Quarterly Review of Economics and Finance最新文献_第8页

Impact of a new regulatory policy on thematic and monthly distribution funds in Japan 新监管政策对日本主题基金和月度分销基金的影响

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2024-07-10 DOI: 10.1016/j.qref.2024.101891

Tomoki Kitamura , Kozo Omori

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引用次数: 0

Informality, rule-of-thumb consumers, and the effectiveness of monetary policy in emerging economies 新兴经济体的非正规性、拇指规则消费者和货币政策的有效性

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2024-07-06 DOI: 10.1016/j.qref.2024.101884

Mtendere Chilolo Chikonda , Georgios Chortareas

{"title":"Informality, rule-of-thumb consumers, and the effectiveness of monetary policy in emerging economies","authors":"Mtendere Chilolo Chikonda , Georgios Chortareas","doi":"10.1016/j.qref.2024.101884","DOIUrl":"https://doi.org/10.1016/j.qref.2024.101884","url":null,"abstract":"<div><p>This paper investigates how the presence of a large fraction of rule-of-thumb consumers and an informal sector and (henceforth, informality) impact on the effectiveness of monetary policy in developing/emerging economies. We develop a small open economy New-Keynesian model, which is estimated using data on selected Sub-Saharan African countries where the coexistence of these two frictions is widespread - Burundi, Malawi and Rwanda. The results reveal that (i) rule-of-thumb consumption enhances the dominance of demand shocks and makes inflation stabilization a challenge; (ii) the presence of an informal sector causes supply shocks to be dominant, creating a trade-off between stabilizing inflation and output; (iii) rule-of-thumb consumption weakens the transmission mechanism of monetary policy while its interaction with informality worsens the situation in most of the selected countries; (iv) informality amid a large population of rule-of-thumb consumers causes the nominal interest rate to counterintuitively decline in response to a contractionary monetary policy shock; (v) in some of the selected countries, a positive productivity shock counterintuitively triggers a nominal exchange rate appreciation when informality interacts with rule-of-thumb consumption behavior; (vi) the coexistence of informality and rule-of-thumb consumption behavior amplifies country-risk premium shocks and; (vii) rule-of-thumb consumption behavior is welfare enhancing. These findings are informative to policymakers, particularly in emerging economies, on the priority reforms as they transition to inflation targeting frameworks. Direct policy implications emerge regarding financial inclusion, the size of the informal sector, and farm input subsidy programs.</p></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"97 ","pages":"Article 101884"},"PeriodicalIF":2.9,"publicationDate":"2024-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141594949","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

Antitrust regulation, innovation and industry dynamics 反垄断监管、创新和行业动态

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2024-07-03 DOI: 10.1016/j.qref.2024.101881

Shiyun Xia

引用次数: 0

Analyzing the nature of fund selection measures: Stock picking or trading skill? 分析基金选择措施的本质：选股还是交易技巧？

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2024-07-02 DOI: 10.1016/j.qref.2024.101883

Ping-Wen Sun, Wen-Ju Liao, Wanling Lin

引用次数: 0

Banking efficiency, ownership types, and operations: A quasi-natural experiment of conventional and Islamic banks 银行效率、所有权类型和运营：传统银行和伊斯兰银行的准自然实验

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2024-06-29 DOI: 10.1016/j.qref.2024.101882

Mohan Fonseka , Omar Al Farooque

{"title":"Banking efficiency, ownership types, and operations: A quasi-natural experiment of conventional and Islamic banks","authors":"Mohan Fonseka , Omar Al Farooque","doi":"10.1016/j.qref.2024.101882","DOIUrl":"https://doi.org/10.1016/j.qref.2024.101882","url":null,"abstract":"<div><p>This study examines the banking efficiency of different ownership types and operations in an emerging market in South Asia. It further explores the moderating effect of Islamic banking operations on such relationships. The effects of banking regulatory developments on banking efficiency are also examined through a quasi-natural experiment approach. Using 533 banking unit observations of banks for FY 2002/2003 to 2017/2018 period, and applying the data envelopment analysis (DEA) method for banking efficiency and Tobit regression, the findings document that the banking efficiency of the state-owned conventional banks outperforms privately-owned domestic banks, as well as conventional domestically owned banks (state-owned and privately-owned banks) outperforms the foreign-owned banks. Again, the banking efficiency outperformance of the conventional banking operation over the Islamic banking operation is found. However, the outperformance of conventional state-owned banks diminishes with the moderation of Islamic banking operations. Additionally, the quasi-natural experiment with difference-in-difference (DID) regression result reveals that the banking efficiency of Islamic banks and conventional state-owned banks has improved during the post-regulatory period and reduced the efficiency gap between them (in favor of conventional banks). However, the banking efficiency of conventional state-owned banks offering Islamic banking services has diminished in the post-regulatory period. These findings remain robust during the global financial crisis (GFC) and non-GFC periods. Overall, the results add a new dimension to the banking efficiency and regulatory development research for the policymakers and regulators in the financial services sector.</p></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"97 ","pages":"Article 101882"},"PeriodicalIF":2.9,"publicationDate":"2024-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141594947","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

Pandemic, inequality and public health: A quantitative analysis 流行病、不平等和公共卫生：定量分析

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2024-06-25 DOI: 10.1016/j.qref.2024.101879

Marcelo Arbex , Luiz A. Barros , Márcio V. Corrêa

引用次数: 0

Fiscal consolidations and income inequality: Evaluating the evidence 财政整顿与收入不平等：评估证据

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2024-06-25 DOI: 10.1016/j.qref.2024.101880

Panagiotis Th. Konstantinou

引用次数: 0

Money, output, and prices: 1967-2022 货币、产出和价格：1967-2022

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2024-06-11 DOI: 10.1016/j.qref.2024.101870

Patrick J. Horan

引用次数: 0

Term structure of equity risk premia in rough terrain: 150 years of the French stock market 崎岖地形下股票风险溢价的期限结构：法国股市的 150 年历程

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2024-06-10 DOI: 10.1016/j.qref.2024.101878

Georges Prat , David Le Bris

引用次数: 0

Tail risk connectedness among GCC banks episodes from the Global Financial Crisis to COVID-19 pandemic 从全球金融危机到 COVID-19 大流行的海湾合作委员会银行尾部风险关联性事件

IF 3.4 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2024-06-02 DOI: 10.1016/j.qref.2024.101869

Aktham Maghyereh , Hussein Abdoh

{"title":"Tail risk connectedness among GCC banks episodes from the Global Financial Crisis to COVID-19 pandemic","authors":"Aktham Maghyereh , Hussein Abdoh","doi":"10.1016/j.qref.2024.101869","DOIUrl":"https://doi.org/10.1016/j.qref.2024.101869","url":null,"abstract":"<div><p>This paper aims to analyze the impact of the COVID-19 pandemic on market-based systemic risk and the connectedness of commercial banks in Gulf Cooperation Council countries. The results suggest that systemic risk has increased significantly after the pandemic by employing two very well-known systemic risk measures, the Delta conditional value-at-risk (ΔCoVaR) and the marginal expected shortfall (MES), but heterogeneously across GCC nations. Using the Granger-Causality network method, the results reveal a remarkable rise in the percentage and number of significant connectedness between banks for Kuwait and KSA during the pandemic. Oman and Qatar experienced an unnoticeable increase in bank return connectedness. Furthermore, the study identifies the bank characteristics that provide shelter from the systemic shocks of the pandemic. The study findings indicate that income diversification is the most crucial variable for enhancing bank stability amid the pandemic. Our findings provide policy-related implications for understanding and mitigating risk shock transmission and the containment of systemic financial risk, in addition to multiple future lines of research.</p></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"96 ","pages":"Article 101869"},"PeriodicalIF":3.4,"publicationDate":"2024-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141250932","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