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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
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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
Why central banks announcing liquidity injections is more effective than forward guidance 为什么央行宣布注入流动性比前瞻性指引更有效
IF 1.2 4区 经济学
International Finance Pub Date : 2021-04-07 DOI: 10.1111/infi.12389
Martin Baumgärtner, Jens Klose
{"title":"Why central banks announcing liquidity injections is more effective than forward guidance","authors":"Martin Baumgärtner,&nbsp;Jens Klose","doi":"10.1111/infi.12389","DOIUrl":"10.1111/infi.12389","url":null,"abstract":"<p>We distinguish the announcement effects of conventional and unconventional monetary policy measures on macroeconomic variables using a high-frequency data set that measures the impact of the European Central Bank's monetary policy decisions. For the period 2002 to 2019, we show that conventional and unconventional monetary policy measures differ considerably in their impact on inflation. While conventional measures show the expected response, that is, an interest rate cut increases inflation, unconventional measures appear to generally have no significant influence. However, this does not hold for quantitative easing, which is found to have a similar influence on inflation as the conventional interest rate changes.</p>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"24 2","pages":"236-256"},"PeriodicalIF":1.2,"publicationDate":"2021-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/infi.12389","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41795357","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
Public debt, sovereign spreads and the unpleasant arithmetic of fiscal consolidations 公共债务、主权债务息差和令人不快的财政整顿算术
IF 1.2 4区 经济学
International Finance Pub Date : 2021-04-01 DOI: 10.1111/infi.12390
Marco Di Pietro, Luigi Marattin, Raoul Minetti
{"title":"Public debt, sovereign spreads and the unpleasant arithmetic of fiscal consolidations","authors":"Marco Di Pietro,&nbsp;Luigi Marattin,&nbsp;Raoul Minetti","doi":"10.1111/infi.12390","DOIUrl":"10.1111/infi.12390","url":null,"abstract":"<p>In response to severe fiscal consolidation policies implemented after the Great Recession and the euro area sovereign debt crisis, many have questioned the effectiveness of fiscal consolidations in reducing the burden of public debt. This paper revisits this fundamental policy debate qualitatively and quantitatively, studying conditions under which primary budget balance changes can successfully reduce government debt-to-GDP ratios. We first illustrate these conditions through a partial equilibrium setting. We then investigate the conditions quantitatively using a medium-scale New Keynesian DSGE model calibrated on periphery countries of the euro area. The analysis highlights the critical role of sovereign spreads in driving the debt-to-GDP dynamics following a restrictive primary balance shock. Fiscal consolidations turn out to successfully reduce the debt-to-GDP even for fairly low elasticities of spreads to fiscal variables. However, their effectiveness is quantitatively moderate and varies crucially with the initial spread level, with the degree of monetary policy accommodation, and with the responsiveness of market investors to economic fundamentals.</p>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"24 2","pages":"155-178"},"PeriodicalIF":1.2,"publicationDate":"2021-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/infi.12390","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44400492","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
Japanese firms' overpayments for cross-border acquisitions 日本公司在跨国收购上的多付
IF 1.2 4区 经济学
International Finance Pub Date : 2021-01-28 DOI: 10.1111/infi.12387
Ralf Bebenroth, Kashif Ahmed
{"title":"Japanese firms' overpayments for cross-border acquisitions","authors":"Ralf Bebenroth,&nbsp;Kashif Ahmed","doi":"10.1111/infi.12387","DOIUrl":"10.1111/infi.12387","url":null,"abstract":"<p>U.S. and European research suggests that firms tend to overpay when acquiring cross-border targets. Our research focuses on an Asian setting. We find that Japanese acquirers pay significantly higher premiums for cross-border targets than for domestic ones. We also find that, in the case of acquisitions of domestic firms, acquirers that are laden with debt or that have higher market-to-book ratios (which signals their attractiveness) pay lower premiums. By contrast, we find that in the case of cross-border acquisitions, neither variable has a significant impact on premiums, which suggests that premiums are not set efficiently for cross-border acquisitions.</p>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"24 2","pages":"257-273"},"PeriodicalIF":1.2,"publicationDate":"2021-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/infi.12387","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41361063","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
Revisiting the relationship between cross-border capital flows and credit 重新审视跨境资本流动与信贷之间的关系
IF 1.2 4区 经济学
International Finance Pub Date : 2021-01-11 DOI: 10.1111/infi.12388
Daniel Carvalho
{"title":"Revisiting the relationship between cross-border capital flows and credit","authors":"Daniel Carvalho","doi":"10.1111/infi.12388","DOIUrl":"10.1111/infi.12388","url":null,"abstract":"<p>A broad perspective on the sectoral composition of the domestic borrower and recipients of capital flows is needed to deepen the understanding of the mechanisms through which cross-border capital flows interact with credit provision. Exploring this detail reveals stark differences across (i) credit measures that include only lending by banks and those that encompass all lenders (ii) the sum of all private borrower sectors versus nonfinancial corporation and household credit (iii) advanced economies and emerging markets (iv) instrument and sectoral composition of flows.</p>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"24 2","pages":"179-218"},"PeriodicalIF":1.2,"publicationDate":"2021-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/infi.12388","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42460752","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: 4
Sovereign Wealth Funds 主权财富基金
IF 1.2 4区 经济学
International Finance Pub Date : 2021-01-01 DOI: 10.1007/978-3-030-69232-2_11
Felix I. Lessambo
{"title":"Sovereign Wealth Funds","authors":"Felix I. Lessambo","doi":"10.1007/978-3-030-69232-2_11","DOIUrl":"https://doi.org/10.1007/978-3-030-69232-2_11","url":null,"abstract":"","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"55 2","pages":""},"PeriodicalIF":1.2,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50973440","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 Corporate Governance 国际公司治理
IF 1.2 4区 经济学
International Finance Pub Date : 2021-01-01 DOI: 10.1108/s1569-3732(2011)14
Felix I. Lessambo
{"title":"International Corporate Governance","authors":"Felix I. Lessambo","doi":"10.1108/s1569-3732(2011)14","DOIUrl":"https://doi.org/10.1108/s1569-3732(2011)14","url":null,"abstract":"","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"1 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/s1569-3732(2011)14","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"62308846","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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