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Do infectious diseases explain Bitcoin price Fluctuations? 传染病能解释比特币价格波动吗？
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-06-01 DOI: 10.1016/j.intfin.2024.102011
Florin Aliu
{"title":"Do infectious diseases explain Bitcoin price Fluctuations?","authors":"Florin Aliu","doi":"10.1016/j.intfin.2024.102011","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.102011","url":null,"abstract":"<div><p>This study examines Bitcoin price movements from an infectious disease perspective. The author compares the outbreak of the COVID-19 pandemic with the Bitcoin price explosion and adopts the SIR epidemiological model. The SIR model operates by categorizing the population of individuals into susceptible (S), infected (I), and removed (R). In the case of Bitcoin, open wallets represent the susceptible population, and the infection starts with a single individual. After conducting four estimation trials, the model that uses the recovery rate derived from the Bitcoin price downtrend and the infection rate from the upward trend has the highest accuracy. The estimation deviates from the Bitcoin price explosions by only three days. Previous studies commonly use faster-than-exponential growth or stationarity tests to identify bubble formations. This paper introduces a novel approach that employs epidemiological models to analyze Bitcoin’s explosive price behavior.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":4.0,"publicationDate":"2024-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141286511","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
Confidence in the world bank and IMF: Alignment of individual beliefs and institutional policies 对世界银行和国际货币基金组织的信心：个人信念与机构政策的一致性
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-05-29 DOI: 10.1016/j.intfin.2024.102003
John E. Anderson
{"title":"Confidence in the world bank and IMF: Alignment of individual beliefs and institutional policies","authors":"John E. Anderson","doi":"10.1016/j.intfin.2024.102003","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.102003","url":null,"abstract":"<div><p>This study examines individual expressions of confidence in the World Bank and the International Monetary Fund using the World Values Survey-Wave 7 data to determine whether alignment of individual beliefs with institutional policies supports confidence and whether national borrowing from these institutions with attendant conditionalities erodes confidence. The main hypothesis tested is that confidence in each organization is positively associated with alignment of survey respondents’ economic beliefs and the policies of the organizations. Results indicate that closer alignment of beliefs with organization policies is positively associated with greater confidence but greater national borrowing from either organization erodes confidence. Conditionalities for assistance are resented by citizens in recipient countries.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":4.0,"publicationDate":"2024-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141164516","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
Unleashing Fintech’s potential: A catalyst for green bonds issuance 释放金融科技的潜力：绿色债券发行的催化剂
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-05-21 DOI: 10.1016/j.intfin.2024.102009
Jin Huang , Ruiqi Liu , Wenting Wang , Zi'ang Wang , Congwei Wang , Yong (Jimmy) Jin
{"title":"Unleashing Fintech’s potential: A catalyst for green bonds issuance","authors":"Jin Huang ,&nbsp;Ruiqi Liu ,&nbsp;Wenting Wang ,&nbsp;Zi'ang Wang ,&nbsp;Congwei Wang ,&nbsp;Yong (Jimmy) Jin","doi":"10.1016/j.intfin.2024.102009","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.102009","url":null,"abstract":"<div><p>Financial technology, also known as fintech, is transforming daily lives and revolutionising the financial industry. However, there is currently no consensus regarding the effect of fintech on the green bond market. Using novel Chinese data, this study provides robust evidence that fintech development can significantly boost green bond issuance. Further analysis suggests that this promotional effect occurs by empowering intermediary institutions and increasing social environmental awareness. Additionally, we investigate the heterogeneous effect and find that the positive relationship is more pronounced for bonds without high ratings and whose proceeds are not used for refinancing. This effect is also stronger for non-state-owned issuers and in cities connected with High-Speed Railway networks or located in the eastern region of China. These results call for attention from policymakers and security managers to take further notice of fintech utilisation in green finance products.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":4.0,"publicationDate":"2024-05-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124000751/pdfft?md5=a6e8a0811f72248aab5fa75c96f76980&pid=1-s2.0-S1042443124000751-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141077950","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
Macro fundamentals and the resurgence of the Feldstein–Horioka puzzle in Europe 欧洲宏观基本面与费尔德斯坦-堀冈之谜的重现
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-05-20 DOI: 10.1016/j.intfin.2024.102006
António Martins
{"title":"Macro fundamentals and the resurgence of the Feldstein–Horioka puzzle in Europe","authors":"António Martins","doi":"10.1016/j.intfin.2024.102006","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.102006","url":null,"abstract":"<div><p>This paper discusses the resurgence of the Feldstein–Horioka puzzle after the global financial crisis within the European space. Revisiting the theory of intertemporal choice, this paper suggests that the deterioration of macroeconomic fundamentals that favor capital flows from richer to poorer economies can lead investment and savings to correlate across countries even without frictions to capital mobility. I test this hypothesis against a data set of 12 European economies spanning since the inception of the Maastricht treaty and ending immediately before the start of the Covid-19 pandemic. I find that the investment-savings correlation is generally low both across and within open economies, aligning with the theoretical stylized fact. However, this can be jeopardized when low-income economies accumulate large net stocks of foreign liabilities coupled with sluggish prospects for productivity growth. Ultimately, if investment and savings are not managed in line with macro fundamentals, foreign investors eventually impose a premium on new liabilities, raising the cost of financing investment with foreign funds and leading the correlation between investment and savings to rise both across and within countries.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":4.0,"publicationDate":"2024-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124000726/pdfft?md5=a2fa9b49c597dac81be85dd3f3b5735a&pid=1-s2.0-S1042443124000726-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141090146","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
Exchange market pressure in interest rate rules 利率规则中的外汇市场压力
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-05-18 DOI: 10.1016/j.intfin.2024.102005
Franc Klaassen , Kostas Mavromatis
{"title":"Exchange market pressure in interest rate rules","authors":"Franc Klaassen ,&nbsp;Kostas Mavromatis","doi":"10.1016/j.intfin.2024.102005","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.102005","url":null,"abstract":"<div><p>Many central banks pursue some kind of exchange rate objective. We derive what variables the central bank should look at when setting the interest rate to implement a given objective. Exchange market pressure (EMP), the tendency of the exchange rate to change, emerges as the key variable. This yields a policy rule for the interest rate where EMP is added to, say, a Taylor rule. The coefficient for EMP depends on two structural parameters, namely the effectiveness of the interest rate to ward off depreciation, and the degree of exchange rate management. The rule can implement many regimes, from floating to intermediate to fixed rates. It can be applied to many models, and we illustrate it in a New Keynesian model for a small open economy.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":4.0,"publicationDate":"2024-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124000714/pdfft?md5=25cf74dd671b25309c24424c3752d780&pid=1-s2.0-S1042443124000714-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141067258","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
Clustering asset markets based on volatility connectedness to political news 根据波动与政治新闻的关联性对资产市场进行分类
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-05-13 DOI: 10.1016/j.intfin.2024.102004
Hooman Abdollahi , Juha-Pekka Junttila , Heikki Lehkonen
{"title":"Clustering asset markets based on volatility connectedness to political news","authors":"Hooman Abdollahi ,&nbsp;Juha-Pekka Junttila ,&nbsp;Heikki Lehkonen","doi":"10.1016/j.intfin.2024.102004","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.102004","url":null,"abstract":"<div><p>To assess similarities in international asset markets’ responses to political news, we construct a political news index using advanced natural language processing. We then examine how the volatility across international asset markets is connected to the development of our political news index by measuring the daily directional connectedness using a VAR-based framework. Finally, we apply an unsupervised algorithm to cluster markets based on their volatility connectedness to political news. Our analysis reveals eight distinct clusters that reflect the markets’ sensitivities to political dynamics. This data-driven analysis offers insights into the influence of political developments on market volatility.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":4.0,"publicationDate":"2024-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124000702/pdfft?md5=0390d1bdd291a45bd0d186f3fef5824a&pid=1-s2.0-S1042443124000702-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140913748","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
Electricity markets regulations: The financial impact of the global energy crisis 电力市场法规：全球能源危机的财务影响
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-05-10 DOI: 10.1016/j.intfin.2024.102008
Ignacio Segarra , Christina Atanasova , Isabel Figuerola-Ferretti
{"title":"Electricity markets regulations: The financial impact of the global energy crisis","authors":"Ignacio Segarra ,&nbsp;Christina Atanasova ,&nbsp;Isabel Figuerola-Ferretti","doi":"10.1016/j.intfin.2024.102008","DOIUrl":"10.1016/j.intfin.2024.102008","url":null,"abstract":"<div><p>Amid the global energy crisis, we examine the impact of electricity market regulations in the European Union (EU). Pursuing an integrated EU electricity market inadvertently heightened the interdependence between gas and electricity prices. The EU energy crisis, triggered by the gas supply shock, amplified power prices and their volatility. These volatility spikes led to substantial margin increases on power futures contracts crucial for mitigating electricity price risks. The increase in margins placed a substantial financial burden on EU power utilities. We document an almost eight-fold surge in required collateral for long positions in front-month EU power futures contracts during the one-year duration of the crisis. Throughout the crisis, EU utilities experienced lower sales and profitability compared to their US counterparts, and a portfolio of EU power utilities significantly underperformed a counterfactual portfolio of US power utilities.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":4.0,"publicationDate":"2024-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141048125","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 and financial stability: Evidence from spatial analysis for 25 countries 金融科技与金融稳定：25 个国家的空间分析证据
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-05-08 DOI: 10.1016/j.intfin.2024.102002
Barbara Koranteng, Kefei You
{"title":"Fintech and financial stability: Evidence from spatial analysis for 25 countries","authors":"Barbara Koranteng,&nbsp;Kefei You","doi":"10.1016/j.intfin.2024.102002","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.102002","url":null,"abstract":"<div><p>Fintech has experienced rapid advances in recent years. This study examines the impact of Fintech on financial stability for a group of 25 countries during 2013–2020. We adopt the novel Fintech-enabled financing volume to directly measure Fintech development. We utilise both the aggregate and disaggregated level of Fintech financing; the latter includes crowdfunding, business lending and consumer lending, each has a different funding process and default rates. We account for spatial dependence in financial stability across countries by employing various spatial models. Our findings first reveal that there is positive spatial dependence of financial stability across countries. It implies that financial stability has a positive spillover to neighbouring countries and validates the necessity of spatial analysis. Second, based on the Spatial Durbin Model which best describes our data, Fintech financing makes a positive local and cross-border contribution towards financial stability, irrespective of alternative weight matrices and sample sizes. Such positive impact is more profound in countries with smaller sizes of Fintech financing volume, and the cross-border effect is stronger with closer geographic proximity. Finally, crowdfunding enhances financial stability, whilst consumer lending has a contrasting destabilising effect.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":4.0,"publicationDate":"2024-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124000684/pdfft?md5=e5a4ca6c443783fef680c5a65393e7dc&pid=1-s2.0-S1042443124000684-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140893964","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
Corporate integrity culture and credit rating assessment 企业诚信文化和信用评级评估
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-05-04 DOI: 10.1016/j.intfin.2024.102007
Xin Bao , Meini Han , Raymond Lau , Xiaowei Xu
{"title":"Corporate integrity culture and credit rating assessment","authors":"Xin Bao ,&nbsp;Meini Han ,&nbsp;Raymond Lau ,&nbsp;Xiaowei Xu","doi":"10.1016/j.intfin.2024.102007","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.102007","url":null,"abstract":"<div><p>Recent research has started to acknowledge the vital role of soft information in shaping credit rating outcomes. We extend this literature by investigating the effect of corporate integrity culture on the credit rating process and document a significant positive relationship between a culture of integrity and corporate credit ratings. We further show that this relationship is from both an indirect effect of integrity on a reduced financial risk, and a direct effect of integrity in signalling the creditworthiness of the underlying firm. When an alternative signalling device, such as firm reputation, earnings management activity, and Carbon Disclosure Project involvement, contradicts with integrity culture, integrity is no longer a significant predictor of credit ratings. Our results suggest that corporate culture plays an important role in the credit rating assessment process.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":4.0,"publicationDate":"2024-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140948219","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 natural disasters affect stock price crash risk? Evidence from emerging markets 自然灾害会影响股价暴跌风险吗？新兴市场的证据
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-05-01 DOI: 10.1016/j.intfin.2024.102001
Rui Zhao , Dayong Zhang , Mengmeng Guo
{"title":"Do natural disasters affect stock price crash risk? Evidence from emerging markets","authors":"Rui Zhao ,&nbsp;Dayong Zhang ,&nbsp;Mengmeng Guo","doi":"10.1016/j.intfin.2024.102001","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.102001","url":null,"abstract":"<div><p>This study shows a significantly positive relationship between natural disasters and firm-level stock price crash risk using a sample of listed firms from emerging markets.The channel tests suggest that natural disasters affect crash risk by increasing corporate risk-taking, dampening firm fundamentals, and aggravating bad news hoarding. The research further identifies that the effect of natural disasters on crash risk is moderated by country-level and firm-level characteristics. Overall, our findings contribute to a broader understanding of the economic outcomes of natural disasters in emerging markets.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":4.0,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140817029","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
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