Journal of International Financial Markets Institutions & Money最新文献_第3页

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

引用次数: 0

Do companies’ green credentials enhance trade credit provisions? Global evidence 企业的绿色证书是否能提高贸易信贷条款？全球的证据

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-07-28 DOI: 10.1016/j.intfin.2025.102204

Rashid Zaman , Nader Atawnah , Deepa Banigidadmath , Muhammad Nadeem , Jia Liu

{"title":"Do companies’ green credentials enhance trade credit provisions? Global evidence","authors":"Rashid Zaman , Nader Atawnah , Deepa Banigidadmath , Muhammad Nadeem , Jia Liu","doi":"10.1016/j.intfin.2025.102204","DOIUrl":"10.1016/j.intfin.2025.102204","url":null,"abstract":"<div><div>We investigate the impact of corporate renewable energy (RE) adoption on suppliers’ trade credit provisions. Using a global sample of 30 countries, we establish that firms engaging in higher RE consumption secure increased trade credit. Our results remain robust to a variety of sensitivity tests and after accounting for potential endogeneity concerns using the Paris Agreement and companies switching to green energy as exogenous shocks. Our channel analysis reveals that RE take-up mitigates companies’ environmental risk (proxied by environmental violation fines, media coverage of environmental controversies, GHG emissions, and environmental policy stringency). Additional tests reveal that the relationship between RE and trade credit is stronger for adopters with lower bargaining power and those in environmentally sensitive industries. Cross-sectional analysis reveals that the documented positive impact is stronger in developed economies and during periods of high policy uncertainty. Finally, we discover that RE adoption enhances firm value and promotes a supply-chain spillover, since adopters are also more likely to extend trade credit to their own customers. Our paper provides original evidence that RE adapting improves companies’ access to informal financing in the form of higher trade credit.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"103 ","pages":"Article 102204"},"PeriodicalIF":5.4,"publicationDate":"2025-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144714304","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

How do emotions drive market dynamics? A tale of spillovers in cryptocurrency markets 情绪是如何驱动市场动态的？加密货币市场溢出效应的故事

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-07-28 DOI: 10.1016/j.intfin.2025.102202

Yingying Huang , Weizhong Liang , Kun Duan , Andrew Urquhart , Qiang Ye

{"title":"How do emotions drive market dynamics? A tale of spillovers in cryptocurrency markets","authors":"Yingying Huang , Weizhong Liang , Kun Duan , Andrew Urquhart , Qiang Ye","doi":"10.1016/j.intfin.2025.102202","DOIUrl":"10.1016/j.intfin.2025.102202","url":null,"abstract":"<div><div>This paper studies emotional spillovers in cryptocurrency markets and the associated impacts on market performance. By constructing a dynamic connectedness network, we capture the emotional spillover effects among the major cryptocurrencies and their time-varying evolution. We then quantify how the emotional spillovers of cryptocurrencies drive their market performance within a joint distributional framework that gauges the heterogeneity of such a linkage under different conditions of emotions and market performance of cryptocurrencies. Our results indicate that within emotional spillovers, cryptocurrencies act as the net information receiver, while carbon-intensive (dirty) cryptocurrencies play a greater role in driving emotional spillovers than eco-friendly (clean) ones. The stock market, being controlled by the emotional system, is found to be the major net provider. From a dynamic perspective, clean cryptocurrencies are shown to have stronger emotional spillover effects than dirty cryptocurrencies prior to the COVID-19 pandemic, and the effects of both gradually weaken thereafter. The role of emotional spillovers in driving market performance is often more pronounced under extreme market conditions in cryptocurrency markets.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"103 ","pages":"Article 102202"},"PeriodicalIF":5.4,"publicationDate":"2025-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144714303","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

Executives’ early-life experience and corporate debt contracting: Evidence from CEO military experience 高管早年经历与公司债务承包：来自CEO军事经历的证据

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-07-26 DOI: 10.1016/j.intfin.2025.102200

Harvey Nguyen , Mia Hang Pham , Van Hoang Vu

引用次数: 0

Speculative-Grade sovereign rating Cycles: Sovereign debt Defaults, restructurings and resolution 投机级主权评级周期：主权债务违约、重组和解决

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-07-09 DOI: 10.1016/j.intfin.2025.102197

Luca Agnello , Vítor Castro , Ricardo M. Sousa

引用次数: 0

Functional distance and US global banks’ foreign branch lending 功能距离与美国全球银行海外分行贷款

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-07-03 DOI: 10.1016/j.intfin.2025.102180

Dieter Vanwalleghem , Carmela D’Avino

引用次数: 0

Digital disruption in financing: Are fintech and bigtech credit reshaping corporate access to capital? 金融领域的数字化颠覆：金融科技和大型科技信贷正在重塑企业的融资渠道吗？

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-07-03 DOI: 10.1016/j.intfin.2025.102198

Habib Hussain Khan , Fiza Qureshi , Dima Jamali

{"title":"Digital disruption in financing: Are fintech and bigtech credit reshaping corporate access to capital?","authors":"Habib Hussain Khan , Fiza Qureshi , Dima Jamali","doi":"10.1016/j.intfin.2025.102198","DOIUrl":"10.1016/j.intfin.2025.102198","url":null,"abstract":"<div><div>This study examines the role of fintech and bigtech credit, collectively referred to as alternative digital credit, in alleviating corporate financing constraints across 70 countries from 2013 to 2019. The findings indicate that alternative digital credit alleviates financing constraints by reducing investment-to-cash flow sensitivity, particularly in developing countries. This effect is more pronounced in financially developed markets with strong institutional frameworks but less competitive banking sectors. The advantages of alternative digital credit are particularly notable for small, young, and manufacturing firms. Firms engaged in international trade and those owned by foreign investors face fewer constraints due to their inherent advantages. Consistency checks using alternative measures of financing constraints reaffirm these findings. The analysis of transmission channels further highlights that the entry of fintech and bigtech firms weakens banks’ market power, encouraging greater competition in the banking sector and ultimately lowering firms’ financing constraints. These insights highlight the transformative potential of alternative digital credit in promoting financial inclusion and propose targeted policies to enhance its adoption globally.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"103 ","pages":"Article 102198"},"PeriodicalIF":5.4,"publicationDate":"2025-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144535002","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 fiscal discipline meets macroeconomic stability: The Euro-stability bond 财政纪律与宏观经济稳定：欧元稳定债券

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-07-01 DOI: 10.1016/j.intfin.2025.102196

Luciano Greco , Francesco Jacopo Pintus , Davide Raggi

{"title":"When fiscal discipline meets macroeconomic stability: The Euro-stability bond","authors":"Luciano Greco , Francesco Jacopo Pintus , Davide Raggi","doi":"10.1016/j.intfin.2025.102196","DOIUrl":"10.1016/j.intfin.2025.102196","url":null,"abstract":"<div><div>We study the consequences of introducing an Euro-stability bond mechanism that implies sovereign debt mutualization in the Eurozone without any significant short-term redistribution across countries or perverse incentives to fiscal profligacy. In a simple structural model of the economy, we theoretically show that this mechanism is able to reproduce the market fiscal discipline while increasing the social welfare of all countries with respect to the real market discipline. Relying on a GVAR model including 10 Eurozone countries, U.S., Japan and China, we then analyse the future evolution of public debt (and other key macroeconomic variables) over time by comparing the predicted forecast in the baseline and in a counterfactual scenarios with the Euro-stability bond. We find no significant differences in the future path of public debt-to-GDP ratios in the two cases, but a consistent reduction in the forecast’s uncertainty in the counterfactual scenario. The reduced uncertainty of forecasts of public debt and other macroeconomic variables highlights the potential capacity of the Euro-stability bond to immunize the Eurozone from classical macroeconomic instability shocks that derive by the very existence of high sovereign debts and the related significant rollover and contagion risks in a framework of decentralized fiscal policies. To this extent, we finally exploit the results of the GVAR model to assess the capacity of the proposed scheme to reduce the probability of adverse macroeconomic events.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"103 ","pages":"Article 102196"},"PeriodicalIF":5.4,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144548413","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

Sovereign credit rating downgrades and Growth-at-Risk 主权信用评级下调，经济增长面临风险

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-06-25 DOI: 10.1016/j.intfin.2025.102195

George Kladakis , Alexandros Skouralis

{"title":"Sovereign credit rating downgrades and Growth-at-Risk","authors":"George Kladakis , Alexandros Skouralis","doi":"10.1016/j.intfin.2025.102195","DOIUrl":"10.1016/j.intfin.2025.102195","url":null,"abstract":"<div><div>This paper examines whether sovereign credit rating changes are linked to increased future macroeconomic downside risks based on the Growth-at-Risk framework by <span><span>Adrian et al. (2019)</span></span>. Our findings reveal that downgrades significantly increase tail risk by lowering the 5th percentile of four-quarters ahead GDP growth by 2.95 percentage points, whereas upgrades yield a smaller and inconsistent effect of 0.45 percentage points. Standard panel OLS results show a reduced impact of 1.11 percentage points on GDP growth following a downgrade, underscoring the importance of examining effects beyond the mean. Further analysis reveals an asymmetrical impact across quantiles and time horizons, with speculative-grade countries particularly vulnerable to downgrades. Downgrades from all major agencies affect tail risk, with Fitch having the largest negative impact, while only Moody’s upgrades have a significant effect. Moreover, our empirical evidence suggests that the effect of credit rating downgrades is, at least partially mitigated, by the adoption of post-GFC regulatory reforms, aligning with these policies’ aim to reduce reliance on CRAs and enhance financial stability. Lastly, our analysis identifies investment and sovereign bond spreads as key channels through which downgrades affect macroeconomic outcomes, however, only the latter is significantly associated with downside risks to GDP growth. Robustness tests that include endogeneity checks, additional controls, alternative CRA data and quantile regression methodology, confirm our findings.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"103 ","pages":"Article 102195"},"PeriodicalIF":5.4,"publicationDate":"2025-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144470773","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

Relative finance wages and inequality: A role for intangibles? 相对金融工资和不平等：无形资产的作用？

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-06-24 DOI: 10.1016/j.intfin.2025.102192

Adnan Velic

引用次数: 0