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The behaviour of real interest rates: New evidence from a 'suprasecular' perspective 实际利率的行为:来自“超周期”视角的新证据
IF 1.2 4区 经济学
International Finance Pub Date : 2022-01-18 DOI: 10.1111/infi.12402
Giorgio Canarella, Luis A. Gil-Alana, Rangan Gupta, Stephen M. Miller
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引用次数: 0
Detecting persistent one-sided intervention in foreign exchange markets: A simple test 检测外汇市场的持续单边干预:一个简单的测试
IF 1.2 4区 经济学
International Finance Pub Date : 2022-01-03 DOI: 10.1111/infi.12401
Shiu-Sheng Chen, Jen-Kuan Wang
{"title":"Detecting persistent one-sided intervention in foreign exchange markets: A simple test","authors":"Shiu-Sheng Chen,&nbsp;Jen-Kuan Wang","doi":"10.1111/infi.12401","DOIUrl":"10.1111/infi.12401","url":null,"abstract":"<p>This paper examines currency manipulation policies in foreign exchange markets. In particular, we focus on whether a country has implemented one-sided interventions that mostly lean against the appreciation wind in foreign exchange markets. Using quarterly data from 1998:Q1 to 2017:Q2 for 10 emerging countries, we find that China, Singapore, and Taiwan engaged in one-sided interventions. A further rolling regression analysis shows some moderate evidence that Taiwan is the only country conducting one-sided interventions on a continuing basis.</p>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"25 1","pages":"23-45"},"PeriodicalIF":1.2,"publicationDate":"2022-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48839700","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
The nonlinear causal relationship between short‐ and long‐term interest rates: An empirical assessment of the United States, the United Kingdom, and Japan 短期和长期利率之间的非线性因果关系:对美国、英国和日本的实证评估
IF 1.2 4区 经济学
International Finance Pub Date : 2021-12-27 DOI: 10.1111/infi.12400
Huiqing Li, Yang Su
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引用次数: 5
Information asymmetry and capital structure: Evidence from the Chinese stock market 信息不对称与资本结构:来自中国股市的证据
IF 1.2 4区 经济学
International Finance Pub Date : 2021-11-24 DOI: 10.1111/infi.12399
Kung-Cheng Ho, Yujing Gong
{"title":"Information asymmetry and capital structure: Evidence from the Chinese stock market","authors":"Kung-Cheng Ho,&nbsp;Yujing Gong","doi":"10.1111/infi.12399","DOIUrl":"10.1111/infi.12399","url":null,"abstract":"<p>Using a unique data set of information ratings (IRs) for firms listed on the Shenzhen Stock Exchange from 2001 to 2018, we examine the impact of information asymmetry on capital structure decisions in China. We determine that firms with higher IRs have fewer debt issuances and lower leverage. This negative relationship is consistent for firms listed on the Main Board, Small and Medium-sized Enterprise (SME) board and Growth Enterprise Market (GEM) board. We further decompose IR into accounting-associated and nonaccounting-associated components and find that both are negatively correlated with leverage. Additional analyses reveal that for firms listed on the SME and GEM boards, the nonaccounting-associated component exhibits a stronger relationship with leverage than does the accounting-associated component. Our results suggest that information asymmetry is instrumental in capital-structure decision-making.</p>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"25 1","pages":"84-102"},"PeriodicalIF":1.2,"publicationDate":"2021-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42913768","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: 1
The risk‐taking channel of currency appreciation: A structural VAR investigation of Asian emerging market economies 货币升值的风险承担渠道:亚洲新兴市场经济体的结构性VAR研究
IF 1.2 4区 经济学
International Finance Pub Date : 2021-08-17 DOI: 10.1111/infi.12398
Hyeon‐seung Huh, David Kim
{"title":"The risk‐taking channel of currency appreciation: A structural VAR investigation of Asian emerging market economies","authors":"Hyeon‐seung Huh, David Kim","doi":"10.1111/infi.12398","DOIUrl":"https://doi.org/10.1111/infi.12398","url":null,"abstract":"","PeriodicalId":46336,"journal":{"name":"International Finance","volume":" ","pages":""},"PeriodicalIF":1.2,"publicationDate":"2021-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/infi.12398","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41536794","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 24/2 内容:国际金融24/2
IF 1.2 4区 经济学
International Finance Pub Date : 2021-08-09 DOI: 10.1111/infi.12373
{"title":"Content: International Finance 24/2","authors":"","doi":"10.1111/infi.12373","DOIUrl":"https://doi.org/10.1111/infi.12373","url":null,"abstract":"","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"24 2","pages":"133"},"PeriodicalIF":1.2,"publicationDate":"2021-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/infi.12373","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137814979","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
Contagion of fear: Is the impact of COVID-19 on sovereign risk really indiscriminate? 恐惧蔓延:COVID-19对主权风险的影响真的不分青红皂白吗?
IF 1.2 4区 经济学
International Finance Pub Date : 2021-07-21 DOI: 10.1111/infi.12397
Serhan Cevik, Belma Öztürkkal
{"title":"Contagion of fear: Is the impact of COVID-19 on sovereign risk really indiscriminate?","authors":"Serhan Cevik,&nbsp;Belma Öztürkkal","doi":"10.1111/infi.12397","DOIUrl":"10.1111/infi.12397","url":null,"abstract":"<p>This paper investigates the impact of infectious diseases on the evolution of sovereign credit default swap (CDS) spreads for a panel of 77 countries. Using annual data over 2004–2020, we find that infectious-disease outbreaks have no discernible effect on CDS spreads, after controlling for macroeconomic and institutional factors. However, a granular analysis using high-frequency data indicates that the COVID-19 pandemic has had a significant impact on CDS spreads. This adverse effect appears to be more pronounced in advanced economies, which may reflect the greater severity of the pandemic and depth of the economic crisis in these countries, at least during the initial stage of the outbreak, as well as underreporting in developing countries due to differences in testing availability and institutional capacity. While more stringent containment measures help lower sovereign CDS spreads, the fiscal burden of these efforts could undermine credit worthiness and eventually push the cost of borrowing higher.</p>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"24 2","pages":"134-154"},"PeriodicalIF":1.2,"publicationDate":"2021-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/infi.12397","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41509806","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: 24
Expectations, unemployment and inflation: An empirical investigation 预期、失业和通货膨胀:一项实证调查
IF 1.2 4区 经济学
International Finance Pub Date : 2021-07-04 DOI: 10.1111/INFI.12396
V. Galstyan
{"title":"Expectations, unemployment and inflation: An empirical investigation","authors":"V. Galstyan","doi":"10.1111/INFI.12396","DOIUrl":"https://doi.org/10.1111/INFI.12396","url":null,"abstract":"This paper analyses the empirical relation between inflation and unemployment over the past 25 years by using a panel state-space model. After controlling for the global factor, I find that the domestic rate of unemployment explains 11 percent in the variation of headline inflation, suggesting a significant power that domestic slack has in influencing medium-term core inflation. The global factor, in turn, is well explained by global oil and food prices as well as global trade integration. The contribution of the global slack in explaining the global component of inflation is negligible. Additionally, using a set of threshold regressions, I identify break points that split inflation dynamics into various regimes. In particular, I find a higher sensitivity of inflation to unemployment in high-inflation and/or low unemployment regimes. This finding is consistent with less frequent price adjustments of firms in low-inflation and high-unemployment environments.","PeriodicalId":46336,"journal":{"name":"International Finance","volume":" ","pages":""},"PeriodicalIF":1.2,"publicationDate":"2021-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/INFI.12396","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45218093","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
Reserve accumulation, inflation, and moral hazard: Evidence from a natural experiment 储备积累、通货膨胀和道德风险:来自自然实验的证据
IF 1.2 4区 经济学
International Finance Pub Date : 2021-04-30 DOI: 10.1111/infi.12391
Livia Chițu
{"title":"Reserve accumulation, inflation, and moral hazard: Evidence from a natural experiment","authors":"Livia Chițu","doi":"10.1111/infi.12391","DOIUrl":"10.1111/infi.12391","url":null,"abstract":"<p>This study tests whether international reserve accumulation is inflationary because of moral hazard and incentive effects. We use the 2009 allocation of Special Drawing Rights (SDR) as a natural experiment to trace the effect of an exogenous nonmonetary shock on International Monetary Fund members' reserve holdings. In countries that received large SDR allocations, inflation was about half a percentage point higher in the 2 years following the allocation, controlling for other standard determinants. This effect is commensurate with the size of these countries' discretionary fiscal deficits. This result is consistent with the hypothesis that reserve accumulation may be inflationary because of incentive effects.</p>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"24 2","pages":"219-235"},"PeriodicalIF":1.2,"publicationDate":"2021-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/infi.12391","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122219724","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: 3
Content: International Finance 24/1 内容:国际金融24/1
IF 1.2 4区 经济学
International Finance Pub Date : 2021-04-12 DOI: 10.1111/infi.12372
{"title":"Content: International Finance 24/1","authors":"","doi":"10.1111/infi.12372","DOIUrl":"https://doi.org/10.1111/infi.12372","url":null,"abstract":"","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"24 1","pages":"1"},"PeriodicalIF":1.2,"publicationDate":"2021-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/infi.12372","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"92370667","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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