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An empirical inquiry into the distributional consequences of energy price shocks 能源价格冲击的分布后果实证研究
IF 3.3 2区 经济学
Journal of International Money and Finance Pub Date : 2025-09-01 DOI: 10.1016/j.jimonfin.2025.103421
Luca Eduardo Fierro , Mario Martinoli
{"title":"An empirical inquiry into the distributional consequences of energy price shocks","authors":"Luca Eduardo Fierro ,&nbsp;Mario Martinoli","doi":"10.1016/j.jimonfin.2025.103421","DOIUrl":"10.1016/j.jimonfin.2025.103421","url":null,"abstract":"<div><div>We estimate how energy shocks affect the functional distribution of income. Using structural vector autoregressions identified with an external instrument, we find that an increase in oil prices leads to a substantial and long-lasting decline in the wage share. Real aggregate wage income is significantly impacted, with a considerable part of this decline stemming from distributive dynamics. We also investigate possible asymmetries in the response to oil supply shocks, finding that the wage share is more sensitive to negative shocks than to positive ones. This suggests that wage earners lose from oil price hikes more than they benefit from declines.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"159 ","pages":"Article 103421"},"PeriodicalIF":3.3,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145020220","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
Stock market liberalization and corporate R&D disclosure: evidence from China 股票市场自由化与企业研发信息披露：来自中国的证据
IF 3.3 2区 经济学
Journal of International Money and Finance Pub Date : 2025-08-29 DOI: 10.1016/j.jimonfin.2025.103420
Zhi Jin , Tingting Duan , Bingxuan Lin , Ke Xu
{"title":"Stock market liberalization and corporate R&D disclosure: evidence from China","authors":"Zhi Jin ,&nbsp;Tingting Duan ,&nbsp;Bingxuan Lin ,&nbsp;Ke Xu","doi":"10.1016/j.jimonfin.2025.103420","DOIUrl":"10.1016/j.jimonfin.2025.103420","url":null,"abstract":"<div><div>This paper investigates the impact of stock market liberalization on corporate R&amp;D disclosure using the Mainland China–Hong Kong Stock Connect program as a quasi-natural experiment. Contrary to the widely held view that liberalization enhances overall corporate transparency, we find that the topics of R&amp;D information disclosure are more scattered, and the narrative is less specific following liberalization. This effect is particularly pronounced among firms with higher proprietary costs. We argue that increased exposure to foreign investors intensifies competitive pressures, leading firms to strategically limit public disclosure of sensitive R&amp;D information to mitigate the risk of information leakage. Additionally, we document a rise in private communications with investors post-liberalization, particularly on R&amp;D-related topics, suggesting a deliberate shift toward more selective disclosure channels where firms can better control the audience and content of information shared.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"159 ","pages":"Article 103420"},"PeriodicalIF":3.3,"publicationDate":"2025-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144997592","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
How strong is the link between the global financial cycle and national macro-financial dynamics? A wavelet analysis 全球金融周期与国家宏观金融动态之间的联系有多紧密？小波分析
IF 3.3 2区 经济学
Journal of International Money and Finance Pub Date : 2025-08-26 DOI: 10.1016/j.jimonfin.2025.103419
Christian R. Proaño , Leonardo Quero Virla , Till Strohsal
{"title":"How strong is the link between the global financial cycle and national macro-financial dynamics? A wavelet analysis","authors":"Christian R. Proaño ,&nbsp;Leonardo Quero Virla ,&nbsp;Till Strohsal","doi":"10.1016/j.jimonfin.2025.103419","DOIUrl":"10.1016/j.jimonfin.2025.103419","url":null,"abstract":"<div><div>This paper explores the interaction between the global financial cycle (GFCy) and country-specific macro-financial dynamics. We investigate two alternative measures of the GFCy, the CBOE VIX index and <span><span>Rey (2013)</span></span>’s global factor, and equity prices, house prices, and aggregate credit volume as national variables. By means of a continuous wavelet analysis and a structural VAR framework, we explore such interaction in the frequency- and time-domain for 12 countries. Our evidence reveals that a strong and uniform relationship between the global financial cycle and national macro-financial series exists only during periods of global financial stress. Beyond those periods, we find significant variation in the relationship – both across time and countries. The choice of the global financial cycle proxy plays a very limited role.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"159 ","pages":"Article 103419"},"PeriodicalIF":3.3,"publicationDate":"2025-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144933800","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
Diversification strategies and investment opportunities in the international banking industry 国际银行业的多元化战略与投资机会
IF 3.3 2区 经济学
Journal of International Money and Finance Pub Date : 2025-08-23 DOI: 10.1016/j.jimonfin.2025.103418
Manapol Ekkayokkaya , Pisploen Ploenchitt , Christian C.P. Wolff
{"title":"Diversification strategies and investment opportunities in the international banking industry","authors":"Manapol Ekkayokkaya ,&nbsp;Pisploen Ploenchitt ,&nbsp;Christian C.P. Wolff","doi":"10.1016/j.jimonfin.2025.103418","DOIUrl":"10.1016/j.jimonfin.2025.103418","url":null,"abstract":"<div><div>We examine whether and how banks’ diversification strategy responds to expected investment opportunities. We find evidence consistent with the view that whether banks diversify to develop internal funding capability in response to good prospects, or to search for new growth opportunities in response to poor prospects in the current activity, depends on external capital constraints. The results further suggest that banks find it optimal to have immediate control over the internal fund allocation rather than relying on the allocation managed by their group parent. We also find evidence suggesting that although international diversification can facilitate activity diversification, the former is unlikely to substitute for the latter. In addition, there is no evidence that activity diversification by banks reflects inefficient diversification.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"159 ","pages":"Article 103418"},"PeriodicalIF":3.3,"publicationDate":"2025-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144925894","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
Are strong neighbors good neighbors? “Doing business” spatial spillover effects and policy learning 强大的邻居是好邻居吗？“营商”空间溢出效应与政策学习
IF 3.3 2区 经济学
Journal of International Money and Finance Pub Date : 2025-08-22 DOI: 10.1016/j.jimonfin.2025.103417
Shujian Guo , Zhiduan Xu , Yilong Ruanzhou
{"title":"Are strong neighbors good neighbors? “Doing business” spatial spillover effects and policy learning","authors":"Shujian Guo ,&nbsp;Zhiduan Xu ,&nbsp;Yilong Ruanzhou","doi":"10.1016/j.jimonfin.2025.103417","DOIUrl":"10.1016/j.jimonfin.2025.103417","url":null,"abstract":"<div><div>In this paper, we introduce a novel econometric framework to investigate the producers and recipients of the spillover effect. We find that proximity to neighboring economies with pro-business policies is associated with improvements in a domestic economy’s business environment. This positive spatial spillover is predominantly generated by high-income economies, while low-income economies exhibit negligible impact on their neighbors. Furthermore, non-African low-income economies benefit more from their neighbors’ business reforms compared to high-income ones. Our analysis also reveals that the magnitude of the spillover effect is moderated by the physical adjacency (land or maritime borders) and political alignment between neighbors. Only high-income economies demonstrate the ability to translate an enhanced business environment into superior economic outcomes. We highlight the importance of business connections between neighboring economies.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"158 ","pages":"Article 103417"},"PeriodicalIF":3.3,"publicationDate":"2025-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144907038","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
Commodities and monetary policy—the role of interest rates revisited 商品和货币政策——重新审视利率的作用
IF 3.3 2区 经济学
Journal of International Money and Finance Pub Date : 2025-08-19 DOI: 10.1016/j.jimonfin.2025.103416
Amelie Schischke, Andreas Rathgeber
{"title":"Commodities and monetary policy—the role of interest rates revisited","authors":"Amelie Schischke,&nbsp;Andreas Rathgeber","doi":"10.1016/j.jimonfin.2025.103416","DOIUrl":"10.1016/j.jimonfin.2025.103416","url":null,"abstract":"<div><div>In this study, we examine whether and how the impact of monetary policy on commodity markets changed due to the unconventional monetary policy actions, such as large-scale asset purchase programs and forward guidance, implemented by the Federal Reserve when the interest rate reached its zero lower bound (ZLB) posterior to the financial crisis. Utilizing a structural vector autoregressive (SVAR) model and a sub-period analysis, we identify a significant influence of interest rates on commodity prices before the crisis, with a contractionary monetary policy shock leading to rising prices. However, during the ZLB period, unconventional monetary policy shocks resulted in declining commodity prices, highlighting a directional shift. Our findings underscore the role of monetary policy mechanisms in shaping commodity markets and reveal variations across commodity classes, particularly industrial metals and precious metals. These insights hold practical implications for investors and policymakers.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"158 ","pages":"Article 103416"},"PeriodicalIF":3.3,"publicationDate":"2025-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144911632","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
Price discovery in bitcoin spot and futures markets 比特币现货和期货市场的价格发现
IF 3.3 2区 经济学
Journal of International Money and Finance Pub Date : 2025-08-15 DOI: 10.1016/j.jimonfin.2025.103415
Kevin Robertson, Rene Zhang
{"title":"Price discovery in bitcoin spot and futures markets","authors":"Kevin Robertson,&nbsp;Rene Zhang","doi":"10.1016/j.jimonfin.2025.103415","DOIUrl":"10.1016/j.jimonfin.2025.103415","url":null,"abstract":"<div><div>The growing significance of derivatives within the fragmented bitcoin trading ecosystem has heightened scrutiny regarding the markets that lead bitcoin’s price discovery. This paper delves into the intricate dynamics of bitcoin spot and futures trade activity, employing a robust framework for high-frequency lead-lag analysis utilizing the Hayashi-Yoshida estimator. Our findings reveal that the CME bitcoin futures market plays a leading role in price formation, with transaction size emerging as a critical determinant of market leadership. Furthermore, we provide an in-depth exploration of the unique microstructure of bitcoin markets, highlighting how varying trade sparsity influences price discovery metrics. This comprehensive analysis contributes valuable insights for both market participants and regulators, fostering a deeper understanding of the factors that shape market efficiency.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"159 ","pages":"Article 103415"},"PeriodicalIF":3.3,"publicationDate":"2025-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145049960","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 what happens on-chain stays on-chain? The dynamics of blockchain token transactions and prices 链上发生的事情会保持在链上吗？区块链代币交易和价格的动态
IF 3.3 2区 经济学
Journal of International Money and Finance Pub Date : 2025-08-14 DOI: 10.1016/j.jimonfin.2025.103408
Hugo Benedetti , Gabriel Rodríguez-Garnica
{"title":"Does what happens on-chain stays on-chain? The dynamics of blockchain token transactions and prices","authors":"Hugo Benedetti ,&nbsp;Gabriel Rodríguez-Garnica","doi":"10.1016/j.jimonfin.2025.103408","DOIUrl":"10.1016/j.jimonfin.2025.103408","url":null,"abstract":"<div><div>Cryptoassets, particularly tokens, have garnered investor interest due to high returns, yet comprehensive studies examining on-chain transaction data to assess their intrinsic value remain limited. This study addresses this gap by introducing new on-chain transaction-based measures of token usage, crypto-exchange supply pressures, and aggregate transaction intention (trading versus usage/holding). Using over 180 million records of Ethereum-based-tokens’ transaction data, we categorize on-chain transactions as peer-to-peer usage or crypto-exchange-related. Our findings show that while increased token usage intensity, whether through peer-to-peer or exchange transactions, positively correlates with higher token returns, imbalances in exchange flows have the opposite effect. Specifically, increased token inflows to exchanges signal potential supply pressure and increased token deposits signal aggregate intention to trade, both contributing to price declines. This research underscores on-chain data as a reliable economic signal and its impact on token valuations.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"158 ","pages":"Article 103408"},"PeriodicalIF":3.3,"publicationDate":"2025-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144879939","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 foreign firms cater to American investors’ dividend desires? 外国公司是否迎合了美国投资者的分红欲望？
IF 3.3 2区 经济学
Journal of International Money and Finance Pub Date : 2025-08-13 DOI: 10.1016/j.jimonfin.2025.103406
Tat-kei Lai , Travis Ng , Kwok Ping Tsang
{"title":"Do foreign firms cater to American investors’ dividend desires?","authors":"Tat-kei Lai ,&nbsp;Travis Ng ,&nbsp;Kwok Ping Tsang","doi":"10.1016/j.jimonfin.2025.103406","DOIUrl":"10.1016/j.jimonfin.2025.103406","url":null,"abstract":"<div><div>Will foreign firms alter their dividend policies to cater to minority American investors’ tax preferences? Conceptually, in the context of foreign controlling shareholders making the tunneling-and-dividend decisions, foreign firms will not do so unless they value a broad American shareholder base. During a U.S. tax cut that increases American investors’ dividend desires only from qualified foreign corporations (QFCs), the dividend policies of those QFCs domiciled in low withholding tax jurisdictions exhibit a significantly stronger catering pattern than others. The conceptual framework and the empirical results jointly suggest that some foreign firms see the value of a broad American shareholder base.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"158 ","pages":"Article 103406"},"PeriodicalIF":3.3,"publicationDate":"2025-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144907041","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
INTERNATIONAL FINANCIAL INTEGRATION, ECONOMIC GROWTH AND THRESHOLD EFFECTS: SOME PANEL EVIDENCE FOR EUROPE 国际金融一体化、经济增长和门槛效应：一些针对欧洲的面板证据
IF 3.3 2区 经济学
Journal of International Money and Finance Pub Date : 2025-08-11 DOI: 10.1016/j.jimonfin.2025.103407
Guglielmo Maria Caporale , Anamaria Diana Sova , Robert Sova
{"title":"INTERNATIONAL FINANCIAL INTEGRATION, ECONOMIC GROWTH AND THRESHOLD EFFECTS: SOME PANEL EVIDENCE FOR EUROPE","authors":"Guglielmo Maria Caporale ,&nbsp;Anamaria Diana Sova ,&nbsp;Robert Sova","doi":"10.1016/j.jimonfin.2025.103407","DOIUrl":"10.1016/j.jimonfin.2025.103407","url":null,"abstract":"<div><div>This paper applies the Seo and Shin (2016) method for estimating dynamic panels with endogenous threshold effects to obtain new, robust evidence on nonlinearities in the relationship between international financial integration (IFI) and economic growth. This approach is based on a first-differenced GMM estimator which allows both the threshold variable and the regressors to be endogenous. More specifically, the present study analyses yearly data for 40 European countries from 1996 to 2021, this European focus yielding novel insights into a region with a diverse economic landscape. The IFI–growth nexus is examined using various IFI measures and thresholds reflecting country-specific characteristics, and then the analysis is extended by comparing the impact of the 2007–2009 global financial crisis (GFC) and of the Covid-19 pandemic respectively on the relationship of interest. The results provide clear evidence of nonlinearities and suggest that the effects of financial integration on economic growth vary depending on factors such as the level of financial development, trade openness, institutional quality, political and economic uncertainty, initial income, and financial openness. Further, the 2007–2009 GFC appears to have had a more significant impact than the Covid-19 pandemic.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"158 ","pages":"Article 103407"},"PeriodicalIF":3.3,"publicationDate":"2025-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144842683","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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