发布求助
文献互助 智能选刊 最新文献

Emerging Markets Review最新文献

筛选
英文 中文
Digital finance and stock price crash: Evidence from China 数字金融与股价暴跌：来自中国的证据
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-03-28 DOI: 10.1016/j.ememar.2025.101287
Ping Zhang , Yiru Wang
{"title":"Digital finance and stock price crash: Evidence from China","authors":"Ping Zhang ,&nbsp;Yiru Wang","doi":"10.1016/j.ememar.2025.101287","DOIUrl":"10.1016/j.ememar.2025.101287","url":null,"abstract":"<div><div>In this paper, we study the impact of digital finance on stock price crash risk based on 293 Chinese city-level digital finance indexes and all A-share listed companies from 2011 to 2022. We find that digital finance can decrease stock price crash risk by the Generalized Method of Moments (GMM) dynamic panel regression model. The promotion of digital transformation, the increase of information transparency, and the decrease of financial risks are three plausible channels that allow digital finance to reduce stock price crash risk. These mechanisms shed light on the pathways through which digital finance can enhance market stability. Furthermore, our investigation reveals that the reducing effect is more pronounced in higher competitive industries and new technology firms. The conclusion enriches and expands the research on digital finance and corporate stock price crash risk, providing a theoretical basis for improving and stabilizing the Chinese capital market and promoting the development strategy of digital finance.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"66 ","pages":"Article 101287"},"PeriodicalIF":5.6,"publicationDate":"2025-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143760657","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
Trade sanctions and global value chains: The role of financial development and capital openness in emerging markets 贸易制裁与全球价值链：新兴市场金融发展和资本开放的作用
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-03-28 DOI: 10.1016/j.ememar.2025.101281
Maria Cipollina , Silvia Dal Bianco
{"title":"Trade sanctions and global value chains: The role of financial development and capital openness in emerging markets","authors":"Maria Cipollina ,&nbsp;Silvia Dal Bianco","doi":"10.1016/j.ememar.2025.101281","DOIUrl":"10.1016/j.ememar.2025.101281","url":null,"abstract":"<div><div>This study assesses the impact of financial development and capital openness on global value chains (GVC) participation in the context of trade sanctions. Specifically, we test three hypotheses: first, whether financial development and capital openness mitigate the impact of trade sanctions on access to foreign intermediate goods (backward linkages); second, whether they alleviate the consequences of trade sanctions that increase the cost of finished products (forward linkages); and finally, whether the moderation effect matters for emerging markets. Using a gravity model with a purpose-built dataset covering GVC participation indices in 66 source and destination countries and 23 sectors from 1995 to 2020, our analysis reveals a negative impact of sanctions on GVC participation, with a notable persistence in interrupting backward participation. Higher levels of financial development and capital openness enhance countries' resilience to sanctions, particularly for backward participation and in countries with limited access to international capital. Focusing on emerging markets, we find evidence of significant interplay between foreign and domestic financial resources, where underdeveloped internal financial conditions are eased by international finance and vice-versa, allowing emerging markets to partially offset the adverse impact of sanctions.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"67 ","pages":"Article 101281"},"PeriodicalIF":5.6,"publicationDate":"2025-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143838709","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
Bank market power and monetary policy transmission: Evidence from loan-level data 银行市场力量与货币政策传导：来自贷款层面数据的证据
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-03-20 DOI: 10.1016/j.ememar.2025.101280
Nadezhda Ivanova , Svetlana Popova , Konstantin Styrin
{"title":"Bank market power and monetary policy transmission: Evidence from loan-level data","authors":"Nadezhda Ivanova ,&nbsp;Svetlana Popova ,&nbsp;Konstantin Styrin","doi":"10.1016/j.ememar.2025.101280","DOIUrl":"10.1016/j.ememar.2025.101280","url":null,"abstract":"<div><div>This paper asks the following questions. How does bank' market power reshape the transmission of monetary policy to bank lending? How does it affect loan characteristics such as the loan volume and maturity, lending interest rates, risk, and the extensive margin of lending? Is there a trade-off between financial stability and the strength of monetary transmission? We find that, for credit institutions with greater market power, monetary policy has a muted effect on fixed and floating lending interest rates, loan maturities and the extensive margin of lending at floating rates, whereas its influence on the loan volume and the extensive margin for fixed-rate loans, and risk-taking is neutral. Our current findings implying no trade-off between the strength of monetary policy transmission and financial stability are indecisive and subject to further investigation.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"66 ","pages":"Article 101280"},"PeriodicalIF":5.6,"publicationDate":"2025-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143815081","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 impact of currency depreciation and foreign exchange positions on bank lending: Evidence from an emerging market 货币贬值和外汇头寸对银行贷款的影响：来自新兴市场的证据
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-03-17 DOI: 10.1016/j.ememar.2025.101279
Cristeta Bagsic , Veronica Bayangos , Ramon Moreno , Hazel Parcon-Santos
{"title":"The impact of currency depreciation and foreign exchange positions on bank lending: Evidence from an emerging market","authors":"Cristeta Bagsic ,&nbsp;Veronica Bayangos ,&nbsp;Ramon Moreno ,&nbsp;Hazel Parcon-Santos","doi":"10.1016/j.ememar.2025.101279","DOIUrl":"10.1016/j.ememar.2025.101279","url":null,"abstract":"<div><div>This study explores how currency depreciation and foreign exchange positions affect bank lending in the Philippines, where banks typically hold positive net foreign assets. We find that banks with rising foreign assets relative to liabilities expand lending during depreciation periods, particularly foreign and large banks in their USD-denominated lending. Sustained depreciations have stronger effects than temporary ones, provided they remain below a threshold. This underscores the role of both depreciation magnitude and duration in lending behavior. Foreign banks demonstrate resilience by increasing lending during depreciation periods, likely due to their access to international networks and diverse funding sources.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"66 ","pages":"Article 101279"},"PeriodicalIF":5.6,"publicationDate":"2025-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143760658","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
Fraud detection at eBay eBay的欺诈检测
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-03-11 DOI: 10.1016/j.ememar.2025.101277
Susie Xi Rao , Zhichao Han , Hang Yin , Jiawei Jiang , Zitao Zhang , Yang Zhao , Yinan Shan
{"title":"Fraud detection at eBay","authors":"Susie Xi Rao ,&nbsp;Zhichao Han ,&nbsp;Hang Yin ,&nbsp;Jiawei Jiang ,&nbsp;Zitao Zhang ,&nbsp;Yang Zhao ,&nbsp;Yinan Shan","doi":"10.1016/j.ememar.2025.101277","DOIUrl":"10.1016/j.ememar.2025.101277","url":null,"abstract":"<div><div>Fraud detection is a key research topic for e-commerce, addressing challenges like dynamic heterogeneity and interlinked fraudulent patterns. Existing efforts include rule-based and machine learning systems, but graph-based approaches are increasingly critical. This paper presents the first systematic review of fraud detection in real-world e-commerce environment like eBay, leveraging multi-source data such as transaction logs and user behavior, dealing with challenges of information heterogeneity, scalability, graph dynamics, explainability, and adaptability. We also highlight eBay's efforts in designing explainable fraud detection systems with graph neural networks (GNNs) tailored to deployment needs and offer insights and recommendations for advancing research.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"66 ","pages":"Article 101277"},"PeriodicalIF":5.6,"publicationDate":"2025-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143767486","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
Managers' individualistic culture and trade credit 管理者的个人主义文化与贸易信用
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-03-10 DOI: 10.1016/j.ememar.2025.101278
Yonggen Luo , Na Tian , Dongmin Kong , Huijie Cui
{"title":"Managers' individualistic culture and trade credit","authors":"Yonggen Luo ,&nbsp;Na Tian ,&nbsp;Dongmin Kong ,&nbsp;Huijie Cui","doi":"10.1016/j.ememar.2025.101278","DOIUrl":"10.1016/j.ememar.2025.101278","url":null,"abstract":"<div><div>Culture is formed as a response to the demands of the environment. We investigate how managers' individualistic culture affects firms' trade credit. Our findings show a positive link between the two. Cross-sectional analyses demonstrate that the positive relation is enhanced in regions with better legal systems but attenuated if the firm has a higher supplier concentration. To address the concern of endogeneity, we adopt an instrumental variable approach. Our findings remain in robustness checks. Overall, this paper takes a deep dive into the chairperson's farming culture in developing countries and reveals how this informal tradition is priced into corporate decisions.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"66 ","pages":"Article 101278"},"PeriodicalIF":5.6,"publicationDate":"2025-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143636548","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
Systemic risk between banks and firms in dual-layer dynamic networks 双层动态网络中银行与企业之间的系统性风险
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-03-05 DOI: 10.1016/j.ememar.2025.101276
Shuitu Qian, Hang You, Xiaoyuan Zhang
{"title":"Systemic risk between banks and firms in dual-layer dynamic networks","authors":"Shuitu Qian,&nbsp;Hang You,&nbsp;Xiaoyuan Zhang","doi":"10.1016/j.ememar.2025.101276","DOIUrl":"10.1016/j.ememar.2025.101276","url":null,"abstract":"<div><div>In this paper, we utilize the interbank market, inter-firm transaction linkages, and inter-bank lending connections to construct a dual-layered network that interconnects banks and firms. Subsequently, we develop a theoretical model of systemic risk by integrating system dynamics, aiming to explore the patterns of systemic risk between banks and firms. Furthermore, we employ the LASSO-ΔCoVaR method to construct indicators of network topology and systemic risk, and empirically analyze the characteristics of time-varying tail risk spillovers between banks and firms in China from 2013 to 2022. The theoretical study reveals a steady state of default risk within the dual-layered risk contagion network. When banks and firms form a quasi-regular dual-layered network structure, an analytical solution for the expected loss of the dual-layered network can be derived. The empirical results indicate: (1) A strong correlation and linkage between tail risk spillovers of banks and firms. (2) Significant asymmetry in risk spillover between banks and firms. (3) Higher levels of systemic risk exposure and contribution for firms compared to banks. This paper offers theoretical support for identifying risks between banks and firms and provides methods for preventing systemic risks.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"66 ","pages":"Article 101276"},"PeriodicalIF":5.6,"publicationDate":"2025-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143643089","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
Enhancing bank liquidity creation through digital innovation: Exploring the impact of macroprudential policy sentiments 通过数字创新增强银行流动性创造：探索宏观审慎政策情绪的影响
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-03-04 DOI: 10.1016/j.ememar.2025.101275
Li Wang , Shangda Li , Zhan Fa , Yanan Wang
{"title":"Enhancing bank liquidity creation through digital innovation: Exploring the impact of macroprudential policy sentiments","authors":"Li Wang ,&nbsp;Shangda Li ,&nbsp;Zhan Fa ,&nbsp;Yanan Wang","doi":"10.1016/j.ememar.2025.101275","DOIUrl":"10.1016/j.ememar.2025.101275","url":null,"abstract":"<div><div>This paper investigates the connection between liquidity creation and bank digital innovation using panel data from 129 Chinese banks between 2010 and 2021. The macroprudential policy sentiment is also introduced into our model to explore how it affects the impact of bank digital innovation on liquidity creation. The results show that bank digital innovation can promote their liquidity creation, and this is primarily achieved through improving the profitability and asset quality of the banks. The sentimental effect of macroprudential policy communication strengthens this promotion, and the effect is significant both among banks in regions with strong financial regulation and high financial disintermediation, as well as banks that are not systemically important. The conclusions provide policy implications for utilizing digital innovation in banks effectively in order to cultivate new quality productive forces.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"66 ","pages":"Article 101275"},"PeriodicalIF":5.6,"publicationDate":"2025-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143601098","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 credit in Brazil: The role of digital connectivity and education 巴西的地方信贷：数字连接和教育的作用
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 不咬人的狗：新兴和发展中经济体在2019冠状病毒病期间的突然停滞
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
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：481959085
Book学术官方微信