Journal of Financial Stability最新文献_第8页

Financial contagion among the GSIBs and regulatory interventions GSIB 之间的金融传染和监管干预

IF 5.4 2区经济学

Journal of Financial Stability Pub Date : 2024-03-19 DOI: 10.1016/j.jfs.2024.101252

Jennifer Lai , Paul D. McNelis

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引用次数: 0

Cryptocurrency use and tax collections: Direct and indirect channels of influence 加密货币的使用和税收：直接和间接的影响渠道

IF 5.4 2区经济学

Journal of Financial Stability Pub Date : 2024-03-18 DOI: 10.1016/j.jfs.2024.101251

Rajeev K. Goel , Ummad Mazhar

引用次数: 0

Distance lending & social connectedness 远程借贷与社会联系

IF 5.4 2区经济学

Journal of Financial Stability Pub Date : 2024-03-14 DOI: 10.1016/j.jfs.2024.101249

Ankitkumar Kariya , Chhavi Shekhawat

引用次数: 0

A model of managerial compensation, firm leverage and credit stimulus 管理者报酬、公司杠杆和信贷刺激模型

IF 5.4 2区经济学

Journal of Financial Stability Pub Date : 2024-03-07 DOI: 10.1016/j.jfs.2024.101248

Rajdeep Chakraborti , Sandeep Dahiya , Lei Ge , Pedro Gete

引用次数: 0

Loan guarantees in a crisis: An antidote to a credit crunch? 危机中的贷款担保：信贷紧缩的解药？

IF 5.4 2区经济学

Journal of Financial Stability Pub Date : 2024-03-01 DOI: 10.1016/j.jfs.2024.101244

W. Blake Marsh , Padma Sharma

引用次数: 0

The demand for central clearing: To clear or not to clear, that is the question! 中央结算的需求：清算还是不清算，这是一个问题！

IF 5.4 2区经济学

Journal of Financial Stability Pub Date : 2024-02-24 DOI: 10.1016/j.jfs.2024.101247

Mario Bellia , Giulio Girardi , Roberto Panzica , Loriana Pelizzon , Tuomas Peltonen

{"title":"The demand for central clearing: To clear or not to clear, that is the question!","authors":"Mario Bellia , Giulio Girardi , Roberto Panzica , Loriana Pelizzon , Tuomas Peltonen","doi":"10.1016/j.jfs.2024.101247","DOIUrl":"10.1016/j.jfs.2024.101247","url":null,"abstract":"<div><p>This paper empirically analyses whether post-global financial crisis regulatory reforms have created appropriate incentives to voluntarily centrally clear over-the-counter (OTC) derivative contracts. We use confidential European trade repository data on single-name sovereign credit default swap (CDS) transactions and show that both seller and buyer manage counterparty exposures and capital costs, strategically choosing to clear when the counterparty is riskier. The clearing incentives seem particularly responsive to seller credit risk, which is in line with the notion that counterparty credit risk (CCR) is asymmetric in CDS contracts. The riskiness of the underlying reference entity also impacts the decision to clear as it affects both CCR capital charges for OTC contracts and central counterparty clearing house (CCP) margins for cleared contracts. Lastly, we find evidence that when a transaction helps netting positions with the CCP and hence lower margins, the likelihood of clearing is higher.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"72 ","pages":"Article 101247"},"PeriodicalIF":5.4,"publicationDate":"2024-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1572308924000329/pdfft?md5=ecdc764b2818de65e087bcd3209c5809&pid=1-s2.0-S1572308924000329-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139950360","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

Government debt and stock price crash risk: International Evidence 政府债务与股价暴跌风险：国际证据

IF 5.4 2区经济学

Journal of Financial Stability Pub Date : 2024-02-16 DOI: 10.1016/j.jfs.2024.101245

Hamdi Ben-Nasr , Sabri Boubaker

引用次数: 0

Sovereign credit spreads, banking fragility, and global factors 主权信用利差、银行业脆弱性和全球因素

IF 5.4 2区经济学

Journal of Financial Stability Pub Date : 2024-02-08 DOI: 10.1016/j.jfs.2024.101235

Anusha Chari , Felipe Garcés , Juan Francisco Martínez , Patricio Valenzuela

引用次数: 0

Over with carbon? Investors’ reaction to the Paris Agreement and the US withdrawal 碳排放结束了？投资者对《巴黎协定》和美国退出的反应

IF 5.4 2区经济学

Journal of Financial Stability Pub Date : 2024-02-07 DOI: 10.1016/j.jfs.2024.101232

Lucia Alessi , Stefano Battiston , Virmantas Kvedaras

{"title":"Over with carbon? Investors’ reaction to the Paris Agreement and the US withdrawal","authors":"Lucia Alessi , Stefano Battiston , Virmantas Kvedaras","doi":"10.1016/j.jfs.2024.101232","DOIUrl":"https://doi.org/10.1016/j.jfs.2024.101232","url":null,"abstract":"<div><p>How financial investors may react to policy events related to sustainability and climate change mitigation in particular, is a key question with implications for sustainable finance and financial stability. We address this question by carrying out a multi-period difference-in-difference approach on a confidential database of securities holdings of the European Central Bank, and we provide evidence of several effects related to the Paris Agreement. In aggregate, investors reduced their participation in the equities of high-carbon firms in response to the agreement, and the trend reverted after the US’s announcement of withdrawal from the agreement. However, the reaction varies across categories and geographies of the securities holders, their ownership size, and the emissions of owned firms. In particular, transition risk has been taken up by less regulated financial institutions and the BRIC countries. Our results highlight that the redirection of global financial flows towards climate action requires clear and unanimous signals from the global community of policy makers.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"71 ","pages":"Article 101232"},"PeriodicalIF":5.4,"publicationDate":"2024-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1572308924000172/pdfft?md5=4a821dc41f462f0663674b05b6c5fc30&pid=1-s2.0-S1572308924000172-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139915129","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

The role of banks’ technology adoption in credit markets during the pandemic 大流行病期间银行采用技术对信贷市场的作用

IF 5.4 2区经济学

Journal of Financial Stability Pub Date : 2024-02-07 DOI: 10.1016/j.jfs.2024.101230

Nicola Branzoli, Edoardo Rainone, Ilaria Supino

{"title":"The role of banks’ technology adoption in credit markets during the pandemic","authors":"Nicola Branzoli, Edoardo Rainone, Ilaria Supino","doi":"10.1016/j.jfs.2024.101230","DOIUrl":"https://doi.org/10.1016/j.jfs.2024.101230","url":null,"abstract":"<div><p>This paper shows that higher information technology (IT) adoption by banks was associated to a larger increase in corporate lending in the months following the COVID-19 outbreak in Italy. Examining banks with heterogeneous degrees of IT adoption, we investigate the dynamics of credit and its allocation across firms using a new database with detailed information on banks’ IT expenditures and use of innovative technologies matched with bank-firm level data on credit growth before and during the pandemic. Using a diff-in-diff approach, we find that banks with a higher share of IT spending increased their credit more than others during the pandemic. The increase was concentrated in term loans extended to smaller and financially sounder companies; the effect was stronger in the initial phase of tighter restrictions to firm activity and individual mobility, and more significant for undertakings active in the sectors most affected by the shock. We provide evidence that these results are driven by bank’s ability to offer credit entirely online and bank’s use of artificial intelligence for credit risk assessment. Physical proximity between borrowers and lenders was important for credit provision during the pandemic, but only when combined with high level of IT adoption.</p></div>","PeriodicalId":48027,"journal":{"name":"Journal of Financial Stability","volume":"71 ","pages":"Article 101230"},"PeriodicalIF":5.4,"publicationDate":"2024-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139915128","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