发布求助
文献互助 智能选刊 最新文献

Journal of International Financial Markets Institutions & Money最新文献

筛选
英文 中文
Spillover effects of global fund flows 全球资金流动的溢出效应
IF 6.1 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2025-09-11 DOI: 10.1016/j.intfin.2025.102209
Yang Zhang , Huanhuan Zheng
{"title":"Spillover effects of global fund flows","authors":"Yang Zhang ,&nbsp;Huanhuan Zheng","doi":"10.1016/j.intfin.2025.102209","DOIUrl":"10.1016/j.intfin.2025.102209","url":null,"abstract":"<div><div>We apply a factor model to estimate the spillover effects of global fund flows across international equity and bond markets. We document robust evidence of global and regional spillovers of equity and bond flows in the transmission of external shocks, especially to emerging markets (EMs) during episodes of financial crises and capital stops. Macroprudential policies are effective in alleviating global and regional spillovers to EMs. However, we find no similar evidence for capital controls. Foreign and passive investors mitigate global and regional spillovers, but not sustainable investors whose scale may be too small to have any major impact. We observe bilateral spillovers between equity and bond markets within the same economy; however, their magnitudes are not comparable to those of global or regional spillovers.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"104 ","pages":"Article 102209"},"PeriodicalIF":6.1,"publicationDate":"2025-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145046128","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 effects of structural reforms on gross capital inflows in OECD countries 结构改革对经合组织国家总资本流入的影响
IF 6.1 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2025-09-07 DOI: 10.1016/j.intfin.2025.102221
Christos Mavrogiannis , Athanasios Tagkalakis
{"title":"The effects of structural reforms on gross capital inflows in OECD countries","authors":"Christos Mavrogiannis ,&nbsp;Athanasios Tagkalakis","doi":"10.1016/j.intfin.2025.102221","DOIUrl":"10.1016/j.intfin.2025.102221","url":null,"abstract":"<div><div>Utilizing a narrative database on structural reforms in 25 OECD countries from 1985 to 2020, we investigate the effects of labor and product market reforms on gross capital inflows. By applying the local projection method and addressing reform endogeneity with the Augmented Inverse Probability Weighted estimator, we find that structural reforms have a positive medium-term effect on both direct and portfolio investment. In particular, reforms boost investment, especially in environments of high quality financial institutions and amid low public debt.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"104 ","pages":"Article 102221"},"PeriodicalIF":6.1,"publicationDate":"2025-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145009997","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
Revisiting central bank credibility: Results from a new survey 重新审视央行的可信度：一项新调查的结果
IF 6.1 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2025-09-04 DOI: 10.1016/j.intfin.2025.102222
Joanna Mackiewicz-Łyziak , Tymoteusz Mętrak
{"title":"Revisiting central bank credibility: Results from a new survey","authors":"Joanna Mackiewicz-Łyziak ,&nbsp;Tymoteusz Mętrak","doi":"10.1016/j.intfin.2025.102222","DOIUrl":"10.1016/j.intfin.2025.102222","url":null,"abstract":"<div><div>Literature on economists’ perceptions of central bank credibility is limited, with Alan Blinder’s work remaining the seminal piece. In this study, we examine how views on various aspects of central bank credibility have evolved over the past two decades, since Blinder’s first survey on this topic. We present the results of the survey conducted in March and April 2024 among 319 experts in the fields of central banking and monetary economics. The questionnaire includes items from the original survey, as well as several new ones, particularly those related to the impact of unconventional monetary policy on credibility, credibility measurement, and central bank objectives. The results indicate that economists still perceive central bank credibility as considerably important for different aspects of central bank activities. In the study, respondents who were central bank practitioners considered credibility more important for monetary policymaking than did academics. Independence, a history of honesty, and transparency were identified as the most important attributes of central bank credibility, while unconventional monetary policies and large fiscal expansions were not considered threats to credibility. These results offer important implications for central banks aiming to formulate relevant policy guidelines.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"104 ","pages":"Article 102222"},"PeriodicalIF":6.1,"publicationDate":"2025-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144988412","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
Comparing conventional and unconventional monetary policy effects in the euro area and the United States 比较欧元区和美国传统和非常规货币政策的影响
IF 6.1 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2025-09-02 DOI: 10.1016/j.intfin.2025.102203
Fernando Ballabriga , Karen Davtyan
{"title":"Comparing conventional and unconventional monetary policy effects in the euro area and the United States","authors":"Fernando Ballabriga ,&nbsp;Karen Davtyan","doi":"10.1016/j.intfin.2025.102203","DOIUrl":"10.1016/j.intfin.2025.102203","url":null,"abstract":"<div><div>We use a consistent framework to compare the macroeconomic effects of conventional and unconventional monetary policy in the euro area (EA) and the United States (US). We find that monetary policy has a stronger effect on prices for the conventional policy period. We interpret this result by the lower level of the natural rate of interest during the unconventional policy period. At the same time, the effects of monetary policy on the unemployment rate and financial variables are more comparable between the conventional and the unconventional policy periods. We also find that the effectiveness of unconventional monetary policy in terms of its target impact is lower in the EA than in the US, a result we attribute to differences in central bank institutional design.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"104 ","pages":"Article 102203"},"PeriodicalIF":6.1,"publicationDate":"2025-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144932939","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
Accounting vs technical information: what matters more for stock return predictability? 会计与技术信息：哪个对股票收益的可预测性更重要？
IF 6.1 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2025-08-25 DOI: 10.1016/j.intfin.2025.102207
Nusret Cakici , Adam Zaremba
{"title":"Accounting vs technical information: what matters more for stock return predictability?","authors":"Nusret Cakici ,&nbsp;Adam Zaremba","doi":"10.1016/j.intfin.2025.102207","DOIUrl":"10.1016/j.intfin.2025.102207","url":null,"abstract":"<div><div>We employ machine learning models to determine what matters more for stock return predictability: technical data or accounting information. Technical data holds an advantage—it consistently yields more accurate forecasts and higher portfolio returns. This superiority is not limited to the U.S. market but extends to major developed markets worldwide, at times showing even stronger effects. Furthermore, it remains remarkably robust across firm sizes and time periods. However, its edge is most pronounced at short horizons and comes at the cost of higher turnover. Accounting signals, while weaker overall, perform better over longer horizons and support lower-cost implementation. Finally, technical strategies excel in volatile, hard-to-value contexts, whereas accounting-based models fare better when valuation uncertainty is low.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"104 ","pages":"Article 102207"},"PeriodicalIF":6.1,"publicationDate":"2025-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144893332","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
Directors with foreign experience and corporate cash holdings 具有海外经验和公司现金持有量的董事
IF 6.1 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2025-08-25 DOI: 10.1016/j.intfin.2025.102208
Xinyu Yu , Ping Wang
{"title":"Directors with foreign experience and corporate cash holdings","authors":"Xinyu Yu ,&nbsp;Ping Wang","doi":"10.1016/j.intfin.2025.102208","DOIUrl":"10.1016/j.intfin.2025.102208","url":null,"abstract":"<div><div>This study examines the impact of directors with foreign experience (FE directors) on corporate cash holdings. Using a sample of Chinese listed firms, we find that directors with the experience of working or studying abroad have a positive and significant impact on corporate cash decisions, supporting the precautionary motive. The result is valid across a set of robustness tests and several endogeneity checks. Moreover, we find that the association between FE directors and cash holdings is more pronounced in firms with greater financial constraints and investment opportunities. The mediation analysis further identifies two potential channels through which FE directors increase cash holdings, that is, facilitating foreign operations and promoting risky innovation. We finally perform a series of additional analyses to further validate our findings. Overall, our study reveals that it is the resource-providing role that such directors play to shape cash policy, which sheds new light on the value of international human capital for firms in emerging markets.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"104 ","pages":"Article 102208"},"PeriodicalIF":6.1,"publicationDate":"2025-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144896145","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
Bearish bets and the press: On the relation between short interest and media tone 看跌押注与媒体：论空头兴趣与媒体语气的关系
IF 6.1 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2025-08-23 DOI: 10.1016/j.intfin.2025.102205
Heiko Jacobs , Alexander Lauber , Sebastian Müller
{"title":"Bearish bets and the press: On the relation between short interest and media tone","authors":"Heiko Jacobs ,&nbsp;Alexander Lauber ,&nbsp;Sebastian Müller","doi":"10.1016/j.intfin.2025.102205","DOIUrl":"10.1016/j.intfin.2025.102205","url":null,"abstract":"<div><div>We analyze the extent to which proxies for short interest at the firm level influence the tone of media reporting for the cross-section of firms. The examination of the German stock market shows that there is a significantly negative relation. Nevertheless, this relation becomes often, though not always, insignificant after thoroughly controlling for relevant company characteristics. Past performance as well as measures of differences of opinion and information uncertainty prove to be particularly important for tonality. These findings are similar for domestic and foreign reporting. With the exception of salience shocks, these results are also obtained for both public and non-public short interest. Additional evidence results from article characteristics and the aggregated time series, among others. On a broader level, the results contribute to the discussion about drivers of media reporting in financial markets.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"104 ","pages":"Article 102205"},"PeriodicalIF":6.1,"publicationDate":"2025-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144890194","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 ESG investments improve portfolio diversification and risk management during times of uncertainty 在不确定时期，ESG投资是否能改善投资组合的多元化和风险管理
IF 6.1 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2025-08-05 DOI: 10.1016/j.intfin.2025.102199
Hachmi Ben Ameur , Zied Ftiti , Wael Louhichi
{"title":"Do ESG investments improve portfolio diversification and risk management during times of uncertainty","authors":"Hachmi Ben Ameur ,&nbsp;Zied Ftiti ,&nbsp;Wael Louhichi","doi":"10.1016/j.intfin.2025.102199","DOIUrl":"10.1016/j.intfin.2025.102199","url":null,"abstract":"<div><div>This study aims to assess whether the statistical properties of ESG assets contribute to portfolio resilience, mitigate market volatility, and enhance diversification. Specifically, we focus on variations in the tails of the return distribution, highlighting potential asymmetries in risk exposure. We use weekly ESG and conventional indices<!--> <!-->across various regions from January 2017 to May 2023. Empirically, we augment the<!--> <!-->mean-conditional value at risk (CVaR) optimisation technique, by introducing geopolitical risk as an exogenous factor. First,<!--> <!-->ESG indices enhance portfolio diversification while reducing exposure to extreme market movements and geopolitical uncertainty.<!--> <!-->Second, incorporating ESG assets is advantageous for both sustainable investment and effective financial risk management, presenting a viable option for investors pursuing both financial and sustainability objectives. Moreover, our results remain<!--> <!-->robust under incremental CVaR approach<!--> <!-->and align with the<!--> <!-->time-varying sensitivity of ESG and conventional indices to geopolitical risk, as shown by<!--> <!-->beta dynamics analysis. Our findings offer several insights for investors diversifying their portfolio.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"103 ","pages":"Article 102199"},"PeriodicalIF":6.1,"publicationDate":"2025-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144772570","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 effect of fintech financing on firm performance: Evidence from emerging economies 金融科技融资对企业绩效的影响：来自新兴经济体的证据
IF 6.1 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2025-07-29 DOI: 10.1016/j.intfin.2025.102201
Khusrav Gaibulloev , Ali Mirzaei , Tomoe Moore , Mohsen Saad
{"title":"The effect of fintech financing on firm performance: Evidence from emerging economies","authors":"Khusrav Gaibulloev ,&nbsp;Ali Mirzaei ,&nbsp;Tomoe Moore ,&nbsp;Mohsen Saad","doi":"10.1016/j.intfin.2025.102201","DOIUrl":"10.1016/j.intfin.2025.102201","url":null,"abstract":"<div><div>This paper rigorously examines the relationship between fintech financing and the financial and real performance of financially constrained firms in emerging countries. Using data from 45,770 firms across 20 countries for 2012–2020, we find that the performance of external-finance dependent firms is disproportionately higher when they operate in countries that receive more fintech funds. A host of robustness tests confirm our main finding. We further find that: (i) P2P lending and crowdfunding have greater implications on firm performance than balance sheet lending (ii) the relationship is particularly strong in young firms, and financially developed emerging countries with deeper disclosure of credit information, and (iii) specifically, in countries with greater banking penetration, there is evidence of a substitution effect between bank lending and fintech. Additionally, fintech finance increases capital investment, lowers borrowing costs, and boosts total factor productivity (TFP) to improve firm performance.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"103 ","pages":"Article 102201"},"PeriodicalIF":6.1,"publicationDate":"2025-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144721225","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
Bank lending and interest-on-excess-reserves: Effects of Central Banks on the global credit supply 银行贷款和超额准备金利息：中央银行对全球信贷供给的影响
IF 6.1 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2025-07-28 DOI: 10.1016/j.intfin.2025.102185
Irem Erten
{"title":"Bank lending and interest-on-excess-reserves: Effects of Central Banks on the global credit supply","authors":"Irem Erten","doi":"10.1016/j.intfin.2025.102185","DOIUrl":"10.1016/j.intfin.2025.102185","url":null,"abstract":"<div><div>How do banks behave when the opportunity cost of keeping overnight liquidity is less? In this paper, I study the adoption of unconventional monetary policy with interest-on-excess-reserves (IOER) in the pre-2008-crisis period in Australia, Canada, Europe, Japan, and the United Kingdom. Exploiting this cross-border shock to the monetary design, I show that global banks move liquidity to their home countries and reduce their cross-border credit supply when their home Central Bank introduces a deposit facility that remunerates overnight excess reserves. The credit supply reduction is focused on the smaller, less profitable, and more illiquid branches of the affected banks. Thus, a reduction in the opportunity cost of overnight liquidity has a contractionary impact on the credit supply and results in global macroeconomic spillovers. The results suggest that banks cut lending when the Central Bank is a risk-free borrower and have broad implications for the design of monetary policy, payment systems, and liquidity regulations.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"103 ","pages":"Article 102185"},"PeriodicalIF":6.1,"publicationDate":"2025-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144721221","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
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：604180095
Book学术官方微信