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Local credit in Brazil: The role of digital connectivity and education
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-02-18 DOI: 10.1016/j.ememar.2025.101265
Lars Norden , Thiago Ribeiro
{"title":"Local credit in Brazil: The role of digital connectivity and education","authors":"Lars Norden ,&nbsp;Thiago Ribeiro","doi":"10.1016/j.ememar.2025.101265","DOIUrl":"10.1016/j.ememar.2025.101265","url":null,"abstract":"<div><div>We investigate the effects of digital connectivity and education on local credit to small businesses and individuals in Brazil, using multivariate panel data regression analysis. By examining how broadband access and basic education influence local credit, we aim to understand how these factors help to mitigate informational asymmetries and transaction costs. Our findings indicate that both higher digital connectivity and better educational levels are significantly associated with higher credit availability at the municipality and regional levels. We contribute to the broader discussion about financial inclusion and offer policy implications on how to improve access to credit in emerging economies.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101265"},"PeriodicalIF":5.6,"publicationDate":"2025-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143464977","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
The dog that didn't bite: Sudden Stops in Emerging and Developing Economies during COVID-19
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-02-16 DOI: 10.1016/j.ememar.2025.101263
Eduardo A. Cavallo , Juan M. Hernández , María José González Jaramillo , Andrew Powell
{"title":"The dog that didn't bite: Sudden Stops in Emerging and Developing Economies during COVID-19","authors":"Eduardo A. Cavallo ,&nbsp;Juan M. Hernández ,&nbsp;María José González Jaramillo ,&nbsp;Andrew Powell","doi":"10.1016/j.ememar.2025.101263","DOIUrl":"10.1016/j.ememar.2025.101263","url":null,"abstract":"<div><div>Despite an initial reversal of capital inflows, the COVID-19 pandemic resulted in relatively mild impacts on net capital flows to Emerging and Developing Economies. In contrast to previous crises, gross capital inflows offset residents' outflows, resulting in modest required current account adjustments. Liquid international markets, access to official resources and sound fundamentals in several countries allowed for capital inflows, preventing the additional costs of widespread Sudden Stops during the pandemic. We demonstrate that a parsimonious empirical model is able to discriminate quite well, to show that those countries with weaker fundamentals suffered Sudden Stops in net flows.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101263"},"PeriodicalIF":5.6,"publicationDate":"2025-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143487470","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
The effect of currency risk on crypto asset utilization in Türkiye
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-02-11 DOI: 10.1016/j.ememar.2025.101264
Nico Oefele, Dirk G. Baur, Lee A. Smales
{"title":"The effect of currency risk on crypto asset utilization in Türkiye","authors":"Nico Oefele,&nbsp;Dirk G. Baur,&nbsp;Lee A. Smales","doi":"10.1016/j.ememar.2025.101264","DOIUrl":"10.1016/j.ememar.2025.101264","url":null,"abstract":"<div><div>This study is the first to systematically examine the impact of currency risk on crypto asset utilization in an emerging market, using Turkish lira-denominated crypto trading volume as a proxy. Our findings highlight the dominance of a single exchange and the sustained growth of stablecoin trading. Daily trading volume is largely driven by global crypto market capitalization. However, we find no systematic link between trading volume and significant lira depreciations, inflation shocks, or policy rate changes. Contrary to policymakers' concerns about domestic currency substitution with crypto assets, our results suggest only weak, short-lived evidence related to currency risk in Türkiye.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101264"},"PeriodicalIF":5.6,"publicationDate":"2025-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143422174","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
Investigation of emerging market stress under various frequency bands: Evidence from FX market uncertainty and liquidity
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-02-08 DOI: 10.1016/j.ememar.2025.101262
Samet Gunay, Barbara Dömötör, Attila András Víg
{"title":"Investigation of emerging market stress under various frequency bands: Evidence from FX market uncertainty and liquidity","authors":"Samet Gunay,&nbsp;Barbara Dömötör,&nbsp;Attila András Víg","doi":"10.1016/j.ememar.2025.101262","DOIUrl":"10.1016/j.ememar.2025.101262","url":null,"abstract":"<div><div>This study investigates the relationship between Emerging Markets Financial Stress Index (EMFSI) and currency returns, uncertainty and liquidity of eight emerging economies, using MODWT, Wavelet Coherence, TVP-VAR analyses. The results indicate that interactions become more pronounced during political events rather than economic developments. Energy market developments also appear to be significant periods for the interaction of variables, especially for Saudi Arabia and the UAE. Finally, the findings related to investment horizon suggest that short-term spillovers may be linked to medium- to long-term correlations between the EMFSI and currency pairs. This could serve as an early warning for policymakers and investors.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101262"},"PeriodicalIF":5.6,"publicationDate":"2025-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143479042","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 impact of the openness of trade and finance on financial development: Evidence from emerging markets
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-02-05 DOI: 10.1016/j.ememar.2025.101261
Liang Yinghao, Yan Jiajia
{"title":"The impact of the openness of trade and finance on financial development: Evidence from emerging markets","authors":"Liang Yinghao,&nbsp;Yan Jiajia","doi":"10.1016/j.ememar.2025.101261","DOIUrl":"10.1016/j.ememar.2025.101261","url":null,"abstract":"<div><div>In this paper, we utilize panel data encompassing 44 emerging market countries from 1996 to 2020 to investigate the impact of openness on financial development and rethink the interrelationship between trade openness and financial openness. Our findings indicate that openness contributes to the promotion of financial development. Furthermore, this paper extends and refines the classification of open relationships by considering three distinct types of policymakers: prudent, radical, and discretionary. Through this categorization, we shed light on the ambiguity of the marginal effects of trade and financial opening policies.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101261"},"PeriodicalIF":5.6,"publicationDate":"2025-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143438280","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Political control, corporate governance and stock-price crash risk: Evidence from China
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-02-01 DOI: 10.1016/j.ememar.2025.101260
Ziyao San , Shuai Wang , Zongfeng Xiu , Ling Zhou , Zejiang Zhou
{"title":"Political control, corporate governance and stock-price crash risk: Evidence from China","authors":"Ziyao San ,&nbsp;Shuai Wang ,&nbsp;Zongfeng Xiu ,&nbsp;Ling Zhou ,&nbsp;Zejiang Zhou","doi":"10.1016/j.ememar.2025.101260","DOIUrl":"10.1016/j.ememar.2025.101260","url":null,"abstract":"<div><div>We find that Chinese state-owned enterprise (SOEs) with Disciplinary Commission members on the board experience lower stock price crash risk than their counterparts. This effect is less pronounced for SOEs with more shares held by non-state large shareholders. The results are robust after addressing potential endogeneity issues related to the appointment of the board of directors. Additional analysis suggests that the inclusion of Disciplinary Commission members on the board of directors reduces crash risk by mitigating agency costs, curtailing overinvestment, and improving financial reporting transparency. Collectively, our findings support the notion that the presence of Disciplinary Commission members on the board of directors strengthens the governance of SOEs.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101260"},"PeriodicalIF":5.6,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143164426","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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 the communication efforts of the central banks in emerging economies: The case of India
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-01-31 DOI: 10.1016/j.ememar.2025.101259
Suruchi Shrimali, Wasim Ahmad
{"title":"On the communication efforts of the central banks in emerging economies: The case of India","authors":"Suruchi Shrimali,&nbsp;Wasim Ahmad","doi":"10.1016/j.ememar.2025.101259","DOIUrl":"10.1016/j.ememar.2025.101259","url":null,"abstract":"<div><div>The emerging market economies have revamped their monetary policy frameworks and adopted prudent policy communication, bearing in mind their structural challenges. Thus, it is crucial to examine the efficacy of the central bank communication as a policy tool in these economies. This study leverages natural language processing and textual analysis procedures to quantify the tone of the monetary policy statements by the Reserve Bank of India (RBI) – India's central bank, and answer the following questions: Does the tone of RBI's policy communication contain information indicating future policy decisions? Does the stock market respond to the tone of RBI's policy communication? The study answers the above questions and shows that the RBI's policy statements contain forward-looking information about future policy decisions and their effectiveness in manoeuvring the Indian stock market.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101259"},"PeriodicalIF":5.6,"publicationDate":"2025-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143210746","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Climate risk and corporate investment behavior in emerging economies
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-01-27 DOI: 10.1016/j.ememar.2025.101257
Adam Arian , Muhammad A. Naeem
{"title":"Climate risk and corporate investment behavior in emerging economies","authors":"Adam Arian ,&nbsp;Muhammad A. Naeem","doi":"10.1016/j.ememar.2025.101257","DOIUrl":"10.1016/j.ememar.2025.101257","url":null,"abstract":"<div><div>Our study examines the impact of climate risk on the investment outcomes of publicly traded firms in emerging economies, an important yet understudied issue amid the rising occurrence of severe climate events. Despite the emphasis on the macroeconomic impacts of climate events in existing literature, there is limited insight into the impacts on firm-level investment decisions and outcomes, particularly in regions with higher vulnerability to climate change. We assess climate risk and corporate investment efficiency through the Global Climate Risk Index (CRI), utilizing a dataset comprising 308,620 firm-year observations across 52 countries between 2007–2019. The findings of our study show that firms in higher climate risk regions experience lower investment efficiency due to adopting more conservative investment strategies to mitigate operational and financial uncertainties. Additional analysis of the industries that require stable environmental conditions for operation or depend heavily on fixed assets highlights the significance of integrating climate risks into financial and investment policies that can improve corporate resilience and long-term growth.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101257"},"PeriodicalIF":5.6,"publicationDate":"2025-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143164434","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
Share pledging and stock price synchronicity: Evidence from China
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-01-25 DOI: 10.1016/j.ememar.2025.101258
Yanbo Jin , Siqi Wei , Jian Xu
{"title":"Share pledging and stock price synchronicity: Evidence from China","authors":"Yanbo Jin ,&nbsp;Siqi Wei ,&nbsp;Jian Xu","doi":"10.1016/j.ememar.2025.101258","DOIUrl":"10.1016/j.ememar.2025.101258","url":null,"abstract":"<div><div>This paper examines the impact of share pledging on the incorporation of firm-specific information into stock prices, measured by stock price synchronicity. Using a comprehensive dataset of listed firms in China, we find that share pledging significantly increases the amount of firm-specific information reflected in stock prices. This effect is particularly pronounced in firms with lower transparency. Additionally, we explore the implications of share pledging and synchronicity for firm value. While stock price synchronicity is negatively associated with firm value, share pledging alone shows no direct relationship. However, in firms with lower stock price synchronicity, share pledging positively influences firm value.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101258"},"PeriodicalIF":5.6,"publicationDate":"2025-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143164425","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
Climate risks, balance-of-payments constraints and central banking in emerging economies – Insights from Nigeria
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-01-23 DOI: 10.1016/j.ememar.2025.101255
Anne Löscher , Annina Kaltenbrunner
{"title":"Climate risks, balance-of-payments constraints and central banking in emerging economies – Insights from Nigeria","authors":"Anne Löscher ,&nbsp;Annina Kaltenbrunner","doi":"10.1016/j.ememar.2025.101255","DOIUrl":"10.1016/j.ememar.2025.101255","url":null,"abstract":"<div><div>This paper explores the question in how far physical and transition effects of climate change impact central banking transmitted through the balance-of-payments in emerging economies. We conduct a country case study of Nigeria by triangulating primary qualitative data generated from ten semi-structured interviews with secondary quantitative data used to construct two structural vector autoregressive models. We find that climate risks impact Nigeria's balance-of-payments both through the financial and current account channel to the detriment of the central bank's objectives. Long-term physical effects of climate change and the strong connection between crude oil and Nigeria's domestic economy, its financial system and its trade balance are key explanatory variables. They effectuate an aggravated pressure on the exchange rate, in particular when global instability rises, reduce foreign exchange income and increase the need thereof – further putting pressure on the exchange rate and undermining the acceptance of Nigerian financial assets. As a result, the central bank is forced to keep interest rates high. These effects have recessionary implications for the domestic economy and impede economic diversification as well as green transition in Nigeria. We empirically show how climate risks are exponents of challenges to central banking in emerging economies which perpetuates global inequality.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101255"},"PeriodicalIF":5.6,"publicationDate":"2025-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143164427","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
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