Journal of International Financial Markets Institutions & Money最新文献_第10页

How to develop global energy-intensive sectors in the presence of carbon tariffs? 在征收碳关税的情况下，如何发展全球能源密集型部门？

IF 4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2024-01-04 DOI: 10.1016/j.intfin.2023.101930

Yirui Deng , Mengjuan Yin , Xiaofeng Xu , Lean Yu , Guowei Gao , Li Ma

引用次数: 0

Not all words are equal: Sentiment and jumps in the cryptocurrency market 并非所有言论都是平等的：加密货币市场的情绪与跳跃

IF 4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2024-01-04 DOI: 10.1016/j.intfin.2023.101920

Ahmet Faruk Aysan , Massimiliano Caporin , Oguzhan Cepni

引用次数: 0

Role of financial inclusion and digital transformation on bank credit risk 普惠金融和数字化转型对银行信贷风险的影响

IF 4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2024-01-03 DOI: 10.1016/j.intfin.2023.101934

Fan Yang, Tajul Ariffin Masron

引用次数: 0

Banks’ environmental policies and banks’ financial stability 银行的环境政策与银行的财务稳定性

IF 4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2024-01-02 DOI: 10.1016/j.intfin.2023.101927

Laura Chiaramonte , Alberto Dreassi , John W. Goodell , Andrea Paltrinieri , Stefano Piserà

{"title":"Banks’ environmental policies and banks’ financial stability","authors":"Laura Chiaramonte , Alberto Dreassi , John W. Goodell , Andrea Paltrinieri , Stefano Piserà","doi":"10.1016/j.intfin.2023.101927","DOIUrl":"10.1016/j.intfin.2023.101927","url":null,"abstract":"<div><p>We study whether environmental engagement of banks mitigates the effects of natural disasters and climate-change related events on financial stability. Employing an extensive global dataset with quarterly data (2003–2019; 5,317 observations), our analysis reveals that environmental innovation financing, product responsibility, and resource reduction policies are able to curtail the repercussions on stability of economic costs due to environmental events. We also find that the lending function of banks is a relevant mediating channel for this relationship. Since borrowers’ vulnerability to climate issues may be reflected in non-performing loans, banks’ environmental engagement provides protection against future related credit losses. Moreover, by capitalizing on global disasters as quasi-natural experiments, we provide empirical evidence confirming that a stronger environmental engagement of banks enhances their post-event financial resilience. Taken together, our results convey several key implications: i) bank executives can improve financial stability by embracing environmental policies, ii) stronger regulatory actions towards environmental sensitivity in the banking sector is supported, and iii) environmentally engaged banking systems can mitigate the economic costs associated with climate change and environmental disasters.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":4.0,"publicationDate":"2024-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139393997","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

Blockchain technology and international countertrade 区块链技术与国际对销贸易

IF 4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2023-12-31 DOI: 10.1016/j.intfin.2023.101933

Fan Yang , Hai Yu , Craig Wilson , Gady Jacoby , Zhenyu Wu

引用次数: 0

Tail connectedness between artificial intelligence tokens, artificial intelligence ETFs, and traditional asset classes 人工智能代币、人工智能 ETF 和传统资产类别之间的尾部关联性

IF 4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2023-12-30 DOI: 10.1016/j.intfin.2023.101929

Imran Yousaf , Manel Youssef , John W. Goodell

{"title":"Tail connectedness between artificial intelligence tokens, artificial intelligence ETFs, and traditional asset classes","authors":"Imran Yousaf , Manel Youssef , John W. Goodell","doi":"10.1016/j.intfin.2023.101929","DOIUrl":"10.1016/j.intfin.2023.101929","url":null,"abstract":"<div><p>We examine extreme connectedness between the artificial intelligence (AI) tokens, artificial intelligence ETFs, and other asset classes, using the quantile VAR approach of <span>Ando et al., (2022)</span><span><span>. We find moderate connectedness levels at mean and median quantiles, with AI ETFs (AI tokens) acting as strong (weak) net emitters (receivers) of return spillovers. Findings, confirmed by alternative testing, suggest that, during normal market conditions, AI tokens may offer utility as diversifiers for portfolios of traditional assets. However, at both lower and upper quantiles, connectedness levels increase, consistent with AI tokens and ETFs being sensitive to extreme shocks. Results suggest that AI tokens and ETFs do not diversify the risk of other assets during extreme market conditions. Finally, AI tokens, especially, may offer effective hedging at low cost for traditional assets (gold, equity, real estate, bonds, and currency), except for the oil and </span>cryptocurrency market. Investors including AI assets in portfolios need to diligently monitor for changing market conditions.</span></p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":4.0,"publicationDate":"2023-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139189514","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

Fintech, human development and energy poverty in sub-Saharan Africa 撒哈拉以南非洲的金融科技、人类发展与能源贫困

IF 4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2023-12-29 DOI: 10.1016/j.intfin.2023.101931

Fatima Oyebola Etudaiye-Muhtar , Sofia Johan , Rodiat Lawal , Rilwan Sakariyahu

{"title":"Fintech, human development and energy poverty in sub-Saharan Africa","authors":"Fatima Oyebola Etudaiye-Muhtar , Sofia Johan , Rodiat Lawal , Rilwan Sakariyahu","doi":"10.1016/j.intfin.2023.101931","DOIUrl":"10.1016/j.intfin.2023.101931","url":null,"abstract":"<div><p>Studies have highlighted the important role of financial technology (fintech) in enhancing socio-economic conditions of nations. However, despite the efforts of governments to improve the latter, the rating of African countries still remains manifestly inadequate. Given that access to electricity is imperative for fintech, and fundamental to improving socioeconomic conditions, we provide novel evidence by investigating the degree to which the prevailing energy poverty in Africa mediates the relationship between the duo. Our baseline results confirm that fintech has a significant positive impact on socioeconomic conditions, proxied by human development, and the impact becomes increasingly significant in the face of constant energy supply. However, when we split our sample based on regions and income classification proposed by the World Bank, our results show that the impact of fintech on human development, in the absence of access to electricity, is notably limited to some African regions. Considering the current state of human development in Africa, our study advocates for more investment in energy infrastructure for the rapid realization of the gains of fintech.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":4.0,"publicationDate":"2023-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443123001993/pdfft?md5=47bb0089c5dee0b6d5707be07de57e0b&pid=1-s2.0-S1042443123001993-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139065148","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

International stock market volatility: A global tail risk sight 国际股市波动：全球尾部风险视角

IF 4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2023-12-28 DOI: 10.1016/j.intfin.2023.101904

Xinjie Lu , Qing Zeng , Juandan Zhong , Bo Zhu

引用次数: 0

Bilateral investment treaties and portfolio investment 双边投资条约和证券投资

IF 4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2023-12-26 DOI: 10.1016/j.intfin.2023.101918

Stefan Eichler , Jannik André Nauerth

引用次数: 0

ESG performance and investment efficiency: The impact of information asymmetry 环境、社会和公司治理绩效与投资效率：信息不对称的影响

IF 4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2023-12-26 DOI: 10.1016/j.intfin.2023.101919

Seda Bilyay-Erdogan , Gamze Ozturk Danisman , Ender Demir

{"title":"ESG performance and investment efficiency: The impact of information asymmetry","authors":"Seda Bilyay-Erdogan , Gamze Ozturk Danisman , Ender Demir","doi":"10.1016/j.intfin.2023.101919","DOIUrl":"10.1016/j.intfin.2023.101919","url":null,"abstract":"<div><p>This paper investigates the relationship between firms' engagement in environmental, social, and governance (ESG) activities and corporate investment efficiency, using 1,094 firms from 21 countries in Europe, covering the years 2002–2019. We conduct our estimations using fixed effects panel data techniques and address potential endogeneity with instrumental variables (IV) estimations. We provide evidence that overall ESG engagement is positively and significantly associated with investment efficiency. Analyzing overinvestment and underinvestment scenarios shows that ESG engagement decreases only overinvestment problems. Within the underinvestment scenario, we observe that ESG engagement is beneficial only for firms with higher information asymmetries. Thus, information asymmetry matters in the underinvestment case. We next show that four firm-level channels—information asymmetry, financial constraints, cash flows, and risk—link ESG performance to investment inefficiency. Additional analysis shows that firms with extreme ESG scores (i.e., very low and very high) do not experience significant reductions in investment inefficiency. Altogether, our findings draw attention to the critical role of ESG performance and information asymmetry in determining corporate investment efficiency.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":4.0,"publicationDate":"2023-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139194545","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