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Financial Inclusion, Growth And Inequality: A Model Application To Colombia, Izabela Karpowicz Mar 2024

Financial Inclusion, Growth And Inequality: A Model Application To Colombia, Izabela Karpowicz

Journal of Banking and Financial Economics

Financial inclusion has been one of the key pillars of Colombia’s development strategy for a number of years. Financial inclusion policies have aimed at channeling microcredit to poor, spreading formal banking system usage, fostering electronic payment acceptance, and making financial services more affordable. Using simulations from a general equilibrium model it is possible to identify the most binding financial sector frictions that preclude financial inclusion of enterprises, and study the effects on growth and inequality of efforts to remove these frictions. The study finds that lowering contraints on collateral promises higher growth while inequality is better tackled through measures that …

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Investigating Impact Of Us, Europe, Frontier And Bric Stock Markets On Indian Financial Stress Index, Amanjot Singh, Manjit Singh Mar 2024

Investigating Impact Of Us, Europe, Frontier And Bric Stock Markets On Indian Financial Stress Index, Amanjot Singh, Manjit Singh

Journal of Banking and Financial Economics

The emerging markets are slowly opening up their respective financial markets to foreign investments, thereby making the latter markets more sensitive to cross-market information transmissions. There are different transmission mechanisms ranging from trade related to financial linkages. However, statistically, both price discovery and conditional volatility act as transmission mechanisms, whereby information in one stock market has an impact on another. In this regard, the present study attempts to empirically analyse the impact of global information transmissions, i.e., stock market returns and conditional volatility on overall Indian financial stress and its various sub-components by employing different econometric models comprising Johanson Cointegration, …

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Foreign Investor Flows And Sovereign Bond Yields In Advanced Economies, Serkan Arslanalp, Tigran Poghosyan Mar 2024

Foreign Investor Flows And Sovereign Bond Yields In Advanced Economies, Serkan Arslanalp, Tigran Poghosyan

Journal of Banking and Financial Economics

Asset allocation decisions of international investors are at the core of capital flows. This paper explores the impact of these decisions on long-term government bond yields, using a quarterly investor base dataset for 22 advanced economies over 2004‒2012. We find that a one percentage point increase in the share of government debt held by foreign investors can explain a 6‒10 basis point reduction in long-term sovereign bond yields over the sample period. Accordingly, international flows to core advanced economy bond markets over 2008‒12 are estimated to have reduced 10-year government bond yields by 40‒65 basis points in Germany, 20‒30 basis …

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Comparing The Performance Of Logit And Probit Early Warning Systems For Currency Crises In Emerging Market Economies, Fabio Comelli Mar 2024

Comparing The Performance Of Logit And Probit Early Warning Systems For Currency Crises In Emerging Market Economies, Fabio Comelli

Journal of Banking and Financial Economics

We compare how logit (fixed effects) and probit early warning systems (EWS) predict in-sample and out-of-sample currency crises in emerging markets (EMs). We look at episodes of currency crises that took place in 29 EMs between January 1995 and December 2012. Stronger real GDP growth rates and higher net foreign assets significantly reduce the probability of experiencing a currency crisis, while high levels of credit to the private sector increase it. We find that the logit and probit EWS out-of-sample performances are broadly similar, and that the EWS performance can be very sensitive both to the size of the estimation …

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An Econometric Analysis For The Bid-Ask Spread In The Emerging Chilean Capital Market, David Cademartori-Rosso, Berta Silva-Palavecinos, Ricardo Campos-Espinoza, Hanns De La Fuente-Mella Mar 2024

An Econometric Analysis For The Bid-Ask Spread In The Emerging Chilean Capital Market, David Cademartori-Rosso, Berta Silva-Palavecinos, Ricardo Campos-Espinoza, Hanns De La Fuente-Mella

Journal of Banking and Financial Economics

The purpose of this paper is to show that different methods for calculating the spread (Bid-Ask) and the methods for annualizing intra-day data affect the results of econometric models. To achieve our goal, we analyze different econometric models in the context of: i) the International Financial Reporting Standards (IFRS) adoption, ii) the reduction of information asymmetry due to new corporate governance standards, and iii) the ownership concentration that characterize the Chilean Capital Market. We test the quality of the information delivered to the market using two information disclosure indices (DIS and Botosan). We find that the definition of spread and …

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Unstash The Cash! Corporate Governance Reform In Japan, Chie Aoyagi, Giovanni Ganelli Mar 2024

Unstash The Cash! Corporate Governance Reform In Japan, Chie Aoyagi, Giovanni Ganelli

Journal of Banking and Financial Economics

Japan’s high corporate savings might be holding back growth, by preventing a more efficient use of resources. Small and medium enterprises (SMEs) have been the main contributors to high corporate cash balances, but more recently larger companies have also increased cash holdings. This paper focuses on the causes and consequences of the current corporate behavior and suggests options for reform. In particular, Japan’s weak corporate governance – as measured by available indexes – might be contributing to high cash holdings. An empirical analysis on a panel of Japanese firms confirms that improving corporate governance would help unlock corporate savings. The …

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Global Thermoeconomics, Mario W. Cardullo, Manhong Mannie Liu Mar 2024

Global Thermoeconomics, Mario W. Cardullo, Manhong Mannie Liu

Journal of Banking and Financial Economics

This paper illustrates that basic global economic concepts can be directly related to the First and Second Laws of Thermodynamics. We believe that all economic returns are from nothing except from current and past human expenditure of human energy; this is the result of the First Law of Thermodynamics. It is shown that everything is a product of energy in the form of labor and that the basic principle of Labor Theory of Value is still valid and this principle is validated not relying on economics and finance models, rather on thermodynamic principles. This is illustrated by the development of …

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Inflation And Public Debt Reversals In The G7 Countries, Bernardin Akitoby, Ariel Binder, Takuji Komatsuzaki Mar 2024

Inflation And Public Debt Reversals In The G7 Countries, Bernardin Akitoby, Ariel Binder, Takuji Komatsuzaki

Journal of Banking and Financial Economics

This paper investigates the impact of low or high inflation on the public debt-to-GDP ratio in the G-7 countries. Our simulations suggest that if inflation were to fall to zero for five years, the average net debt-to-GDP ratio would increase by about 5 percentage points during that period. In contrast, raising inflation to 6 percent for the next five years would reduce the average net debt- to-GDP ratio by about 11 percentage points under the full Fisher effect and about 14 percentage points under the partial Fisher effect. Thus higher inflation could help reduce the public debt-to- GDP ratio somewhat …

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Determinants Of Banks’ Net Interest Margins In Honduras, Koffie Nassar, Edder Martinez, Anabel Pineda Mar 2024

Determinants Of Banks’ Net Interest Margins In Honduras, Koffie Nassar, Edder Martinez, Anabel Pineda

Journal of Banking and Financial Economics

This paper analyzes the determinants of banks’ net interest margins in Honduras during the years 1998 to 2013 – a period characterized by increasing banks’ net interest margins, foreign bank participation and consolidation. In line with findings in the previous literature, we find that operating costs are the most important drivers of banks’ net interest margins. We also find that competition among banks has led to higher concentration and that funding by parent banks positively impacts foreign banks’ net interest margins. Together, these results suggest that banks, particularly foreign banks, are under pressure to consolidate and reduce operating costs in …

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Bank Prudential Behaviour And Bank Stability – How Far Do They Go, Gerti Shijaku Mar 2024

Bank Prudential Behaviour And Bank Stability – How Far Do They Go, Gerti Shijaku

Journal of Banking and Financial Economics

This paper investigates how bank prudential behaviour affects bank stability, focusing only in the period after the global financial crisis. For this reason, we construct a new composite proxy as a measure for bank stability condition and another one for bank prudential behaviour. Then, we make use of a sample with a set of data for 16 banks operating in the Albanian financial sector over the period 2008–2015. The main results provide strong supportive evidence that there exist a strong positive relationship in the prudential – stability nexus, which confirms that prudential behaviour is a key fundamental contributor for bank …

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Assessing Countries’ Financial Inclusion Standing – A New Composite Index, André Mialou, Goran Amidzic, Alexander Massara Mar 2024

Assessing Countries’ Financial Inclusion Standing – A New Composite Index, André Mialou, Goran Amidzic, Alexander Massara

Journal of Banking and Financial Economics

This paper leverages the IMF’s Financial Access Survey (FAS) database to construct a new composite index of financial inclusion. The topic of financial inclusion has gathered significant attention in recent years. Various initiatives have been undertaken by central banks both in advanced and developing countries to promote financial inclusion. The issue has also attracted increasing interest from the international community with the G-20, IMF, and World Bank Group assuming an active role in developing and collecting financial inclusion data and promoting best practices to improve financial inclusion. There is general recognition among policy makers that financial inclusion plays a significant …

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The European System Of Financial Supervision – Regulatory Impact Assessment, Mariusz Szpringer, Włodzimierz Szpringer Mar 2024

The European System Of Financial Supervision – Regulatory Impact Assessment, Mariusz Szpringer, Włodzimierz Szpringer

Journal of Banking and Financial Economics

Complexity and uncertainty in the application of the regulations of the European system of financial supervision are due to the fact that its particular elements were implemented over a period of time. First, it was a system of European financial supervision authorities i.e. the European Banking Authority (EBA), the European Insurance and the Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA), whose main objective was to coordinate national actions. Then there were established the European Banking Union, including the Single Supervisory Mechanism (SSM), the Single Resolution Mechanism (SRM), as well as the European Stability Mechanism (ESM), …

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Mauritius: The Drivers Of Growth – Can The Past Be Extended?, Katsiaryna Svirydzenka, Martin Petri Mar 2024

Mauritius: The Drivers Of Growth – Can The Past Be Extended?, Katsiaryna Svirydzenka, Martin Petri

Journal of Banking and Financial Economics

Mauritius’s economic performance since its independence has been called “the Mauritian miracle” and the “success of Africa” (Romer, 1992; Frankel, 2010; Stiglitz, 2011). However, the future growth potential is more uncertain. In this paper, we use growth accounting to analyze the sources of past growth and project potential ranges of future growth through 2033 under various policies. Growth averaged 4½ percent over the past 20 years. Our baseline suggests future growth rates around 3¼ percent, but growth could reach 4–5 percent with strong pro-active policies including (i) improving investment and savings rates; (ii) improving the efficiency of social spending and …

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Sovereign Debt Restructurings In Belize: Debt Sustainability And Financial Stability Aspects, Tamon Asonuma, Michael G. Papaioannou, Gerardo Peraza, Kristine Vitola, Takahiro Tsuda Mar 2024

Sovereign Debt Restructurings In Belize: Debt Sustainability And Financial Stability Aspects, Tamon Asonuma, Michael G. Papaioannou, Gerardo Peraza, Kristine Vitola, Takahiro Tsuda

Journal of Banking and Financial Economics

This paper examines the causes, processes, and outcomes of the two Belize sovereign debt restructurings in 2006–07 and in 2012–13, which occurred outside an IMF-supported program. It finds that the motivation for the two debt restructurings differed, as the former was driven by external liquidity concerns while the latter was motivated by a substantial increase in the coupon rates and future fiscal solvency concerns. Despite differential treatment between residents and non-residents, both 2006–07 and 2012–13 debt exchanges were executed through collaborative engagement, due in part to the existence of a broad-based creditor committee and the authorities’ effective communication strategy. However, …

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Does Persistence In Idiosyncratic Risk Proxy Return-Reversals?, Harmindar B. Nath, Vasilis Sarafidis Mar 2024

Does Persistence In Idiosyncratic Risk Proxy Return-Reversals?, Harmindar B. Nath, Vasilis Sarafidis

Journal of Banking and Financial Economics

Understanding the return-reversal phenomenon observed to generate large abnormal profits under some stock market trading strategies is of considerable interest in finance. There is also much debate over the use of idiosyncratic risk as a predictor in asset pricing models when it is persistent. This paper, using the Australian data, presents new empirical evidence of return-reversals at the firm level and the existence of an equilibrium state based on robust econometric methodology of panel error-correction model. The method exploits the persistence in idiosyncratic risk and builds on its cointegration with the returns series. Our results reveal the tendency of long-run …

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Macroprudential Policy Effectiveness: Lessons From Southeastern Europe, Jérôme Vandenbussche, Piyabha Kongsamut, Dilyana Dimova Mar 2024

Macroprudential Policy Effectiveness: Lessons From Southeastern Europe, Jérôme Vandenbussche, Piyabha Kongsamut, Dilyana Dimova

Journal of Banking and Financial Economics

This paper presents a detailed account of the rich set of macroprudential measures (MPPs) implemented in Bulgaria, Croatia, Romania, and Serbia during their synchronized boom and bust cycles in 2002–12, and assesses their effectiveness in managing credit growth. Only strong MPPs helped contain domestic credit growth during the boom years, but circumvention via direct external borrowing offset their effectiveness to a large extent. MPPs taken during the bust had no discernible impact. The paper concludes that (i) proper calibration of MPPs is of the essence; (ii) only strong, broad-based MPPs can contain credit booms; (iii) econometric studies of macroprudential policy …

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Macroeconomic Stability In Resource-Rich Countries: The Role Of Fiscal Policy, Elva Bova, Paulo Medas, Tigran Poghosyan Mar 2024

Macroeconomic Stability In Resource-Rich Countries: The Role Of Fiscal Policy, Elva Bova, Paulo Medas, Tigran Poghosyan

Journal of Banking and Financial Economics

Resource-rich countries face large and persistent shocks, especially coming from volatile commodity prices. Given the severity of the shocks, it would be expected that these countries adopt countercyclical fiscal policies to help shield the domestic economy, either through larger spending at times of commodity busts or lower spending during commodity booms. Taking advantage of a new dataset covering 48 non-renewable commodity exporters for the period 1970–2014, we investigate whether fiscal policy does indeed play a stabilizing role. Our analysis shows that fiscal policy tends to have a procyclical bias (mainly via expenditures) and, contrary to others, we do not find …

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Eu Banks After The Crisis: Sinners In The Hands Of Angry Markets, Antonio Sánchez Serrano Mar 2024

Eu Banks After The Crisis: Sinners In The Hands Of Angry Markets, Antonio Sánchez Serrano

Journal of Banking and Financial Economics

European Union banks were severely hit by the global financial crisis in 2008 and their stock prices and returns have generally not recovered since then, differently to what has been observed in other sectors (i.e., non-financial corporations) and jurisdictions (i.e., US). In this paper, we focus on three episodes of financial turmoil in EU financial markets occurring after the global financial crisis (August 2015, December 2015 and January 2016, and June 2016) and, through a series of linear regressions, with and without control variables, attempt to determine the common features of those banks which stock returns declined the most. Results …

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Animal Spirits And Risk In Financial Markets, Jukka Ilomäki Mar 2024

Animal Spirits And Risk In Financial Markets, Jukka Ilomäki

Journal of Banking and Financial Economics

Keynes argues that a beauty contest in financial markets is a combination of rational higher-order beliefs and market psychology or animal spirits. We find that a stable equilibrium, where also market psychology is included, can be possible if uninformed investors agree to reduce their required rate of return indicating that they enlarge the risk of their investment with the animal spirits component.

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Determinants Of Banks’ Profitability And Efficiency: Empirical Evidence From A Sample Of Banking Systems, Mouna Rekik, Maha Kalai Mar 2024

Determinants Of Banks’ Profitability And Efficiency: Empirical Evidence From A Sample Of Banking Systems, Mouna Rekik, Maha Kalai

Journal of Banking and Financial Economics

The aim of this study is to analyze the determinants of the bank profitability and efficiency in conventional banks. This study compares accounting-based and economic-based measures of efficiency and profitability of conventional banks in fourteen countries. Accounting variables help explain cost and profit efficiency, but cost efficiency has little impact on profitability and profit efficiency. In fact, the study of profitability is crucial in assessing the health of organizations. However, profitability of the banking sector is particularly important as the soundness of the sector is closely related to the soundness of the entire economy. In this paper, banks’ profitability and …

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Comparison On Efficiency Of Foreign And Domestic Banks Evidence From Algeria, Ishaq Hacini, Khadra Dahou Mar 2024

Comparison On Efficiency Of Foreign And Domestic Banks Evidence From Algeria, Ishaq Hacini, Khadra Dahou

Journal of Banking and Financial Economics

The study investigates the differences in technical, pure technical, and scale efficiencies of domestic and foreign banks in Algeria over the period of 2000–2012. The study uses annual data of 10 foreign banks and 05 domestic banks operated in Algeria. The input-oriented Data Envelopment Analysis model is used to measure the banks’ efficiency score. In addition, a set of parametric and non-parametric tests are used for investigating the differences in efficiency between foreign and domestic banks. The findings reveal that the banks in Algeria could improve their technical efficiency by 23%. In addition, it seems that banks in Algeria suffer …

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Sovereign Debt Restructurings In Grenada: Causes, Processes, Outcomes, And Lessons Learned, Tamon Asonuma, Mike Xin Li, Michael G. Papaioannou, Saji Thomas, Eriko Togo Mar 2024

Sovereign Debt Restructurings In Grenada: Causes, Processes, Outcomes, And Lessons Learned, Tamon Asonuma, Mike Xin Li, Michael G. Papaioannou, Saji Thomas, Eriko Togo

Journal of Banking and Financial Economics

This paper documents the two debt restructurings that Grenada undertook in 2004–06 and 2013–15. Both restructurings emerged as a consequence of weak fiscal and debt situations, which became unsustainable soon after external shocks hit the island economy. The two restructurings provided liquidity relief, with the second one involving a principal haircut. However, the first restructuring was not able to secure long-term debt sustainability. Grenada’s restructuring experience shows the importance of (1) establishing appropriate debt restructuring objectives; (2) committing to policy reforms and maintaining ownership of the restructuring goals; and (3) engaging closely and having clear communications with creditors.

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Good Practices In Empirical Corporate Finance And Accounting Research, Marek Gruszczyński Mar 2024

Good Practices In Empirical Corporate Finance And Accounting Research, Marek Gruszczyński

Journal of Banking and Financial Economics

This paper presents the risks of quantitative research pertaining to corporate finance and accounting. These is followed by a survey-like catalogue of good practices in modelling. All considerations are rooted in financial microeconometrics, the field for examining both practical and theoretical questions of applying econometric techniques in corporate finance and accounting research based on the use of microdata (Gruszczyński 2018a). Two major parts of the paper include: (1) discussion of the typical drawbacks in applying regression-type models, like causality vs. correlation, selection of explanatory variables and endogeneity, and (2) list of good practices in microeconometric applications to corporate finance and …

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Sustainability And Equity Challenges To Pension Systems: The Case Of Lebanon, Mariusz Jarmuzek, Najla Nakhle Mar 2024

Sustainability And Equity Challenges To Pension Systems: The Case Of Lebanon, Mariusz Jarmuzek, Najla Nakhle

Journal of Banking and Financial Economics

Reform of Lebanon’s pension system is indispensable. The country already faces fiscal sustainability risks, which will be compounded in the future by significantly higher pension- related spending and liabilities, mainly reflecting adverse demographics. In addition to sustainability issues, the pension system also suffers from equity shortcomings – Lebanon is the only MENA country that does not offer social security for retirees in the private sector. While several reform proposals have been formulated since the early 2000s, none has been implemented to date. Costs mount with every year of delay, so action is required soon to address these challenges.

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Potential And Actual Fdi Spillovers In Global Value Chains The Role Of Foreign Investor Characteristics, Absorptive Capacity And Transmission Channels, Deborah Winkler Mar 2024

Potential And Actual Fdi Spillovers In Global Value Chains The Role Of Foreign Investor Characteristics, Absorptive Capacity And Transmission Channels, Deborah Winkler

Journal of Banking and Financial Economics

Using unique survey data on direct supplier-multinational linkages in Chile, Ghana, Kenya, Lesotho, Mozambique, Swaziland, and Vietnam, this paper first evaluates how foreign investors differ from domestic producers in terms of their potential to generate positive spillovers for local suppliers. It finds that foreign firms outperform domestic producers on several indicators, but have fewer linkages with the local economy and offer less supplier assistance, resulting in offsetting effects on the spillover potential. The paper also studies the relationship between foreign investor characteristics and linkages with the local economy as well as assistance extended to local suppliers. It finds that foreign …

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The Seagulls, James Doyle Mar 2024

The Seagulls, James Doyle

Appalachia

No abstract provided.

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Books Of Note Mar 2024

Books Of Note

Appalachia

No abstract provided.

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News And Notes Mar 2024

News And Notes

Appalachia

No abstract provided.

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Alpina Mar 2024

Alpina

Appalachia

No abstract provided.

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Accidents Mar 2024

Accidents

Appalachia

No abstract provided.

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