JOURNAL OF ECONOMICS AND BUSINESS最新文献_第2页

Payment systems innovations, substitutive effects, and the real economy: The intervening role of currency holdings and excess reserves 支付系统创新、替代效应和实体经济：货币持有和超额储备的干预作用

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-01-01 DOI: 10.1016/j.jeconbus.2024.106232

Navendu Prakash , Shveta Singh , Seema Sharma

{"title":"Payment systems innovations, substitutive effects, and the real economy: The intervening role of currency holdings and excess reserves","authors":"Navendu Prakash , Shveta Singh , Seema Sharma","doi":"10.1016/j.jeconbus.2024.106232","DOIUrl":"10.1016/j.jeconbus.2024.106232","url":null,"abstract":"<div><div>The push for a digital economic framework has spurred multifaceted innovations in payments and settlement systems worldwide. The speed, accuracy, and reliability of payment infrastructure significantly influences monetary supply and credit flows, underscoring their critical role in monetary policy formulation. This paper elucidates the importance of efficient payment systems as precursors to financial intermediation. Distinguishing between large-value and retail payment systems, it examines the extant transmission mechanism via two intervening channels: currency holdings and excess reserves of commercial banks. The findings bear profound policy implications, advocating for transitioning to electronic payment systems that minimizes the use of cash. At the macroeconomic level, findings reveal how efficient payment systems enhance deposit intermediation, credit creation, and economic growth. Results indicate a marked degree of substitution between electronic and paper-based clearing platforms, and consequently, the shift towards electronic payments tends to reduce the negative effects of paper-based clearing on growth and consumption.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"133 ","pages":"Article 106232"},"PeriodicalIF":3.3,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143452783","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Pricing efficiency in cryptocurrencies: The case of centralized and decentralized markets 加密货币的定价效率：集中和分散市场的案例

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-01-01 DOI: 10.1016/j.jeconbus.2024.106224

Lucas Mussoi Almeida , Marcelo Scherer Perlin , Fernanda Maria Müller

{"title":"Pricing efficiency in cryptocurrencies: The case of centralized and decentralized markets","authors":"Lucas Mussoi Almeida , Marcelo Scherer Perlin , Fernanda Maria Müller","doi":"10.1016/j.jeconbus.2024.106224","DOIUrl":"10.1016/j.jeconbus.2024.106224","url":null,"abstract":"<div><div>This article presents a comparative analysis of the Ethereum (ETH) weak form of market efficiency priced in Bitcoin (BTC), Dai (DAI), and Tether (USDT). The investigation encompasses data from Uniswap-V2, a decentralized app utilizing a Constant Product Market Maker (CFMM) for cryptocurrency pricing, and Binance, a centralized exchange. The study employs different rolling windows to apply the asymmetric MF-DFA. The efficiency of exchange pairs is ranked using the market deficiency measure (MDM). Besides aligning with the literature, revealing an efficiency increase with larger rolling window sizes across centralized and decentralized exchanges and overall, upward and downward trends, our findings reveal that the CFMM employed by Uniswap-V2 leads to a more efficient market for the ETH-BTC pair compared to Binance, making it among the first studies to compare efficiency across these exchanges types. To delve deeper into this phenomenon and explore the dynamics between distinct pricing mechanisms, the Thermal Optimal Path is employed. The analysis highlights a lead-lag relationship between ETH prices in centralized and decentralized exchanges. The results suggest that market efficiency emerges first in the decentralized exchange, particularly when ETH is priced in BTC. The asymmetric MF-DFA was also employed on the pairs datasets before and after the Ethereum 2.0 hard fork. The findings of this analysis revealed significant results indicating that following the fork, Uniswap-V2 exhibited superior market efficiency compared to Binance for the majority of overall and downward trends, a phenomenon that was not observed prior to the merge. These findings contribute to the existing literature on cryptocurrency market efficiency by emphasizing the influence of network upgrades in trading platforms. Notably, this research reveals that, for the ETH-BTC pair, decentralized exchanges exhibit superior a level of weak form efficiency.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"133 ","pages":"Article 106224"},"PeriodicalIF":3.3,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143452779","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Perception towards government advisory, perceived risk and willingness to invest in cryptocurrency 对政府咨询的看法、认知风险和投资加密货币的意愿

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-01-01 DOI: 10.1016/j.jeconbus.2024.106208

Shaista Wasiuzzaman , Ak Md Saiful Luqman Pg Hj Ahmad

{"title":"Perception towards government advisory, perceived risk and willingness to invest in cryptocurrency","authors":"Shaista Wasiuzzaman , Ak Md Saiful Luqman Pg Hj Ahmad","doi":"10.1016/j.jeconbus.2024.106208","DOIUrl":"10.1016/j.jeconbus.2024.106208","url":null,"abstract":"<div><div>The aim of this study is to investigate the link between investor perception regarding government advisories on cryptocurrencies, their perceived risk of cryptocurrencies and their willingness to invest in cryptocurrencies. The link is examined via Partial Least Squares-Structural Equation Modelling (PLS-SEM) using 212 responses gathered from a survey questionnaire distributed to groups related to cryptocurrency investment in social media platforms over a period of around four months. It is found that the investor’s perception regarding government advisories on cryptocurrencies, which are cautionary in nature, have a significant negative impact on their perception of the risk of cryptocurrencies. Perception regarding government advisories reduces the willingness to invest in cryptocurrencies. However, it is also found that perceived risk does not have any significant influence on the willingness to invest in cryptocurrencies, indicating that although risk perception is heightened as a result of the cautionary government advise, this does not result in a significant reduction in the willingness to invest in cryptocurrencies. Hence, perceived risk does not play a significant mediating role in influencing the effect government advisories have on the willingness to invest in cryptocurrencies.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"133 ","pages":"Article 106208"},"PeriodicalIF":3.3,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142191534","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Relative impact of digital and traditional financial inclusion on financial resilience: Evidence from 13 emerging countries 数字和传统普惠金融对金融韧性的相对影响：来自13个新兴国家的证据

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-01-01 DOI: 10.1016/j.jeconbus.2025.106233

Rahul Verma, Devlina Chatterjee

{"title":"Relative impact of digital and traditional financial inclusion on financial resilience: Evidence from 13 emerging countries","authors":"Rahul Verma, Devlina Chatterjee","doi":"10.1016/j.jeconbus.2025.106233","DOIUrl":"10.1016/j.jeconbus.2025.106233","url":null,"abstract":"<div><div>We aim to understand the relative impact of traditional financial inclusion (FI) and digital financial inclusion (DFI) on perceived financial resilience (FR). We use Global Findex data for the years 2014 and 2021. Our sample includes 33933 individuals from 13 emerging economies. FI indicators include bank account ownership, saving, borrowing, payments and receipts. DFI indicators include digital borrowing, receipts and payments. Socio-economic and demographic factors such as age, gender, education and income, and informal financial activities are included as control variables. To address endogeneity issues, we include instrumental variables for each FI and DFI indicator. Individuals from Argentina, Brazil, China, Russia, South Africa and Thailand report higher levels of FI and DFI, while those from Egypt, India, Mexico and the Philippines report low levels. Estimated coefficients from bi-probit models indicate that “savings” had the largest positive impact on FR. Two FI indicators “bank account ownership” and “making payments”, and one DFI indicator “digital payments” had smaller and similar effect sizes. Digital borrowing had a small effect while digital receipts had no effect on FR. Our results indicate that having access to savings plays a larger role in improving individual financial resilience compared to other indicators. Policy implications are discussed.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"133 ","pages":"Article 106233"},"PeriodicalIF":3.3,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143452781","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Debt and debt tax benefit: Evidence from Indonesia debt-to-equity cap reform 债务和债务税益：印尼债转股上限改革的证据

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2024-11-01 DOI: 10.1016/j.jeconbus.2024.106217

Timbul Parasian Hutahean , Wawan Hermawan , Bayu Kharisma , Alfiah Hasanah

{"title":"Debt and debt tax benefit: Evidence from Indonesia debt-to-equity cap reform","authors":"Timbul Parasian Hutahean , Wawan Hermawan , Bayu Kharisma , Alfiah Hasanah","doi":"10.1016/j.jeconbus.2024.106217","DOIUrl":"10.1016/j.jeconbus.2024.106217","url":null,"abstract":"<div><div>This study scrutinizes the effects of Indonesia’s 2016 debt-to-equity cap reform (thin capitalization rule) on capital structure, highlighting the role of debt tax benefits. The reform curtails debt tax benefits and furnishes a quasi-experimental setting, allowing a comparison between firms affected by the reform and those unaffected. Focusing on private firms and employing an <em>entropy balancing weighted difference-in-difference</em> approach, we elucidate that the reform results in a substantial 9.7 percentage point reduction in the debt ratio and a 5.3 percentage point increase in the stock ratio. Additionally, utilizing a pseudo tax cut reform framework combined with an isolated impact of the zero marginal debt tax benefit, we identify an implied tax elasticity of debt around 0.88, contributing to the observed decline in the debt ratio. Notably, smaller firms exhibit a more pronounced response, and the stock ratio undergoes a significant metamorphosis, suggesting the need for nuanced policy adjustments. Overall, the study underscores the profound influence of debt tax benefits in shaping corporate financing decisions.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"132 ","pages":"Article 106217"},"PeriodicalIF":3.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142698358","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Banking sustainability in a large emerging economy: Focus on Brazilian banks 大型新兴经济体银行业的可持续性：聚焦巴西银行

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2024-11-01 DOI: 10.1016/j.jeconbus.2024.106207

Claudio Oliveira de Moraes , Leonardo Vieira Cunha , Juan Camilo Galvis-Ciro

引用次数: 0

Panic herding: Analysts' COVID-19 experiences and the interpretation of earnings news 恐慌羊群：分析师的 COVID-19 经验与盈利新闻解读

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2024-11-01 DOI: 10.1016/j.jeconbus.2024.106206

Matteo Vacca

引用次数: 0

Inflation targeting and output stabilization in an estimated monetary model 估计货币模型中的通货膨胀目标和产出稳定

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2024-11-01 DOI: 10.1016/j.jeconbus.2024.106209

Konstantin Platonov , Amir Goren

引用次数: 0

Trading frictions and the Post-earnings-announcement drift 交易摩擦与盈利公布后的漂移

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2024-11-01 DOI: 10.1016/j.jeconbus.2024.106216

Josef Fink , Stefan Palan , Erik Theissen

引用次数: 0

The effects of types of banks on financial access and income inequality in a heterogeneous sample: A quantile regression analysis 异质样本中银行类型对金融获取和收入不平等的影响：量化回归分析

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2024-09-01 DOI: 10.1016/j.jeconbus.2024.106197

Cristian Barra , Christian D’Aniello, Nazzareno Ruggiero

{"title":"The effects of types of banks on financial access and income inequality in a heterogeneous sample: A quantile regression analysis","authors":"Cristian Barra , Christian D’Aniello, Nazzareno Ruggiero","doi":"10.1016/j.jeconbus.2024.106197","DOIUrl":"10.1016/j.jeconbus.2024.106197","url":null,"abstract":"<div><p>Over time, a substantial amount of theoretical and empirical economic literature has been devoted to examining the relationship between financial access (a relevant component of financial development) and the distribution of income, with mixed findings. We propose a quantile regression approach to study the importance of financial access on income inequality and the effects of cooperative and commercial banking in shaping the relationship. We use data from 57 developed and developing countries from 2004 to 2019. Financial access has been demonstrated to lessen income inequality and the reduction is greater as income inequality increases. When commercial banks are considered instead of their counterparty, the magnitude of the reduction is greater. On the other hand, cooperative banks and credit unions appear to decrease income inequality in low-income countries as they strive for inclusive financial access. This study might provide new insights for policy makers, as they should facilitate access to capital for the most disadvantaged. This would lead to both a greater development of entrepreneurial skills and a better quality of human capital, as they could acquire a higher level of education.</p></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"131 ","pages":"Article 106197"},"PeriodicalIF":3.3,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142149204","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0