Journal of Financial Economic Policy最新文献

{"title":"Editorial: James R. Barth: mentor, coauthor, teacher and friend – a tribute","authors":"R. Cebula","doi":"10.1108/jfep-10-2023-319","DOIUrl":"https://doi.org/10.1108/jfep-10-2023-319","url":null,"abstract":"","PeriodicalId":45556,"journal":{"name":"Journal of Financial Economic Policy","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2023-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139320506","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":"Can insurance ensure economic growth in an emerging economy? Fresh evidence from a non-linear ARDL approach","authors":"Quang Thien Tran, Nhan Huynh","doi":"10.1108/jfep-05-2023-0125","DOIUrl":"https://doi.org/10.1108/jfep-05-2023-0125","url":null,"abstract":"Purpose This study aims to explore the nexus between insurance penetration and economic development in Vietnam, one of the fastest-growing economies over the past two decades. Design/methodology/approach This study uses an updated data set of the insurance sector in Vietnam from 1996 to 2020. The autoregressive lagging distribution and cointegrating non-linear autoregressive lagging distribution (NARDL) models are used to explore the nexus between the insurance market development and economic growth. Findings This study confirms the unidirectional causality and positive impacts of insurance market development on economic growth both in the short and long term, supporting the “supply-leading” hypothesis. Nonlife insurance has more significant but slower impacts on contributing to economic development in the long run. From the NARDL approach, this study also discloses the asymmetric relationship between the insurance industry and economic growth. Aggregate and life insurance display short- and long-term asymmetric impacts, whereas nonlife insurance shows long-term asymmetry. Originality/value To the best of the authors’ knowledge, this is the first study to examine the hidden asymmetries of the insurance-growth nexus in Vietnam from non-linear models. Notwithstanding the theoretical contributions to the prior literature, several practical implications are proposed for insurance businesses, policymakers and investors.","PeriodicalId":45556,"journal":{"name":"Journal of Financial Economic Policy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135739265","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":"Regulatory policy uncertainty, banking industry innovations and financial development among emerging markets","authors":"Rexford Abaidoo, Elvis Kwame Agyapong","doi":"10.1108/jfep-07-2023-0180","DOIUrl":"https://doi.org/10.1108/jfep-07-2023-0180","url":null,"abstract":"Purpose This study examines the extent to which regulatory policy uncertainty, macroeconomic risk, banking industry innovations, etc. influence variability in financial sector development among emerging economies in sub-Sahara Africa (SSA). Design/methodology/approach Data for the empirical inquiry were compiled from a sample of 25 economies from the subregion from 2010 to 2020. Empirical estimates examining the relationships noted above were carried out using the two-step system generalized method of moments estimation technique. Findings Results the empirical estimates suggest that regulatory policy uncertainty and macroeconomic risk adversely influence or constrain financial sector development among the economies examined in the study. Banking industry innovations on the other hand is found to positively influence the development of the financial sector in these economies. Furthermore, moderating empirical analysis suggests that effective governance positively moderates the relationship between banking industry innovations and financial development among economies in the subregion. Originality/value This study’s approach to the mechanics of financial development among economies in SSA is designed to offer different perspectives to those found in the existing literature on financial development in three fundamental ways. First, although the verification of the role of banking industry innovations in financial development may not be new, it is important to point out that the approach used in this study is based on an index for innovations with different constituents or principal components in its construction; making the variable significantly different from what has been examined in the literature. In addition, the review of regulatory policy uncertainty and macroeconomic risk (both variables are multifaceted constructs using the principal component analysis procedure) further brings into this study’s analysis, a different approach to examining conditions influencing variability in financial development among developing economies.","PeriodicalId":45556,"journal":{"name":"Journal of Financial Economic Policy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135695707","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":"Can diversification be improved by using cryptocurrencies? Evidence from Indian equity market","authors":"Susovon Jana, Tarak Nath Sahu","doi":"10.1108/jfep-02-2023-0047","DOIUrl":"https://doi.org/10.1108/jfep-02-2023-0047","url":null,"abstract":"Purpose This study aims to investigate the possibilities of cryptocurrencies as hedges and diversifiers in the Indian stock market before and during financial crisis due to the pandemic and the Russia–Ukraine war. Design/methodology/approach Researchers have used daily data on cryptocurrencies and Indian stock prices from March 10, 2015 to August 26, 2022. The researchers have used the dynamic conditional correlations (DCC)-GARCH model to determine the volatility spillover and dynamic correlation between stocks and digital currencies. Further, researchers have explored hedge ratio, portfolio weight and hedging effectiveness using the estimates of the DCC-GARCH model. Findings The findings indicate a negative conditional correlation between equities and cryptocurrencies before the crisis and a positive conditional correlation except for Tether during the crisis. Which implies that cryptocurrencies serve as a hedging asset in the stock market before a crisis but are not more than a diversifier during the crisis, except for Tether. Notably, Tether serves as a safe haven during times of crisis. Finally, the study suggests that Bitcoin, Ethereum, Binance Coin and Ripple are the most effective diversifiers for Indian stocks during the crisis. Originality/value This study makes several contributions to the existing literature. First, it compares the hedge and diversification roles of cryptocurrencies in the Indian stock market before and during crisis. Second, the study findings provide insights on risk hedging and can serve as a guide for investors. Third, it may help rational investors avoid underestimating risk while constructing portfolios, particularly in times of financial turmoil.","PeriodicalId":45556,"journal":{"name":"Journal of Financial Economic Policy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135471518","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":"Financial inclusion: a catalyst for financial system development in emerging and frontier markets","authors":"Josephine Ofosu-Mensah Ababio, Eric B. Yiadom, Emmanuel Sarpong-Kumankoma, Isaac Boadi","doi":"10.1108/jfep-06-2023-0155","DOIUrl":"https://doi.org/10.1108/jfep-06-2023-0155","url":null,"abstract":"Purpose This study aims to examine the relationship between financial inclusion and financial system development in emerging and frontier markets. Design/methodology/approach Using data across 35 countries over 19 years (2004–2022), the improved GMM estimation technique reveals that financial inclusion significantly contributes to the development of financial systems. Findings The study uses a segmented approach, dividing financial development indices into subindices: financial depth, financial access and financial efficiency. Indicators of bank financial inclusion show a positive and highly significant relationship with bank depth and access but a negative relationship with bank efficiency. Similarly, indicators of the debt market and stock market financial inclusion demonstrate positive relationships with market depth and access but negative relationships with debt and stock market efficiency. The study further examines composite indexes of financial inclusion for bank, debt and stock market segments, finding strong and highly significant relationships with market development. These results underscore the importance of promoting financial inclusion across all segments of the financial sector to achieve an inclusive financial system. Practical implications The implications of this research highlight the need for policymakers and practitioners to implement policies and regulations that enhance financial inclusion and foster the development of robust financial systems. By extending access to mainstream financial instruments and services, financial institutions can stimulate financial intermediation and support, thereby accelerating the development of the banking, debt and stock markets. Originality/value The study is robust to the use of several indicators of financial inclusion and financial development, and it forms part of the early studies that examine the close relationship between the two variables.","PeriodicalId":45556,"journal":{"name":"Journal of Financial Economic Policy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135471515","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":"Do institutions impact differently inward greenfield FDI and cross-border M&A sales? A study of five institutional quality indicators in developed and developing countries","authors":"Nadia Doytch, Ayesha Ashraf","doi":"10.1108/jfep-06-2023-0161","DOIUrl":"https://doi.org/10.1108/jfep-06-2023-0161","url":null,"abstract":"Purpose This study aims to test the impact of different institutional quality indicators on two modes of foreign direct investment (FDI)-greenfield investment and cross-border mergers and acquisitions (M&As) for a sample of 110 countries over the period 2003–2017. Design/methodology/approach The authors develop a model of well-known FDI determinants, such as market size and potential, openness, the value of the national currency and the quality of institutions. The authors examine one-by-one five different institutional factors: law and order, investment profile of the host country, control of corruption (anti-corruption); democratic accountability, and government stability, applying a generalized method of moments (GMM) estimator that assures no endogeneity and reverse causality of the key explanatory variables. Findings The results point out the fact that fertile institutional conditions for attracting greenfield FDI to developing countries require law and order, good investment conditions and a state of democracy, but not necessarily tight control of corruption and a stable government. On the other hand, the appropriate institutional environment for attracting cross-border M&A sales flows to developing countries includes strong law and order, good investment conditions, strict control of corruption and strong democratic accountability. The results for developed countries show overall smaller importance of institutions as a determinant of both types of FDI. Originality/value This is the first study to analyze the differentiated determinants of the two modes of investment. The study holds implications for crafting two different policies for attracting greenfield FDI and M&A sales.","PeriodicalId":45556,"journal":{"name":"Journal of Financial Economic Policy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134997109","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":"Does capital flight tone down economic growth? Evidence from emerging Asia","authors":"Shahanara Basher, A. Mamun, H. Bal, N. Hoque, M. Uddin","doi":"10.1108/jfep-03-2023-0068","DOIUrl":"https://doi.org/10.1108/jfep-03-2023-0068","url":null,"abstract":"\u0000Purpose\u0000This study aims to offer an up-to-date estimate of capital flight from selected emerging Asian economies and examine the anti-growth phenomenon of capital flight by using annual data for the period 1981–2019.\u0000\u0000\u0000Design/methodology/approach\u0000The study relies on residual methods to derive the estimate of capital flight with necessary adjustments. It then applies the autoregressive distributed lag Bounds testing approach in examining the impact of capital flight on the economic growth of Asian emerging economies.\u0000\u0000\u0000Findings\u0000The study identifies capital flight as the attributor to the slower economic growth of the selected emerging economies of Asia.\u0000\u0000\u0000Practical implications\u0000Apart from appropriate policies addressing the issues causing capital flight, unleashing the way of private sector-led growth of the emerging countries with necessary policy, infrastructural, institutional and regulatory support can rather help them retain and repatriate domestic capital.\u0000\u0000\u0000Originality/value\u0000The capital flight estimates in earlier studies are antithetical as they differ in terms of definition and estimation procedure. Again, the growth effect of capital flight in these economies has received meager attention in research and policy debates. Furthermore, being country-specific or region-specific, existing studies are unable to compare the growth effect of capital flight for different emerging economies in this region. Examining the growth effects for a large number of countries separately based on a common estimate of capital flight can resolve these issues that this study aims to do.\u0000","PeriodicalId":45556,"journal":{"name":"Journal of Financial Economic Policy","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2023-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43450169","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":"Does financial inclusion promote sustainable livelihood development? Mediating effect of microentrepreneurship","authors":"Jogeswar Mahato, M. Jha","doi":"10.1108/jfep-05-2023-0134","DOIUrl":"https://doi.org/10.1108/jfep-05-2023-0134","url":null,"abstract":"\u0000Purpose\u0000This study aims to investigate the impact of financial inclusion in promoting sustainable livelihood among indigenous women entrepreneurs. Moreover, the study has also examined the mediating role of microentrepreneurship between financial inclusion and sustainable livelihood.\u0000\u0000\u0000Design/methodology/approach\u0000Structure equation modeling has been used to analyze the mediating effect of microentrepreneurship between financial inclusion and sustainable livelihood development. In total, 598 samples of indigenous women across the Sundargarh and Mayurbhanj districts in Odisha are used for the statistical data analysis in the study.\u0000\u0000\u0000Findings\u0000The results showed that financial inclusion has direct and indirect effect on promoting sustainable livelihood among indigenous women. The results also highlighted that microentrepreneurship significantly mediates the relationship between financial inclusion and sustainable livelihood.\u0000\u0000\u0000Practical implications\u0000The Government of India should formulate policies on financial inclusion by reviewing the findings of this study. In addition, to increase the base of microenterprises and the achievement of sustainable livelihood in rural regions, more focus should be given toward the promotion of inclusive finance among indigenous women in India.\u0000\u0000\u0000Originality/value\u0000The present idea has not been discussed or explored earlier among the indigenous communities in the Indian context. So, the study will benefit the marginalized groups of women in promoting their livelihood sustainably.\u0000","PeriodicalId":45556,"journal":{"name":"Journal of Financial Economic Policy","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2023-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43567390","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":"Effect of risk attitude on cryptocurrency adoption for compensation and spending","authors":"U. Sridharan, Fady Mansour, Lydia Ray, Tobias M. Huning","doi":"10.1108/jfep-04-2023-0099","DOIUrl":"https://doi.org/10.1108/jfep-04-2023-0099","url":null,"abstract":"\u0000Purpose\u0000This study aims to investigate the effect of risk tolerance on the individual choice of adopting Bitcoin in the form of making and receiving payment and receiving compensation.\u0000\u0000\u0000Design/methodology/approach\u0000The study uses data collected from an anonymous survey of 225 undergraduate and graduate students to measure their risk attitude using the general risk-taking propensity scale proposed by Zhang et al. (2018) and the risk-taking index, proposed by Nicholson et al. (2018). After controlling for a variety of personal traits, the study uses logistic regression to identify the predicted probabilities and marginal effects on individual choice of adopting Bitcoin.\u0000\u0000\u0000Findings\u0000The findings of this study suggest that individuals with a higher risk-seeking attitude are more likely to choose to receive payment for goods they sell in Bitcoin and more likely to choose to receive a portion of their compensation in cryptocurrency. Individuals in the higher-income groups are more likely to adopt Bitcoin 46% and 65% than their lower 14% and 45% and middle income 4% and 18% counterparts. While there was no statistically significant difference between males and females in adopting Bitcoin, respondents between the age of 26 and 29 were more likely to adopt Bitcoin. The effect on receiving gold was slightly smaller but highly comparable to that of receiving Bitcoin, which highlights a similar perception of risk toward the Bitcoin and gold.\u0000\u0000\u0000Originality/value\u0000The study uses a new data set collected by surveying 225 individuals and two different risk measurements to identify the relationship between perceived risk and Bitcoin adoption.\u0000","PeriodicalId":45556,"journal":{"name":"Journal of Financial Economic Policy","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2023-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41326832","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":"Is financial technology a complement or substitute for domestic financial institutions in Ghana?","authors":"Kwadwo Antwi-Wiafe, G. Asante, Paul Owusu Takyi","doi":"10.1108/jfep-02-2023-0038","DOIUrl":"https://doi.org/10.1108/jfep-02-2023-0038","url":null,"abstract":"\u0000Purpose\u0000This paper aims to examine whether financial technology is complementing the performance of domestic financial institutions or substituting their performance in Ghana.\u0000\u0000\u0000Design/methodology/approach\u0000The paper used data from the Bank of Ghana Payment System Statistics and Time Series Data of the Bank of Ghana from 2012 to 2021, by using autoregressive distributive lags estimation technique.\u0000\u0000\u0000Findings\u0000The results showed that in both the long run and short run, financial technology has a significant negative impact on bank performance, indicating that fintech serves as substitutes rather than complements for Ghanaian banks. These results suggest that there must be a critical review on the interoperability policy in Ghana and that banks should take advantage of the financial technology to increase profit.\u0000\u0000\u0000Originality/value\u0000Based on the authors’ study, no empirical work has been extensively done in the Ghanaian context by examining how financial technology serves as either a complement or substitute for domestic banking institutions. This paper focuses on exploring the key definition of financial technology in Ghana and how transactions through these media are affecting or improving the performance of banks.\u0000","PeriodicalId":45556,"journal":{"name":"Journal of Financial Economic Policy","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2023-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41529830","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}