JOURNAL OF ECONOMICS AND BUSINESS最新文献_第5页

Does inefficiency of judicial system matter on financial development-entrepreneurship nexus? New evidence on the worldwide level 司法制度效率低下是否影响金融发展与创业关系？世界范围内的新证据

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-03-01 Epub Date: 2024-10-24 DOI: 10.1016/j.jeconbus.2024.106219

Cristian Barra

{"title":"Does inefficiency of judicial system matter on financial development-entrepreneurship nexus? New evidence on the worldwide level","authors":"Cristian Barra","doi":"10.1016/j.jeconbus.2024.106219","DOIUrl":"10.1016/j.jeconbus.2024.106219","url":null,"abstract":"<div><div>This study seeks to answer three critical research questions: Does financial development aid in the establishment of new businesses? Is diversity in banking crucial for financial development and entrepreneurship? Does the link between financial development and entrepreneurship suffer from inefficiency of judicial system? We employ a worldwide heterogeneous unbalanced sample consisting of 60 countries (developed and developing) from 2006 to 2021, considering information about two key types of financial intermediaries: commercial and cooperative. Based on two distinct estimators (FEGLS and FEIVH), the empirical evidence confirms the critical role of financial intermediaries in fostering entrepreneurship, with commercial bank branches having a higher intensity. Furthermore, the inefficiency of the judicial system is found to be a crucial factor in mitigating the link under scrutiny. In other words, in a country with a dysfunctional judicial system, the financial system limits loan grants for general investments, resulting in a decrease in entrepreneurship. To put it another way, financial development helps to foster the establishment of new businesses in countries with more efficient judicial systems. A battery of sensitivity analyses back up our empirical predictions, shedding light on the importance of policy implications that may be implemented to ensure the evolution of the entrepreneurial fabric while also fueling a heated debate over the vital role of both financial and judicial systems.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"134 ","pages":"Article 106219"},"PeriodicalIF":3.3,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144138832","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

Financial literacy and sustainable finance decisions among Italian households 意大利家庭的金融知识和可持续金融决策

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-03-01 Epub Date: 2024-10-16 DOI: 10.1016/j.jeconbus.2024.106220

Edoardo Lanciano , Daniele Previati , Ornella Ricci , Gianluca Santilli

引用次数: 0

Legal effectiveness and external capital: The role of foreign debt 法律效力与外部资本：外债的作用

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-03-01 Epub Date: 2025-05-21 DOI: 10.1016/j.jeconbus.2025.106244

George Allayannis , Gregory W. Brown , Leora F. Klapper

引用次数: 0

Impacts of FinTech funding announcements on traditional banks: An event study analysis 金融科技融资公告对传统银行的影响：事件研究分析

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-01-01 Epub Date: 2024-12-04 DOI: 10.1016/j.jeconbus.2024.106231

Nicola Del Sarto , Irene Comeig Ramirez , Lorenzo Gai

引用次数: 0

Is bitcoin an inflation hedge? 比特币是对冲通胀的工具吗？

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-01-01 Epub Date: 2024-11-24 DOI: 10.1016/j.jeconbus.2024.106218

Harold Rodriguez, Jefferson Colombo

{"title":"Is bitcoin an inflation hedge?","authors":"Harold Rodriguez, Jefferson Colombo","doi":"10.1016/j.jeconbus.2024.106218","DOIUrl":"10.1016/j.jeconbus.2024.106218","url":null,"abstract":"<div><div>Spot bitcoin ETFs have been recently approved in the U.S., increasing retail and institutional investors’ attention to crypto. To contribute to the debate on whether bitcoin protects against inflation, we analyze the effect of inflation shocks on bitcoin returns through the estimation and inference of Vector Autoregressive Models (VARs), identifying inflation shocks as surprises in the U.S.’s CPI and Core PCE announcements. Based on monthly data between August 2010 and January 2023, the results indicate that bitcoin returns increase significantly after a positive inflationary shock, corroborating empirical evidence that bitcoin can act as an inflation hedge. However, we observe that bitcoin’s inflationary hedging property is sensitive to the price index – it only holds for CPI shocks – and to the period of analysis – the hedging property stems primarily from sample periods before the increasing institutional adoption of BTC (“early days”). Notably, the inflation hedge property of bitcoin (Gold) has disappeared (strengthened) from the COVID-19 outbreak onwards. We conclude that bitcoin’s inflation-hedging property is context-specific and likely diminishes as it achieves broader adoption and becomes more integrated into mainstream financial markets.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"133 ","pages":"Article 106218"},"PeriodicalIF":3.3,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143452785","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

Editorial – Digital finance transforming the financial landscape 社论-数字金融正在改变金融格局

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-01-01 Epub Date: 2025-01-21 DOI: 10.1016/j.jeconbus.2025.106234

Rafael Schiozer

引用次数: 0

Market behaviors around bankruptcy and frozen funds withdrawal: Trading stranded assets on FTX 破产和冻结资金提取的市场行为：在FTX上交易搁浅资产

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-01-01 Epub Date: 2024-05-28 DOI: 10.1016/j.jeconbus.2024.106196

Luca Galati , Alexander Webb , Robert I. Webb

{"title":"Market behaviors around bankruptcy and frozen funds withdrawal: Trading stranded assets on FTX","authors":"Luca Galati , Alexander Webb , Robert I. Webb","doi":"10.1016/j.jeconbus.2024.106196","DOIUrl":"10.1016/j.jeconbus.2024.106196","url":null,"abstract":"<div><div>How do cryptocurrency markets react when an exchange allows trading but freezes withdrawals? This study examines the impact of liquidity funding shocks on the market liquidity of cryptocurrency markets and traders’ behavior. We examine this issue using a natural experiment in major cryptocurrencies when the FTX exchange, while about to file for bankruptcy, prohibited most investors from withdrawing assets held by the exchange while allowing trading to continue. By using proprietary tick-by-tick data, we test price divergence between FTX and Binance and perform t-tests on the difference in magnitude of liquidity measures between the pre- and post-withdrawal halt periods. We find that a substantial amount of trading on FTX occurred during this stranded asset period, even though liquidity deteriorated as the bid-ask spread and implicit transaction costs increased sharply. We further find traders engaging in a revealing flight to safety by moving their investments in stablecoin Tether or even exiting the market. These findings not only shed light on the resilience of cryptocurrency markets in the face of liquidity crises but also offer insights into the mechanisms traders employ to navigate such tumultuous periods.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"133 ","pages":"Article 106196"},"PeriodicalIF":3.3,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143453531","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","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 Epub Date: 2024-12-12 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

How does digital financial inclusion affect households’ CO2? Micro-evidence from an emerging country 数字普惠金融如何影响家庭的二氧化碳排放？来自新兴国家的微观证据

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-01-01 Epub Date: 2024-11-30 DOI: 10.1016/j.jeconbus.2024.106222

Yao Li

{"title":"How does digital financial inclusion affect households’ CO2? Micro-evidence from an emerging country","authors":"Yao Li","doi":"10.1016/j.jeconbus.2024.106222","DOIUrl":"10.1016/j.jeconbus.2024.106222","url":null,"abstract":"<div><div>This paper examines, at the micro-level, the relationship between digital financial inclusion and households’ CO<sub>2</sub> emissions, aiming to investigate the connection between financial inclusion and the environment. Exploiting a unique survey panel dataset of 13,624 Chinese households, I find that digital financial inclusion can increase households’ CO<sub>2</sub> emissions, and this result is applicable to other emerging countries. Further analysis based on the mediation model sheds light on how digital financial inclusion influences direct and indirect households’ CO<sub>2</sub> emissions, respectively. Specifically, digital financial inclusion encourages non-renewable energy consumption, thereby increasing households’ direct CO<sub>2</sub> emissions. Simultaneously, it promotes subsistence and development consumption upgrades, contributing to increased households’ indirect CO<sub>2</sub> emissions. Moreover, the study reveals that the impact of digital financial inclusion is heterogeneous. The environmental deterioration effect of digital financial inclusion is mainly driven by the actual uses of different services. As digital financial inclusion develops, its environmental detriment intensifies. Also, in cities where the Carbon Trade Policy (CTP) is implemented, digital financial inclusion can significantly reduce CO<sub>2</sub> emissions. Overall, the findings have several implications for addressing environmental problems in developing countries.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"133 ","pages":"Article 106222"},"PeriodicalIF":3.3,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143452780","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

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 Epub Date: 2024-11-26 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