Journal of International Money and Finance最新文献

Listening to the Market: Music sentiment and cryptocurrency returns 聆听市场：音乐情绪和加密货币回报

IF 2.8 2区经济学

Journal of International Money and Finance Pub Date : 2025-07-18 DOI: 10.1016/j.jimonfin.2025.103394

Sinda Hadhri , Mehak Younus , Muhammad Abubakr Naeem , Larisa Yarovaya

引用次数: 0

Does investor attention drive cryptocurrency markets? Insights from network connectedness and portfolio applications 投资者的关注推动了加密货币市场吗？来自网络连接性和投资组合应用程序的见解

IF 2.8 2区经济学

Journal of International Money and Finance Pub Date : 2025-07-11 DOI: 10.1016/j.jimonfin.2025.103391

Feng-Lin Wu , Yu-Shi Wang , Yu-Fan Wan , Ming-Hui Wang

{"title":"Does investor attention drive cryptocurrency markets? Insights from network connectedness and portfolio applications","authors":"Feng-Lin Wu , Yu-Shi Wang , Yu-Fan Wan , Ming-Hui Wang","doi":"10.1016/j.jimonfin.2025.103391","DOIUrl":"10.1016/j.jimonfin.2025.103391","url":null,"abstract":"<div><div>This paper explores the role of investor attention in the cryptocurrency market and introduces an attention-enhanced investing strategy within the minimum connectedness portfolio framework. We first examine the spillover effects of investor attention across various cryptocurrency features and investigate how these effects evolve under extreme market conditions. We find that investor attention to leading cryptocurrencies significantly influences attention toward others, highlighting a clear “representative bias\" in market attention dynamics. Such investor attention is not driven by rational, value-based judgments; rather, it reflects trends of centralization and extremism in the cryptocurrency market. In addition, we observe a “fair-weather friend\" phenomenon, where investors are more interconnected during profitable periods, with a shift toward diversification under heightened market volatility. Furthermore, incorporating extra informational advantage of investor attention has the potential to enhance diversification performance. However, this attention-based strategy proves to be a “double-edged sword\"—more effective in stable market conditions with lower systemic connectedness but less so during turbulent periods of rising systemic risk. Finally, we propose relevant protective procedures to mitigate risks during phases when the strategy underperforms.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"157 ","pages":"Article 103391"},"PeriodicalIF":2.8,"publicationDate":"2025-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144631849","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

Early-Life currency crises and exchange rate pass-through: Understanding the impact of central Bankers’ formative years in Africa 早期的货币危机和汇率传递：了解非洲中央银行家形成时期的影响

IF 2.8 2区经济学

Journal of International Money and Finance Pub Date : 2025-07-11 DOI: 10.1016/j.jimonfin.2025.103393

Christine Strong , Lewis-Landry Gakpa

{"title":"Early-Life currency crises and exchange rate pass-through: Understanding the impact of central Bankers’ formative years in Africa","authors":"Christine Strong , Lewis-Landry Gakpa","doi":"10.1016/j.jimonfin.2025.103393","DOIUrl":"10.1016/j.jimonfin.2025.103393","url":null,"abstract":"<div><div>This study creates a novel dataset to explore the impact of past exposures to currency crises on the exchange rate pass-through (ERPT) to inflation for 26 African countries between 1989 and 2020. We posit that central bankers who have encountered currency crises during their formative years tend to develop more hawkish monetary preferences and exhibit greater risk aversion, thereby bolstering the credibility of monetary policy. Consequently, we hypothesize that past exposures to currency crises should be associated with smaller exchange rate pass-through elasticities. Our empirical analysis lends credence to this hypothesis; we find that as the number of exposures increases, there is a negative relationship between inflation and exchange rate pass-through for African central bankers who have experienced currency crises within the first 25 years of their lives. Furthermore, our findings remain robust even after controlling for measures of central bankers’ expertise, underscoring the enduring influence of early-life experiences on the ERPT-inflation nexus. Additionally, we find that, in an African context, past experiences exert a statistically significant impact on the exchange rate pass-through to inflation nexus compared to alternative measures of credibility, such as legal central bank independence, which do not have any effect.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"157 ","pages":"Article 103393"},"PeriodicalIF":2.8,"publicationDate":"2025-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144653868","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

Does risk aversion predict the future real economy? 风险规避能预测未来实体经济吗？

IF 2.8 2区经济学

Journal of International Money and Finance Pub Date : 2025-07-09 DOI: 10.1016/j.jimonfin.2025.103392

Jinhwan Kim , Hoon Cho , Doojin Ryu

引用次数: 0

Debt specialization and diversification: International evidence 债务专业化和多样化：国际证据

IF 2.8 2区经济学

Journal of International Money and Finance Pub Date : 2025-07-05 DOI: 10.1016/j.jimonfin.2025.103389

Gregory R. Duffee , Peter Hördahl

引用次数: 0

Fintech development and corporate financial policy: Evidence from corporate financing and investment 金融科技发展与企业财务政策：来自企业融资和投资的证据

IF 2.8 2区经济学

Journal of International Money and Finance Pub Date : 2025-07-03 DOI: 10.1016/j.jimonfin.2025.103386

Mengxuan Tang , Yang Hu , Yang (Greg) Hou , Les Oxley , John W. Goodell

引用次数: 0

UK monetary policy in an estimated DSGE model with state-dependent price and wage contracts 基于国家价格和工资契约的DSGE估计模型中的英国货币政策

IF 2.8 2区经济学

Journal of International Money and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.jimonfin.2025.103390

Haixia Chen , Vo Phuong Mai Le , David Meenagh , Patrick Minford

{"title":"UK monetary policy in an estimated DSGE model with state-dependent price and wage contracts","authors":"Haixia Chen , Vo Phuong Mai Le , David Meenagh , Patrick Minford","doi":"10.1016/j.jimonfin.2025.103390","DOIUrl":"10.1016/j.jimonfin.2025.103390","url":null,"abstract":"<div><div>This study incorporates state-dependent price/wage setting into a small open economy DSGE model to investigate whether, with this feature, the model can better explain the UK business cycle dynamics. The model is estimated and tested using the Indirect Inference method and is found to fit the dynamic behaviour of key variables very well over a long sample period 1955–2021 which includes episodes with the Zero lower Bound, ZLB. The model implications for policy improvement are that in the presence of state-dependence and the ZLB, monetary-fiscal coordination is needed to stabilise the economy, as monetary policy alone cannot achieve economic stability during ZLB scenarios, where it must use bond purchases (Quantitative Easing, QE). Our findings suggest that a coordinated monetary-fiscal policy framework, i.e., an interest rate policy that targets nominal GDP complemented by a ZLB-suppressing fiscal policy, decreases the frequency of economic crises and enhances price/output stability and household welfare compared to the baseline Taylor Rule and QE framework.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"157 ","pages":"Article 103390"},"PeriodicalIF":2.8,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144588250","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

Monetary policy and inequality: Distributional effects of asset purchase programs 货币政策与不平等：资产购买计划的分配效应

IF 2.8 2区经济学

Journal of International Money and Finance Pub Date : 2025-06-25 DOI: 10.1016/j.jimonfin.2025.103384

İrfan Çerçil , Gorkem Aksaray

{"title":"Monetary policy and inequality: Distributional effects of asset purchase programs","authors":"İrfan Çerçil , Gorkem Aksaray","doi":"10.1016/j.jimonfin.2025.103384","DOIUrl":"10.1016/j.jimonfin.2025.103384","url":null,"abstract":"<div><div>Income and wealth inequality have been steadily rising in developed countries since the 1970s. Unconventional monetary policy has recently come under increasing scrutiny for its role in exacerbating this trend. In response to the 2008 global financial crisis, central banks in many developed countries have started to engage in large-scale asset purchase programs (APPs), also known as quantitative easing (QE), to stimulate their economies. This paper investigates how these programs have influenced inequality. Using panel data from 49 countries between 1999 and 2019, we apply local projections (LP) method to estimate the average treatment effect (ATE) of APPs on income and wealth inequality. To address endogeneity, we use propensity scores and the augmented inverse probability weighting (AIPW) estimator. Our results reveal a discernible relationship between APPs and increased inequality. Specifically, we find that while the impact of APPs on income inequality fades over time, their effect on wealth inequality is more pronounced and persistent. Our research contributes to the ongoing debate about the distributional consequences of monetary policy, offering practical insights for policymakers.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"157 ","pages":"Article 103384"},"PeriodicalIF":2.8,"publicationDate":"2025-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144588249","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

Asymmetric inflation target credibility 不对称通胀目标可信度

IF 2.8 2区经济学

Journal of International Money and Finance Pub Date : 2025-06-20 DOI: 10.1016/j.jimonfin.2025.103382

Winnie Coleman , Dieter Nautz

引用次数: 0

Central bank communication of uncertainty 央行沟通的不确定性

IF 2.8 2区经济学

Journal of International Money and Finance Pub Date : 2025-06-20 DOI: 10.1016/j.jimonfin.2025.103385

Pietro Fadda , Rayane Hanifi , Klodiana Istrefi , Adrian Penalver

引用次数: 0