International Journal of Finance & Economics最新文献_第2页

Bilateral investment treaties and sovereign default risk: Evidence for emerging markets 双边投资条约与主权违约风险：新兴市场的证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-05-08 DOI: 10.1002/ijfe.2984

Stefan Eichler, Jannik André Nauerth

{"title":"Bilateral investment treaties and sovereign default risk: Evidence for emerging markets","authors":"Stefan Eichler, Jannik André Nauerth","doi":"10.1002/ijfe.2984","DOIUrl":"10.1002/ijfe.2984","url":null,"abstract":"This paper analyses the impact of bilateral investment treaties (BITs) on sovereign default risk using monthly data for 29 emerging markets from 1996 to 2016. Under a BIT, foreign investors can use an international arbitration scheme to enforce compensation claims against the host country's government. We focus on the so far unexplored legal risk associated with BITs since a higher likelihood of government expropriations implicitly increases public debt. We do not find a significant unconditional effect of BITs on sovereign default risk (measured by the month-over-month percentage change in a country's Emerging Market Bond Index). Considering the heterogeneity of BITs and political risk, we find robust and strong negative effects of BITs on sovereign bond returns. In countries with high political risk of expropriation (measured by low executive constraints), we find that the implementation of BITs with strong investor protection is associated with a significantly negative impact on sovereign bond returns (−0.45 percentage points), which compares to roughly 11.7% of bond returns' monthly standard deviation.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 2","pages":"1803-1830"},"PeriodicalIF":2.8,"publicationDate":"2024-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.2984","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140939774","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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 do firms extend trade credit? The role of inventories 企业为何提供贸易信贷？存货的作用

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-05-06 DOI: 10.1002/ijfe.2975

Filipa Da Silva Fernandes, Alessandra Guariglia, Alexandros Kontonikas, Serafeim Tsoukas

引用次数: 0

Financial stability and sustainable development: Perspectives from fiscal and monetary policy 金融稳定与可持续发展：财政和货币政策的视角

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-05-01 DOI: 10.1002/ijfe.2981

Le Quoc Dinh, Tran Thi Kim Oanh, Nguyen Thi Hong Ha

{"title":"Financial stability and sustainable development: Perspectives from fiscal and monetary policy","authors":"Le Quoc Dinh, Tran Thi Kim Oanh, Nguyen Thi Hong Ha","doi":"10.1002/ijfe.2981","DOIUrl":"10.1002/ijfe.2981","url":null,"abstract":"This paper studies the relationship between financial stability and sustainable development from the fiscal and monetary policy perspective in 33 developing countries and 7 developed countries in the period 2005–2020. Bayesian regression results show that financial stability positively affects sustainable development in both groups of countries with a low probability of impact. This probability is above 79.3% in developed countries and above 81.5% in developing ones. When considering the role of monetary policy, the direction of impact and probability is different. Specifically, financial stability in the environment of high inflation and increased money supply (ZscoreInf and ZscoreM2) negatively affects sustainable development in both country groups with high probabilities. In contrast, when considering the monetary policy with the foreign exchange reserves tool (ZscoreER), financial stability positively impacts sustainable development with the probability of 89.6% in developed countries and 92.5% in developing one. When considering the role of fiscal policy, financial stability with government spending (ZscoreGE) positively affects sustainable development with a probability of over 99.7% in the two groups of countries. Meanwhile, tax income in a financially stable environment increases the probability of a positive effect at 100% in developed countries, and a negative effect with a probability of 60.9% in developing countries. From the above results, we propose that central banks in both developed and developing countries should aim to stabilize prices and aim to maintain a low inflation rate to help limit shocks to sudden interest rate changes that cause market volatility. This is a premise to help stabilize finance and promote sustainable development. Furthermore, these countries should maintain an adequate foreign exchange reserve to withstand external shocks and ensure they have enough foreign currency to meet macroeconomic needs, which can boost confidence.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 2","pages":"1724-1741"},"PeriodicalIF":2.8,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141037508","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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

On modelling non-performing loans in bank efficiency analysis 论银行效率分析中的不良贷款建模

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-05-01 DOI: 10.1002/ijfe.2986

Giannis Karagiannis, Stavros Kourtzidis

引用次数: 0

The S&P 500 sectoral indices responses to economic news sentiment 标准普尔 500 行业指数对经济新闻情绪的反应

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-05-01 DOI: 10.1002/ijfe.2989

Mohamed Arbi Madani

引用次数: 0

Does e-commerce infrastructure increase enterprise productivity? Evidence from China's e-commerce demonstration city 电子商务基础设施能提高企业生产力吗？来自中国电子商务示范城市的证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-05-01 DOI: 10.1002/ijfe.2994

Xiong Zhou, Pengcheng Jiang

{"title":"Does e-commerce infrastructure increase enterprise productivity? Evidence from China's e-commerce demonstration city","authors":"Xiong Zhou, Pengcheng Jiang","doi":"10.1002/ijfe.2994","DOIUrl":"10.1002/ijfe.2994","url":null,"abstract":"This study leverages the National E-commerce Demonstration City Pilot (NEDC) as a quasi-natural experiment in e-commerce infrastructure development. Utilising panel data from non-financial firms listed on China's A-share market from 2005 to 2022, we pioneered employ a multi-period difference-in-differences (DID) approach to explore the direct and indirect effects of e-commerce infrastructure on total factor productivity (TFP). Our findings reveal that: (1) The NEDC initiative significantly enhances firm-level TFP. This result remains robust after addressing endogeneity issues through IV-2SLS and propensity score matching and difference in differences methods and undergoing a series of robustness tests. (2) Channels tests indicate that the NEDC policy indirectly boosts firm TFP primarily by fostering technological innovation and augmenting human capital. (3) Heterogeneity analysis demonstrates that the NEDC policy effectively stimulates TFP growth in state-owned enterprises, firms with high equity concentration, manufacturing and low-tech industry firms. The policy's impact is more pronounced in cities with high administrative levels, in the eastern and central cities, and in cities with superior traditional infrastructure. The empirical evidence provided by this study not only supports the role of e-commerce infrastructure in driving economic growth but also offers valuable insights for bridging the income disparity between developing and developed nations, and mitigating income inequality.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 2","pages":"1758-1784"},"PeriodicalIF":2.8,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141058307","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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

Are financial sanctions truly “smart”? Evidence from the perspective of cross-border capital flows 金融制裁真的 "聪明 "吗？从跨境资本流动角度看证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-04-29 DOI: 10.1002/ijfe.2982

Yang Liu, Wei Lang, Aihua Wang

{"title":"Are financial sanctions truly “smart”? Evidence from the perspective of cross-border capital flows","authors":"Yang Liu, Wei Lang, Aihua Wang","doi":"10.1002/ijfe.2982","DOIUrl":"10.1002/ijfe.2982","url":null,"abstract":"Few studies are found to examine the impact of financial sanctions on cross-border capital flows. Using a panel data from 48 countries from 2000 to 2019, this paper aims to examine the impact of financial sanctions on the volatility of cross-border capital flows. We employ difference-in-differences (DID) and spatial DID (SDID) models, showing the result that financial sanctions lead to an exacerbation of the volatility of cross-border capital inflows and outflows in the targeted country, with the channel of negative impact on the financial sector in the targeted country. The subsample regressions indicate heterogeneous impacts of financial sanctions depending on economic structure and capital account openness. Additionally, the result of the SDID model shows that financial sanctions cause cross-border transmission of financial risks, and that the spatial spillover effect of financial sanctions will also have negative economic impacts on other countries in addition to the target country. The significance of this study lies in emphasizing that international financial sanctions affect the economy of target countries through cross-border capital flows. Meanwhile, we confirm that financial sanctions pose a certain threat to global financial stability.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 2","pages":"1671-1688"},"PeriodicalIF":2.8,"publicationDate":"2024-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140827215","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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 underinvestment reduces underpricing 投资不足如何减少定价不足

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-04-29 DOI: 10.1002/ijfe.2987

Marco Bade, Hans Hirth

引用次数: 0

Inequality and poverty in Spain: Insights from a regional convergence analysis 西班牙的不平等与贫困：地区趋同分析的启示

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-04-29 DOI: 10.1002/ijfe.2992

Nicholas Apergis, Francisco J. Delgado, Claudia Suárez-Arbesú

引用次数: 0

Climate risks and the REITs market 气候风险与房地产投资信托市场

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-04-28 DOI: 10.1002/ijfe.2983

Afees A. Salisu, Ahamuefula E. Ogbonna, Xuan Vinh Vo

{"title":"Climate risks and the REITs market","authors":"Afees A. Salisu, Ahamuefula E. Ogbonna, Xuan Vinh Vo","doi":"10.1002/ijfe.2983","DOIUrl":"10.1002/ijfe.2983","url":null,"abstract":"This study presents results supporting the need to price climate risks in real estate investment trusts. We approach this objective by conducting some empirical analyses for global, regional, and [US] sectoral REITs for want of wider coverage while we also consider variants of climate risks involving physical and transition risks. We first establish that climate concerns amplify the volatility of REIT returns. While our results are split for sectoral REITs, we find that both physical and transition risks magnify the volatility in the regional and global REITs market. However, when we consider the US sectoral REITs, we find contrasting evidence between the two variants of climate risks. While the transition risks seem to raise the REITs market volatility, perhaps owing to improved trading in the market as signalled by some level commitments towards addressing climate change, the physical risks associated with damages due to climate change tend to lower the REITs market volatility due to lower trading. Consequently, we formulate a framework that enables a profit-maximizing investor to observe climate risks when making investment decisions in the REITs market, and we further show that doing so provides higher economic gains than ignoring it. This outcome has implications for investors looking for the best hedging strategy against climate-related risks, especially as the world intensifies efforts towards de-carbonization.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 2","pages":"1632-1648"},"PeriodicalIF":2.8,"publicationDate":"2024-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140810790","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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