North American Journal of Economics and Finance最新文献_第2页

When does gold protect emerging markets? structural vs. cyclical uncertainty in a time–frequency analysis 黄金何时能保护新兴市场？时频分析中的结构不确定性与周期不确定性

IF 3.8 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-07-01 Epub Date: 2026-06-22 DOI: 10.1016/j.najef.2026.102676

Hela Nammouri, Sana Braiek, Catalin Gheorghe, Ahmed Jeribi

{"title":"When does gold protect emerging markets? structural vs. cyclical uncertainty in a time–frequency analysis","authors":"Hela Nammouri, Sana Braiek, Catalin Gheorghe, Ahmed Jeribi","doi":"10.1016/j.najef.2026.102676","DOIUrl":"10.1016/j.najef.2026.102676","url":null,"abstract":"<div><div>This paper explores how gold protects emerging market (EM) equities by separating long-term structural uncertainty from short-term market stress. We use a multiscale time–frequency framework combining wavelet coherence, partial and multiple coherence, and cross-wavelet analysis. The sample covers daily data for twelve major EMs between 2016 and 2025, conditioned on the Geopolitical Risk (GPR) index and the Volatility Index (VIX). Results reveal two distinct regimes. Under geopolitical risk, gold and equities move together at low frequencies, showing that gold behaves as a strategic hedge over long horizons. During volatility spikes, however, the link becomes short-lived and intense, eroding diversification when stress is highest. The strength of these effects varies across countries, depending on financial depth, external exposure, and currency risk. A complementary multifractal cross-correlation analysis confirms that gold’s hedging power is dynamic and scale-dependent. These findings provide time–frequency evidence on the conditions under which gold’s portfolio role appears stronger or weaker across emerging markets. They also offer guidance for investors seeking horizon-aware diversification and for policymakers monitoring risk transmission to emerging markets.</div></div>","PeriodicalId":47831,"journal":{"name":"North American Journal of Economics and Finance","volume":"85 ","pages":"Article 102676"},"PeriodicalIF":3.8,"publicationDate":"2026-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148523631","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

Herding behavior of cryptocurrency during the 2024 U.S. presidential election 2024年美国总统大选期间加密货币的羊群行为

IF 3.8 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-07-01 Epub Date: 2026-05-24 DOI: 10.1016/j.najef.2026.102663

Binh Nguyen Thanh, Thanh Cong Nguyen, Anh Nguyen Tuan, Hanh Le Hong, Anh Dao Le Trang

引用次数: 0

When volatility is not enough: classical and quantum behaviors in stock investment 波动性不足时：股票投资中的经典与量子行为

IF 3.8 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-07-01 Epub Date: 2026-06-09 DOI: 10.1016/j.najef.2026.102667

F.Xavier Alvarez, Hector Sala

{"title":"When volatility is not enough: classical and quantum behaviors in stock investment","authors":"F.Xavier Alvarez, Hector Sala","doi":"10.1016/j.najef.2026.102667","DOIUrl":"10.1016/j.najef.2026.102667","url":null,"abstract":"<div><div>We introduce two novel metrics —the Zero Bin Ratio (ZBR) and algorithmic price variance (<span><math><mrow><mi>λ</mi></mrow></math></span>)— to analyze investor behavior in high-frequency equity markets. Using nanosecond-level trading data from Nasdaq-100 stocks, we distinguish between classical and quantum patterns of investor behavior. In the classical case, bid-ask spreads are primarily driven by realized volatility, while in the quantum case, they are better explained by algorithmic variance and central distribution dynamics. The ZBR complements this distinction by capturing the role of zero-price-change trades in shaping liquidity. Our framework offers a new lens on market microstructure and investor heterogeneity. We apply it to twelve Nasdaq-100 firms—selected for their structural diversity, trading intensity, and exposure to stock splits—and uncover both persistent behavioral types and sharp regime shifts directly linked to those stock splits. The findings, derived through two empirical specifications tailored to each regime, reveal systematic behavioral heterogeneity with implications for market design, liquidity modeling, and trading strategy.</div></div>","PeriodicalId":47831,"journal":{"name":"North American Journal of Economics and Finance","volume":"85 ","pages":"Article 102667"},"PeriodicalIF":3.8,"publicationDate":"2026-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148523729","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

The influence of geopolitical risk on CBDC adoption and uncertainty: wavelet coherence analysis 地缘政治风险对CBDC采用和不确定性的影响：小波相干分析

IF 3.8 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-07-01 Epub Date: 2026-06-20 DOI: 10.1016/j.najef.2026.102673

Muhammad Umar, Hang Luo

{"title":"The influence of geopolitical risk on CBDC adoption and uncertainty: wavelet coherence analysis","authors":"Muhammad Umar, Hang Luo","doi":"10.1016/j.najef.2026.102673","DOIUrl":"10.1016/j.najef.2026.102673","url":null,"abstract":"<div><div>This study provides empirical evidence on the relationship between geopolitical risk (GPR) and central bank digital currency (CBDC) adoption and uncertainty. Using the wavelet coherence technique, the results reveal a strong association between GPR and both the CBDC adoption index and the CBDC uncertainty index, particularly during the period from May 2021 (Israel-Palestine crisis) to March 2023 (intensified Russia-Ukraine conflict). Throughout this interval, the series predominantly exhibit in-phase movements, indicating a positive relationship; specifically, geopolitical tensions following U.S. sanctions on Russia coincided with an increase in CBDC adoption. To provide deeper insights, the study further examines the relationship between U.S. and Russian geopolitical risks and the CBDC adoption and uncertainty indices separately. The findings show that Russian geopolitical risk has a comparatively stronger association with both indices than U.S. geopolitical risk. Overall, the results suggest that heightened geopolitical risk weakens confidence in the existing global financial system and motivates countries to pursue CBDC initiatives, potentially contributing to the emergence of an alternative framework for international transactions.</div></div>","PeriodicalId":47831,"journal":{"name":"North American Journal of Economics and Finance","volume":"85 ","pages":"Article 102673"},"PeriodicalIF":3.8,"publicationDate":"2026-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148523730","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

Corrigendum to “Regime-Switching volatility and risk quantification in South Asian and developed stock Markets: A Comparative perspective using Markov-Switching GARCH with MLE and MCMC estimations” [N. Am. J. Econ. Financ. 82 (2026) 102576] “南亚和发达国家股票市场的制度转换波动率和风险量化：使用马尔可夫转换GARCH与MLE和MCMC估计的比较视角”[N]。点。j .经济学。金融。82 (2026)102576]

IF 3.9 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-05-01 Epub Date: 2026-04-09 DOI: 10.1016/j.najef.2026.102626

Hina Mushtaq , Muhammad Ishtiaq , Surayya Jamal , Syed Maisam Raza Rizvi , Hamad Raza

引用次数: 0

The effect of monetary policy shocks on inequality in the Eurozone 货币政策冲击对欧元区不平等的影响

IF 3.9 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-05-01 Epub Date: 2026-03-11 DOI: 10.1016/j.najef.2026.102608

Makram El-Shagi

引用次数: 0

The impact of global EPU spillovers on the housing market returns: cross-country evidence 全球EPU溢出效应对房地产市场回报的影响：跨国证据

IF 3.9 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-05-01 Epub Date: 2026-04-26 DOI: 10.1016/j.najef.2026.102638

Yuting Gong , Feifei Wang , Wenjun Xue

引用次数: 0

Inflation shocks: quantile unit root inference for panel data with cross-correlations 通货膨胀冲击：交叉相关面板数据的分位数单位根推断

IF 3.9 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-03-01 Epub Date: 2026-01-22 DOI: 10.1016/j.najef.2026.102592

Saban Nazlioglu , Dogukan Tarakci , Cagin Karul , Lokman Salih Erdem

{"title":"Inflation shocks: quantile unit root inference for panel data with cross-correlations","authors":"Saban Nazlioglu , Dogukan Tarakci , Cagin Karul , Lokman Salih Erdem","doi":"10.1016/j.najef.2026.102592","DOIUrl":"10.1016/j.najef.2026.102592","url":null,"abstract":"<div><div>The growing empirical literature documents evidence on persistence of shocks to inflation; however, little is known about the nature of inflation shocks with asymmetric persistence and cross-correlations. By introducing panel quantile unit root approach with common shocks for a sample of 75 countries from January-1980 to December-2022, this study provides new insights on the persistence of inflation shocks. The panel quantile unit root analysis sheds light on that (i) inflation appears to exhibit significant cross-correlations across countries at all quantiles, and persistence of inflation shocks shifts notably between low and high quantiles, reflecting asymmetric persistence in inflation dynamics, (ii) inflation rates tend to be mean reverting during low to moderate inflation periods, but more persistent in high inflation period, (iii) inflation becomes persistent at higher thresholds in countries with a history of inflationary episodes. These findings reveal the importance of considering asymmetric persistence and cross-correlations for analyzing inflation shocks.</div></div>","PeriodicalId":47831,"journal":{"name":"North American Journal of Economics and Finance","volume":"83 ","pages":"Article 102592"},"PeriodicalIF":3.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146078545","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

Social tolerance and firm innovation 社会宽容，企业创新

IF 3.9 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-03-01 Epub Date: 2026-02-15 DOI: 10.1016/j.najef.2026.102602

Gia Han Doan , Suin Lee , Bin Wang

引用次数: 0

Corrigendum to “Asymmetry and determinants of financial connectivity in G20: Evidence from a quantile-based and lasso regression analysis” [N. Am. J. Econ. Financ. 77 (2025) 102379] 《G20金融互联互通的不对称性与决定因素：基于分位数和套索回归分析的证据》[N]。点。j .经济学。财经。77 (2025)102379]

IF 3.9 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-03-01 Epub Date: 2026-02-19 DOI: 10.1016/j.najef.2026.102601

Guangyi Yang , Yong Li , Xiaoxing Liu

引用次数: 0