Finance Commons^™

It Takes Two To Tango. Capital Constraints And Bank Lending In Poland, Marcin Czaplicki

Journal of Banking and Financial Economics

The implementation of post-crisis (Basel III) capital requirements in 2015, followed by the introduction of the banking tax in 2016, marked a turning point for the loan-to-GDP ratio in Poland. Since Q4 2015, this ratio has declined by almost one-third, while the ratio of banks’ assets to GDP has remained relatively stable. However, the composition of bank assets has shifted – from corporate lending toward an increased share of sovereign bonds and retail loans, particularly mortgages.

This article explores the key drivers behind this structural shift. Using a combination of qualitative insights and quantitative analysis – including dynamic panel data …

New Trends In Banking And Financial Markets. Opening Remarks, Sylwia Frydrych

Journal of Banking and Financial Economics

New Trends in Banking and Financial Markets. Opening Remarks

Entire Volume Journal Of Banking And Financial Economics 2026, 1(25)

Journal of Banking and Financial Economics

Entire Volume Journal of Banking and Financial Economics 2026, 1(25)

Fintech Enables Regional Economic Growth And Coordinated Development, Xirong Huang, Jichang Dong, Xiuting Li, Zhi Dong

Bulletin of Chinese Academy of Sciences (Chinese Version)

Based on multi-source big data, this study analyzes the current situation and internal logic of fintech enabling regional economic growth and coordinated development in the new development stage, from the aspects of stimulating R&D, promoting talent dividend process, and amplifying regional spillover effect, in view of the current challenges facing China’s regional coordinated development. Then, it analyzes the challenges and problems in fintech-enabled regional coordinated development, including the significant regional fintech gap, obstacles in the effectiveness of fintech in underdeveloped regions, the lack of fintech talents, and the fintech regulation and information protection system need to be improved. Finally, corresponding …

Assessing The Financial Impact Of Spoofing Attacks In Michigan’S Finance Industry, Shatarsha Smith

Walden Dissertations and Doctoral Studies

Spoofing attacks have become an increasingly significant cybersecurity threat, exposing organizations and customers to financial losses by impersonating trusted identities in digital environments. Cybersecurity leaders need a better understanding of how information security maturity and the selection of cybersecurity strategy relate to spoofing loss outcomes. Grounded in game theory, the purpose of this quantitative cross-sectional correlational study was to examine the relationships among information security maturity, cybersecurity strategy selection, and spoofing loss outcomes in the financial industry. Data were collected from approximately 90 IT professionals employed in a Michigan-based government office in the public finance sector with at least 5 …

The Effect Of External Debt On Environmental Degradation Indicators: Case Studies Of Oic Countries, Fandy Fadillah, Nur Dhani Hendranastiti

International Journal of Islamic Economics and Business Sustainability

The current climate problem has a real impact on human life in which humans have also contributed to exacerbating this problem. One activity that can contribute to environmental degradation is through debt, including external debt, that can be used as financing instrument for development projects that exploit resources. On the other hand, the use of debt can also be advantageous for environment if it is used for financing green projects. The use of external debt becomes more debatable for OIC countries, as Islam has particular rules in how debt can be used. Hence, this study aims to observe the existence …

Digital Government Maturity Dan Kapasitas Fiskal Dalam Penyerapan Anggaran Daerah Di Indonesia, Winda Chelsea Meisari, Siti Fatimah

Jurnal Administrasi Bisnis Terapan

This study examines the determinants of budget absorption within Indonesian provincial governments by assessing the impact of digital government maturity and regional fiscal capacity. Digital maturity is operationalized using the Electronic-Based Government System (SPBE) index, while fiscal capacity is proxied by the Natural Logarithm of Local Genuine Revenue (Ln_PAD). Adopting a quantitative approach with a cross-sectional design encompassing 38 provinces in 2024, the data were evaluated through multiple linear regression analysis. The empirical findings demonstrate that neither digital maturity (p-value = 0.966) nor fiscal capacity (p-value = 0.774) exhibits a statistically significant relationship with budget absorption, both partially and simultaneously …

An Introduction To The China Land Sales Data Set: The Universe Of Land-Use-Right Transfers In China 2000-2022, Yilin Hou, Lin Li, Qiang Ren

Center for Policy Research

The China Land Sales Data Set (2000-2022) includes the universe of land-use-right sales in China in the first 23 years of the 21st century, a period of the fastest mass urbanization and intense infrastructure construction in China’s history, that accompanied the rapid growth of China’s economy and household income. For this reason, this data set carries substance in many ways for anyone who needs to understand the occurrences in China of that period. The phrase “land sale” refers to the transfer of land-use right from the state as the sole owner of urban land to any individual, firm or entity …

Employing Derivatives In Exchange-Traded Funds: International Perspective And Polish Evidence, Tomasz Miziołek

Journal of Banking and Financial Economics

The main aims of the paper are to examine the use of derivatives by 13 exchange-traded funds primarily listed on the Warsaw Stock Exchange over 2010–2025, including their magnitude and functions, and to identify patterns in derivative use over the past three decades worldwide. The results reveal that derivative use was common among exchange-traded funds listed on the Warsaw Stock Exchange; however, it was limited to basic applications. Futures (standard, e-mini, and micro e-mini) were used to obtain leveraged or inverse market exposure or as a supplement to equity holdings, total return swaps were used for synthetic replication, and forwards …

Impact Of Trade And Financial Openness On The Efficiency Of The Nigerian Stock Market, Damian Chidozie Uzoma-Nwosu Dr, Samuel Orekoya Dr, Oluwatosin Adeniyi

The Indonesian Capital Market Review

The study investigates the impact of Financial Openness (FOp) or/and Trade Openness (TOp) on the efficiency of the Nigerian Stock Market (NSM). Applying auto-regressive distributed lag model on stock market data, the result revealed that either in individual models or when in one model, an increase in TOp significantly increased the efficiency of the NSM in both the short and long-run, while the contrary holds for a percentage increase in FOp over 2010-2020. This suggests that TOp rather than FOp, significantly contributed to the efficiency of the NSM. Thus, TOp and FOp have differentiated impacts on stock market efficiency. Policymakers …

Volatility Spillovers Between Stock Prices And Exchange Rates: Insights For Risk Management And Investment Strategies: Evidence From China, India, And Pakistan Using Bekk-Garch Models, Samreen Fatima, Humera Sultana, Muhammad Najamuddin Dr., Saba Naz

The Indonesian Capital Market Review

This study investigates the dynamics of volatility and its spillover effects between the stock markets of China, India, and Pakistan, and their respective exchange rates (USD/CNY, USD/INR, and USD/ PKR). Volatility is modeled using the Symmetric and Asymmetric BEKK-GARCH (1,1) and DCCGARCH (1,1) models, based on daily return series covering the period from January 1, 2019, to January 31, 2025. The empirical results indicate that both the employed models are adequate for capturing the volatility dynamics. The findings reveal that the highest value of portfolio weights and hedging efficiency of KSE-100 Index–USD/PKR provide optimal portfolio allocation and highest hedging performance …

Usability Of Bitcoin As Currency In Türkiye: Fourier Shin Approach, İsmail Cem Özkurt, Deniz Özyakışır, Yunus Kutval

The Indonesian Capital Market Review

This paper seeks to assess the feasibility of utilizing Bitcoin as a currency within Türkiye. To achieve this, the research analyzes long-term cointegration relationships between Bitcoin and both the US Dollar and Euro, employing monthly data from November 2017 to February 2025 and utilizing the Fourier Shin cointegration test. The results of the cointegration tests, bolstered by Fourier series analysis, reveal significant long-term cointegration relationships between Bitcoin and both the USD and Euro. The DOLS analysis indicates that a 1% rise in Bitcoin leads to a 14% decrease in the USD price and a 17% increase in the Euro. These …

How To Simplify The Mrel/Tlac Framework In The Eu? A Proposal For A Regulatory Resolution Requirement, Anna Dobrzańska

Journal of Banking and Financial Economics

The current European Union (EU) framework for bank loss-absorbing capacity rests on two parallel requirements: Minimum Requirement for Own Funds and Eligible Liabilities (MREL) and Total Loss-Absorbing Capacity (TLAC). This creates complex and overlapping requirements. Furthermore, the adopted bank-specific approach to MREL calibration results in complexity, variability, and insufficient predictability of requirements. The aim of this article is to provide a new streamlined and simplified approach under the three-tiered Regulatory Resolution Requirement (RRR) which could replace the MREL/TLAC framework in the EU. The main idea behind the proposal is to adjust the requirement taking into account bank size and systemic …

The Specifics Of Green Mortgages: A Case Study Of Poland, Mateusz Tomal, Ewa Gorlecka-Łabiak

Journal of Banking and Financial Economics

The green mortgage market in Poland has received limited research attention. Therefore, this article aims to present the specifics of the green mortgage market in Poland. To thoroughly investigate the issue, in-depth interviews were conducted with 12 banking sector representatives, each with varying experience and professional roles. The study’s findings revealed that there is no formal definition of green mortgages, which hinders both banks and their customers. Currently, green mortgages are rarely granted due to their limited economic benefit to borrowers and the small number of residential properties that qualify. For banks, green mortgages present an opportunity to expand their …

Addressing The ‘Chicken-And-Egg’ Dilemma: Pension Reform, Market Coordination, And Policy Design, Shujaat Khan, Bo Li, Yunhui Zhao

Journal of Banking and Financial Economics

Why do domestic stock markets in many emerging market economies fail to develop, even in the presence of high savings rates? In this paper, we argue that this may be a ‘chicken-and-egg’ problem, which we formalise as a market coordination failure. We first develop a stylised game-theoretical model, showing that when long-term equity investment is subject to network externalities, the Pareto-optimal, high-investment equilibrium is not robust to noise. Individual investors, fearing defection by others, will rationally choose a low-investment (or ‘run’) strategy, trapping the market in a state of underdevelopment. We then show how a specific institutional design – a …

Second-Layer Money Or Fiduciary Media? A Full-Reserve Critique Of Bitcoin Price Stabilization: A Comment On Blasco And García De Enterría, Philipp Bagus, Joel Serrano

Journal of New Finance

This article critically examines Blasco and García de Enterría’s proposal that certain Bitcoin-denominated second-layer instruments—real bills, private scrip, and cash notes—could reduce Bitcoin’s short-term volatility and function as media of exchange. From a full-reserve Austrian perspective, it argues that the relevant distinction is not between base money and higher layers as such, but, within those layers, between fully backed monetary certificates and fiduciary media. Although second-layer instruments may smooth short-term volatility, those that operate as fiduciary media introduce counterparty risk, redemption risk, and credit expansion unsupported by real saving, potentially generating long-term instability.

The Effectiveness Of Banks’ Influence On Reducing Greenhouse Gas Emissions In Eu Agriculture, Jan Koleśnik

Journal of Banking and Financial Economics

This article analyses the effectiveness of the banking sector in limiting greenhouse gas (GHG) emissions in European Union agriculture and the impact of EU banking groups‘ policies on their Polish subsidiaries. The study is based on data from 2019–2025 sourced from the Eurostat database, the European Banking Authority (EBA), and capital adequacy disclosures (CQ5 and CR1-B reports). The research sample included 14 EU countries with an agricultural share in GDP of between 1% and 3.6% and 62 EU banking groups at the highest level of consolidation. A linear regression model was employed, using the change in gas emissions as the …

Socio-Demographic Correlates Of Consumers’ Readiness To Use Ai In Financial Decision-Making, Michał Buszko, Tomasz Szopiński

Journal of Banking and Financial Economics

This study investigates the socio-demographic factors associated with readiness to use AI-driven tools in financial decision-making. It uses data from a representative survey of Poles and conceptualises an AI readiness index. It then estimates the relationships between socio-demographic characteristics and this index using an ordinary least squares (OLS) regression model. Additionally, robustness checks are conducted with heteroskedasticityrobust standard errors and multiple imputation. The OLS results were supplemented by one-way Analysis of Variance (ANOVA) with Tukey’s Honestly Significant Difference (HSD) post hoc tests to identify groups’ differences. The results demonstrate that gender, age, education, and income are significantly associated with consumers’ …

Retirement Investment Behaviors Of Itin Immigrants, Krzysztof Zoltek

Theses and Dissertations from DePaul University

This study examines retirement related financial behaviors among foreign-born immigrants living in the United States, with particular focus on the role of Individual Taxpayer Identification Number (ITIN) status. Using a cross-sectional survey of 223 foreign-born respondents, including both ITIN and non-ITIN respondents, the study examined whether ITIN status, financial literacy, fintech usage, remittance behavior, demographic characteristics, and attitudes toward financial inclusion were associated with participation in formal retirement saving and likelihood of using retirement products if available. Binary logistic regression and multiple linear regression analyses were conducted to test the study hypotheses. The findings indicated that ITIN status was negatively …

Locally Robust Implementation Of Efficient Bilateral Trade With Correlated Beliefs, Takashi Kunimoto, Cuiling Zhang

Research Collection School Of Economics

We identify the ex ante welfare (EAW) condition as a necessary requirement to implement ex post efficient bilateral trade in any finite type space with interdependent values and correlated beliefs. As these finite settings become finer to approximate a continuous type space, we derive a limit EAW condition by taking the EAW condition in finite settings to its limit. We show that this limit condition trivially holds in the benchmark continuous setting admitting a full-support density function. We then insist on locally robust implementation by requiring efficient trade to be implemented uniformly across all finite type spaces that approximate the …

Modeling And Forecasting Intraday Spot Volatility, Adam Clements, Daniel P. A. Preve

Research Collection School Of Economics

We propose a multiple-equation regression-based method for modeling and forecasting intraday spot volatility. In this approach, intraday intervals are treated as individual time series, deviating from the common practice of treating the data as one continuous sample. Our empirical study, which spans more than two decades and encompasses six US blue-chip stocks, employs the recent OK volatility estimator developed by Li, Wang, and Zhang (2024) to expose the dynamics of latent intraday spot volatility over time. We demonstrate that the proposed method effectively captures the intricate dynamics of intraday spot volatility and find strong evidence that it outperforms a competing …

Financial Stability Versus Bank Lending Channel Transmission: The Impact Of Bank Competition And Concentration In Indonesia, Alif Ihsan A Fahta, Chaikal Nuryakin

Bulletin of Monetary Economics and Banking

Using financial data from 47 publicly listed banks in Indonesia from 2013Q4 to 2023Q3, this study employs a new approach by utilizing ΔCoVaR as a proxy for financial stability to examine how changes in bank competition in bank competition and banking industry concentration affects financial stability and the effectiveness of bank lending channel transmission. We find that, on one hand, an increase in market power (decreased bank competition) and an increase in banking industry concentration reduce financial stability. On the other hand, an increase in banking industry concentration enhances the effectiveness of the bank lending channel transmission by increasing the …

Expansion, Diversification, And Delinquency In Indonesian Fintech Lending Platforms, Muhammad Miqdad Robbani, Megat Nagainaka, Mahanani Margani

Bulletin of Monetary Economics and Banking

This study examines the impact of loan expansion and diversification strategies on credit risk in Indonesia’s fintech lending sector using panel data from 102 registered platforms between 2022 and 2025. Employing fixed-effects regression models, we analyse how loan growth and diversification influence delinquent loans. The findings reveal a non-linear relationship between loan growth and delinquent loans, implying that while moderate expansion reduces risk, excessive growth is associated with increased credit defaults, and diversification is not significant. These findings emphasise the importance of prudent growth and targeted risk management to ensure the sustainability of the fintech lending ecosystem.

Does Green Electricity Mitigate Carbon Emission Externalities? Industry-Specific Effects On Firm Profitability, Operational Efficiency, Valuation, And Market Risk In Taiwan Listed Companies, Mutiara Eka Puspita, Wei Hwa Pan, Bon Long Hsia, Huynh Phu Tan

Bulletin of Monetary Economics and Banking

his study explores the relationship between carbon emissions and firm financial performance across industries and how green electricity adoption moderates this effect. Using 9,925 firm-year observations from the Taiwan Economic Journal, we estimate panel regressions and compare Fixed Effects robust and Driscoll-Kraay (1998) standard errors to ensure robustness. Two-way and three-way interaction models reveal a green electricity paradox: biotech firms benefit, while financial and high-tech sectors decline. These findings highlight the need for sector-specific ESG investment models and tailored policy support to ensure an equitable green transition. The study contributes by integrating environmental-financial dynamics with industry heterogeneity in emerging markets

Transmission Of Firm-Level Demand Shocks To Stock Returns: Evidence From 10-K Text Analysis, Dylan Gunjan Parikh

Economics Undergraduate Senior Theses

Industrial organization and corporate finance papers that measure firm-level demand characteristics employ price, quantity, and product characteristic data that is unavailable in public financial disclosures. As a result, cross-sectional asset pricing literature attention to demand-side factors is limited. This paper constructs a demand shock measure from natural language processing of 28,263 publicly disclosed 10-K filings from 2001 to 2020. I find that a 1SD demand shock increases contemporaneously predicts a 1.8% increase (SE = 0.4%) in returns. Long-short portfolio sorted on demand shock generates 8.5% alpha (SE = 1.9%) against combined Fama-French and Q-factor models and a 0.91 sharpe ratio …

Selective Contagion: Sovereign Credit Integration And Heterogeneous Shock Transmission In Emerging Equity And Derivative Markets, Fabiana Araujo Rincón

Economics Undergraduate Senior Theses

Contagion in Latin America is real but selective: the direction of spillover depends on whether a country is integrated more strongly into global or regional markets. Using a stacked event study across 90 manually identified shocks from 2001 to 2026, I estimate regional contagion and its determinants across credit, currency, equity, and derivative markets. Contagion travels through sovereign credit, not currency, and through economic, not political, shocks. Political shocks, despite their larger domestic impact, stay locally contained. The direction of spillover turns on shock origin: shocks from large, globally integrated economies depress their peers, while shocks from smaller, regionally focused …

Are Greenfield Cross-Border Investments Sensitive To Us Trade Policy? An Investigation Of Responses To Liberation Day Tariff Announcements, Philip Caspar Ernst

Economics Undergraduate Senior Theses

This paper studies whether foreign greenfield investment into the United States responded to the Trump administration’s April 2025 Liberation Day tariff announcements. Using project-level fDi Markets data from January 2023 through November 2025, I examine changes in announced project counts, expected jobs created, and capital investment. The analysis compares aggregate investment activity before and after Liberation Day, tests whether responses differed for countries assigned additional tariffs above the 10% baseline level, investigates the effects of tariff intensity on investment announcements, and examines whether effects were concentrated in particular business activity fields. The clearest finding is that project announcements declined after …

From Wall Street To Main Street: The Financial–Operational Performance Link In Hospitals Across Geographies, Chulho Christopher Lee, Lan Luo, Yinfei Chen, Taylor K. Brown, Hyoun Sook Lim, Ying Chen

Economic and Business Review

This study examines the relationship between hospital financial performance and operational efficiency. Using data from the American Hospital Association (AHA), we find that profitability, debt coverage, and working capital efficiency are positively associated with hospital efficiency, while liquidity and capital structure exhibit a negative correlation. Fixed-asset efficiency, however, shows no significant impact on hospital operational efficiency. Furthermore, we find that the operational efficiency of urban hospitals is, in general, more sensitive to financial performance than that of rural hospitals. These findings provide practical insights for healthcare administrators and policymakers aiming to enhance hospital operational efficiency and promote equitable care delivery.

Beyond Numbers: Governance, Capital Structure, And The Contribution Of Village Cooperatives To Regional Economic Output In Indonesia, Mohamad Dian Revindo, M. Fajar Ramadhan, Nia Kurnia Sholihah, Indri Br Situmorang, Hilda Fachrizah

Economics and Finance in Indonesia

Although cooperatives are widely regarded as an important part of Indonesia’s economy and have a  large membership base, the contribution of cooperatives to regional economic output in Indonesia has never been systematically examined. This study provides the first multi-year, fixed-effects panel evidence of cooperative–GRDP linkages for all 34 Indonesian provinces (2017–2023) in a Cobb-Douglas production function framework with province and year fixed effects. Two outcome variables are estimated: Gross Regional Domestic Product (GRDP) and the Unemployment Rate (Unemp). The findings indicate that active cooperatives are associated with higher provincial GRDP and lower open unemployment; despite, the associations should be read …

Understanding Formal Financial Access In Indonesia: Evidence From Micro Data, M. Aulia Rachman, Yozi Aulia Rahman, Maulida Dewi Pangestika, Risanda Alirastra Budiantoro

Economics and Finance in Indonesia

This study examines the determinants of access to formal financial institutions using secondary household survey data from Indonesian Family Life Survey, Wave 5 (IFLS-5). Logistic regression analysis reveals that loan amount, savings, education level, age, housing status, and internet usage are positively and significantly associated with greater access. Individuals with higher savings, higher education, and homeownership exhibit a higher probability of utilizing formal financial services. Although the significance of internet usage varies across models, it remains a strong predictor when properly controlled, particularly due to its role in enhancing digital literacy. In contrast, income and health insurance ownership do not …