Journal of Policy Modeling最新文献_第9页

Foreign currency borrowing and risk exposure of firms: An emerging market economy viewpoint 外币借贷与企业风险暴露:新兴市场经济视角

IF 3.5 2区经济学

Journal of Policy Modeling Pub Date : 2023-11-01 DOI: 10.1016/j.jpolmod.2023.09.004

Prasenjit Chakrabarti , Sudipta Sen

{"title":"Foreign currency borrowing and risk exposure of firms: An emerging market economy viewpoint","authors":"Prasenjit Chakrabarti , Sudipta Sen","doi":"10.1016/j.jpolmod.2023.09.004","DOIUrl":"10.1016/j.jpolmod.2023.09.004","url":null,"abstract":"<div><p>Foreign currency borrowings by emerging market corporations have increased significantly post-global financial crisis. Extant literature has mainly focussed on the flow of foreign currency borrowings, and policies which control the volatility of the flow of the foreign currency borrowings. In this paper, we emphasize the stock of the foreign currency borrowings in the balance sheet of a firm instead of the flow of the foreign currency borrowings, and show the ineffectiveness of policies focused on controlling the flow of foreign currency borrowings. We use the data of non-financial Indian firms listed in the Bombay Stock Exchange and National Stock Exchange. Our analysis show the fallacy of a policy focussed on controlling the flow of foreign currency borrowings. Despite policies which control the flow of the foreign currency borrowings, if a firm has a high stock of foreign currency borrowings in their balance sheet then the financial risk associated with the firm increases. A possible implication of our results is that too much foreign currency borrowings may pile up the risk in the financial system which may become a cause of concern.</p></div>","PeriodicalId":48015,"journal":{"name":"Journal of Policy Modeling","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134994754","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 economic consequences of price support policies in semi-subsistence economies 半自给经济中价格支持政策的经济后果

IF 3.5 2区经济学

Journal of Policy Modeling Pub Date : 2023-11-01 DOI: 10.1016/j.jpolmod.2023.11.002

Emerta A. Aragie , Scott McDonald

引用次数: 0

A self-selection pricing mechanism for residential electricity: Measures of sustainability and equity to balance market mechanisms and government controls 居民用电自主定价机制:平衡市场机制和政府调控的可持续性和公平性措施

IF 3.5 2区经济学

Journal of Policy Modeling Pub Date : 2023-11-01 DOI: 10.1016/j.jpolmod.2023.10.002

Xinhua Zhang , C. James Hueng , Robert J. Lemke

引用次数: 0

“One-size-fits-all” public works contract does it better? An assessment of infrastructure provision in Italy “一刀切”的公共工程合约是不是更好?对意大利基础设施供应的评估

IF 3.5 2区经济学

Journal of Policy Modeling Pub Date : 2023-09-01 DOI: 10.1016/j.jpolmod.2023.07.003

Massimo Finocchiaro Castro , Calogero Guccio , Ilde Rizzo

引用次数: 0

Can auctions increase competition in the pension funds market? The Chilean experience 拍卖能增加养老基金市场的竞争吗？智利的经验

IF 3.5 2区经济学

Journal of Policy Modeling Pub Date : 2023-09-01 DOI: 10.1016/j.jpolmod.2023.07.002

Rodrigo Harrison , Marcela Parada-Contzen , Marcelo Villena

{"title":"Can auctions increase competition in the pension funds market? The Chilean experience","authors":"Rodrigo Harrison , Marcela Parada-Contzen , Marcelo Villena","doi":"10.1016/j.jpolmod.2023.07.002","DOIUrl":"10.1016/j.jpolmod.2023.07.002","url":null,"abstract":"<div><p>This paper analyses the auction policy over enrollees’ monopoly rights introduced in the Chilean pension system. This policy was designed to promote competition in the pension fund market driven by private firms, after 30 years of operation. Since the Chilean pension fund system has inspired dozens of countries in the last forty years, the analysis of the design and performance of its relatively new auction mechanism is of worldwide interest. We present a theoretical and empirical model. Our theoretical model illustrates firms’ incentives to participate in the auction process. Our empirical analysis focuses on the effect of auctions on outcomes, such as fees, mark-ups, demand price elasticity, returns, and risk premiums. Despite the evidence shown for the positive benefits of the auction implementation, the current mechanism design is not considering that the biggest issue is the low individuals’ price response levels. Importantly, the current auction design only incentivizes new entrants to participate. Thus, the design generates low competition in the auction processes. Proper design should incentivize all firms to participate. Besides, we find that consumers’ price elasticity increased after the implementation of auctions, although demand is still generally inelastic. Interestingly, non-winning auction firms did not react in fees but may have reacted in other characteristics, such as returns and risk premiums.</p></div>","PeriodicalId":48015,"journal":{"name":"Journal of Policy Modeling","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47931350","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

Regional economic integration and machine learning: Policy insights from the review of literature 区域经济一体化与机器学习:来自文献回顾的政策见解

IF 3.5 2区经济学

Journal of Policy Modeling Pub Date : 2023-09-01 DOI: 10.1016/j.jpolmod.2023.07.001

Philippe De Lombaerde , Dominik Naeher , Hung Trung Vo , Takfarinas Saber

引用次数: 0

Financial markets, inflation and growth: The impact of monetary policy under different political structures 金融市场、通货膨胀与经济增长:不同政治结构下货币政策的影响

IF 3.5 2区经济学

Journal of Policy Modeling Pub Date : 2023-09-01 DOI: 10.1016/j.jpolmod.2023.08.003

Abdorasoul Sadeghi , Seyed Komail Tayebi , Soheil Roudari

{"title":"Financial markets, inflation and growth: The impact of monetary policy under different political structures","authors":"Abdorasoul Sadeghi , Seyed Komail Tayebi , Soheil Roudari","doi":"10.1016/j.jpolmod.2023.08.003","DOIUrl":"10.1016/j.jpolmod.2023.08.003","url":null,"abstract":"<div><p><span>This study assesses the likely effects of different political structures on economic growth by the effects of interest rate<span> on the linkage between financial markets. For this aim, we chose two developing economies with different governance structures, Iran and Argentina. There is a political structure in Iran influenced by religion, whereas Argentina’s political structure does not deal with religion. We first assess the causality amongst the financial markets of the stock market, bank deposits, and the foreign currency market (CM). Then, the effects of the markets and </span></span>inflation<span><span> on economic growth are assessed using Granger-causality tests and Markov-switching models. The results show that there are bidirectional causalities between the financial markets in Iran, and unidirectional causalities in Argentina. The markets affect economic growth in the both countries. For Iran, the monetary policy instrument of </span>interest rate indicates no causalities to the markets, whereas there are strong causalities from interest rate to the markets in Argentina. As a result, Argentinian Central Bank can affect economic growth through the money flow between the markets by freely changing interest rate proportioned with the economic situation. Whereas there is no such a possibility for Iran’s Central Bank. In other words, an active Central bank against the inflation volatility in Argentina versus a passive Central Bank in Iran is one of the consequences of the interest rate repression in a political structure influenced by religion.</span></p></div>","PeriodicalId":48015,"journal":{"name":"Journal of Policy Modeling","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43327745","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

Banking in the MENA region: The pro-active role of financial and economic freedom 中东和北非地区的银行业：金融和经济自由的积极作用

IF 3.5 2区经济学

Journal of Policy Modeling Pub Date : 2023-09-01 DOI: 10.1016/j.jpolmod.2023.06.003

Abdelaziz Hakimi , Helmi Hamdi , Mohamed Ali Khemiri

{"title":"Banking in the MENA region: The pro-active role of financial and economic freedom","authors":"Abdelaziz Hakimi , Helmi Hamdi , Mohamed Ali Khemiri","doi":"10.1016/j.jpolmod.2023.06.003","DOIUrl":"10.1016/j.jpolmod.2023.06.003","url":null,"abstract":"<div><p>The main purpose of this paper is to check whether bank profitability benefits from bank diversification by considering the moderating role of the economic freedom (EF) and financial freedom (FF). This paper uses a sample of 83 conventional banks operating in the MENA countries over the period 2005–2020 and, performs an empirical approach based on the System Generalized Method of Moments (SGMM). To get a better understanding and reliable results on the impact of NII on bank profitability, we split the MENA region in two sub-regions. The first block contains the Gulf Cooperation Council (GCC) countries with a sample of 40 banks and, the second covers the non-GCC countries with a sample of 43 banks. Empirical findings of the aggregate analysis reveal that bank profitability is more sensitive to bank diversification and, benefits from more EF and FF. Furthermore, we found that the interaction between bank diversification, EF and FF negatively affects the level of profitability. The results of the disaggregated analysis confirm the same findings concerning the positive effect of EF and FF and the negative effect of the interactional relationship. However, the effect of bank diversification differs across the two sub-samples.</p></div>","PeriodicalId":48015,"journal":{"name":"Journal of Policy Modeling","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44176323","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: 1

The impact of public subsidies on investment and growth: Policy about evaluation, selection and monitoring 公共补贴对投资和增长的影响:关于评价、选择和监测的政策

IF 3.5 2区经济学

Journal of Policy Modeling Pub Date : 2023-09-01 DOI: 10.1016/j.jpolmod.2023.09.003

László Kállay , Tibor Takács

{"title":"The impact of public subsidies on investment and growth: Policy about evaluation, selection and monitoring","authors":"László Kállay , Tibor Takács","doi":"10.1016/j.jpolmod.2023.09.003","DOIUrl":"https://doi.org/10.1016/j.jpolmod.2023.09.003","url":null,"abstract":"<div><p>Public subsidy, a frequently applied tool of economic development is often provided to the business sector assuming that it promotes investments, employment, and income generation. In this paper a micro economic model based empirical analysis is presented that shows the possible impact of public subsidy on economic growth. The outcomes are derived by investigating the investment decision of the enterprise with and without public subsidy. It is demonstrated that public subsidy may increase social welfare, but under certain circumstances it also may decrease it, partly because authorities deciding about them fail to consider the information on the investment projects that determines the outcome. The empirical analysis of corporate subsidies proves that both cases occur. The number of firms that performed well and presumably had not enough own resources to fund the investment was less than 10% of all subsidized firms. The programs had an overall negative impact on economic growth. We provide recommendations on how methods of evaluations, project selection and monitoring should be modified to achieve better results of subsidy programs.</p></div>","PeriodicalId":48015,"journal":{"name":"Journal of Policy Modeling","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49746182","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: 1

Can authorities curtail falsified trade & investment data that hide capital movements? Evidence from flows between BRICS and the USA 当局能否遏制隐藏资本流动的伪造贸易和投资数据？金砖国家与美国资金流动的证据

IF 3.5 2区经济学

Journal of Policy Modeling Pub Date : 2023-09-01 DOI: 10.1016/j.jpolmod.2023.09.001

Subhasish Das , Amit K. Biswas

{"title":"Can authorities curtail falsified trade & investment data that hide capital movements? Evidence from flows between BRICS and the USA","authors":"Subhasish Das , Amit K. Biswas","doi":"10.1016/j.jpolmod.2023.09.001","DOIUrl":"10.1016/j.jpolmod.2023.09.001","url":null,"abstract":"<div><p>Usually developing and transitional countries are characterised by foreign exchange and capital scarcities and hence resort to stringent trade and capital control<span> policies. This might become counterproductive and provide incentives to the international traders and investors to go for corrupt practices. This paper investigates how do these tight policies might encourage illegal or hidden capital movements across borders. By presenting both a theoretical and an empirical analysis, where traders and investors rationally misreport to evade stringent trade and investment barriers, we first show that illegal capital outflow takes place through trade misreporting and interestingly, export and import misreporting are cointegrated. Secondly and more importantly illegal capital inflow might take place through overreporting of FDI values and illegal capital outflow and inflow are cointegrated too. Based on the thorough investigation of the BRICS – USA bilateral trade and FDI data, we propose that a less regulated trade and investment regime might benefit these countries more as tight and restrictive policies seem to be self-defeating. Our study comes up with policy conclusions that might minimise the cross-border illegal capital movements.</span></p></div>","PeriodicalId":48015,"journal":{"name":"Journal of Policy Modeling","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41615335","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