发布求助
文献互助 智能选刊 最新文献

Journal of International Money and Finance最新文献

筛选
英文 中文
Adjusting toward long-run purchasing power parity 向长期购买力平价调整
IF 2.8 2区 经济学
Journal of International Money and Finance Pub Date : 2024-10-10 DOI: 10.1016/j.jimonfin.2024.103204
Kian Ong
{"title":"Adjusting toward long-run purchasing power parity","authors":"Kian Ong","doi":"10.1016/j.jimonfin.2024.103204","DOIUrl":"10.1016/j.jimonfin.2024.103204","url":null,"abstract":"<div><div>Under purchasing power parity (PPP) exchange rates and relative prices adjust to maintain a constant real exchange rate in the long run. Its empirical validity continues to be questioned. We use data on exchange rates and prices relative to the U.S. for a long-span (1870–2020) panel of 16 countries to examine (a) whether the long-run elasticity is one; (b) whether there is adjustment by exchange rates or prices to maintain a constant real exchange rate and (c) the time taken to adjust. We use four estimators, which increasingly restrict the model. These are country-specific vector error correction model in exchange rates and relative prices; the Johansen estimator, which has the cross-equation restriction that the long-run coefficient in the two equations is the same; the system pooled mean group estimator, which has a homogeneous long-run coefficient over countries and heterogeneous short-run dynamics, and a univariate real exchange rate equation used to obtain median unbiased estimates of the half-life.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"149 ","pages":"Article 103204"},"PeriodicalIF":2.8,"publicationDate":"2024-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142444844","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
Tax shocks, firm entry, and productivity in the open economy 开放经济中的税收冲击、企业进入和生产率
IF 2.8 2区 经济学
Journal of International Money and Finance Pub Date : 2024-10-09 DOI: 10.1016/j.jimonfin.2024.103203
Mathias Klein , Ludger Linnemann
{"title":"Tax shocks, firm entry, and productivity in the open economy","authors":"Mathias Klein ,&nbsp;Ludger Linnemann","doi":"10.1016/j.jimonfin.2024.103203","DOIUrl":"10.1016/j.jimonfin.2024.103203","url":null,"abstract":"<div><div>We examine the role of endogenous firm entry for the domestic effects and international repercussions of tax policy. We present new evidence from proxy-vector autoregressions that exogenous US tax reductions increase hourly labor productivity and firm creation domestically, and induce higher trade deficits and real depreciation with respect to the other G7 countries, with positive spillovers to foreign consumption and investment. We show that the empirical evidence is compatible with a two-country model with endogenous firm entry. The entry channel provides a strong amplification mechanism for the supply effects of tax shocks at home and leads to persistent spillovers to the foreign economies.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"149 ","pages":"Article 103203"},"PeriodicalIF":2.8,"publicationDate":"2024-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142421990","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
Energy price surges and inflation: Fiscal policy to the rescue? 能源价格飙升和通货膨胀：财政政策来救市？
IF 2.8 2区 经济学
Journal of International Money and Finance Pub Date : 2024-10-02 DOI: 10.1016/j.jimonfin.2024.103201
Christian Glocker , Philipp Wegmüller
{"title":"Energy price surges and inflation: Fiscal policy to the rescue?","authors":"Christian Glocker ,&nbsp;Philipp Wegmüller","doi":"10.1016/j.jimonfin.2024.103201","DOIUrl":"10.1016/j.jimonfin.2024.103201","url":null,"abstract":"<div><div>Motivated by the fiscal policy measures taken by euro zone governments during the 2021/2022 energy crisis, we examine their ability to counter inflationary surges resulting from energy price hikes in energy-importing economies. We use a calibrated small-open economy model in which monetary policy fixes the exchange rate. Subsidies on the sale of energy and on firms' energy expenditures are among the most effective instruments. They reduce marginal costs and limit the pass-through of the price hike which attenuates inflation and stabilizes output and the current account. While inflation indexation of prices aggravates the adverse effects, it renders consumption tax cuts more effective as they attenuate the shock's domestic circulation.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"149 ","pages":"Article 103201"},"PeriodicalIF":2.8,"publicationDate":"2024-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142421985","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
Talking in a language that everyone can understand? Clarity of speeches by the ECB Executive Board 用人人都能听懂的语言说话？欧洲中央银行执行董事会发言的清晰度
IF 2.8 2区 经济学
Journal of International Money and Finance Pub Date : 2024-10-02 DOI: 10.1016/j.jimonfin.2024.103200
Lena Bjerkander , Alexander Glas
{"title":"Talking in a language that everyone can understand? Clarity of speeches by the ECB Executive Board","authors":"Lena Bjerkander ,&nbsp;Alexander Glas","doi":"10.1016/j.jimonfin.2024.103200","DOIUrl":"10.1016/j.jimonfin.2024.103200","url":null,"abstract":"<div><div>We use data on speeches held by members of the European Central Bank's (ECB) Executive Board to analyze whether the clarity of central bank communication has increased over time. Employing readability measures as proxy variables, we find that the clarity of information provision is trending upward since the inception of the ECB. The increase is gradual rather than being induced by changes in the board composition or major macroeconomic events. We also show that clarity is higher for speeches aimed at general audiences and for speeches by female speakers. Moreover, we find that higher clarity of speeches is associated with more optimistic media sentiment about the ECB and a stronger relationship between speech and media sentiment.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"149 ","pages":"Article 103200"},"PeriodicalIF":2.8,"publicationDate":"2024-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142421989","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
Uncertainty and innovation in renewable energy 可再生能源的不确定性与创新
IF 2.8 2区 经济学
Journal of International Money and Finance Pub Date : 2024-10-01 DOI: 10.1016/j.jimonfin.2024.103202
Luca Bettarelli , Davide Furceri , Pietro Pizzuto , Nadia Shakoor
{"title":"Uncertainty and innovation in renewable energy","authors":"Luca Bettarelli ,&nbsp;Davide Furceri ,&nbsp;Pietro Pizzuto ,&nbsp;Nadia Shakoor","doi":"10.1016/j.jimonfin.2024.103202","DOIUrl":"10.1016/j.jimonfin.2024.103202","url":null,"abstract":"<div><div>This paper empirically investigates the impact of economic and policy uncertainty on green innovation for a sample of 81 advanced and emerging market economies during the period 1976–2020. Our results show that increases in uncertainty lead to a long-lasting decrease in green innovation, measured by the number of new green energy patents. This effect holds for a wide set of technologies, it is larger during recessions and periods of higher financial stress, and in countries with less stringent environment protection regulations. Importantly, the effect of uncertainty on green patents is larger than on non-green patents. Results are robust to several sensitivity tests, including an instrumental variable approach and a difference-in-differences strategy.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"149 ","pages":"Article 103202"},"PeriodicalIF":2.8,"publicationDate":"2024-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142421988","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
Green vs. brown: Climate risk showdown – who’s thriving, who’s diving? 绿色与褐色：气候风险对决--谁在茁壮成长，谁在沉沦？
IF 2.8 2区 经济学
Journal of International Money and Finance Pub Date : 2024-09-24 DOI: 10.1016/j.jimonfin.2024.103198
Dongyang Zhang , Dingchuan Bai , Yizhi Wang
{"title":"Green vs. brown: Climate risk showdown – who’s thriving, who’s diving?","authors":"Dongyang Zhang ,&nbsp;Dingchuan Bai ,&nbsp;Yizhi Wang","doi":"10.1016/j.jimonfin.2024.103198","DOIUrl":"10.1016/j.jimonfin.2024.103198","url":null,"abstract":"<div><div>Increasingly complex climate change poses unprecedented risks and challenges. We attempt to analyze the strategic responses of firms in dealing with climate risk and whether green firms outperform brown firms by exploring the relationship between climate risk and firms’ cash flow. To this end, this paper uses the high-dimensional fixed-effects model for empirical analysis based on panel data of Chinese listed firms from Q1 2010 to Q4 2022. We find that firms have the motivation to hold more cash in the face of climate risk, and that brown firms will be more proactive in cash flow management compared to green firms. In addition, there are significant industry and seasonal effects of climate risk on firms’ cash flow. Mechanism tests find that climate risk prompts firms to increase cash flow by forcing them to reduce financial leverage and erode operating costs, as well as by inducing increased media attention to the firm. Heterogeneity analysis shows that the positive effect of climate risk on cash flow is more significant among low digital transformation firms, high financial constraints firms, firms with low managerial myopia, and SOEs. An analysis of the economic consequences shows that climate risk leads firms to be more aggressive in capturing market share, increasing productivity and strengthening ESG performance. The above findings help to enlighten firms on how to manage their risk exposures and adjust their internal governance structures as a way to maintain stable operations in an environment of intensified uncertainty. In brief, this paper highlights the differentiated financial decisions that green and brown firms make in response to climate risk, providing empirical evidence and policy implications for advancing the green transformation of firms.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"149 ","pages":"Article 103198"},"PeriodicalIF":2.8,"publicationDate":"2024-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142322777","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
Monetary and fiscal policy challenges in emerging markets amid elevated uncertainty 新兴市场在不确定性增加的情况下面临货币和财政政策挑战
IF 2.8 2区 经济学
Journal of International Money and Finance Pub Date : 2024-09-23 DOI: 10.1016/j.jimonfin.2024.103199
Joshua Aizenman , John Beirne , Menzie D. Chinn , Yothin Jinjarak , Donghyun Park
{"title":"Monetary and fiscal policy challenges in emerging markets amid elevated uncertainty","authors":"Joshua Aizenman ,&nbsp;John Beirne ,&nbsp;Menzie D. Chinn ,&nbsp;Yothin Jinjarak ,&nbsp;Donghyun Park","doi":"10.1016/j.jimonfin.2024.103199","DOIUrl":"10.1016/j.jimonfin.2024.103199","url":null,"abstract":"<div><div>This editorial discusses papers published in a special issue that focuses on monetary and fiscal policy effectiveness and challenges in emerging economies, particularly during periods of amplified global risk aversion and financial market volatility.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"149 ","pages":"Article 103199"},"PeriodicalIF":2.8,"publicationDate":"2024-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142421991","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
Financial integration and hedging and safe haven properties of metals for sovereign bonds 金融一体化和对冲以及金属对主权债券的避险属性
IF 2.8 2区 经济学
Journal of International Money and Finance Pub Date : 2024-09-23 DOI: 10.1016/j.jimonfin.2024.103195
Markus Höfler, Andrea Schertler
{"title":"Financial integration and hedging and safe haven properties of metals for sovereign bonds","authors":"Markus Höfler,&nbsp;Andrea Schertler","doi":"10.1016/j.jimonfin.2024.103195","DOIUrl":"10.1016/j.jimonfin.2024.103195","url":null,"abstract":"<div><div>Previous research has shown that industrial metals outperform gold and other precious metals in terms of hedging and safe haven properties for sovereign bond holdings. We argue that the strength of these properties depends on how much the sovereign bond is globally integrated. We therefore model the hedging and safe haven properties of metals for sovereign bonds as moderated by how much bond returns are globally integrated. Our evidence from the sovereign bonds of 24 countries shows that industrial metals provide a stronger hedge and safe haven when sovereigns are more integrated, whereas precious metals do not. The inflation and exchange rates also affect the hedging properties of metals, but bond integration has the strongest economic effect. This evidence helps explain why metals are excellent hedging or safe haven assets for some sovereign bond investors but not for others.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"149 ","pages":"Article 103195"},"PeriodicalIF":2.8,"publicationDate":"2024-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142359141","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
Heterogeneity in exchange rate pass-through to import prices in Thailand: Evidence from micro data 泰国汇率对进口价格传递的异质性：来自微观数据的证据
IF 2.8 2区 经济学
Journal of International Money and Finance Pub Date : 2024-09-18 DOI: 10.1016/j.jimonfin.2024.103196
Tosapol Apaitan, Pym Manopimoke, Nuwat Nookhwun, Jettawat Pattararangrong
{"title":"Heterogeneity in exchange rate pass-through to import prices in Thailand: Evidence from micro data","authors":"Tosapol Apaitan,&nbsp;Pym Manopimoke,&nbsp;Nuwat Nookhwun,&nbsp;Jettawat Pattararangrong","doi":"10.1016/j.jimonfin.2024.103196","DOIUrl":"10.1016/j.jimonfin.2024.103196","url":null,"abstract":"<div><div>We use transaction-level customs data and show that there is significant the Thai border. Our findings uncover several structural determinants of ERPT, where we document lower ERPT for (i) prices of differentiated goods, (ii) firms with a higher degree of market power, (iii) prices of goods controlled by the government and (iv) goods invoiced in the local currency. We also find that for the large majority of Thai imports that are invoiced in the US dollar under the dominant currency pricing (DCP) paradigm, price responses to the US dollar are much stronger than those associated with the bilateral exchange rate vis-à-vis the exporters' currency, but only in the short run. Finally, by investigating state-dependent properties of ERPT, we find that small exchange rate changes are associated with higher ERPT, while the degree of pass-through is stronger during episodes of depreciations rather than appreciations, particularly for goods that practice DCP.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"149 ","pages":"Article 103196"},"PeriodicalIF":2.8,"publicationDate":"2024-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142421986","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
COVID-19 and redemptions from Irish-resident bond funds COVID-19 和爱尔兰居民债券基金的赎回
IF 2.8 2区 经济学
Journal of International Money and Finance Pub Date : 2024-09-17 DOI: 10.1016/j.jimonfin.2024.103197
David Doran, Vahagn Galstyan
{"title":"COVID-19 and redemptions from Irish-resident bond funds","authors":"David Doran,&nbsp;Vahagn Galstyan","doi":"10.1016/j.jimonfin.2024.103197","DOIUrl":"10.1016/j.jimonfin.2024.103197","url":null,"abstract":"<div><p>This paper examines net redemptions from bond funds domiciled in Ireland at the onset of the COVID-19 pandemic. We analyse various empirical specifications to determine whether factors such as fund leverage, measures of liquidity, portfolio risk and portfolio concentration, among others, explain outflows from Irish-domiciled bond funds in March 2020. The findings indicate that funds with a larger share of short-term securities and riskier bond portfolios experienced higher redemptions. Our analysis also suggests that fund size and age are significant factors affecting outflows. When examining various sub-samples, we find evidence of more reactive behaviour among investors in actively managed funds compared to passively managed funds. We also find that retail bond funds demonstrate greater sensitivity to risk and leverage, while professional funds show evidence of lower risk aversion. These results provide insights that can help inform policymakers’ view of regulatory tools for market-based finance, a key priority internationally.</p></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"149 ","pages":"Article 103197"},"PeriodicalIF":2.8,"publicationDate":"2024-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142274882","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
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：481959085
Book学术官方微信