发布求助
文献互助 智能选刊 最新文献

Journal of Financial Stability最新文献

筛选
英文 中文
Policy rules and forward guidance following the Covid-19 recession 科维德-19 经济衰退后的政策规则和前瞻性指导
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-08-13 DOI: 10.1016/j.jfs.2024.101321
David H. Papell, Ruxandra Prodan-Boul
{"title":"Policy rules and forward guidance following the Covid-19 recession","authors":"David H. Papell,&nbsp;Ruxandra Prodan-Boul","doi":"10.1016/j.jfs.2024.101321","DOIUrl":"10.1016/j.jfs.2024.101321","url":null,"abstract":"<div><p>In August 2020, the Federal Open Market Committee adopted a far-reaching Revised Statement on Longer-Run Goals and Monetary Policy Strategy. The framework contains two major changes from the original 2012 statement. First, policy decisions will attempt to mitigate <em>shortfalls</em>, rather than <em>deviations</em>, of employment from its maximum level. Second, the FOMC will implement Flexible Average Inflation Targeting. We show how to modify the rules in the Fed’s Monetary Policy Report to be consistent with the revised statement, how the pattern of falling behind the curve, pivot, and getting back on track in Fed policy during 2021 and 2022 could have been avoided by following inertial rules consistent with either the original or the revised statements, and how current and projected Fed policy for 2023 – 2026 is in accord with the prescriptions from inertial rules.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"74 ","pages":"Article 101321"},"PeriodicalIF":6.1,"publicationDate":"2024-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142195780","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
Lobbying and liquidity requirements: Large versus small banks 游说和流动性要求：大型银行与小型银行
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-08-08 DOI: 10.1016/j.jfs.2024.101316
Oz Shy , Rune Stenbacka
{"title":"Lobbying and liquidity requirements: Large versus small banks","authors":"Oz Shy ,&nbsp;Rune Stenbacka","doi":"10.1016/j.jfs.2024.101316","DOIUrl":"10.1016/j.jfs.2024.101316","url":null,"abstract":"<div><p>We design a model with banks of unequal size operating subject to liquidity requirements in an imperfectly-competitive deposit market. We show that large banks have stronger incentives than small ones to lobby in order to relax the liquidity requirements unless they bear significantly higher lobbying costs. Therefore, lobbying magnifies asymmetries between banks. Furthermore, we establish that the organization of influence activities matters. An industry-wide bank association for lobbying to relax the liquidity requirements suffers from an internal conflict of interest and cannot simultaneously benefit both large and small banks if these have identical lobbying cost functions.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"74 ","pages":"Article 101316"},"PeriodicalIF":6.1,"publicationDate":"2024-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141978213","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
Climate change exposure, financial development, and the cost of debt: Evidence from EU countries 气候变化风险、金融发展和债务成本：欧盟国家的证据
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-08-03 DOI: 10.1016/j.jfs.2024.101315
Vu Quang Trinh , Hai Hong Trinh , Teng Li , Xuan Vinh Vo
{"title":"Climate change exposure, financial development, and the cost of debt: Evidence from EU countries","authors":"Vu Quang Trinh ,&nbsp;Hai Hong Trinh ,&nbsp;Teng Li ,&nbsp;Xuan Vinh Vo","doi":"10.1016/j.jfs.2024.101315","DOIUrl":"10.1016/j.jfs.2024.101315","url":null,"abstract":"<div><p>Utilising climate-related narratives in conference call transcripts to measure firm-level exposure to climate risks, we examine the association between such exposure and the corporate cost of debt financing. Using a sample of 21 European countries from 2001 to 2020, we find that firms exposed to greater climate change experience higher debt costs. The impact is even more extreme when using climate-related opportunity and regulatory exposure measures. We further find critical economic channels through which the higher debt costs occur: financial development and credit supplies. Specifically, our findings hold only for firms in weakly developed financial markets and institutions as measured by the new broad-based multi-dimensional financial development indices. We also find some other conditioning factors. Firstly, the higher the carbon intensity level, the greater the debt cost a firm with more climate change exposure must pay. Secondly, debtholders appear to punish firms with high environmental and social disclosure that are exposed to more climate change. Thirdly, the findings are more pronounced in financially constrained firms.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"74 ","pages":"Article 101315"},"PeriodicalIF":6.1,"publicationDate":"2024-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1572308924001001/pdfft?md5=a0576b0e23c3a0ac40061f16931015b9&pid=1-s2.0-S1572308924001001-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141949183","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
Opportunities and challenges associated with the development of FinTech and Central Bank Digital Currency 与金融科技和中央银行数字货币发展相关的机遇和挑战
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-08-01 DOI: 10.1016/j.jfs.2024.101280
{"title":"Opportunities and challenges associated with the development of FinTech and Central Bank Digital Currency","authors":"","doi":"10.1016/j.jfs.2024.101280","DOIUrl":"10.1016/j.jfs.2024.101280","url":null,"abstract":"<div><p>Central banks around the world are exploring the possibility of Central Bank Digital Currencies (CBDCs) for retail and wholesale use. While no major economy is yet to fully introduced a CBDC, some countries have begun pilot programs. The purpose of this paper is to highlight the potential benefits and risks associated with CBDCs, including challenges and opportunities associated with proposed CBDC regulation in the United States and the European Union. The paper also discusses the CBDC landscape in Asia. It highlights some of the key findings of the research presented in this special issue on FinTech and CBDCs. Lastly, the paper offers thoughts for potential future research in areas such as the actual designs of CBDCs and their uses, ‘DeFi’ versus ‘CeFi’, their interoperability and stability, and concerns over cybercrime.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"73 ","pages":"Article 101280"},"PeriodicalIF":6.1,"publicationDate":"2024-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141548837","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
Green-adjusted share prices: A comparison between standard investors and investors with green preferences 绿色调整股价：标准投资者与绿色偏好投资者之间的比较
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-07-27 DOI: 10.1016/j.jfs.2024.101314
Enoch Quaye , Diana Tunaru , Radu Tunaru
{"title":"Green-adjusted share prices: A comparison between standard investors and investors with green preferences","authors":"Enoch Quaye ,&nbsp;Diana Tunaru ,&nbsp;Radu Tunaru","doi":"10.1016/j.jfs.2024.101314","DOIUrl":"10.1016/j.jfs.2024.101314","url":null,"abstract":"<div><p>We employ the green revenue factors of firms, used in the computation of the FTSE Russell 1000 Green Revenues index to create corresponding green-adjusted share prices. We compute the firm betas, under both the standard and the green-adjusted share pricing. Our findings suggest that tilting of firm stock returns towards green finance could change temporarily asset pricing views. The Fama-French risk factors display very high correlations between the two settings. Nevertheless, there are some significant differences between standard and green-adjusted betas during periods associated with green activism and positive political decisions of financially supporting the global climate action.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"74 ","pages":"Article 101314"},"PeriodicalIF":6.1,"publicationDate":"2024-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1572308924000998/pdfft?md5=436f0a9efb8f0c47d5d21cfdb56542c6&pid=1-s2.0-S1572308924000998-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141846537","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
Bank deregulation and corporate social responsibility 放松银行管制与企业社会责任
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-07-27 DOI: 10.1016/j.jfs.2024.101313
Frank Hong Liu , Qiang Wu , Yue Zhou
{"title":"Bank deregulation and corporate social responsibility","authors":"Frank Hong Liu ,&nbsp;Qiang Wu ,&nbsp;Yue Zhou","doi":"10.1016/j.jfs.2024.101313","DOIUrl":"10.1016/j.jfs.2024.101313","url":null,"abstract":"<div><p>We show how external credit market development can affect corporate social responsibility. Using a sample of US public firms over the period 1991–2010, we find that bank deregulation negatively affects CSR performance. We argue that deregulation-induced banking competition enhances credit accessibility, thereby reducing firms’ incentives to pursue CSR as a means of securing stakeholder rewards. Empirical evidence shows that firms increase their use of debt financing in response to the intensified banking competition, and these firms experience a more pronounced decline in CSR performance. We alleviate the potential concern that the observed decline in CSR could be attributed to changes in bank monitoring following deregulation. Further analyses find that firms reduce CSR regardless of their material nature, suggesting that the primary driver of CSR could be the trade-off between costs and returns. Overall, our findings shed light on the strategic motives of CSR, which exhibits adaptability in response to business dynamism.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"74 ","pages":"Article 101313"},"PeriodicalIF":6.1,"publicationDate":"2024-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1572308924000986/pdfft?md5=20a8c06184b341d147c8c7151d698820&pid=1-s2.0-S1572308924000986-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141848456","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
Price exuberance episodes in private real estate 私人房地产价格飙升事件
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-07-26 DOI: 10.1016/j.jfs.2024.101300
Peter Cincinelli , Sotiris Tsolacos , Giovanni Urga
{"title":"Price exuberance episodes in private real estate","authors":"Peter Cincinelli ,&nbsp;Sotiris Tsolacos ,&nbsp;Giovanni Urga","doi":"10.1016/j.jfs.2024.101300","DOIUrl":"10.1016/j.jfs.2024.101300","url":null,"abstract":"<div><p>In this paper, we investigate price exuberance episodes in the main UK commercial real estate sectors – retail, offices and industrials - over the period December 1986–April 2022. Using the Backward Supremum Augmented Dickey Fuller approach of Phillips et al. (2015a,b), we find that episodes of price explosiveness are asynchronous across sectors with only common phase being the period 2003–2007. We also conduct a multivariate probit analysis to identify factors that indicate the occurrence of price exuberance episodes and generate early signals for possible price bubble building. The predictors for price explosiveness differ by sector with more consistent signals obtained from the yield curve for retail and industrials, rent growth for offices and industrials, and inflation for retail and offices. A key implication of this study is that the study of price exuberance and bubbles in private real estate should be sector specific even within the same country.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"74 ","pages":"Article 101300"},"PeriodicalIF":6.1,"publicationDate":"2024-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141851870","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
Firm-level political risk and stock price crashes 公司层面的政治风险与股价暴跌
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-07-25 DOI: 10.1016/j.jfs.2024.101303
Panagiota Makrychoriti , Emmanouil G. Pyrgiotakis
{"title":"Firm-level political risk and stock price crashes","authors":"Panagiota Makrychoriti ,&nbsp;Emmanouil G. Pyrgiotakis","doi":"10.1016/j.jfs.2024.101303","DOIUrl":"10.1016/j.jfs.2024.101303","url":null,"abstract":"<div><p>In this study, we examine the relationship between firm-level political risk and stock price crash risk. Using a broad dataset of 4230 U.S. firms, 38,097 firm-year observations from 2002 to 2019, we reveal a positive association between political risk and stock price crash risk. These findings are robust to several model specifications and endogeneity checks. By using the Brexit referendum as a quasi-natural experiment, we provide evidence of a causal relationship between political risk and crash risk. Through channel analysis, we identify that this relationship is mediated via higher idiosyncratic volatility, lower price informativeness, and higher distress risk. We also find that our results are more pronounced in intangible-intensive firms. Interestingly, we show that managers of these firms respond to political risk by engaging in bad news hoarding. Finally, strong (external or internal) corporate governance mechanisms can moderate the positive relationship between political risk and stock price crash risk.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"74 ","pages":"Article 101303"},"PeriodicalIF":6.1,"publicationDate":"2024-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1572308924000883/pdfft?md5=87b7265bb0a7ed9cf0fea37aaf7068d5&pid=1-s2.0-S1572308924000883-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141849158","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
What charge-off rates are predictable by macroeconomic latent factors? 宏观经济的潜在因素可以预测哪些扣款率？
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-07-24 DOI: 10.1016/j.jfs.2024.101301
Hyeongwoo Kim , Jisoo Son
{"title":"What charge-off rates are predictable by macroeconomic latent factors?","authors":"Hyeongwoo Kim ,&nbsp;Jisoo Son","doi":"10.1016/j.jfs.2024.101301","DOIUrl":"10.1016/j.jfs.2024.101301","url":null,"abstract":"<div><p>Charge-offs provide critical insights into the risk level of loan portfolios within the banking system, signaling potential systemic risks that could lead to deep recessions. Utilizing consolidated financial statements, we have compiled the net charge-off rate (COR) data from the 10 largest U.S. bank holding companies (BHCs) for disaggregated loans, including business loans, real estate loans, and consumer loans, as well as the average COR for each loan category among these top 10 banks. We propose factor-augmented forecasting models for CORs that incorporate latent common factor estimates, including targeted factors, via an array of data dimensionality reduction methods for a large panel of macroeconomic predictors. Our models have demonstrated superior performance compared with benchmark forecasting models, particularly well for business loan and real estate loan CORs, while predicting consumer loan CORs remains challenging especially at short horizons. Notably, real activity factors improve the out-of-sample predictability over the benchmarks for business loan CORs even when financial sector factors are excluded.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"74 ","pages":"Article 101301"},"PeriodicalIF":6.1,"publicationDate":"2024-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141843122","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
Leadership vacuum and corporate investment 领导真空和企业投资
IF 6.1 2区 经济学
Journal of Financial Stability Pub Date : 2024-07-22 DOI: 10.1016/j.jfs.2024.101302
Maoyong Cheng , Yu Meng , Justin Jin , S.M. Khalid Nainar
{"title":"Leadership vacuum and corporate investment","authors":"Maoyong Cheng ,&nbsp;Yu Meng ,&nbsp;Justin Jin ,&nbsp;S.M. Khalid Nainar","doi":"10.1016/j.jfs.2024.101302","DOIUrl":"10.1016/j.jfs.2024.101302","url":null,"abstract":"<div><p>The vacuum caused by the absence of a political leader has a major economic impact. We manually collect data on the absence of a political leader in 247 Chinese cities between 2009 and 2019 and find that firms reduce their investment by an average of 2.326 % for each month that a political office remains vacant. This result holds even after subjecting the data to a series of endogeneity tests, robustness tests, and alternative explanations. We also demonstrate that the absence of a political leader reduces corporate investment through increased uncertainty of economic policy, reduced governmental efficiency, and disrupted political connections. Finally, our results show that this kind of absence has a more pronounced impact on younger firms, firms located in provinces with slower marketization, firms located in provinces with weak media development, non-state-owned enterprises, and firms located in regions under significant promotional pressure.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"74 ","pages":"Article 101302"},"PeriodicalIF":6.1,"publicationDate":"2024-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1572308924000871/pdfft?md5=e51e7d38f4970538ac1ef84ebcfd2cc5&pid=1-s2.0-S1572308924000871-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141850867","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
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