Journal of International Financial Markets Institutions & Money最新文献_第4页

Covered interest rate parity deviations, COVID-19 pandemic infection cases, and vaccination

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-02-03 DOI: 10.1016/j.intfin.2025.102122

Yu-Lun Chen , Yi-Hua Li , Wan-Shin Mo , J. Jimmy Yang

引用次数: 0

Governmental venture capital and investor sentiment: Evidence from Chinese government guidance funds

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-02-03 DOI: 10.1016/j.intfin.2025.102120

Xinfei Huang , Yue Zhang , Zhe Zong

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引用次数: 0

Sovereign debt cost and economic complexity

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-01-31 DOI: 10.1016/j.intfin.2025.102121

Jose E. Gomez-Gonzalez , Jorge M. Uribe , Oscar M. Valencia

引用次数: 0

Other comprehensive income volatility and bank risk

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-01-30 DOI: 10.1016/j.intfin.2025.102115

Yang Su , Junrui Zhang , Hong Zhao , Mingming Zhou

引用次数: 0

Ex ante bond returns and time-varying monotonicity

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-01-28 DOI: 10.1016/j.intfin.2025.102114

Hamid Yahyaei , Abhay Singh, Tom Smith

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引用次数: 0

Extractive institutions and banks’ implicit subsidies

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-01-24 DOI: 10.1016/j.intfin.2025.102119

Lucas N.C. Vasconcelos , Rafael Schiozer

{"title":"Extractive institutions and banks’ implicit subsidies","authors":"Lucas N.C. Vasconcelos , Rafael Schiozer","doi":"10.1016/j.intfin.2025.102119","DOIUrl":"10.1016/j.intfin.2025.102119","url":null,"abstract":"<div><div>We investigate whether banks located in countries with extractive institutions benefit from larger implicit subsidies, using a sample of banks from 35 countries. We conjecture that the banking systems in countries with extractive institutions have the political and economic powers to lead governments to absorb banks’ distress risk and use public resources to guarantee banks’ survival in distressed events. This creates <em>ex-ante</em> implicit subsidies that reduce banks’ cost of equity financing in these countries. To reinforce the causal evidence, we explore variations in external democratic capital as an instrument for institutional exploitation. Our results indicate that the less extractive the institutional environment, the lower the banks’ implicit subsidies. In countries with less extractive institutions, regulatory instruments are more likely to be adopted, such as bail-in rules and tighter bank resolution frameworks. These policies reduce regulators’ discretion to use public resources to save distressed banks when these interventions are welfare decreasing, reducing <em>ex-ante</em> implicit subsidies enjoyed by the financial sector.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"99 ","pages":"Article 102119"},"PeriodicalIF":5.4,"publicationDate":"2025-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143183702","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

Banking regulation and corporate R&D investment: Evidence from regulatory penalties in China

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-01-21 DOI: 10.1016/j.intfin.2025.102112

Yuanbiao Huang , Jinlei Li

{"title":"Banking regulation and corporate R&D investment: Evidence from regulatory penalties in China","authors":"Yuanbiao Huang , Jinlei Li","doi":"10.1016/j.intfin.2025.102112","DOIUrl":"10.1016/j.intfin.2025.102112","url":null,"abstract":"<div><div>Utilizing data from administrative penalty announcements by the former China Banking and Insurance Regulatory Commission (CBIRC), we analyze the impact of banking regulatory penalties on corporate R&D investment. Our findings indicate that stringent regulatory penalties crowd out corporate R&D investment by reducing the availability of loans and increasing borrowing costs, with a particularly pronounced effect of disciplinary actions and disqualifications, economic penalties, and loan-related penalties. Further analysis reveals that the crowding-out effect is more pronounced among firms with smaller asset sizes and lower internal financing. However, bank competition and international expansion significantly mitigate this crowding-out effect. Additionally, we find that regulatory penalties only crowd out R&D investment within the year following the penalty, with no direct evidence indicating a reduction in patent applications. Our study highlights that rigorous banking regulatory penalties may have a short-term adverse impact on corporate R&D investment, suggesting that regulatory authorities should balance the stability of the financial system with the development of the real economy when enforcing punitive actions.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"99 ","pages":"Article 102112"},"PeriodicalIF":5.4,"publicationDate":"2025-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143183701","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

Sudden stops of capital inflows, macroprudential policies, and bank systemic risk: An international investigation

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-01-20 DOI: 10.1016/j.intfin.2025.102111

Yu Wang , Yiming Lu , Gaoya Song

引用次数: 0

Global convergence of financial reporting and resilience to fiscal spillover shocks

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-01-14 DOI: 10.1016/j.intfin.2024.102110

Rong (Irene) Zhong

引用次数: 0

Bank profitability and central bank digital currency