Journal of International Money and Finance最新文献_第10页

Inspecting cross-border macro-financial mechanisms 检查跨境宏观金融机制

IF 2.5 2区经济学

Journal of International Money and Finance Pub Date : 2024-05-10 DOI: 10.1016/j.jimonfin.2024.103094

Eddie Gerba , Danilo Leiva-León , Margarita Rubio

引用次数: 0

Commodity currencies revisited: The role of global commodity price uncertainty 重温商品货币：全球商品价格不确定性的作用

IF 2.5 2区经济学

Journal of International Money and Finance Pub Date : 2024-05-10 DOI: 10.1016/j.jimonfin.2024.103096

Theodora Bermpei , Laurent Ferrara , Aikaterini Karadimitropoulou , Athanasios Triantafyllou

引用次数: 0

Long-run perspectives on r-g in OECD countries: An empirical analysis 关于 r-g 的长期观点</mml:mrow

IF 2.5 2区经济学

Journal of International Money and Finance Pub Date : 2024-05-09 DOI: 10.1016/j.jimonfin.2024.103093

Freddy Heylen , Marthe Mareels , Christophe Van Langenhove

{"title":"Long-run perspectives on r-g in OECD countries: An empirical analysis","authors":"Freddy Heylen , Marthe Mareels , Christophe Van Langenhove","doi":"10.1016/j.jimonfin.2024.103093","DOIUrl":"10.1016/j.jimonfin.2024.103093","url":null,"abstract":"<div><p>The difference between the implicit nominal interest rate and the growth rate of nominal GDP is a key determinant of the dynamics and the sustainability of public debt. This paper studies the determinants of <span><math><mrow><mi>r</mi><mo>-</mo><mi>g</mi></mrow></math></span> in a panel of 17 OECD countries since the early 1980s. Whereas the focus of existing empirical studies is mainly on fiscal, monetary and financial factors behind the interest–growth difference, our approach and contribution are to highlight in particular the role of real long-run determinants, such as technical progress, employment growth, demographic change, and income inequality. This allows us to derive empirically based projections for <span><math><mrow><mi>r</mi><mo>-</mo><mi>g</mi></mrow></math></span> beyond the next five or ten years. Our baseline expectation is that <span><math><mrow><mi>r</mi><mo>-</mo><mi>g</mi></mrow></math></span> will stay below zero for the next two decades in most European countries that we study. An important policy implication is that the debt-carrying capacity of governments is substantially higher now than in the 1980s or 1990s. For the United States, however, our baseline projection of <span><math><mrow><mi>r</mi><mo>-</mo><mi>g</mi></mrow></math></span> is positive.</p></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"145 ","pages":"Article 103093"},"PeriodicalIF":2.5,"publicationDate":"2024-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0261560624000809/pdfft?md5=0b0c7161a99fe44f58c7485f2d7d5b27&pid=1-s2.0-S0261560624000809-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141024640","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

Capital controls and capital flows: Do controls reduce the size of flows? 资本管制与资本流动：管制是否会减少资本流动的规模？

IF 2.5 2区经济学

Journal of International Money and Finance Pub Date : 2024-05-01 DOI: 10.1016/j.jimonfin.2024.103091

Gao Chen

引用次数: 0

Trade imbalance, heavy goods, and pollution 贸易失衡、重型货物和污染

IF 2.5 2区经济学

Journal of International Money and Finance Pub Date : 2024-04-25 DOI: 10.1016/j.jimonfin.2024.103090

Jungho Lee , Shang-Jin Wei , Jianhuan Xu

引用次数: 0

The impact of financial tightening on firm productivity: Maturity matters 金融紧缩对企业生产力的影响：成熟度很重要

IF 2.5 2区经济学

Journal of International Money and Finance Pub Date : 2024-04-25 DOI: 10.1016/j.jimonfin.2024.103092

Christian Abele , Agnès Bénassy-Quéré , Lionel Fontagné

引用次数: 0

Oil price shocks and macroeconomic dynamics in resource-rich emerging economies under regime shifts 制度变迁下资源丰富的新兴经济体的石油价格冲击和宏观经济动态

IF 2.5 2区经济学

Journal of International Money and Finance Pub Date : 2024-04-17 DOI: 10.1016/j.jimonfin.2024.103082

Babatunde S. Omotosho , Bo Yang

{"title":"Oil price shocks and macroeconomic dynamics in resource-rich emerging economies under regime shifts","authors":"Babatunde S. Omotosho , Bo Yang","doi":"10.1016/j.jimonfin.2024.103082","DOIUrl":"https://doi.org/10.1016/j.jimonfin.2024.103082","url":null,"abstract":"<div><p>How do global oil price fluctuations affect macroeconomic activity and monetary policy in resource-rich emerging economies? This paper tackles this question by developing a unified emerging market/rest-of-the-world DSGE framework featuring Ricardian and Non-Ricardian households, an oil-producing sector, a fuel subsidy programme, and a regime-switching process. The model is estimated using Bayesian methods, allowing us to be agnostic regarding regime shifts in the monetary policy rule and oil price volatility. Using data for Nigeria, we find substantial empirical support for the regime-switching behaviour and discuss how macroeconomic implications of oil price shocks may vary depending on the nature of the shock, monetary policy responses, and the fuel subsidy policy in place. Apart from providing important insights into the monetary policy transmission mechanism, the paper offers a novel, flexible, and functional model for future policy analysis, especially in resource-rich emerging countries.</p></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"144 ","pages":"Article 103082"},"PeriodicalIF":2.5,"publicationDate":"2024-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S026156062400069X/pdfft?md5=e65bda46d8d8d0844602e61f03d6fdb3&pid=1-s2.0-S026156062400069X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140618963","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

Financial contagion and networks among the oil and BRICS stock markets during seven episodes of crisis events 七次危机事件中石油和金砖国家股票市场的金融传染和网络

IF 2.5 2区经济学

Journal of International Money and Finance Pub Date : 2024-04-16 DOI: 10.1016/j.jimonfin.2024.103081

Cody Yu-Ling Hsiao , Yi-Bin Chiu

{"title":"Financial contagion and networks among the oil and BRICS stock markets during seven episodes of crisis events","authors":"Cody Yu-Ling Hsiao , Yi-Bin Chiu","doi":"10.1016/j.jimonfin.2024.103081","DOIUrl":"https://doi.org/10.1016/j.jimonfin.2024.103081","url":null,"abstract":"<div><p>In this study, we contribute to the existing literature on Brent Crude oil and BRICS stock markets by introducing a novel approach for testing financial market contagion, known as the multiple-dependence test. This innovative test simultaneously considers changes in linear, asymmetric, and extremal dependences during crisis periods. By employing this test, we construct contagion networks to gauge the degree of influence among markets within the network system. Our findings unveil that US-sourced crises exert a greater impact on BRICS stock markets compared to non-US-sourced crises. Notably, through dynamic contagion analysis, we ascertain that US-sourced financial crises affect approximately 50% of crisis days on average in the BRICS equity markets, whereas the impact of non-US-sourced crises varies based on their severity and characteristics. Additionally, our exploration of network analysis reveals that US-sourced crises demonstrate more prominent source node attributes within the network encompassing BRICS equity markets, in contrast to non-US-sourced crises.</p></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"144 ","pages":"Article 103081"},"PeriodicalIF":2.5,"publicationDate":"2024-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140558689","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

Can you hear me now? Identifying the effect of Chinese monetary policy announcements 你现在能听到我吗？识别中国货币政策公告的影响

IF 2.5 2区经济学

Journal of International Money and Finance Pub Date : 2024-04-15 DOI: 10.1016/j.jimonfin.2024.103078

Harrison Shieh

引用次数: 0

State-dependent oil price shocks on inflation and the efficacy of inflation targeting regime 国家石油价格冲击对通货膨胀的影响以及通货膨胀目标制的功效

IF 2.5 2区经济学

Journal of International Money and Finance Pub Date : 2024-04-11 DOI: 10.1016/j.jimonfin.2024.103077

Inwook Hwang , Xiaoyang Zhu

{"title":"State-dependent oil price shocks on inflation and the efficacy of inflation targeting regime","authors":"Inwook Hwang , Xiaoyang Zhu","doi":"10.1016/j.jimonfin.2024.103077","DOIUrl":"https://doi.org/10.1016/j.jimonfin.2024.103077","url":null,"abstract":"<div><p>This paper investigates the state-dependent effect of oil price shocks on domestic inflation using a panel of 30 countries over the period of 2001Q3 to 2022Q4. We find a significant asymmetric effect over different economic states, with a positive and significant effect during economic boom periods, while no significant effect during bust periods. Such state-dependent effect is also quantitatively verified through a dynamic panel threshold framework. As a related question, the paper also examines the effectiveness of inflation targeting (IT) regime in adjusting the oil price shocks-induced inflation. We evaluate the effectiveness of IT regime from several dimensions: whether it contributes to reducing 1) the level of inflation induced by oil price shocks during boom periods, 2) the probability of oil price shocks-induced inflation deviating from inflation target range, and 3) the duration of inflation deviations from the target range. Our findings indicate that central banks under inflation target regime do not mitigate the level and volatility of inflation induced by oil price shocks more effective than the Non-IT regime. Nevertheless, it reduces the duration of oil price shocks-induced inflation that is above the upper limit of target range. As for the causes, our findings suggest that inflation-targeting central banks do not react aggressively to oil price shocks during economic expansions so as to maintain the positive momentum of economic growth and employment, rather than immediately curbing inflation.</p></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"144 ","pages":"Article 103077"},"PeriodicalIF":2.5,"publicationDate":"2024-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140558690","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