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Issue Information (ECNO) 发行信息(ECNO)
IF 1.5
Economic Notes Pub Date : 2021-06-15 DOI: 10.1111/ecno.12170
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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
Issue Information (ECNO) 发行信息(ECNO)
IF 1.5
Economic Notes Pub Date : 2021-01-21 DOI: 10.1111/ecno.12169
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引用次数: 0
How does the financial market evaluate business models? Evidence from European banks 金融市场如何评估商业模式?来自欧洲银行的证据
IF 1.5
Economic Notes Pub Date : 2021-01-11 DOI: 10.1111/ecno.12184
Valeria Venturelli, Andrea Landi, Riccardo Ferretti, Stefano Cosma, Elisabetta Gualandri
{"title":"How does the financial market evaluate business models? Evidence from European banks","authors":"Valeria Venturelli,&nbsp;Andrea Landi,&nbsp;Riccardo Ferretti,&nbsp;Stefano Cosma,&nbsp;Elisabetta Gualandri","doi":"10.1111/ecno.12184","DOIUrl":"https://doi.org/10.1111/ecno.12184","url":null,"abstract":"<p>This paper investigates the way in which the financial market defines and evaluates different business models, using a sample of listed European banking groups from 2006 to 2015. The main findings suggest that the financial market seems to associate a better risk-return trade-off to non-banking fees than to banking ones and that the performance of different business models varies depending on context conditions. In particular, in the current economic context, characterised by the combination of slow economic growth with historically low levels of interest rates, the market-oriented business model tends to over-perform. These findings have strategic implications for bank managers, regulators, and supervisors, due to the impact of the crises on banking business, profitability and risk and the new challenges they entail.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"50 2","pages":""},"PeriodicalIF":1.5,"publicationDate":"2021-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/ecno.12184","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137670999","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: 5
Women as “gold dust”: Gender diversity in top boards and the performance of Italian banks 女性是“金粉”:意大利银行高层董事会的性别多样性和业绩
IF 1.5
Economic Notes Pub Date : 2020-12-29 DOI: 10.1111/ecno.12183
Silvia Del Prete, Maria Lucia Stefani
{"title":"Women as “gold dust”: Gender diversity in top boards and the performance of Italian banks","authors":"Silvia Del Prete,&nbsp;Maria Lucia Stefani","doi":"10.1111/ecno.12183","DOIUrl":"10.1111/ecno.12183","url":null,"abstract":"<p>This paper investigates the effects on riskiness and performance of gender diversity in Italian bank boards. Italy deserves special attention because European comparisons for the 2000s show that it was among the European Union countries where women were least represented in bank boardrooms, and this gap remains even in a quota law regime. Our main econometric results suggest that gender diversity may have a positive impact on the credit portfolio riskiness and on profitability. Both results may be driven by women's higher risk aversion and their higher propensity to monitor activities, suggesting that women are “gold dust” for Italian banks. These findings, obtained by using a unique data set over the period 1995–2010 and by taking into account possible sources of endogeneity, support the effectiveness on bank performance of greater female presence on boards. Moreover, our econometric set-up could offer a benchmark for further analysis on gender diversity effects for many countries, where a gender quota law is still not in place.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"50 2","pages":""},"PeriodicalIF":1.5,"publicationDate":"2020-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/ecno.12183","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77257418","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 and economic status of the states of India: An empirical evidence 金融包容性与印度各邦的经济地位:一个经验证据
IF 1.5
Economic Notes Pub Date : 2020-12-18 DOI: 10.1111/ecno.12182
Shantanu Ghosh, Tarak Nath Sahu
{"title":"Financial inclusion and economic status of the states of India: An empirical evidence","authors":"Shantanu Ghosh,&nbsp;Tarak Nath Sahu","doi":"10.1111/ecno.12182","DOIUrl":"10.1111/ecno.12182","url":null,"abstract":"<p>Financial inclusion, especially for a developing nation like India, plays a vital role in framing policies to ensure the development of the underprivileged. Applying the maximum–minimum technique for normalization and inverse of the Euclidean distance for consolidation, the present study attempts to construct an index of financial inclusion across all the states and union territories of India for 2003–2018. It further explores the effect of regional classifications and productivity on the achievement of financial inclusion. Analysis suggests Chandigarh be placed at the top in terms of mean financial inclusion scores for the study period. In addition, comparison among the regional classifications advocates for significant differences. Whereas the difference between the groups based on productivity remains nonsignificant. Theoretical propositions expect uniform achievement in financial inclusion among the states of a country. However, certain macroeconomic and other factors seem to reduce the esteemed equity.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"50 2","pages":""},"PeriodicalIF":1.5,"publicationDate":"2020-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/ecno.12182","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73689395","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: 9
GDP-network CoVaR: A tool for assessing growth-at-risk gdp -网络CoVaR:评估风险增长的工具
IF 1.5
Economic Notes Pub Date : 2020-12-11 DOI: 10.1111/ecno.12181
Emanuele De Meo, Giacomo Tizzanini
{"title":"GDP-network CoVaR: A tool for assessing growth-at-risk","authors":"Emanuele De Meo,&nbsp;Giacomo Tizzanini","doi":"10.1111/ecno.12181","DOIUrl":"10.1111/ecno.12181","url":null,"abstract":"<p>We propose a tool to predict risks to economic growth and international business cycles spillovers: the gross domestic product (GDP)-Network conditional value at risk (CoVaR). Our methodology to assess Growth-at-Risk is composed of two building blocks. In the first step, we apply a machine learning methodology, namely the network-based NETS by Barigozzi and Brownlees, to identify significant linkages between pair of countries. In the second step, applying the CoVaR methodology by Adrian and Brunnermeier, and exploiting international statistics on trade flows and GDPs, we derive the entire distribution of Economic Growth spillover exposures at the bilateral, country and global level for different quantiles of tail events on economic growth. We find that Economic Growth Spillover probability distribution is time-varying, left-skewed and in some cases bi- or even multi-modal. Second, we prove that our two-step approach outperforms alternative one-step quantile regression models in predicting risks to economic growth. Finally, we show that Global exposure to economic growth tail events is decreasing over time.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"50 2","pages":""},"PeriodicalIF":1.5,"publicationDate":"2020-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/ecno.12181","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91166045","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 external wealth of Arab nations: Structure, trends, and policy implications 阿拉伯国家的外部财富:结构、趋势和政策含义
IF 1.5
Economic Notes Pub Date : 2020-11-24 DOI: 10.1111/ecno.12180
Mahmoud Mohieldin, Ahmed Rostom, Chahir Zaki
{"title":"The external wealth of Arab nations: Structure, trends, and policy implications","authors":"Mahmoud Mohieldin,&nbsp;Ahmed Rostom,&nbsp;Chahir Zaki","doi":"10.1111/ecno.12180","DOIUrl":"https://doi.org/10.1111/ecno.12180","url":null,"abstract":"<p>The paper makes two contributions. First, it analyzes net foreign assets (NFA) and liabilities in selected Arab countries. Second, the paper examines the effects of policy variables that affect the accumulation of NFA and its components, analyzing how the existence of a sovereign wealth fund (SWF), the country's exchange rate regime, and the development of its financial system affect its NFA. The main findings show that the presence of a SWF is positively and significantly associated with foreign direct investment in Arab countries. While financial development matters, intermediate exchange rate regimes are associated to more uncertainty compared to fixed or flexible ones. Our results remain robust even we control for the endogeneity between SWF and NFA components.</p>","PeriodicalId":44298,"journal":{"name":"Economic Notes","volume":"50 2","pages":""},"PeriodicalIF":1.5,"publicationDate":"2020-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/ecno.12180","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137886783","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
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