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How does Russia's economy affect the region? Transmission channels and policy options 俄罗斯经济如何影响本地区？传播渠道和政策选择
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-09-29 DOI: 10.1016/j.ememar.2024.101205
{"title":"How does Russia's economy affect the region? Transmission channels and policy options","authors":"","doi":"10.1016/j.ememar.2024.101205","DOIUrl":"10.1016/j.ememar.2024.101205","url":null,"abstract":"<div><div>This paper studies how output fluctuations in Russia are transmitted internationally. Using dynamic panel models, the paper finds that Russia's output fluctuations are an important driver of output fluctuations of countries in the region, especially for oil importers, and are transmitted increasingly via trade and market confidence channels. The magnitude of cross-border spillovers is larger for countries with relatively high bilateral trade concentration, low export diversification, and weak external buffers. The paper also finds evidence that stronger public institutional quality- especially in the fiscal area- may help insulate countries from volatility in the Russian sovereign debt market.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2024-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142422772","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
Local official turnover and bank risk-taking: Evidence from China 地方官员更替与银行风险承担：来自中国的证据
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-09-27 DOI: 10.1016/j.ememar.2024.101208
{"title":"Local official turnover and bank risk-taking: Evidence from China","authors":"","doi":"10.1016/j.ememar.2024.101208","DOIUrl":"10.1016/j.ememar.2024.101208","url":null,"abstract":"<div><div>This study investigates the impact of turnover among local government officials on the risk-taking of local commercial banks in China. Our findings reveal a positive relationship between official turnover and risk-taking in banks. The observed effect is mainly due to a deterioration in credit allocation and heightened competition among banks. Heterogeneous analysis indicates that the impact is more significant in non-election years, in years of enhanced anti-corruption efforts, in regions with poor credit environments, and among smaller banks or banks without political connections. Additionally, compared to normal and local turnover, the positive impact of local official turnover on banks' risk-taking is more pronounced for abnormal and non-local turnovers. These insights deepen our understanding of the economic consequences of official turnover on commercial banks and offer valuable perspectives for banks' risk management strategies.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2024-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142432278","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
Impact of asymmetry on exchange rate determination: The role of fundamentals 不对称对汇率决定的影响：基本面的作用
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-09-21 DOI: 10.1016/j.ememar.2024.101206
{"title":"Impact of asymmetry on exchange rate determination: The role of fundamentals","authors":"","doi":"10.1016/j.ememar.2024.101206","DOIUrl":"10.1016/j.ememar.2024.101206","url":null,"abstract":"<div><div>This study tries to take a new look at the exchange rate determination model by employing recent developments in time series estimation methodologies. For this purpose, the validity of the sticky price monetary exchange rate model has been searched for the Turkish lira / US dollar case. Estimation results considering both linear and non–linear modeling approaches highly support the theoretical foundations and reveal explicitly the asymmetric nature of the model. The paper infers that since the nominal exchange rate seems to be determined through the economic fundamentals, it should not be used as a policy tool with a long–term perspective.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2024-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142358269","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
How do stock markets in emerging economies respond to World Bank loan approvals? 新兴经济体的股票市场如何应对世界银行的贷款审批？
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-09-15 DOI: 10.1016/j.ememar.2024.101207
{"title":"How do stock markets in emerging economies respond to World Bank loan approvals?","authors":"","doi":"10.1016/j.ememar.2024.101207","DOIUrl":"10.1016/j.ememar.2024.101207","url":null,"abstract":"<div><p>This paper examines the impact of World Bank loan approvals on equity markets in borrowing countries. We exploit a rich dataset with World Bank loan commitments and daily stock market returns for 47 emerging markets, allowing us to study short run market reactions to news about World Bank programs. These programs fall into three categories: investment projects, structural adjustment loans that tie future macroeconomic reforms to future loan disbursements (prior to FY2006), and development policy loans that reward completed macroeconomic reforms with current loan disbursements (since FY2006). Event study analysis shows positive abnormal stock market returns on the trading day following investment project loan announcements. The effect depends on loan size as well as market characteristics. Structural adjustment loan announcements are followed by negative abnormal returns; development policy loan announcements, in contrast, are considered good news. This suggests that expected macroeconomic implications of policy change in response to loan conditions drive market reactions, and that changes in the conditionality and disbursement structure of World Bank policy lending were successful in improving market reactions to World Bank programs.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2024-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142239537","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
Does environmental information disclosure regulation improve environmental governance? Evidence from China 环境信息披露监管能改善环境治理吗？来自中国的证据
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-09-13 DOI: 10.1016/j.ememar.2024.101196
{"title":"Does environmental information disclosure regulation improve environmental governance? Evidence from China","authors":"","doi":"10.1016/j.ememar.2024.101196","DOIUrl":"10.1016/j.ememar.2024.101196","url":null,"abstract":"<div><p>This study examines the effectiveness of Chinese environmental information disclosure (EID) regulations. We find that EID regulations improve firms' EID quality (i.e., exist information effect) and foster firms' green behavior (i.e., exist green effect). Mechanism analysis shows that due to lower audit risks, heavy-polluting firms are charged lower audit fees after the implementation of EID regulations; and due to less managerial myopia, heavy-polluting firms significantly increase green investment and green innovation following EID regulations. Additional heterogeneity analysis shows that these information and green effects can be strengthened by institutional environment factors, such as media coverage, audit quality and political cost.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2024-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142239529","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
Untangling the finance-growth nexus: The dual role of financial development in the transmission of shocks 解开金融与增长的关系：金融发展在冲击传递中的双重作用
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-09-07 DOI: 10.1016/j.ememar.2024.101192
{"title":"Untangling the finance-growth nexus: The dual role of financial development in the transmission of shocks","authors":"","doi":"10.1016/j.ememar.2024.101192","DOIUrl":"10.1016/j.ememar.2024.101192","url":null,"abstract":"<div><p>Does financial development shield countries from the pass-through of financial shocks to real outcomes? We evaluate this question by characterizing the probability density of GDP growth conditional on foreign and domestic financial stress indicators in a panel of 24 emerging countries. Our robust results unveil a previously unexplored dual impact of higher degrees of financial development on the transmission of financial stress: while the effect of global factors is attenuated, the impact of domestic factors is exacerbated. This result highlights a previously unexplored channel through which financial development can alter the link between financial (in)stability and GDP growth.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2024-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142172737","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
Does share pledging affect corporate sustainability performance? Empirical evidence from an emerging market 股票质押会影响企业的可持续发展绩效吗？新兴市场的经验证据
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-09-07 DOI: 10.1016/j.ememar.2024.101195
{"title":"Does share pledging affect corporate sustainability performance? Empirical evidence from an emerging market","authors":"","doi":"10.1016/j.ememar.2024.101195","DOIUrl":"10.1016/j.ememar.2024.101195","url":null,"abstract":"<div><p>Using data of Chinese A-share firms between 2010 and 2021, this paper examines whether and how share pledging affects corporate environmental, social, and governance (ESG) performance. We find that share pledging by major shareholders reduces corporate ESG performance, and this finding remains robust after various robustness tests, such as addressing endogeneity issues and using alternative measures. We also find that major shareholders' share pledging inhibits ESG performance by exacerbating short-term financial behaviors such as tunneling and earnings management and suppressing sustainable investments such as green innovation, social donations, and internal control. It suggests that firms with share pledging prioritize short-term financial activities and decrease investment in sustainable development. The heterogeneity tests show that investors focusing on long-term development, effective external monitoring, and internal governance could mitigate the negative impact of share pledging on sustainability performance. Furthermore, we find that the negative influence of share pledging on ESG performance occurs mainly in the sample in which the pledged funds are invested in entities other than the focal listed companies. Based on sustainable business development, this paper contributes to the literature on the economic consequences of share pledging. These findings are valuable and motivating for regulators and investors in their decision-making.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2024-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142233912","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
Connectedness and risk spillovers among sub-Saharan Africa and MENA equity markets 撒哈拉以南非洲和中东及北非股票市场之间的关联性和风险溢出效应
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-09-05 DOI: 10.1016/j.ememar.2024.101193
{"title":"Connectedness and risk spillovers among sub-Saharan Africa and MENA equity markets","authors":"","doi":"10.1016/j.ememar.2024.101193","DOIUrl":"10.1016/j.ememar.2024.101193","url":null,"abstract":"<div><p>This study investigates risk spillovers among sub-Saharan African (SSA) stock markets, the Middle East, and North Africa (MENA). Analyzing daily data from March 27th, 2014, to January 24th, 2022, using a quantile connectedness approach, we find high and heterogeneous connectedness, particularly during extreme market conditions. Lower and upper quantiles exhibit the strongest connectivity and shock transmission. Network structure intensified during the global health crisis and subsequent recovery phase. Geopolitical and oil price uncertainty are significant drivers in risk spillovers between SSA and MENA equity markets. The observed variation in transfer spillovers across quantiles offers investors opportunities to optimize hedging strategies. Our findings underscore the need for policymakers to consider market interconnectedness when developing measures to address asset price sensitivity.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2024-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142168700","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
Stock market connectedness during an energy crisis: Evidence from South Africa 能源危机期间的股市关联性：南非的证据
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-09-04 DOI: 10.1016/j.ememar.2024.101194
{"title":"Stock market connectedness during an energy crisis: Evidence from South Africa","authors":"","doi":"10.1016/j.ememar.2024.101194","DOIUrl":"10.1016/j.ememar.2024.101194","url":null,"abstract":"<div><p>This study examines the within-industry and global volatility connectivity of the South African equity market during a major domestic energy crisis (load-shedding) and the COVID-19 pandemic. Using a time-varying parameter vector autoregressive model, we identify distinct patterns in volatility spillovers across periods of global and domestic crises. The onset of the COVID-19 pandemic increased interconnectedness between South Africa and global equity markets. In contrast, during domestic load-shedding, the Johannesburg Stock Exchange (JSE) became detached from international markets, highlighting the localized impact of this crisis. We find that the financial and energy industries are consistently net receivers and transmitters of shocks during both crises which demonstrate their systemic importance to South Africa. Our findings provide insights into the dynamic nature of volatility connectedness, with implications for risk management and policy formulation in Africa.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2024-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142168699","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
Setting up a sovereign wealth fund to reduce currency crises 建立主权财富基金，减少货币危机
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-09-01 DOI: 10.1016/j.ememar.2024.101191
{"title":"Setting up a sovereign wealth fund to reduce currency crises","authors":"","doi":"10.1016/j.ememar.2024.101191","DOIUrl":"10.1016/j.ememar.2024.101191","url":null,"abstract":"<div><p>This paper assesses whether and how setting up a sovereign wealth fund has a buffer effect against currency crises. Using an innovative dynamic logit panel model framework and a unique dataset covering 34 emerging countries over the period 1989–2019, we empirically show that sovereign wealth funds reduce the occurrence of currency crises. This result is robust to different econometric specifications, alternative definitions of sovereign wealth funds, controlling for currency crisis risk factors, and income level sampling. Our findings have important implications for financial stability and for policymakers, who could further exploit the potential of sovereign wealth funds to better manage foreign exchange risks.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142137394","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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