Quarterly Review of Economics and Finance最新文献_第4页

The macroeconomic stabilisation and welfare implications of alternative strategic and fiscal regimes in a monetary union

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2024-11-14 DOI: 10.1016/j.qref.2024.101931

Christos Mavrodimitrakis

{"title":"The macroeconomic stabilisation and welfare implications of alternative strategic and fiscal regimes in a monetary union","authors":"Christos Mavrodimitrakis","doi":"10.1016/j.qref.2024.101931","DOIUrl":"10.1016/j.qref.2024.101931","url":null,"abstract":"<div><div>A standard neo-Keynesian model for a monetary union in structural form, in which the monetary authority and the fiscal authorities strategically interact, is utilised to explore the macroeconomic stabilisation and welfare implications of alternative institutional arrangements under various shocks. Eight alternative institutional arrangements (combinations of strategic and fiscal regimes), five types of structural characteristics on relative policy effectiveness, and seven distinct categories and six types of shocks are considered. The importance of the structural characteristics on relative policy effectiveness in defining the policy-mix outcomes and the macroeconomic stabilisation and welfare implications of the alternative institutional arrangements under various shocks are highlighted. We provide a welfare ranking for the alternative institutional arrangements for each of the authorities involved. A conflict of interest is detected between the monetary and the fiscal authorities when fiscal policy is more effective in stabilising aggregate demand relative to inflation than monetary policy, since the former prefers the simultaneous-move strategic regime with fiscal policies’ (broad) coordination, while the national fiscal authorities prefer the fiscal leadership one, for most types of demand/supply shocks. A social planner always prefers fiscal leadership with broad coordination, irrespective of structural characteristics or categories/types of shocks.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"100 ","pages":"Article 101931"},"PeriodicalIF":2.9,"publicationDate":"2024-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143130276","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

Quantile volatility connectedness among themes and sectors: Novel evidence from China 主题和行业之间的量子波动关联性：来自中国的新证据

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2024-11-07 DOI: 10.1016/j.qref.2024.101937

Bin Zhou, Huai-Long Shi

引用次数: 0

Credit ratings and corporate ESG behavior 信用评级与企业的环境、社会和公司治理行为

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2024-11-01 DOI: 10.1016/j.qref.2024.101938

Junyong Lee , Kyounghun Lee , Frederick Dongchuhl Oh

引用次数: 0

Unveiling dynamics: Financial performance determinants in the Ghanaian insurance industry 揭示动态：加纳保险业财务业绩的决定因素

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2024-11-01 DOI: 10.1016/j.qref.2024.101935

Ezekiel Kofi Opoku , Edward Marfo-Yiadom , Mariya Gubareva , José Zorro Mendes

{"title":"Unveiling dynamics: Financial performance determinants in the Ghanaian insurance industry","authors":"Ezekiel Kofi Opoku , Edward Marfo-Yiadom , Mariya Gubareva , José Zorro Mendes","doi":"10.1016/j.qref.2024.101935","DOIUrl":"10.1016/j.qref.2024.101935","url":null,"abstract":"<div><div>This pioneering study unravels the financial performance dynamics of Ghanaian insurance firms, leveraging proprietary data from the National Insurance Company (NIC), Ghana. Utilizing a system GMM technique on a comprehensive panel dataset of 40 firms from 2012 to 2017, it uncovers cost efficiency, claims ratio, retention ratio, audit fees, firm age and size, and board composition as crucial performance drivers. In what concerns the implications for the emerging economies, we show that the inclusion of the variable “risk retention and claims” helps insurance companies to better ascertain the right level of risks associated with the businesses they underwrite, so that the claims ratio will be minimized, and the appropriate premium ensured. Moreover, for the insurance sector in the frontier markets, with characteristics like Ghana´s economy, the study advocates for strategic cost control measures and emphasizes the need for proactive regulatory approaches aiming to enhance policy actions and to provide supplementary funds for firms demonstrating growth potential. These empirical evidence-based insights help design a roadmap for developing the insurance sector in the economies belonging to frontier and emerging markets.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"98 ","pages":"Article 101935"},"PeriodicalIF":2.9,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142651683","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

Institutional blockholder monitoring and stock price crash risk 机构大股东监控与股价暴跌风险

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2024-10-23 DOI: 10.1016/j.qref.2024.101933

Chune Young Chung , Pham Thi Ngoc Dung , Chang Liu

引用次数: 0

Employee stock ownership plan as a measure of covering up corporate fraud: Evidence from China 员工持股计划是掩盖公司欺诈行为的一种措施：来自中国的证据

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2024-10-22 DOI: 10.1016/j.qref.2024.101934

Ben Ma , Yong Qiu

引用次数: 0

Asymmetric nexus between shadow economy and financial instability: Does institutional quality matter? 影子经济与金融不稳定之间的不对称关系：机构质量是否重要？

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2024-10-22 DOI: 10.1016/j.qref.2024.101932

Faisal Faisal , Suresh Ramakrishnan , Sami Ur Rahman , Adnan Ali , Hamid Ghazi H Sulimany

{"title":"Asymmetric nexus between shadow economy and financial instability: Does institutional quality matter?","authors":"Faisal Faisal , Suresh Ramakrishnan , Sami Ur Rahman , Adnan Ali , Hamid Ghazi H Sulimany","doi":"10.1016/j.qref.2024.101932","DOIUrl":"10.1016/j.qref.2024.101932","url":null,"abstract":"<div><div>Policymakers worldwide, especially central banks, are concerned about the causes and remedies of financial instability. This study examines the asymmetric influence of the shadow economy on financial instability. Moreover, the study analyzes the moderating role of institutional quality (IQ) in the shadow economy and financial instability nexus. This study used novel econometric techniques, including RALS-ADF and RALS-LM unit root tests, RALS-Fourier ARDL, NARDL, and single Fourier-Toda and Yamamoto causality tests, using yearly data from 1984 to 2020 for Turkey. Specifically, a positive shock to IQ declines financial instability, while a negative shock to IQ promotes it. Further, the negative shock to SE lessens the financial instability. Moreover, the negative shock to the interaction term implies that the shadow economy outweighs the IQ (depending on the level of IQ) in its effect in the case of Turkey, i.e., even if IQ increases (which usually decreases financial instability), the increasing SE has a dominant effect, and eventually upsurges financial instability. Additionally, in line with the institutional failure hypothesis, the negative shock to interaction term leads to a substantial increase in financial instability. Finally, the findings showed a one-way causality that runs from economic growth to financial instability and bidirectional causality between SE and GDP. The government should reduce shadow economic activities in the economy by enhancing IQ, which can increase government revenue and reduce financial instability.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"98 ","pages":"Article 101932"},"PeriodicalIF":2.9,"publicationDate":"2024-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142651682","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

Vulnerable options with regime switching and stochastic liquidity 制度转换和随机流动性下的脆弱期权

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2024-10-18 DOI: 10.1016/j.qref.2024.101930

Xin-Jiang He , Puneet Pasricha , Tuantuan Lu , Sha Lin

引用次数: 0

The value of international standards certification: Evidence on export and firm performance from a security enforcement on borders 国际标准认证的价值：边境安全执法对出口和公司业绩的影响

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2024-10-02 DOI: 10.1016/j.qref.2024.101926

Shu-Ching Chou, Yen-Hui Kuo, Yu-Hsiu Cheng

{"title":"The value of international standards certification: Evidence on export and firm performance from a security enforcement on borders","authors":"Shu-Ching Chou, Yen-Hui Kuo, Yu-Hsiu Cheng","doi":"10.1016/j.qref.2024.101926","DOIUrl":"10.1016/j.qref.2024.101926","url":null,"abstract":"<div><div>Globally, economic growth is promoted through regional economic integration, and governments actively try to improve the security and efficiency of international trade and border management by optimizing the conditions for international trade. The World Trade Organization (WTO) introduced the Authorized Economic Operator (AEO) certification system to improve the efficiency of customs clearance and to ensure the security of the global supply chain. Using a sample of Taiwanese-listed firms that attained AEO certification from 2009 to 2018, this study investigates the influence of AEO certification on their export sales and corporate performance. The empirical results show that AEO-certified firms increase their ratio of export sales and the scope of export destination regions. However, AEO-certified firms can not improve their operating and market performance significantly, except for low-performance firms in the accreditation year. This study also uses the two-stage least square regressions (2SLS) method and the propensity score matching method to conduct the regression analysis. The regression results are consistent with the main findings. The findings can be used for reference by firms seeking to expand international trade and by governments to promote the country’s international trading.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"98 ","pages":"Article 101926"},"PeriodicalIF":2.9,"publicationDate":"2024-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142425577","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

Intraday analyses on weather-induced sentiment and stock market behavior 对天气引发的情绪和股市行为进行日内分析

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2024-10-01 DOI: 10.1016/j.qref.2024.101929

Sangik Seok , Hoon Cho , Doojin Ryu

引用次数: 0