Journal of International Financial Markets Institutions & Money最新文献

Innovation under pressure: decoding the tug-of-war between monetary and macroprudential policies 压力下的创新：解读货币政策与宏观审慎政策之间的拉锯战

IF 6.1 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2026-04-01 Epub Date: 2026-02-07 DOI: 10.1016/j.intfin.2026.102293

Jun Wen , Agus Salim , Suripto , Muhammad Safar Nasir , Denny Ismanto , Hassan Swedy Lunku

{"title":"Innovation under pressure: decoding the tug-of-war between monetary and macroprudential policies","authors":"Jun Wen , Agus Salim , Suripto , Muhammad Safar Nasir , Denny Ismanto , Hassan Swedy Lunku","doi":"10.1016/j.intfin.2026.102293","DOIUrl":"10.1016/j.intfin.2026.102293","url":null,"abstract":"<div><div>This study examines the effects of monetary policy, macroprudential policy, and their interaction on innovation, using panel data from 55 countries over 1999–2023. Empirical evidence indicates that contractionary monetary policy suppresses innovation, while tighter macroprudential policy fosters it. Notably, the adverse impact of monetary tightening on innovation—measured by research and development (R&D) expenditure and patent applications—is mitigated when macroprudential policy is concurrently tightened. These findings are robust across alternative innovation and policy measures and remain consistent after controlling for endogeneity using instrumental variables. The mitigating effect arises because macroprudential tightening helps stabilize financing conditions for productive activities, thereby preserving and countering the contraction of aggregate monetary liquidity typically induced by monetary policy. The magnitude of this interaction is conditioned by institutional context: it is stronger in high-income countries, weaker in monetary unions, attenuated by higher levels of democratization, and amplified by greater financial access. These results underscore the importance of coordinating monetary and macroprudential policies, while accounting for institutional factors, to effectively promote innovation.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"108 ","pages":"Article 102293"},"PeriodicalIF":6.1,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146174696","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

Inflation tales: the heterogeneous price effects from current account dynamics 通胀故事：来自经常账户动态的异质性价格效应

IF 6.1 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2026-04-01 Epub Date: 2026-01-29 DOI: 10.1016/j.intfin.2026.102287

António Afonso , José Alves , João Jalles , Sofia Monteiro

{"title":"Inflation tales: the heterogeneous price effects from current account dynamics","authors":"António Afonso , José Alves , João Jalles , Sofia Monteiro","doi":"10.1016/j.intfin.2026.102287","DOIUrl":"10.1016/j.intfin.2026.102287","url":null,"abstract":"<div><div>This paper examines the impact of current account balances on energy, headline, and core inflation across developed and developing economies from 1980 to 2023. Using Panel OLS fixed effects, Panel-IV 2SLS and Panel Vector Autoregressive models, we find that an improvement in the current account consistently leads to lower inflation, with heterogeneous effects across inflation components, even when controlling for monetary policy. Our analysis also explores regional differences and contrasts the periods before and after the 2008 subprime crisis, revealing that current account surpluses had a stronger deflationary effect in the more recent period. There is also a negative link between cyclical unemployment and inflation supporting the traditional Phillips curve perspective. For net fuel-importing countries, the current account balance exhibits negative and statistically significant coefficients to both energy inflation and headline inflation. These results suggest that policies aimed at improving current account balances, particularly in energy-importing countries, could help mitigate inflationary pressures.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"108 ","pages":"Article 102287"},"PeriodicalIF":6.1,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146071056","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

Encouraging retirement savings: The role of Chinese pension funds 鼓励退休储蓄：中国养老基金的作用

IF 6.1 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2026-04-01 Epub Date: 2026-02-11 DOI: 10.1016/j.intfin.2026.102290

Yuruo Feng , Martin Robert Young , Jiali Fang , Wei Hao

{"title":"Encouraging retirement savings: The role of Chinese pension funds","authors":"Yuruo Feng , Martin Robert Young , Jiali Fang , Wei Hao","doi":"10.1016/j.intfin.2026.102290","DOIUrl":"10.1016/j.intfin.2026.102290","url":null,"abstract":"<div><div>In 2018, the Chinese government introduced a regulatory framework for target pension funds, specifically Target Date Funds (TDFs) and Target Risk Funds (TRFs), marking their debut in the Chinese market. This framework imposed stringent requirements on fund family size, lock-in periods, and manager experience. Within this institutional context, we first document these funds characteristics are positively associated with fund returns and fund flows for TDFs & TRFs. Conversely, we find that these same restrictions provide little to no benefit for standard mutual funds. In the mechanism test, we further find that TDFs & TRFs are associated with greater flow stability, contributing to their outperformance over standard mutual funds. Moreover, managing TDFs & TRFs may inadvertently dampen the performance of non-TDFs and non-TRFs managed by the same fund family, potentially due to increased compliance and disclosure costs as well as fund family strategic considerations. Our results show that the regulatory requirements imposed on TDFs & TRFs are associated with both benefits and costs, suggesting the critical importance of recognizing the distinct policy implications for regulators, fund issuers, and investors, particularly in the context of retirement savings.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"108 ","pages":"Article 102290"},"PeriodicalIF":6.1,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146174695","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

Capital market international integration and corporate demand for green skills: Evidence from MSCI index inclusion 资本市场国际一体化与企业绿色技能需求：来自MSCI指数纳入的证据

IF 6.1 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2026-04-01 Epub Date: 2026-02-02 DOI: 10.1016/j.intfin.2026.102291

Kezhi Liao , Zhihao Wang , Baichao Ma , Yu Zhang

{"title":"Capital market international integration and corporate demand for green skills: Evidence from MSCI index inclusion","authors":"Kezhi Liao , Zhihao Wang , Baichao Ma , Yu Zhang","doi":"10.1016/j.intfin.2026.102291","DOIUrl":"10.1016/j.intfin.2026.102291","url":null,"abstract":"<div><div>This paper exploits the inclusion of China’s A-shares in the MSCI Emerging Markets index as a quasi-natural experiment to examine how capital market international integration affects corporate demand for green skills. Using a comprehensive dataset of online job postings and a staggered difference-in-differences framework, we find that capital market international integration significantly increases corporate demand for green skills. Furthermore, we show that green hirings serve as a credible commitment to corporate environmental initiatives, as they can substantially improve firms’ future environmental performance. Moreover, we identify three mechanisms underlying the positive impact of capital market international integration on green hirings: strengthened institutional investor oversight, heightened environmental reputation concerns, and improved accessibility and transparency of environmental information. Additional analyses reveal that capital market international integration promotes green skills demand, particularly in positions directly related to environmental improvement and sustainable development, rather than in those making only peripheral references to green topics. Overall, we provide novel insights into understanding the relationship between finance and labor in the context of capital market international integration.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"108 ","pages":"Article 102291"},"PeriodicalIF":6.1,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146174725","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

When do alliances with FinTechs pay off for banks? The moderating role of corporate governance 银行与金融科技公司的联盟什么时候能给银行带来回报？公司治理的调节作用

IF 6.1 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2026-03-01 Epub Date: 2026-01-17 DOI: 10.1016/j.intfin.2026.102286

Giuliana Birindelli , Helen Chiappini , Pierluigi Martino

{"title":"When do alliances with FinTechs pay off for banks? The moderating role of corporate governance","authors":"Giuliana Birindelli , Helen Chiappini , Pierluigi Martino","doi":"10.1016/j.intfin.2026.102286","DOIUrl":"10.1016/j.intfin.2026.102286","url":null,"abstract":"<div><div>This study examines the performance implications of bank-FinTech alliances and the role of corporate governance as a key moderating factor. Based on a hand-collected database of alliances between European banks and FinTech firms from 2012 to 2022, our research shows that corporate governance mechanisms—namely formalizing a bank’s digital strategy, appointing a chief digital officer, and the presence of digital and technological expertise on the board—moderate the relationship between these alliances and bank performance. Our robust findings contribute to the emerging body of research on the banking outcomes of alliances with FinTech firms by introducing the moderating effect of digitalization-related corporate governance mechanisms. Furthermore, the number of alliances and specific FinTech business models influence bank performance when banks have implemented these digital mechanisms. Our findings carry significant implications for banks, policymakers, and regulators, who have increasingly highlighted the vital role governance mechanisms play in fostering successful alliances in recent years.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"107 ","pages":"Article 102286"},"PeriodicalIF":6.1,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146037392","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

Do GPs truly present fair value? The case of continuation funds 普通合伙人是否真实反映公允价值？延续基金的案例

IF 6.1 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2026-03-01 Epub Date: 2025-12-18 DOI: 10.1016/j.intfin.2025.102265

Jinhyeong Jo , Doojin Ryu

引用次数: 0

Opportunity or challenge? The impact of stock market liberalization on product market competitiveness 机遇还是挑战？股票市场自由化对产品市场竞争力的影响

IF 6.1 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2026-03-01 Epub Date: 2025-12-15 DOI: 10.1016/j.intfin.2025.102274

Lu Jolly Zhou, Wanqing Zheng, Haotian Tang, Xinru Li

引用次数: 0

The Vienna initiative as a signaling mechanism to disrupt the banking doom loop 维也纳倡议是打破银行业厄运循环的信号机制

IF 6.1 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2026-03-01 Epub Date: 2025-12-31 DOI: 10.1016/j.intfin.2025.102280

Christian Glocker, Thomas Url

引用次数: 0

When does it pay to be green for startups? Sustainability signaling and venture funding 什么时候对创业公司来说是值得的？可持续发展信号和风险投资

IF 6.1 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2026-03-01 Epub Date: 2026-01-14 DOI: 10.1016/j.intfin.2025.102284

Markus Koenigsmarck , Martin Geissdoerfer , Dirk Schiereck

{"title":"When does it pay to be green for startups? Sustainability signaling and venture funding","authors":"Markus Koenigsmarck , Martin Geissdoerfer , Dirk Schiereck","doi":"10.1016/j.intfin.2025.102284","DOIUrl":"10.1016/j.intfin.2025.102284","url":null,"abstract":"<div><div>This study examines the relationship between sustainability and financial performance for startups. Startups must decide how to integrate sustainability considerations into their business model early on. Thereby, they suffer from scarcer resources compared to large firms and liability of newness, while familiar sustainability data are unavailable. Based on stakeholder and signaling theory, we test this relationship on a dataset of over 27,000 startups, combining Crunchbase data with sustainability signaling data – generated via natural language processing – as a sustainability indicator. We find a robust ∪-shaped connection between sustainability signaling and venture funding, with the most and least sustainable startups attracting more funding than their peers. This pattern is persistent for just-green and just-brown subsamples, suggesting investors discriminate for strategic sustainability differentiation in general and within subgroups. Our findings confirm the crucial role of strategic differentiation for startups, extending it to sustainability.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"107 ","pages":"Article 102284"},"PeriodicalIF":6.1,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145976816","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 and global sovereign credit risk 气候变化风险与全球主权信用风险

IF 6.1 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2026-03-01 Epub Date: 2025-12-01 DOI: 10.1016/j.intfin.2025.102238

Chu Pan , Chentong Sun , Yue Zhang , Yanshuang Li , Muhammad Abubakr Naeem

引用次数: 0