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Contribution to the measurement of digital financial inclusion in Sub-Saharan Africa 为衡量撒哈拉以南非洲的数字金融包容性做出贡献
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2024-11-01 DOI: 10.1016/j.bir.2024.07.007
Christian Kamenga Mapurita , Célestin Mayoukou
{"title":"Contribution to the measurement of digital financial inclusion in Sub-Saharan Africa","authors":"Christian Kamenga Mapurita ,&nbsp;Célestin Mayoukou","doi":"10.1016/j.bir.2024.07.007","DOIUrl":"10.1016/j.bir.2024.07.007","url":null,"abstract":"<div><div>Despite the notable progress made in the development of digital financial services in sub-Saharan Africa, no comprehensive measure is currently available to quantify this progress. Therefore, we constructed a digital financial inclusion index using a parametric approach. Our findings show an upward trend in digital financial inclusion from 2014 to 2021, with a notable increase observed in this index in 2021. Based on the instrumental variable approach, we found that COVID-19, growth product per capita, and quality of governance were the main drivers of digital financial inclusion. Furthermore, findings reveal that not all sub-Saharan African countries have benefited equally from the digital financial revolution. Some countries, including Kenya, Ghana, and Côte d’Ivoire, have benefited substantially because of their high degree of digital financial inclusion. However, other countries—such as Malawi, Guinea, Burkina Faso, and Mali—have fallen behind in terms of digital financial inclusion and are reaping fewer benefits from the revolution in digital banking. We interpreted this observation as symptomatic of inequality. Using the Shapley decomposition analysis, we found that 33% of the disparities in digital financial inclusion among the examined countries were attributable to differences in the use of digital financial services and 13% to the differences in access to those services. We identified the legal origin as a driver of inequality in both access to and use of digital financial services. Moreover, access to the internet has contributed to inequality in the use of digital financial services. In terms of economic implications, countries with the lowest digital financial inclusion must revise their legal systems and invest in internet infrastructure.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 6","pages":"Pages 1227-1247"},"PeriodicalIF":6.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141715078","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Does data assetisation improve corporate liquidity and corporate growth? Evidence from “hidden champion” SMEs in China 数据资产化能否改善企业流动性和企业增长？来自中国 "隐形冠军 "中小企业的证据
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2024-11-01 DOI: 10.1016/j.bir.2024.07.008
Lili Chen
{"title":"Does data assetisation improve corporate liquidity and corporate growth? Evidence from “hidden champion” SMEs in China","authors":"Lili Chen","doi":"10.1016/j.bir.2024.07.008","DOIUrl":"10.1016/j.bir.2024.07.008","url":null,"abstract":"<div><div>Our study explores the association between data assetisation and corporate liquidity and growth. By examining China's “hidden champion” small and medium-sized enterprises (SMEs) sample from 2011 to 2021, we find that “hidden champion” SMEs with higher data assets exhibit higher liquidity and corporate growth (including promoting sales growth, increasing profitability and corporate value, and enhancing corporate resilience). Furthermore, corporate liquidity mediates the relationship between data assetisation and corporate growth. Regarding the influencing factors, when companies are in a mature stage, this can promote the enhancing effect of data assetisation on corporate liquidity, whereas when companies are in a decline stage, this inhibits the enhancing effect of data assetisation on corporate liquidity. Companies with higher industry competition and lower macroeconomic development enhance the effect of data assetisation on corporate liquidity. Our findings emphasise the development of data assetisation and its role in improving financing decisions and promoting the survival and sustainable development of “hidden champion” SMEs.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 6","pages":"Pages 1205-1226"},"PeriodicalIF":6.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141694988","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
The efficacy of green finance for environmental sustainability: Does control of corruption makes a difference? 绿色金融对环境可持续性的功效：控制腐败会产生影响吗？
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2024-11-01 DOI: 10.1016/j.bir.2024.07.002
Yacong Shi , Qiju Zhu , Muhammad Atif Khan
{"title":"The efficacy of green finance for environmental sustainability: Does control of corruption makes a difference?","authors":"Yacong Shi ,&nbsp;Qiju Zhu ,&nbsp;Muhammad Atif Khan","doi":"10.1016/j.bir.2024.07.002","DOIUrl":"10.1016/j.bir.2024.07.002","url":null,"abstract":"<div><div>Green finance (GF) plays a crucial role in reducing greenhouse gas (GHG) emissions and promoting environmental sustainability (ES). However, the efficacy of GF may vary, depending on several factors, particularly the extent of control of corruption. This study investigates the effect of control of corruption on the efficacy of GF using data on 37 Asian countries for the period 2000–2020. The results demonstrate that the efficacy of GF in reducing the GHG emissions and improving ES in a country depends on the level of corruption there. Specifically, GF has a significant GHG reduction effect in the presence of strong corruption control or low corruption levels. These findings remain robust to several robustness checks, including alternative measurements of ES and corruption control and different estimators. This highlights the significance of enhancing control of corruption at the national level to optimize efficient utilization of GF resources and advancing ES. The study also presents policy implications based on these findings.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 6","pages":"Pages 1179-1189"},"PeriodicalIF":6.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141696668","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Rapid credit expansion and firm behavior: A case study from Türkiye 快速信贷扩张与企业行为：土耳其案例研究
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2024-11-01 DOI: 10.1016/j.bir.2024.07.003
İbrahim Yarba, Tarık Alperen Er, Aykut Şengül
{"title":"Rapid credit expansion and firm behavior: A case study from Türkiye","authors":"İbrahim Yarba,&nbsp;Tarık Alperen Er,&nbsp;Aykut Şengül","doi":"10.1016/j.bir.2024.07.003","DOIUrl":"10.1016/j.bir.2024.07.003","url":null,"abstract":"<div><div>This study examines the impact of a sudden and remarkable credit expansion experienced in Türkiye during the first half of 2022 on firm behavior by utilizing a novel dataset containing the universe of all incorporated firms in Türkiye. The results of the combination of coarsened exact matching and difference-in-differences methodology show that, amid the credit expansion coupled with the deterioration in expectations of inflation and depreciation in local currency, the firms with higher credit usage tended to engage in alternative channels rather than undertaking real economic activities in short term, such as pulling-forward imports and input demand and taking position against local currency to gain financial profit more than those with less credit usage during the first half of 2022. While SMEs with higher credit usage increased their imports, domestic input purchases, foreign currency purchases, and foreign currency-denominated debt settlement before maturity, large firms increased their foreign currency purchases relative to their counterparts with less credit usage.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 6","pages":"Pages 1137-1145"},"PeriodicalIF":6.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141705793","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
What determines the success of equity derivatives markets? A global perspective 是什么决定了股票衍生品市场的成功？全球视角
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2024-10-01 DOI: 10.1016/j.bir.2023.10.008
{"title":"What determines the success of equity derivatives markets? A global perspective","authors":"","doi":"10.1016/j.bir.2023.10.008","DOIUrl":"10.1016/j.bir.2023.10.008","url":null,"abstract":"<div><div>This study investigated the factors driving derivatives market growth across three regions: the Asia-Pacific region, America, Europe, Africa, and the Middle East. It found that underlying market size, volatility, and liquidity are the main factors that affect the growth of derivatives markets. The results confirm the crucial role played by regulation and politics in fostering the development of derivatives markets. The findings highlight the impact of economic variables such as the ease of doing business, inflation, the interest rate spread, and economic policy uncertainty. These findings offer valuable insights for market analysts, and investors, and for policymakers to enable them to enhance the growth and success of derivatives markets.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 ","pages":"Pages 15-28"},"PeriodicalIF":6.3,"publicationDate":"2024-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135510189","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Price duration, returns, and volatility estimation: Evidence from China's stock index futures market 价格持续时间、收益和波动率估算：来自中国股指期货市场的证据
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2024-10-01 DOI: 10.1016/j.bir.2024.06.008
Lin Li , Teng Yuan Cheng , Zonglong Li , Yejin Huang
{"title":"Price duration, returns, and volatility estimation: Evidence from China's stock index futures market","authors":"Lin Li ,&nbsp;Teng Yuan Cheng ,&nbsp;Zonglong Li ,&nbsp;Yejin Huang","doi":"10.1016/j.bir.2024.06.008","DOIUrl":"10.1016/j.bir.2024.06.008","url":null,"abstract":"<div><div>This study estimates the returns and volatility in the China's stock index futures market. Our approach introduces a novel consideration of price duration, a factor that we integrate into our models to enhance the estimation of volatility. We construct a stochastic conditional duration (SCD) model to investigate the price duration and extend the classical generalized autoregressive conditional heteroskedastic (GARCH) model by taking into account price duration and more microstructure variables to investigate their influence on returns and volatility. We investigate in detail the moderating effect of the limiting trade rule, an exogenous policy shock, on returns and volatility. We find that significant clustering exists in price duration and that during the midday break in trading, subsequent price duration and returns decline, whereas volatility increases. Price duration and open interest both have a negative effect on returns and volatility, whereas trading volume has a positive effect on them.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 ","pages":"Pages 60-70"},"PeriodicalIF":6.3,"publicationDate":"2024-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142419703","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Quantile connectedness between VIX and global stock markets VIX 与全球股市之间的定量联系
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2024-10-01 DOI: 10.1016/j.bir.2024.07.006
Buket Kirci Altinkeski , Sel Dibooglu , Emrah Ismail Cevik , Yunus Kilic , Mehmet Fatih Bugan
{"title":"Quantile connectedness between VIX and global stock markets","authors":"Buket Kirci Altinkeski ,&nbsp;Sel Dibooglu ,&nbsp;Emrah Ismail Cevik ,&nbsp;Yunus Kilic ,&nbsp;Mehmet Fatih Bugan","doi":"10.1016/j.bir.2024.07.006","DOIUrl":"10.1016/j.bir.2024.07.006","url":null,"abstract":"<div><div>This paper investigates the dynamics of the interactions between international stock returns and perceived volatility measured by the VIX index using quantile-on-quantile spillover analysis. Using weekly data from 1995 to 2023 and a comprehensive data set from developed and emerging stock markets, we investigate the relationship between the VIX and stock market returns accounting for time-varying relationships and cross-quantile relationships. Empirical results show that the indirectly related quantile total spillovers between the VIX and equity returns surpasses the directly related quantile total spillovers. High returns occur at low VIX levels and low returns at high VIX levels. The highest total spillovers across all stock markets occur at the highest quantile level for the VIX and the lowest quantile level for stock returns, for both developed and emerging markets. High connectedness between the VIX and stock market returns, particularly at extreme quantiles, suggests that investors should look at other investment vehicles for diversification during uncertain times.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 ","pages":"Pages 71-79"},"PeriodicalIF":6.3,"publicationDate":"2024-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141706254","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Option-based variables and future stock returns in normal times and recessions 正常时期和经济衰退时期基于期权的变量和未来股票回报率
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2024-10-01 DOI: 10.1016/j.bir.2024.09.001
Özgür Şafak Açıkalın, Zeynep Önder
{"title":"Option-based variables and future stock returns in normal times and recessions","authors":"Özgür Şafak Açıkalın,&nbsp;Zeynep Önder","doi":"10.1016/j.bir.2024.09.001","DOIUrl":"10.1016/j.bir.2024.09.001","url":null,"abstract":"<div><div>We examine the prediction of future returns of optionable stocks trading in the US exchanges by several option-based variables for the period between 1996 and 2015. It is found that option-based variables are significant factors in estimating future stock returns in normal periods and during recessions. The spread between weighted averages of implied volatilities calculated with all call and put options of underlying stocks is found to have the highest effect on future stock returns. Although the mean squared errors of the option models are significantly higher during recessions than the expansion periods, the model with option-based variables outperforms the market model and the Fama-French Three Factor Model in both recessions and the whole sample period. The findings suggest that option-based models incorporate information about extreme events more than the traditional models.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 ","pages":"Pages 80-87"},"PeriodicalIF":6.3,"publicationDate":"2024-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142419704","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Linear extrapolation and model-free option implied moments 线性外推法和无模型期权隐含矩
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2024-10-01 DOI: 10.1016/j.bir.2024.01.009
{"title":"Linear extrapolation and model-free option implied moments","authors":"","doi":"10.1016/j.bir.2024.01.009","DOIUrl":"10.1016/j.bir.2024.01.009","url":null,"abstract":"<div><div>This study proposes an approach for assessing the effectiveness of linear extrapolation (LE) for the implied moment estimators even in cases in which the true values of implied moments are unknown. To this end, we develop truncation sensitivity functions for simulation and empirical analyses. LE proves effective for implied volatility, skewness, and kurtosis estimators. However, higher moment (i.e., implied skewness and kurtosis) estimators exhibit sensitivity to truncation, that is, the absence of option prices in the outermost region of the strike price domain, regardless of the use of LE to address truncation.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 ","pages":"Pages 88-106"},"PeriodicalIF":6.3,"publicationDate":"2024-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139518348","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
The effects of non-deliverable forward programs of emerging-market central banks: A synthetic control approach 新兴市场中央银行非交割远期项目的影响：合成控制法
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2024-10-01 DOI: 10.1016/j.bir.2024.03.009
{"title":"The effects of non-deliverable forward programs of emerging-market central banks: A synthetic control approach","authors":"","doi":"10.1016/j.bir.2024.03.009","DOIUrl":"10.1016/j.bir.2024.03.009","url":null,"abstract":"<div><div>Since the Global Financial Crisis in 2008, emerging market economies’ central banks have started to use foreign exchange derivative instruments frequently in exchange rate markets to provide a hedging instrument for currency risks and to support market liquidity. In this context, the central banks of three major emerging markets—the Central Bank of Brazil, Central Bank of Mexico, and Central Bank of the Republic of Türkiye—have started to implement non-deliverable forward (NDF) auctions. In this study, the impact of the NDF programs on financial market indicators is examined using a synthetic control method, which controls for the endogeneity and causality problems commonly faced by studies on the effect of central bank exchange market interventions. The empirical findings indicate that the NDF programs of the Central Bank of Brazil and Central Bank of Mexico have a significant impact on the exchange rate level but limited impact on the volatility and no impact on risk reversals. Conversely, the NDF program of the Central Bank of the Republic of Türkiye has a significant downward impact on the implied volatility and risk reversal but no significant impact on the level of the exchange rate. The difference in the effectiveness of similar practices of these three central banks is considered to be related mostly to the size of the programs.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 ","pages":"Pages 38-49"},"PeriodicalIF":6.3,"publicationDate":"2024-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140272850","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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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