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Extreme Capital Flows and Risk Linkages in Emerging Market Financial Submarkets 新兴市场金融子市场的极端资本流动与风险关联
IF 1.2 4区 经济学
International Finance Pub Date : 2026-08-03 Epub Date: 2026-02-14 DOI: 10.1111/infi.70025
Yang Chen, Yun Feng, Qing Liu
{"title":"Extreme Capital Flows and Risk Linkages in Emerging Market Financial Submarkets","authors":"Yang Chen,&nbsp;Yun Feng,&nbsp;Qing Liu","doi":"10.1111/infi.70025","DOIUrl":"https://doi.org/10.1111/infi.70025","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper examines the drivers and impacts of extreme capital flow events in emerging markets, with a focus on distinguishing among flow types (portfolio, bank and FDI) and event categories (surge vs. stop). We find that the global financial cycle drives extreme events in portfolio and bank flows, while FDI is more sensitive to domestic factors. Notably, sudden stops in cross-border capital flows, particularly in bank and FDI flows, have a greater impact on the overall risk interconnectedness of domestic financial submarkets compared to surge events. We also identify the transmission channels: extreme bank flow events increase credit market net risk spillovers, while concurrent extreme capital flow events heighten foreign exchange market net risk spillovers. Further discussion shows that foreign exchange sales and macroprudential policies mitigate the adverse effects of negative global financial cycle shocks, with macroprudential measures demonstrating stronger effectiveness in the medium term.</p>\u0000 </div>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"29 2","pages":"256-274"},"PeriodicalIF":1.2,"publicationDate":"2026-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148662054","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
Sharing the Pain: The U.S.–China Trade War and the Narrowing of the Intra-Firm Wage Gap in China 分担痛苦：中美贸易战与中国企业内部工资差距的缩小
IF 1.2 4区 经济学
International Finance Pub Date : 2026-08-03 Epub Date: 2026-04-10 DOI: 10.1111/infi.70031
Xiaoxia Zhao, Haoru Li, Xiujun Qin
{"title":"Sharing the Pain: The U.S.–China Trade War and the Narrowing of the Intra-Firm Wage Gap in China","authors":"Xiaoxia Zhao,&nbsp;Haoru Li,&nbsp;Xiujun Qin","doi":"10.1111/infi.70031","DOIUrl":"https://doi.org/10.1111/infi.70031","url":null,"abstract":"<div>\u0000 \u0000 <p>This study investigates the impact of the U.S.–China trade shock on intra-firm pay inequality in China. Using a sample of Chinese A-share listed firms from 2015 to 2021, we employ a multi-period difference-in-differences framework that exploits industry-level tariff exposure as a quasi-natural experiment. Our results reveal that the trade shock significantly suppresses both average wages and the vertical wage dispersion between executives and rank-and-file employees. This risk-sharing effect is more pronounced in state-owned enterprises and high-R&amp;D-intensive firms. Mechanism analysis indicates that the trade friction narrowed wage disparities primarily by tightening firms' financing constraints and reducing internal cash flows. These findings suggest that in response to major external shocks, internal compensation structures may be shaped more by considerations of organizational stability and cohesion than by managerial power alone.</p>\u0000 </div>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"29 2","pages":"376-389"},"PeriodicalIF":1.2,"publicationDate":"2026-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148662440","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
Beyond Linear Insights in the Feldstein–Horioka Puzzle: Delving Into Monotonic and Nonlinear Statistical Dependencies With Moving Windows 超越Feldstein-Horioka难题的线性洞察：用移动窗口深入研究单调和非线性统计相关性
IF 1.2 4区 经济学
International Finance Pub Date : 2026-08-03 Epub Date: 2026-03-15 DOI: 10.1111/infi.70029
Insu Choi, Woo Chang Kim
{"title":"Beyond Linear Insights in the Feldstein–Horioka Puzzle: Delving Into Monotonic and Nonlinear Statistical Dependencies With Moving Windows","authors":"Insu Choi,&nbsp;Woo Chang Kim","doi":"10.1111/infi.70029","DOIUrl":"https://doi.org/10.1111/infi.70029","url":null,"abstract":"<div>\u0000 \u0000 <p>The Feldstein–Horioka puzzle hypothesizes that when there is complete capital mobility, domestic savings and investment should be weakly correlated. However, empirical data frequently challenge this. This study analyzes the dynamics between gross capital formation and gross savings across 102 countries. The results reveal that some nations (e.g., Albania, Bangladesh, India) have strong positive correlations indicating limited international capital mobility (supporting the hypothesis); whereas others (e.g., Argentina, Germany, Iceland) display weak or negative correlations, suggesting greater capital fluidity. Significance testing reveals that ~66% of the countries demonstrate positive correlations at 5% significance, whereas 34% show non-significant relationships. Incorporating normalized mutual information captures nonlinear dependencies that traditional correlation measures may overlook. Continental analysis reveals substantial heterogeneity; North American countries exhibit the strongest average correlations (0.50) and Asian nations the lowest (0.35), with the highest variability. The findings underscore the need to explore country-specific global economic intricacies and region-specific policy formulation.</p>\u0000 </div>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"29 2","pages":"310-331"},"PeriodicalIF":1.2,"publicationDate":"2026-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148662615","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
US–China Tension Relationship and Firm Innovation: Evidence From China 中美紧张关系与企业创新：来自中国的证据
IF 1.2 4区 经济学
International Finance Pub Date : 2026-08-03 Epub Date: 2026-03-13 DOI: 10.1111/infi.70027
Tao Huang, Wei Jing, Zhe Zhao
{"title":"US–China Tension Relationship and Firm Innovation: Evidence From China","authors":"Tao Huang,&nbsp;Wei Jing,&nbsp;Zhe Zhao","doi":"10.1111/infi.70027","DOIUrl":"https://doi.org/10.1111/infi.70027","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper investigates the effect of US–China tension relationship on Chinese firm innovation. Using a sample of Chinese A-share companies from 2003 to 2023, we find robust evidence that US–China tension relationship, which is measured by US–China tension index, significantly encourages firms’ patent application, particularly substantive patents. Meanwhile, this positive relationship can continue for 3 years. Specifically, we also show that this positive effect is more profound for state-owned enterprises and enterprises with lower financial constraint. Moreover, increased government subsidy is plausible channel that allows US–China tension relationship to promote innovation. Overall, these results shed light on the real effects of US–China relationship and the determinants of firm innovation.</p></div>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"29 2","pages":"284-297"},"PeriodicalIF":1.2,"publicationDate":"2026-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148662657","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
How Does Digital Technology Adoption Enhance Corporate Carbon Performance? the Moderating Roles of Green Finance and Executives' Green Experience 数字技术的采用如何提高企业的碳绩效？绿色金融与高管绿色体验的调节作用
IF 1.2 4区 经济学
International Finance Pub Date : 2026-08-03 Epub Date: 2026-05-28 DOI: 10.1111/infi.70038
Wenfang Lin, Yifeng Wang, Anh Ngoc Quang Huynh, Judy Muthuri, Jintao Lu
{"title":"How Does Digital Technology Adoption Enhance Corporate Carbon Performance? the Moderating Roles of Green Finance and Executives' Green Experience","authors":"Wenfang Lin,&nbsp;Yifeng Wang,&nbsp;Anh Ngoc Quang Huynh,&nbsp;Judy Muthuri,&nbsp;Jintao Lu","doi":"10.1111/infi.70038","DOIUrl":"https://doi.org/10.1111/infi.70038","url":null,"abstract":"<div>\u0000 \u0000 <p>This study investigates the nexus between digital technology adoption and corporate carbon performance. Results indicate that the breadth and depth of digital technology adoption enhance corporate carbon performance by promoting digital technology innovation and green technology innovation. Moreover, the implementation of green finance policy strengthens the beneficial effect of digital technology adoption on carbon performance, while executives' green experience reinforces the effect of technological innovation on carbon performance. Further analysis reveals that the positive impact of digital technology adoption is more evident in manufacturing and low-carbon-intensity industries, as well as firms located in eastern and western regions. Foreign ownership also amplifies the effect of depth of digital technology adoption in enhancing carbon performance. This study highlights the pivotal role of the breadth and depth of digital technology adoption in accelerating green and low-carbon transition, while also revealing its mechanisms and boundary conditions.</p>\u0000 </div>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"29 2","pages":"456-473"},"PeriodicalIF":1.2,"publicationDate":"2026-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148662810","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
Tail Dependence in European Stock Markets Amid the Russo-Ukrainian War: Shifting Linkages and Their Determinants 俄罗斯-乌克兰战争中欧洲股票市场的尾部依赖性：转移联系及其决定因素
IF 1.2 4区 经济学
International Finance Pub Date : 2026-08-03 Epub Date: 2026-05-14 DOI: 10.1111/infi.70036
Wojciech Grabowski, Jakub Janus
{"title":"Tail Dependence in European Stock Markets Amid the Russo-Ukrainian War: Shifting Linkages and Their Determinants","authors":"Wojciech Grabowski,&nbsp;Jakub Janus","doi":"10.1111/infi.70036","DOIUrl":"https://doi.org/10.1111/infi.70036","url":null,"abstract":"<div>\u0000 \u0000 <p>This study investigates the impact of the Russo-Ukrainian war on stock market connectedness across 24 European economies. Using a framework based on Clayton copulas, we identify changes in the left-tail dependence of stock market returns during the war period relative to a pre-pandemic benchmark period and explore their determinants through limited-dependent variable models. We find that war-induced shifts in market connectedness are significant but not uniform across markets, involving both elevated left-tail linkages (financial contagion) and instances of increased market resilience. Such diverse changes can be attributed not only to cross-country differences in stock market volatility, macroeconomic stability, and countries' proximity to the war zone but also to their reliance on fossil fuel imports. Our results highlight the need to consider these vulnerabilities in portfolio diversification strategies and financial stability policies.</p>\u0000 </div>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"29 2","pages":"443-455"},"PeriodicalIF":1.2,"publicationDate":"2026-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148662534","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
Political Ideology, Exchange Rate and State History 政治意识形态、汇率和国家历史
IF 1.2 4区 经济学
International Finance Pub Date : 2026-08-03 Epub Date: 2026-04-27 DOI: 10.1111/infi.70035
Tu Nhu Nguyen
{"title":"Political Ideology, Exchange Rate and State History","authors":"Tu Nhu Nguyen","doi":"10.1111/infi.70035","DOIUrl":"https://doi.org/10.1111/infi.70035","url":null,"abstract":"<div>\u0000 \u0000 <p>Through the variation of exploitation in ideological distance between U.S. investors and foreign governments and the combination of investor-level ideology measures proposed by Kempf et al. with foreign-party ideology extracted from electoral manifesto data from 2000 to 2018 of 23 different nations, the study explores how changes in political ideology impact domestic currency values relative to the U.S. dollar. The findings show that an increase in ideological distance following elections is associated with a statistically significant 2% appreciation of the domestic currency against the U.S. dollar, which can be interpreted as causal. The potential mechanism operates through country origin and state-history legacies, which capture differences in institutional quality.</p>\u0000 </div>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"29 2","pages":"426-442"},"PeriodicalIF":1.2,"publicationDate":"2026-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148662573","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
International Evidence on the Impact of Macro-Prudential Policies on Bank Systemic Risk 宏观审慎政策对银行系统性风险影响的国际证据
IF 1.2 4区 经济学
International Finance Pub Date : 2026-08-03 Epub Date: 2026-06-17 DOI: 10.1111/infi.70040
Wenqing Gao
{"title":"International Evidence on the Impact of Macro-Prudential Policies on Bank Systemic Risk","authors":"Wenqing Gao","doi":"10.1111/infi.70040","DOIUrl":"https://doi.org/10.1111/infi.70040","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper analyses the impact of macro-prudential policies on bank systemic risk worldwide. Using data from 63 countries over 2001–2017, I find strong evidence that macro-prudential policies are effective in reducing systemic risk at the country level. The effectiveness of macro-prudential policies differs across countries in the sample. Macro-prudential policies are more effective in reducing systemic risk in countries with more advanced economic development, with a higher degree of concentration in the banking sector, and with less stringent micro-prudential regulations. Bank-level evidence suggests that bank size matters. The impact of macro-prudential policies on constraining bank systemic risk is more pronounced for large banks. Results are robust to the use of instrumental variables to address potential concerns, and to the inclusion of additional controls to account for the impact of alternate tools that might be used to foster financial stability. These results have policy implications for effective conduct of macro-prudential policies.</p>\u0000 </div>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"29 2","pages":"492-519"},"PeriodicalIF":1.2,"publicationDate":"2026-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148662586","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
US–China Tension Relationship and Firm Innovation: Evidence From China 中美紧张关系与企业创新：来自中国的证据
IF 1.2 4区 经济学
International Finance Pub Date : 2026-08-03 Epub Date: 2026-03-13 DOI: 10.1111/infi.70027
Tao Huang, Wei Jing, Zhe Zhao
{"title":"US–China Tension Relationship and Firm Innovation: Evidence From China","authors":"Tao Huang,&nbsp;Wei Jing,&nbsp;Zhe Zhao","doi":"10.1111/infi.70027","DOIUrl":"https://doi.org/10.1111/infi.70027","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper investigates the effect of US–China tension relationship on Chinese firm innovation. Using a sample of Chinese A-share companies from 2003 to 2023, we find robust evidence that US–China tension relationship, which is measured by US–China tension index, significantly encourages firms’ patent application, particularly substantive patents. Meanwhile, this positive relationship can continue for 3 years. Specifically, we also show that this positive effect is more profound for state-owned enterprises and enterprises with lower financial constraint. Moreover, increased government subsidy is plausible channel that allows US–China tension relationship to promote innovation. Overall, these results shed light on the real effects of US–China relationship and the determinants of firm innovation.</p></div>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"29 2","pages":"284-297"},"PeriodicalIF":1.2,"publicationDate":"2026-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148662658","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
Measuring Cross-Border Spillovers: A Natural Language Processing-Based Approach 衡量跨境溢出效应：一种基于自然语言处理的方法
IF 1.2 4区 经济学
International Finance Pub Date : 2026-08-03 Epub Date: 2026-04-23 DOI: 10.1111/infi.70034
Jelle Barkema, Borislava Mircheva, Mico Mrkaic, Yuanchen Yang
{"title":"Measuring Cross-Border Spillovers: A Natural Language Processing-Based Approach","authors":"Jelle Barkema,&nbsp;Borislava Mircheva,&nbsp;Mico Mrkaic,&nbsp;Yuanchen Yang","doi":"10.1111/infi.70034","DOIUrl":"https://doi.org/10.1111/infi.70034","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper dives into the Fund's historical coverage of cross-border spillovers in its surveillance. We use a deep learning model to analyze the discussion of spillovers in all IMF Article IV staff reports between 2010 and 2019. We find that overall, while the discussion of spillovers decreased over time, it was pronounced in the staff reports of some systemically important economies and during periods of global spillover events. Spillover discussions were more prominent in staff reports covering advanced and emerging market economies, possibly reflecting their role as sources of global spillovers. The coverage of spillovers was higher in the context of the real, financial, and external sectors. Also, countries with larger economies, higher trade and capital account openness, a history of financial crises, and lower inflation are more likely to discuss spillovers in their Article IV staff reports.</p>\u0000 </div>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"29 2","pages":"413-425"},"PeriodicalIF":1.2,"publicationDate":"2026-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148662755","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
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