Journal of International Financial Markets Institutions & Money最新文献_第9页

Extractive institutions and banks’ implicit subsidies 采掘机构和银行的隐性补贴

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 银行监管与企业研发投资：来自中国监管处罚的证据

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 资本流入突然停止、宏观审慎政策和银行系统性风险：一项国际调查

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 财务报告的全球趋同与抵御财政溢出冲击的能力

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

Give me a break: What does the equity premium compensate for? 得了吧，股票溢价补偿了什么？

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-01-10 DOI: 10.1016/j.intfin.2024.102103

Patrizia Perras, Niklas Wagner

引用次数: 0

Bank profitability and central bank digital currency 银行盈利能力和央行数字货币

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-01-10 DOI: 10.1016/j.intfin.2024.102105

Mario Bellia, Ludovic Calès

引用次数: 0

Does international trade moderate economic development’s impact on income inequality in the EU? 国际贸易是否缓和了经济发展对欧盟收入不平等的影响？

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-01-09 DOI: 10.1016/j.intfin.2024.102107

Hyun-Jung Nam , Doojin Ryu

引用次数: 0

Stablecoins as anchors? Unraveling information flow dynamics between pegged and unpegged crypto-assets and fiat currencies 稳定币作为锚？解开挂钩和非挂钩加密资产与法定货币之间的信息流动态

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-01-06 DOI: 10.1016/j.intfin.2024.102108

Rafael Baptista Palazzi , Sebastian Schich , Alan de Genaro

{"title":"Stablecoins as anchors? Unraveling information flow dynamics between pegged and unpegged crypto-assets and fiat currencies","authors":"Rafael Baptista Palazzi , Sebastian Schich , Alan de Genaro","doi":"10.1016/j.intfin.2024.102108","DOIUrl":"10.1016/j.intfin.2024.102108","url":null,"abstract":"<div><div>This study empirically investigates the potential of stablecoins to act as anchors within the volatile cryptocurrency market, using a novel conceptual framework that defines an anchor asset in three dimensions relative to other assets, namely stability, independence, and resilience. To assess these three dimensions, we employ three distinct methods to analyze the linear and nonlinear relationships between stablecoins (Tether, USD Coin, and Binance USD), the top three unpegged crypto-assets (Bitcoin, Ethereum, and Binance), and the three most heavily traded fiat currencies after the US dollar (EUR, JPY, and GBP), all denominated in USD. Specifically, we utilize Granger causality, asymmetric dynamic conditional correlation (ADCC)-GARCH, and transfer entropy approaches. These methods help us examine volatility spillover effects among the three types of assets. Our resilience criteria requires us to measure market liquidity, which we do by employing the turnover ratio weighted by market capitalization and the approach proposed by Abdi and Ranaldo (2017). The results challenge the notion that stablecoins are robust anchors in the sense that they are more stable, independent, or resilient than other types of assets, and cast doubt on the suggestion that stablecoins might become a useful means of exchange that provide a private alternative to existing fiat currencies.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"99 ","pages":"Article 102108"},"PeriodicalIF":5.4,"publicationDate":"2025-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143183696","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

Risk and return spillovers among developed and emerging market currencies 发达和新兴市场货币之间的风险和回报溢出效应

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-01-01 DOI: 10.1016/j.intfin.2024.102086

Matthew Greenwood-Nimmo , Daan Steenkamp , Rossouw van Jaarsveld

引用次数: 0

Tech titans and crypto giants: Mutual returns predictability and trading strategy implications 科技巨头和加密巨头：相互回报的可预测性和交易策略的影响

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2024-12-30 DOI: 10.1016/j.intfin.2024.102109

Elie Bouri , Amin Sokhanvar , Harald Kinateder , Serhan Çiftçioğlu

{"title":"Tech titans and crypto giants: Mutual returns predictability and trading strategy implications","authors":"Elie Bouri , Amin Sokhanvar , Harald Kinateder , Serhan Çiftçioğlu","doi":"10.1016/j.intfin.2024.102109","DOIUrl":"10.1016/j.intfin.2024.102109","url":null,"abstract":"<div><div>This study examines the directional return predictability between the technology sector of U.S. stock market and three major cryptocurrencies (Bitcoin, Ethereum, and Dogecoin). Using daily data from August 7, 2015, to February 8, 2024, and the cross-quantilogram approach in both static and dynamic settings, the results reveal significant positive predictability in the stock market–cryptocurrency nexus. The technology sector, semiconductors subsector, and Nvidia Corporation exert predictive power over cryptocurrency returns and vice versa across several quantiles and lags. When controlling for the impact of other financial variables, namely, U.S. dollar and U.S. treasury markets, the return predictability holds, especially for the two largest cryptocurrencies, Bitcoin and Ethereum, which reflects their importance and tighter connections with the U.S. technology sector. A trading strategy based on the results of the cross-quantilograms outperforms a benchmark strategy (i.e., always long position in either stocks or cryptocurrency), which underlines the practical implications of our main findings, particularly in terms of the significant return interactions between U.S. technology/semiconductors stocks and large cryptocurrencies.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"99 ","pages":"Article 102109"},"PeriodicalIF":5.4,"publicationDate":"2024-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143183704","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