International Journal of Finance and Economics最新文献_第2页

The impact of new millennium crises on the power of Islamic banks in deposit markets 新千年危机对伊斯兰银行存款市场实力的影响

International Journal of Finance and Economics Pub Date : 2024-08-14 DOI: 10.1002/ijfe.3034

Maryam Alhalboni, Kenneth Baldwin

{"title":"The impact of new millennium crises on the power of Islamic banks in deposit markets","authors":"Maryam Alhalboni, Kenneth Baldwin","doi":"10.1002/ijfe.3034","DOIUrl":"https://doi.org/10.1002/ijfe.3034","url":null,"abstract":"We investigate the impact of three crises on the power of Islamic banks in deposit markets: the Global Financial Crisis, 2007–2009 (GFC), the Arab Spring political crisis, 2011–2013, and the COVID‐19 health crisis, 2020–2022. Applying difference‐in‐difference (DID) and GMM techniques to panel data for 2004–2022, we find that the power of Islamic banks increased in countries most affected by the GFC, but only for oil‐exporters, as elevated oil prices inflated deposited liquidity. In contrast to the GFC, the market power of countries highly affected by the Arab Spring decreased as depositors withdrew en masse. For these countries, oil export status was irrelevant, and whilst government integrity is significant, it accounts for a small amount of heterogeneity in the country‐level cross‐section due to widely held public attitudes towards institutions during the crisis. For COVID‐19, the market power of Islamic banks initially increased at the outset of the pandemic due to a surge in precautionary deposits, but later decreased due to economic activity constraints. The stringency of lockdowns had little effect on market power in countries that suffered the highest COVID‐19 death rates. These and other findings specific to each crisis provide a rich array of private and public policy implications relevant to crises of different types for bank liquidity crisis management, financial conduct policies, and state‐backed lending stimulus packages.","PeriodicalId":501193,"journal":{"name":"International Journal of Finance and Economics","volume":"44 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142205579","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Spillover effects in the nexus of finance‐institutions‐growth: New insights from spatial Durbin analysis on emerging economies 金融-机构-增长关系中的溢出效应：新兴经济体空间杜宾分析的新见解

International Journal of Finance and Economics Pub Date : 2024-08-01 DOI: 10.1002/ijfe.3025

Mahyudin Ahmad, Stephen G. Hall, Siong Hook Law, Sabri Nayan

{"title":"Spillover effects in the nexus of finance‐institutions‐growth: New insights from spatial Durbin analysis on emerging economies","authors":"Mahyudin Ahmad, Stephen G. Hall, Siong Hook Law, Sabri Nayan","doi":"10.1002/ijfe.3025","DOIUrl":"https://doi.org/10.1002/ijfe.3025","url":null,"abstract":"Despite extensive finance‐growth literature, the critical role of spatial interdependence between countries has often been overlooked. This paper addresses this gap by utilising spatial Durbin modelling on a 30‐year panel dataset of 56 emerging economies, examining the spillover effects of financial development (FD) and institutions on economic growth. The findings reveal FD has a significant positive within‐country impact on growth; on average, FD is expected to raise growth by approximately 5.8% holding other factors constant. Meanwhile, the FD spillover effect on growth is estimated to be around 10 times its within‐country effect, which is not surprising given that the 10‐nearest‐neighbour is the preferred matrix for conceptualising the spatial dependence between the countries under study. The results however show no evidence of significant threshold effect of FD. Political institutions emerge as the most influential in driving growth both within and across countries, whereas improvement in economic institutions moderates the growth‐effect of FD. FD's within‐country effect on growth is largely driven by financial institutions, while its spillover effect stems primarily from the neighbours' financial markets. The findings' robustness is confirmed through a battery of tests. In conclusion, this study offers valuable insights into the complex finance‐institutions‐growth nexus in emerging economies. By considering spatial interdependencies and the role of institutions, policymakers can craft effective strategies to harness FD's positive effects and foster an environment for sustained, inclusive economic growth.","PeriodicalId":501193,"journal":{"name":"International Journal of Finance and Economics","volume":"17 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141884501","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Negative interest rate policy and bank risk‐taking: Search for yield or de‐leverage? 负利率政策与银行风险承担：寻求收益率还是去杠杆化？

International Journal of Finance and Economics Pub Date : 2024-07-31 DOI: 10.1002/ijfe.3024

Wenjin Tang, Weichang Chen, Xiaorui Ma, Chengbo Fu

{"title":"Negative interest rate policy and bank risk‐taking: Search for yield or de‐leverage?","authors":"Wenjin Tang, Weichang Chen, Xiaorui Ma, Chengbo Fu","doi":"10.1002/ijfe.3024","DOIUrl":"https://doi.org/10.1002/ijfe.3024","url":null,"abstract":"Since 2012, many central banks have implemented negative interest rate policies (NIRPs). While two opposing hypotheses about the effectiveness of NIRPs have emerged in the academic: the “de‐leverage effect” and the “search‐for‐yield effect.” The long‐term use of NIRPs provides a rare and important setting to re‐examine the relationship between interest rates and bank risk‐taking. We conduct an empirical analysis by using commercial banks' data from 2007 to 2020 for 23 countries (19 eurozone countries plus Japan, Denmark, Sweden, and Switzerland), which had adopted NIRPs. It indicates that 1% reduction in the policy rate would reduce bank risk‐taking by 4.9%. This result is stronger after the NIRPs implemented. Our results support the “de‐leverage effect” under NIRPs. We next show that the “de‐leverage effect” is greater for banks with more diversified income, smaller size or under more competitive environment. The findings help to make the debates around NIRPs effectiveness clearer as well as support for the central banks to make more effective monetary policy decisions in different economic situations.","PeriodicalId":501193,"journal":{"name":"International Journal of Finance and Economics","volume":"12 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141868086","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The role of firm life cycle on capital structure of family firms over non‐family firms: Empirical evidence from India 企业生命周期对家族企业与非家族企业资本结构的影响：印度的经验证据

International Journal of Finance and Economics Pub Date : 2024-07-22 DOI: 10.1002/ijfe.3019

Manpreet Kaur Khurana, Shweta Sharma, Muhammad Shahin Miah

引用次数: 0

Is inflation targeting effective? Lessons from global financial crisis and COVID‐19 pandemic 通货膨胀目标制是否有效？全球金融危机和 COVID-19 大流行的经验教训

International Journal of Finance and Economics Pub Date : 2024-07-10 DOI: 10.1002/ijfe.3018

Chandan Sethi, Bibhuti Ranjan Mishra

{"title":"Is inflation targeting effective? Lessons from global financial crisis and COVID‐19 pandemic","authors":"Chandan Sethi, Bibhuti Ranjan Mishra","doi":"10.1002/ijfe.3018","DOIUrl":"https://doi.org/10.1002/ijfe.3018","url":null,"abstract":"This paper explores the influence of inflation targeting (IT) policy on macroeconomic performance in 24 Asian economies by taking a wide range of macroeconomic variables from 2001 to 2022. Specifically, the study seeks to evaluate the influence of IT on macroeconomic performance during the global financial crisis (GFC) and the COVID‐19 pandemic periods separately. The empirical analysis comprises three approaches: propensity score matching, difference‐in‐differences, and panel‐corrected standard error methods. The empirical investigation reveals that IT significantly impacts inflation and its volatility during the GFC. In contrast, the effect on the unemployment rate is not statistically significant. Further, IT statistically influences the inflation and unemployment rates throughout the COVID‐19 pandemic. In contrast, its impact on inflation volatility during the COVID‐19 pandemic is not evident. Our results have significant policy implications for the Asian economies. It may be suggested that low‐income countries could benefit from implementing IT policy as a tool to ensure stable inflation. However, there is a need for continuous policy adaptation and targeted interventions to address evolving economic challenges, especially in situations like crises.","PeriodicalId":501193,"journal":{"name":"International Journal of Finance and Economics","volume":"17 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141586461","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Total, quantile, and frequency risk transmission among metal commodities 金属商品之间的总风险、定量风险和频率风险传递

International Journal of Finance and Economics Pub Date : 2024-07-02 DOI: 10.1002/ijfe.3017

Huifu Nong, Qian Huang

引用次数: 0

Forecasting reserve risk for temporal dependent losses in insurance 预测保险中与时间相关损失的准备金风险

International Journal of Finance and Economics Pub Date : 2024-06-27 DOI: 10.1002/ijfe.3014

Sawssen Araichi, Christian de Peretti, Lotfi Belkacem

{"title":"Forecasting reserve risk for temporal dependent losses in insurance","authors":"Sawssen Araichi, Christian de Peretti, Lotfi Belkacem","doi":"10.1002/ijfe.3014","DOIUrl":"https://doi.org/10.1002/ijfe.3014","url":null,"abstract":"In non‐life insurance, insurance companies aim to accurately assess their reserves in order to fulfil their future obligations. They are based on methods provided by the literature review to evaluate their reserve risk. However, these methods do not take all claim characteristics and ignore the temporal dependence structure of claims, which can affect reserve amounts and lead to delayed payments for policyholders. Therefore, the aim is to investigate the temporal dependence structure among claim amounts (losses) in order to evaluate the accurate amounts of reserves. To achieve this goal, a model called the Generalized Autoregressive Conditional Sinistrality Model is proposed, which considers the temporal dependence characteristics of claims. This model is used to estimate model parameters, so the consistency of such an estimate is proven. Additionally, a bootstrap method adjusted to the Generalized Autoregressive Conditional Sinistrality model is proposed for predicting reserves and errors. The results reveal that considering temporal dependence between losses improves reserve distribution estimation and enhances solvency capital requirement. This means that insurance companies will be able to ensure they have sufficient funds available to meet their obligations to policyholders, thereby enhancing customer satisfaction and trust. Additionally, this can assist insurance companies in maintaining better regulatory compliance.","PeriodicalId":501193,"journal":{"name":"International Journal of Finance and Economics","volume":"83 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141506366","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Can green bonds be a safe haven for equity investors? 绿色债券能否成为股票投资者的避风港？

International Journal of Finance and Economics Pub Date : 2024-06-25 DOI: 10.1002/ijfe.3015

Thomas Flavin, Lisa Sheenan

引用次数: 0

Banking market consolidation in Asia: Evidence from acquirers, targets, and rivals 亚洲银行业市场整合：来自收购方、目标和竞争对手的证据

International Journal of Finance and Economics Pub Date : 2024-06-23 DOI: 10.1002/ijfe.3012

Sascha Kolaric, Florian Kiesel, Dirk Schiereck

引用次数: 0

Sovereign bonds' risk‐based heterogeneity 主权债券的风险异质性

International Journal of Finance and Economics Pub Date : 2024-05-31 DOI: 10.1002/ijfe.3007

Dimitris A. Georgoutsos, Petros M. Migiakis

{"title":"Sovereign bonds' risk‐based heterogeneity","authors":"Dimitris A. Georgoutsos, Petros M. Migiakis","doi":"10.1002/ijfe.3007","DOIUrl":"https://doi.org/10.1002/ijfe.3007","url":null,"abstract":"Are sovereign risk premia subject to heterogeneous effects from their drivers, associated with the risk class each sovereign bond belongs to? In the paper at hand, effects on sovereign bond risk premia stemming from macroeconomic, fiscal, and volatility factors, are examined by considering the classification of sovereign riskiness. Panel data estimation techniques are used, for 30 countries, with data in quarterly frequency for the period 2001Q1 to 2019Q4. Sovereign spreads are found to be subject to heterogeneous effects associated with their credit ratings; spreads on sovereign bonds considered low‐risk increase with higher growth rates and inflation, while spreads on highly risky bonds decrease with higher growth rates and are more sensitive to idiosyncratic and global volatility. Primary fiscal surpluses indeed lower spreads but cannot counterbalance the effects of volatility episodes and the prospects for low growth. Our results provide support for countercyclical fiscal policies, suggesting that spreads can be expected to be reduced by primary surpluses, under the condition that the economy expands and market volatility is low. Our main findings are robust to various alternative setups, samples, and control variables such as central banks' asset purchases.","PeriodicalId":501193,"journal":{"name":"International Journal of Finance and Economics","volume":"101-102 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141189809","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0