growth nexus 社会资本在金融增长关系中的炒作
IF 1.5
Economic Notes Pub Date : 2021-08-04 DOI: 10.1111/ecno.12192
Ibrahim D. Raheem, Kazeem B. Ajide, Xuan V. Vo
{"title":"The hype of social capital in the finance-growth nexus","authors":"Ibrahim D. Raheem,&nbsp;Kazeem B. Ajide,&nbsp;Xuan V. Vo","doi":"10.1111/ecno.12192","DOIUrl":"10.1111/ecno.12192","url":null,"abstract":"<p>The trilogy among economic growth, social capital (SC), and financial development is examined based on three hypotheses: first, SC is important in the finance-growth nexus. Second, there is a threshold effect of SC in the finance-growth nexus. Third, the SC-finance-growth trilogy depends on the countries' income level. Building data set for 70 countries, some interesting results were obtained: (i) the marginal effects of both SC and finance promote economic growth at higher levels; (ii) there is evidence of a threshold effect of SC, as finance enhances more growth when SC is below the threshold level; (iii) higher-income countries tend not to benefit from the SC-finance-growth trilogy. These results suggest that the influence of SC on growth trajectory is exaggerated in the literature. The study recommends that policymakers should pursue other sources of economic growth aside SC, while ensuring that the level of SC does not deteriorate.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"50 3","pages":""},"PeriodicalIF":1.5,"publicationDate":"2021-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77335104","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
Housing prices, volatility, and fundamental value 房价，波动性和基本价值
IF 1.5
Economic Notes Pub Date : 2021-07-28 DOI: 10.1111/ecno.12191
Gian Maria Tomat
{"title":"Housing prices, volatility, and fundamental value","authors":"Gian Maria Tomat","doi":"10.1111/ecno.12191","DOIUrl":"10.1111/ecno.12191","url":null,"abstract":"<p>Asset pricing theories imply the existence of a long run relation between real housing prices and rents. The long run relation predicts, that in each time period real housing prices should be equal to the expected present discounted value of subsequent real rents. We use the annual time series for the 1991–2016 period in Italy as evidence regarding the present discounted value relation. Considering the stochastic properties of the aggregate time series, cointegration tests do not deliver conclusive results. In a dynamic vector autoregression model, real housing prices are shown to properly anticipate forthcoming real rents, though they exhibit excess volatility. In the sample period, movements of housing prices relatively to the long run relation predict successive real returns. While rational speculative bubbles might produce excess volatility of housing prices, other explanations are required for the predictability of real housing returns.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"50 3","pages":""},"PeriodicalIF":1.5,"publicationDate":"2021-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/ecno.12191","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80976670","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
Issue Information (ECNO) 发行信息(ECNO)
IF 1.5
Economic Notes Pub Date : 2021-06-15 DOI: 10.1111/ecno.12170
{"title":"Issue Information (ECNO)","authors":"","doi":"10.1111/ecno.12170","DOIUrl":"https://doi.org/10.1111/ecno.12170","url":null,"abstract":"","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"50 2","pages":""},"PeriodicalIF":1.5,"publicationDate":"2021-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/ecno.12170","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137525053","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
An industrial-organization approach to conventional and unconventional monetary policy 产业组织对传统和非常规货币政策的研究
IF 1.5
Economic Notes Pub Date : 2021-06-14 DOI: 10.1111/ecno.12190
Hiroshi Gunji, Kenji Miyazaki
{"title":"An industrial-organization approach to conventional and unconventional monetary policy","authors":"Hiroshi Gunji,&nbsp;Kenji Miyazaki","doi":"10.1111/ecno.12190","DOIUrl":"10.1111/ecno.12190","url":null,"abstract":"<p>In this study, we use an industrial-organization model of the banking industry with money creation to examine the effect of conventional and unconventional monetary policy on the money stock. We consider quantitative monetary easing, qualitative monetary easing, and a negative interest rate on excess reserve balances as unconventional monetary policy. Our main findings are as follows. First, under a plausible setting of the parameters, the model with money creation supports the liquidity puzzle, in which tight monetary policy increases the money stock. The greater the number of banks, the stronger the effect. Second, quantitative monetary easing has no impact on money stocks, loans, deposits and bank holding assets other than government bonds. Third, the effect of qualitative monetary easing is ambiguous, but when the number of banks is sufficiently large, the effect is almost the same as the interest rate on reserves. Fourth, the effect of negative interest rate policy is quite complex.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"50 3","pages":""},"PeriodicalIF":1.5,"publicationDate":"2021-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/ecno.12190","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83518339","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, Pradhan Mantri Jan Dhan Yojna Scheme and economic growth: Evidence from Indian States 普惠金融、Pradhan Mantri Jan Dhan Yojna计划和经济增长:来自印度各邦的证据
IF 1.5
Economic Notes Pub Date : 2021-06-03 DOI: 10.1111/ecno.12186
Bhanu Pratap Singh, Annu Kumari, Tanya Sharma, Abhishek Malhotra
{"title":"Financial inclusion, Pradhan Mantri Jan Dhan Yojna Scheme and economic growth: Evidence from Indian States","authors":"Bhanu Pratap Singh,&nbsp;Annu Kumari,&nbsp;Tanya Sharma,&nbsp;Abhishek Malhotra","doi":"10.1111/ecno.12186","DOIUrl":"10.1111/ecno.12186","url":null,"abstract":"<p>The study examines the impact of financial inclusion, promoted through the Pradhan Mantri Jan Dhan Yojna (PMJDY) scheme, on the economic performance across the Indian states. Using the index of financial inclusion developed in Sarma (2008), the current study develops a three-dimensional financial inclusion index for 25 major Indian states from 2011 to 2016 to assess the status of financial inclusion across Indian states. The impact of financial inclusion promoted through the PMJDY scheme on the economic performance of the Indian states is investigated using bootstrap corrected fixed effects estimation and inference in the dynamic panel. The study's finding suggests that most Indian states fall under the low or medium level of financial inclusion. The dynamic panel results reveal a positive and significant association between financial inclusion and economic growth across Indian states. Further, results show PMJDY scheme marginally improved the pace of economic growth but failed to improve the overall economic prosperity level across states. Poor usage of financial services and a rise in the number of dormant accounts after the PMJDY scheme's launch are the significant limitations of the PMJDY scheme's failure.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"50 3","pages":""},"PeriodicalIF":1.5,"publicationDate":"2021-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/ecno.12186","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74676821","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: 10
Financial development and employment: New panel evidence 金融发展与就业:新的小组证据
IF 1.5
Economic Notes Pub Date : 2021-02-01 DOI: 10.1111/ecno.12185
Rym Ayadi, Sami Ben Naceur, Mohamed Goaied
{"title":"Financial development and employment: New panel evidence","authors":"Rym Ayadi,&nbsp;Sami Ben Naceur,&nbsp;Mohamed Goaied","doi":"10.1111/ecno.12185","DOIUrl":"10.1111/ecno.12185","url":null,"abstract":"<p>This paper adds to the recent literature on finance and employment creation by exploring the effect of finance on the labour market, using data on 143 countries from 1995 to 2015. We also examine whether the impact of financial development on labour is significantly different before and after the 2008 global financial crisis. This paper has five main findings. First, the analysis confirms the positive relationship between financial institution efficiency and access, as well as the employment rate in the linear specification. Second, the marginal returns to employment from further financial institution inclusion diminish at high levels of inclusion and turn negative when an inclusion point is reached. Third, the effects of financial market access on employment show a “U-Shaped” relationship. Fourth, the positive effect of financial development on employment strengthens with the country's institutional quality. And fifth, there is strong support for a negative impact of financial development on employment during the global financial crisis of 2007–2008.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"50 2","pages":""},"PeriodicalIF":1.5,"publicationDate":"2021-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/ecno.12185","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74824355","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: 3
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