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Optimal Monetary Policy in a Small Open Economy With Habit Persistence 具有习惯持久性的小型开放经济中的最优货币政策
IF 1.5 4区 经济学
International Finance Pub Date : 2026-04-08 Epub Date: 2025-12-02 DOI: 10.1111/infi.70008
Yongseung Jung
{"title":"Optimal Monetary Policy in a Small Open Economy With Habit Persistence","authors":"Yongseung Jung","doi":"10.1111/infi.70008","DOIUrl":"https://doi.org/10.1111/infi.70008","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper presents up a canonical New Keynesian small open economy model with habit persistence in consumption. The presence of habit persistence complicates the attainment of domestic price stability in the small open economy. The monetary authority may need to deviate from price stability to address the distortions linked to habit persistence, even if households exhibit the Cole–Obstfeld preference. This finding contrasts with previous studies. The paper also highlights the importance of the implementability of taxation/subsidy policies in achieving the efficient steady state and the welfare implications of different monetary policy rules. The results suggest that a time-invariant tax on labour income to achieve the efficient steady state favours a domestic product price inflation targeting rule over other simple rules. However, if this tax is not feasible, an exchange rate peg may outperform a domestic product price index inflation targeting rule, even with moderate values of intratemporal elasticity of substitution.</p>\u0000 </div>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"29 1","pages":"2-28"},"PeriodicalIF":1.5,"publicationDate":"2026-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147686724","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Does State-Owned Capital Matter for Strategic Change? Evidence From Chinese Private Enterprises 国有资本对战略变革重要吗？来自中国民营企业的证据
IF 1.5 4区 经济学
International Finance Pub Date : 2026-04-08 Epub Date: 2025-12-30 DOI: 10.1111/infi.70019
Yuanyuan Yang, Xiaoxia Liu, Qian Sun
{"title":"Does State-Owned Capital Matter for Strategic Change? Evidence From Chinese Private Enterprises","authors":"Yuanyuan Yang,&nbsp;Xiaoxia Liu,&nbsp;Qian Sun","doi":"10.1111/infi.70019","DOIUrl":"https://doi.org/10.1111/infi.70019","url":null,"abstract":"<div>\u0000 \u0000 <p>State-owned capital, serving as a stabiliser in economic development, can strengthen risk prevention by taking equity stakes in private enterprises, thereby reducing strategic changes in these firms. This study examines non-financial listed companies on China's Shanghai and Shenzhen A-share markets that were privately owned at establishment between 2007 and 2022, to assess the extent and mechanisms by which state-owned capital equity participation influences strategic change in private enterprises. The findings show that state-owned capital participation significantly reduces strategic change in private enterprises. Mechanism analysis indicates that this effect occurs mainly through reduced risk-taking and enhanced external oversight. Further analysis shows that the inhibitory effect of state-owned capital participation on strategic change is stronger when environmental dynamism is higher, marketisation is greater, and prior performance is better. Additionally, regarding specific dimensions of strategic change, state-owned capital participation significantly reduces advertising expenditure. This paper contributes to research on the economic consequences of state-owned capital participation and the factors influencing corporate strategic change. It offers theoretical support and practical guidance for government departments to advance reverse mixed-ownership reform, enabling different ownership types to learn from each other, promote mutual development, and achieve shared progress.</p>\u0000 </div>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"29 1","pages":"149-166"},"PeriodicalIF":1.5,"publicationDate":"2026-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147686242","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Content: International Finance 28/3 内容：《国际金融》28/3
IF 1.5 4区 经济学
International Finance Pub Date : 2025-12-04 DOI: 10.1111/infi.70014
{"title":"Content: International Finance 28/3","authors":"","doi":"10.1111/infi.70014","DOIUrl":"https://doi.org/10.1111/infi.70014","url":null,"abstract":"","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"28 3","pages":""},"PeriodicalIF":1.5,"publicationDate":"2025-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/infi.70014","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145666230","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Effects of International Capital Flows on Income Inequality: Bilateral Approach 国际资本流动对收入不平等的影响：双边方法
IF 1.5 4区 经济学
International Finance Pub Date : 2025-11-30 DOI: 10.1111/infi.70009
Radek Dědeček
{"title":"Effects of International Capital Flows on Income Inequality: Bilateral Approach","authors":"Radek Dědeček","doi":"10.1111/infi.70009","DOIUrl":"https://doi.org/10.1111/infi.70009","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper examines the influence of cross-border capital flows on income inequality in both origin and recipient countries. Using bilateral flow data and a panel dataset spanning 63 countries from 2005 to 2018, we employ panel regression analysis to investigate the effects of different types of capital. Our findings indicate that FDI inflows reduce income inequality in advanced countries by creating jobs and raising wages in sectors that employ lower-income individuals. Conversely, in developing countries, FDI often targets capital-intensive and high-skilled industries, increasing inequality. Portfolio investments generally increase inequality by driving up asset prices and creating instability, but can decrease inequality in emerging markets by supporting financial inclusion and reducing government financing costs. Specific scenarios, such as investments in tax havens or differences in human capital, show distinct results. Policymakers should regulate international capital flows through financial regulations, progressive taxation and international cooperation to mitigate their impact on income inequality.</p>\u0000 </div>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"28 3","pages":"220-235"},"PeriodicalIF":1.5,"publicationDate":"2025-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145666067","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Global Market Reactions to the China–US 2018–2019 Trade War: Evidence From a Chinese Media Sentiment Index 全球市场对中美2018-2019年贸易战的反应：来自中国媒体情绪指数的证据
IF 1.5 4区 经济学
International Finance Pub Date : 2025-10-30 DOI: 10.1111/infi.70006
Leonardo Gambacorta, Chao He, Fan Dora Xia
{"title":"Global Market Reactions to the China–US 2018–2019 Trade War: Evidence From a Chinese Media Sentiment Index","authors":"Leonardo Gambacorta,&nbsp;Chao He,&nbsp;Fan Dora Xia","doi":"10.1111/infi.70006","DOIUrl":"https://doi.org/10.1111/infi.70006","url":null,"abstract":"<div>\u0000 \u0000 <p>We analyse the effects of the trade war between China and the United States in 2018–2019 using a Trade Sentiment Index (TSI) based on artificial intelligence–powered big data textual analysis that assesses the positive or negative tone of the Chinese media. Our results show that in this trade war, no equity market has gained. We find the TSI improves upon traditional keyword-counting methods both methodologically and in explanatory power. The TSI contributes around 10% of model capacity to explain the stock price variability of 60 equity markets in countries that are more exposed to the China–US value chain. Most of the contribution is given by the tone extracted from social media (9%), while that obtained from traditional media explains only a modest part of stock price variability (1%).</p>\u0000 </div>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"28 3","pages":"209-219"},"PeriodicalIF":1.5,"publicationDate":"2025-10-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145666111","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Supply Chain Digitization and Corporate Carbon Disclosure 供应链数字化与企业碳信息披露
IF 1.5 4区 经济学
International Finance Pub Date : 2025-10-26 DOI: 10.1111/infi.70007
Hao Liu, Chao Liang
{"title":"Supply Chain Digitization and Corporate Carbon Disclosure","authors":"Hao Liu,&nbsp;Chao Liang","doi":"10.1111/infi.70007","DOIUrl":"https://doi.org/10.1111/infi.70007","url":null,"abstract":"<div>\u0000 \u0000 <p>In this study, the effects of supply chain digitization (SCD) on corporate carbon disclosure within the framework of transaction cost and institutional isomorphism theory are examined. We show that SCD improves corporate carbon disclosure level (i.e., width, depth and breadth). The pivotal mechanism is reduced transaction costs, which are achieved through reducing information asymmetry, increasing risk-taking capacity and facilitating upstream and downstream collaboration. The effect is pronounced for non-SOEs, firms with stronger levels of supplier competition, and firms with higher levels of customer dependence. Our study innovatively incorporates breadth, depth and width into the carbon disclosure level and highlights the role of SCD in facilitating carbon management along the supply chain.</p>\u0000 </div>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"28 3","pages":"192-208"},"PeriodicalIF":1.5,"publicationDate":"2025-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145666135","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
A Note on the Use of Syndicated Loan Data 关于使用银团贷款数据的说明
IF 1.5 4区 经济学
International Finance Pub Date : 2025-09-22 DOI: 10.1111/infi.70005
Isabella Mueller, Felix Noth, Lena Tonzer
{"title":"A Note on the Use of Syndicated Loan Data","authors":"Isabella Mueller,&nbsp;Felix Noth,&nbsp;Lena Tonzer","doi":"10.1111/infi.70005","DOIUrl":"https://doi.org/10.1111/infi.70005","url":null,"abstract":"<p>Syndicated loan data provided by DealScan is an essential input in banking research to answer urging questions on bank lending, e.g., in the presence of financial or geopolitical shocks or climate change. However, many data options raise the question of how to choose the estimation sample. We employ a standard regression framework analyzing bank lending during the financial crisis of 2007/08 to study how conventional but varying usages of DealScan affect the estimates. The key finding is that the direction of coefficients remains relatively robust. However, statistical significance depends on the data and sampling choice, and we provide guidelines for applied research.</p>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"28 3","pages":"180-191"},"PeriodicalIF":1.5,"publicationDate":"2025-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/infi.70005","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145666205","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Digital Euro Holding Limits and Monetary Policy Implementation: A Microdata-Based Perspective 数字欧元持有限制与货币政策实施：基于微数据的视角
IF 1.5 4区 经济学
International Finance Pub Date : 2025-08-30 DOI: 10.1111/infi.70004
Hendrik Becker, Lennart Grabia
{"title":"Digital Euro Holding Limits and Monetary Policy Implementation: A Microdata-Based Perspective","authors":"Hendrik Becker,&nbsp;Lennart Grabia","doi":"10.1111/infi.70004","DOIUrl":"https://doi.org/10.1111/infi.70004","url":null,"abstract":"<p>This paper conducts a quantitative analysis to calculate a potential digital euro (D€) holding limit robust to adverse conditions. It draws on a detailed and unique data set that includes individual bank level data for the entire euro area. We use data and a simulation approach on the number of accounts in individual institutions and on account balance distribution. To assess the D€ impact on banks, we conduct our analysis at two different points in time that reflect different monetary policy environments with accommodative and restrictive stance. Our calculations reveal a lower bound holding limit of around 1000€ that almost all banks can handle. The results show a strong heterogeneity between the various euro area banks, as many could offer significantly higher limits. For the implementation of holding limits, we therefore propose a model that has a low mandatory limit which every institution must offer.</p>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"28 3","pages":"158-179"},"PeriodicalIF":1.5,"publicationDate":"2025-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/infi.70004","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145666266","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Energy Real Options as a Predictor of War: 1920s–2020s 能源实物期权作为战争预测指标：1920 - 2020年
IF 1.5 4区 经济学
International Finance Pub Date : 2025-08-21 DOI: 10.1111/infi.70003
Laurent Gauthier, Julien Chevallier, Antoine Parent, Vincent Touzé
{"title":"Energy Real Options as a Predictor of War: 1920s–2020s","authors":"Laurent Gauthier,&nbsp;Julien Chevallier,&nbsp;Antoine Parent,&nbsp;Vincent Touzé","doi":"10.1111/infi.70003","DOIUrl":"https://doi.org/10.1111/infi.70003","url":null,"abstract":"<div>\u0000 \u0000 <p>We propose to read wars in history as investment decisions, and develop two distinct forms of real option models in this context, one for preemption and one for reserve accumulation. We then apply these models to analyse the outbreak of wars empirically. Combining two historical data sets on wars and energy prices from 1925, we show that the inclusion of energy prices improves war forecasting. Further, considering real options on commodities helps explain both resource wars and the singularity of the petroleum order.</p>\u0000 </div>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"28 3","pages":"142-157"},"PeriodicalIF":1.5,"publicationDate":"2025-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145666096","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Content: International Finance 28/2 内容：《国际金融》28/2
IF 1.5 4区 经济学
International Finance Pub Date : 2025-08-04 DOI: 10.1111/infi.70002
{"title":"Content: International Finance 28/2","authors":"","doi":"10.1111/infi.70002","DOIUrl":"https://doi.org/10.1111/infi.70002","url":null,"abstract":"","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"28 2","pages":""},"PeriodicalIF":1.5,"publicationDate":"2025-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/infi.70002","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144773604","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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