Journal of International Money and Finance最新文献_第5页

Environmental score and bond pricing: It better be good, it better be green 环境评分和债券定价：最好是好的，最好是绿色的

IF 3.3 2区经济学

Journal of International Money and Finance Pub Date : 2026-02-01 Epub Date: 2025-12-04 DOI: 10.1016/j.jimonfin.2025.103498

Fabio Fornari , Daniele Pianeselli , Andrea Zaghini

引用次数: 0

Time-varying effects of monetary policy shocks in five asian countries 亚洲五国货币政策冲击的时变效应

IF 3.3 2区经济学

Journal of International Money and Finance Pub Date : 2026-02-01 Epub Date: 2025-12-12 DOI: 10.1016/j.jimonfin.2025.103501

Joonyoung Hur , Soyoung Kim , Yeil Lee

引用次数: 0

Trends of relative commodity prices with comovements and structural breaks 相对商品价格变动和结构性断裂的趋势

IF 3.3 2区经济学

Journal of International Money and Finance Pub Date : 2026-02-01 Epub Date: 2025-11-15 DOI: 10.1016/j.jimonfin.2025.103474

Junsoo Lee , Md. Towhidul Islam , Margie Tieslau , James E. Payne , Saban Nazlioglu

{"title":"Trends of relative commodity prices with comovements and structural breaks","authors":"Junsoo Lee , Md. Towhidul Islam , Margie Tieslau , James E. Payne , Saban Nazlioglu","doi":"10.1016/j.jimonfin.2025.103474","DOIUrl":"10.1016/j.jimonfin.2025.103474","url":null,"abstract":"<div><div>The Prebisch-<span><span>Singer (1950</span></span>, PS) hypothesis posits a long-term decline in the relative prices of primary commodities (natural resources) compared to manufactured goods. This hypothesis carries important implications for resource management, economic growth, and the terms of trade in developing countries. It raises two critical questions that are inherently interlinked: (1) Do relative commodity prices exhibit a negative trend? and (2) Are these prices non-stationary? When addressing these questions, prior analyses have often overlooked the potential influence of cross-correlations among relative commodity prices. In this study, we jointly address these questions while explicitly accounting for cross-correlations. To achieve this, we first employ a dynamic factor model, which effectively captures the shared variations across commodity prices. Additionally, we incorporate the Fourier function to model smooth structural breaks, allowing for the identification of gradual changes in the underlying trend. The combined use of these methods yields significant insights. Our findings provide robust evidence supporting the PS hypothesis over the period 1900–2020, highlighting the persistent and systematic decline in the relative prices of primary commodities.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"161 ","pages":"Article 103474"},"PeriodicalIF":3.3,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145580382","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

Climate risk and central banking in Asia: balancing price stability and financial stability 气候风险与亚洲央行：平衡价格稳定与金融稳定

IF 3.3 2区经济学

Journal of International Money and Finance Pub Date : 2026-02-01 Epub Date: 2025-11-25 DOI: 10.1016/j.jimonfin.2025.103491

Sayuri Shirai

{"title":"Climate risk and central banking in Asia: balancing price stability and financial stability","authors":"Sayuri Shirai","doi":"10.1016/j.jimonfin.2025.103491","DOIUrl":"10.1016/j.jimonfin.2025.103491","url":null,"abstract":"<div><div>Climate change is increasingly recognized as having material impacts on the economy and inflation. However, its integration into core monetary policy frameworks—such as inflation targeting or policy rate setting—remains limited in scope and depth. Instead, some central banks apply green considerations to peripheral tools such as lending facilities, collateral frameworks, or reserve management, whose impact can be enhanced with clear taxonomies or similar classification systems. Looking ahead, the direct integration of climate factors into monetary policy may become feasible when (a) climate risks have measurable and persistent impacts on inflation and output; (b) reliable data are incorporated into macroeconomic forecasting models, and (c) mandates explicitly allow consideration of such risks. By contrast, financial stability frameworks have been advancing more rapidly, with central banks and financial supervisors embedding climate risks into prudential reviews and conducting climate scenario analysis or stress testing. To promote banks’ further climate actions, encouraging climate-related disclosure including financed emissions and adopting common methodologies is essential.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"161 ","pages":"Article 103491"},"PeriodicalIF":3.3,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145938364","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

Post-pandemic monetary policy in Korea: toward an Integrated Policy Framework 韩国大流行后的货币政策：迈向综合政策框架

IF 3.3 2区经济学

Journal of International Money and Finance Pub Date : 2026-02-01 Epub Date: 2025-11-26 DOI: 10.1016/j.jimonfin.2025.103490

Changyong Rhee

引用次数: 0

How Phillips curve dynamics enhance business cycle synchronization analysis in Central and Eastern Europe 菲利普斯曲线动力学如何增强中欧和东欧经济周期同步分析

IF 3.3 2区经济学

Journal of International Money and Finance Pub Date : 2026-02-01 Epub Date: 2025-12-04 DOI: 10.1016/j.jimonfin.2025.103495

Nico Petz , Thomas O. Zörner

引用次数: 0

Effects of government spending shocks by household indebtedness: An OECD panel analysis 家庭负债对政府支出冲击的影响：经合组织小组分析

IF 3.3 2区经济学

Journal of International Money and Finance Pub Date : 2026-02-01 Epub Date: 2026-01-02 DOI: 10.1016/j.jimonfin.2025.103515

Yeil Lee , Joonyoung Hur

{"title":"Effects of government spending shocks by household indebtedness: An OECD panel analysis","authors":"Yeil Lee , Joonyoung Hur","doi":"10.1016/j.jimonfin.2025.103515","DOIUrl":"10.1016/j.jimonfin.2025.103515","url":null,"abstract":"<div><div>This paper examines how the macroeconomic effects of government spending shocks vary with different levels of household indebtedness, using a state-dependent panel local projection method for 26 OECD economies. Our findings indicate that the stimulative effects of government spending are more pronounced when household debt levels are low. We further classify the countries into two groups—those with international currencies and those without—and analyze how the state-dependent effects of government spending vary between these groups. The empirical results show that the impact of government spending shocks is significantly influenced by household indebtedness levels in countries with non-international currencies, whereas this dependency is much weaker in countries with international currencies. This disparity can be attributed to the interplay between consumption patterns and debt deleveraging pressures, with long-term interest rates also playing a partial role. These results also underscore a potential policy paradox, wherein the effectiveness of fiscal interventions in stimulating aggregate demand may diminish at times when elevated household indebtedness renders stimulus most necessary.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"162 ","pages":"Article 103515"},"PeriodicalIF":3.3,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145915381","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

News and surprises: Revisiting fiscal shocks in the open economy 新闻与惊喜：重新审视开放经济中的财政冲击

IF 3.3 2区经济学

Journal of International Money and Finance Pub Date : 2026-02-01 Epub Date: 2025-12-22 DOI: 10.1016/j.jimonfin.2025.103508

Michail Litainas , Peter McAdam , Alberto Montagnoli , Konstantinos Mouratidis

引用次数: 0

Exchange rates and cross-border consumer spending: Evidence from retail payments data 汇率和跨境消费者支出：来自零售支付数据的证据

IF 3.3 2区经济学

Journal of International Money and Finance Pub Date : 2026-02-01 Epub Date: 2026-01-07 DOI: 10.1016/j.jimonfin.2026.103525

Laura Felber

{"title":"Exchange rates and cross-border consumer spending: Evidence from retail payments data","authors":"Laura Felber","doi":"10.1016/j.jimonfin.2026.103525","DOIUrl":"10.1016/j.jimonfin.2026.103525","url":null,"abstract":"<div><div>This paper examines the effects of exchange rate fluctuations on cross-border consumer spending in small open economies. Exploiting an unexpected and persistent central bank-induced exchange rate appreciation of more than 20% and drawing on a unique dataset of over 500 million anonymized debit and credit card transactions, I document a substantial and immediate impact on consumer spending. While cross-border shopping by domestic consumers is estimated to have increased by 4% in the quarter of the shock, tourism spending by foreign consumers declined by up to 9%. The strongest spending adjustments are observed among domestic consumers living near the border and foreign consumers from neighboring countries. The latter exhibit high exchange rate sensitivity on both the extensive and intensive margins, with an overall elasticity of 0.66, and shift their consumption from higher- to lower-value goods and services. These findings suggest significant substitution effects in consumption on impact and emphasize the important role of cross-border shopping in small open economies. The paper provides insights for policymakers, especially in small open economies where exchange rates, via the trade channel, are a key determinant of economic activity.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"162 ","pages":"Article 103525"},"PeriodicalIF":3.3,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145980412","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

Extremes in FX returns and fundamentals 外汇回报和基本面的极端

IF 3.3 2区经济学

Journal of International Money and Finance Pub Date : 2026-02-01 Epub Date: 2025-11-19 DOI: 10.1016/j.jimonfin.2025.103448

Phornchanok Cumperayot , Casper G. de Vries

引用次数: 0