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Understanding the Finance–Growth Nexus from a Multidimensional Perspective 从多维视角理解金融与增长的关系
IF 1.5 Q3 BUSINESS, FINANCE Pub Date : 2022-04-12 DOI: 10.1177/09726527221091403
Guangdong Xu
This paper discusses the multidimensional nature of banking development and its effects on economic growth. Previous studies focused on the quantity dimension and overlooked other dimensions of banking development, which may have led to serious omitted variable bias in exploring the determinants of economic growth. However, incorporating other dimensions, such as banking efficiency, into growth models has proven to be a challenging task. More efforts are needed to construct indicators that can be used to proxy banking development in a more inclusive, precise, and consistent manner in future studies. JEL Codes: G21; O16; O47
本文讨论了银行业发展的多维性及其对经济增长的影响。先前的研究侧重于数量维度,而忽视了银行业发展的其他维度,这可能导致在探索经济增长的决定因素时严重遗漏了变量偏差。然而,将银行效率等其他维度纳入增长模型已被证明是一项具有挑战性的任务。需要做出更多努力来构建指标,以便在未来的研究中以更具包容性、更精确、更一致的方式来代表银行业的发展。JEL代码:G21;O16;O47
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引用次数: 2
Central Bank Policies and Market Power Over the Business Cycle in Africa 中央银行政策与非洲商业周期中的市场力量
IF 1.5 Q3 BUSINESS, FINANCE Pub Date : 2022-04-04 DOI: 10.1177/09726527221086492
Daniel Ofori‐Sasu, E. Agbloyor, Saint Kuttu, J. Abor
This article empirically examines the impact of the business cycle on the relationship between individual central bank policies and market power. We present a representative sample of 52 African economies over the period 2006–2018. We find that monetary, macro-prudential and central bank independence policies increase market power. The study found that, in the long run, market power reacts positively to changes or adjustments made to a central bank policy framework. We show that the individual central bank’s policy framework increase market power, when interacted with business cycle. JEL Codes: E3, E5, E61, G21, L10, L51, M21
本文实证考察了经济周期对各国央行政策与市场力量之间关系的影响。我们提供了2006-2018年期间52个非洲经济体的代表性样本。我们发现货币政策、宏观审慎政策和央行独立政策增加了市场力量。研究发现,从长远来看,市场力量会对央行政策框架的变化或调整做出积极反应。我们表明,当与经济周期相互作用时,单个央行的政策框架会增加市场力量。JEL代码:E3、E5、E61、G21、L10、L51、M21
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引用次数: 1
Socioeconomic Determinants of Household Investment Portfolio in India 印度家庭投资组合的社会经济决定因素
IF 1.5 Q3 BUSINESS, FINANCE Pub Date : 2022-03-29 DOI: 10.1177/09726527221082067
Priya Rampal, S. Biswas
This study examines the determinants of asset holding by low- income households in India using the second wave of the Indian Human Development Survey. Our exploratory analysis indicates that even low-income households seem to hold portfolios that are in line with financial goals such as education and marriage. Employing parametric and non-parametric methods, the study finds that affordability is one of the critical predictors of asset holding by households. Further, we find that higher educational attainment, being more socially connected and having confidence in financial institutions are positive predictors of individual asset holding and the likelihood of holding a diversified portfolio. The study discusses policy implications emanating from the findings for designing financial products along with improving penetration.
本研究利用第二波印度人类发展调查,考察了印度低收入家庭持有资产的决定因素。我们的探索性分析表明,即使是低收入家庭似乎也持有符合教育和婚姻等财务目标的投资组合。采用参数和非参数方法,研究发现,可负担性是家庭持有资产的关键预测因素之一。此外,我们发现,更高的教育程度、更紧密的社会联系和对金融机构的信心是个人资产持有和持有多元化投资组合可能性的积极预测因素。该研究讨论了研究结果对设计金融产品以及提高渗透率的政策影响。
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引用次数: 1
Calling the Shots: Determinants of Financial Decision-making and Behavior in Domestic Migrant Households in India 发号施令:印度家庭移民家庭财务决策和行为的决定因素
IF 1.5 Q3 BUSINESS, FINANCE Pub Date : 2022-03-28 DOI: 10.1177/09726527221082005
Vinith Kurian, Shashank Sreedharan, F. Valenti
This article explores financial decision-making and behavior in migrant households. Literature on migration and financial inclusion usually focuses on either migrant workers and their financial needs or remittance flows and their effects on development, leaving the subject of household decision-making significantly underresearched. Using primary data from two sample surveys, one with migrant workers and one with their household members, we employ descriptive analysis to study the financial decision-making processes and outcomes. Our sample is mostly composed of male Indian domestic migrants from Bihar, Jharkhand, and eastern Uttar Pradesh. Our analysis considers the following migrant typology dimensions: duration of migration cycle, skills, and destination. Key household characteristics explored in our study include household size, the number of financial contributors in the household, the presence of an older male and children below the age of 18, and overall household income. Our results show that household members compete for influence over financial decisions and power balances change significantly whether the migrant is at home or at destination. These dynamics play an important role in determining household financial preferences. This suggests that financial products and interventions targeting specific financial behavior (for instance, financial literacy programs) need to take these factors into account since different households and different migrant types make these choices differently. JEL Codes: D14, O15, O16
本文探讨了流动家庭的财务决策和行为。关于移民和普惠金融的文献通常侧重于移民工人及其金融需求或汇款流动及其对发展的影响,对家庭决策这一主题的研究明显不足。我们使用来自两个样本调查的原始数据,一个是农民工,另一个是他们的家庭成员,我们采用描述性分析来研究财务决策过程和结果。我们的样本主要由来自比哈尔邦、贾坎德邦和北方邦东部的印度男性家庭移民组成。我们的分析考虑了以下移民类型维度:移民周期的持续时间、技能和目的地。我们研究的主要家庭特征包括家庭规模、家庭中经济贡献者的数量、年龄较大的男性和18岁以下儿童的存在,以及家庭总收入。我们的研究结果表明,无论移民是在国内还是在目的地,家庭成员都会竞争对财务决策的影响力,权力平衡也会发生显著变化。这些动态在决定家庭财务偏好方面起着重要作用。这表明,针对特定金融行为的金融产品和干预措施(例如,金融扫盲计划)需要考虑这些因素,因为不同的家庭和不同的移民类型做出不同的选择。JEL代码:D14, O15, O16
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引用次数: 1
An Endless Bargain: A Participatory Approach to Understanding Intra-household Finance 无休止的交易:一种理解家庭内部金融的参与式方法
IF 1.5 Q3 BUSINESS, FINANCE Pub Date : 2022-03-08 DOI: 10.1177/09726527221080681
Shriyam Gupta, Dhwani Yagnaraman, Aditya Jagati
While factors influencing intra-household dynamics, preferences of individual members, and their impact on household financial decision-making have been studied, the actual process of bargaining, and decision-making process remain uncaptured. We take a qualitative approach to address this gap and do so in two distinct ways. We first conduct a photo elicitation session (n = 55) to understand gender differences in financial responsibility, dynamics in purchase and saving decisions, and conflict resolution. Then, using findings from the photo elicitation, we develop a gamified instrument to observe financial decision-making in real-time between couples (n = 32). We find that husbands and wives have separate spheres of responsibility within the household, which determine their financial decision-making ability. Further, we find that income, investment and children motivate “big” financial expenditures, while savings is understood as an act of cutting expenses. Finally, we discuss the opportunities to employ new qualitative methods to study and capture behavioral dynamics. JEL Codes: D130, G510, G59
虽然对影响家庭内部动态、个体成员偏好及其对家庭财务决策的影响的因素进行了研究,但实际的议价过程和决策过程仍未被捕获。我们采取定性的方法来解决这一差距,并以两种不同的方式这样做。我们首先进行了一次照片启发会议(n = 55),以了解性别在财务责任、购买和储蓄决策的动态以及冲突解决方面的差异。然后,利用照片启发的结果,我们开发了一个游戏化的工具来观察夫妻之间的实时财务决策(n = 32)。我们发现,丈夫和妻子在家庭中有各自的责任范围,这决定了他们的财务决策能力。此外,我们发现收入、投资和孩子会激发“大笔”财务支出,而储蓄则被理解为削减开支的行为。最后,我们讨论了采用新的定性方法来研究和捕捉行为动力学的机会。JEL代码:D130, G510, G59
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引用次数: 0
Exchange Rate Volatility and Financial Stress: Evidence from Developing Asia 汇率波动与金融压力:来自亚洲发展中国家的证据
IF 1.5 Q3 BUSINESS, FINANCE Pub Date : 2022-03-06 DOI: 10.1177/09726527221078634
Daitri Tiwary, K. Das, Jagdish Shettigar, P. Misra
The study investigates the role of financial stress in triggering exchange rate volatility in developing Asia, where instability in financial markets contributes to the extent of exogenous shocks. We investigate volatility clustering in nominal exchange rate (NER) of dollar-denominated domestic currencies of developing Asia. Using country-level monthly time series data from 2006 to 2019 of NER and financial stress for seven representative economies of developing Asia, namely, Philippines, Indonesia, Malaysia, India, Republic of Korea, Singapore, and Thailand, we construct conditional volatility of returns. With volatility clustering in dollar-denominated exchange rates, we find significant bi-directional and predictive causality in exchange rate volatility and financial stress using vector autoregressive model and test for Granger’s causality. Our findings corroborate with the third-generation model of currency crises in the context of emerging economies. For developing Asian nations, our study implicates the strength of the financial system impacting the level and spread of stress, inducing exchange rate volatility. Our empirical model propounds that though stress is driven by multiple factors, management of exchange rate volatility in emerging economies will need to address problems not only in the foreign exchange market, but also in other financial sectors. JEL Codes: G01, F31, C58
该研究调查了金融压力在引发亚洲发展中国家汇率波动中的作用,亚洲发展中国家的金融市场不稳定导致了外生冲击的程度。我们研究了亚洲发展中国家以美元计价的本国货币名义汇率的波动性集群。利用菲律宾、印度尼西亚、马来西亚、印度、大韩民国、新加坡和泰国这七个具有代表性的亚洲发展中经济体2006年至2019年净入学率和金融压力的国家级月度时间序列数据,我们构建了回报的条件波动性。利用向量自回归模型和Granger因果关系检验,在美元计价汇率的波动性聚类中,我们发现汇率波动性和金融压力之间存在显著的双向和预测因果关系。我们的研究结果与新兴经济体背景下的第三代货币危机模型相印证。对于亚洲发展中国家,我们的研究表明,金融体系的实力会影响压力的水平和蔓延,从而导致汇率波动。我们的经验模型提出,尽管压力是由多种因素驱动的,但新兴经济体的汇率波动管理不仅需要解决外汇市场的问题,还需要解决其他金融部门的问题。JEL代码:G01、F31、C58
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引用次数: 1
Characterizing India’s Financial Cycle 印度金融周期特征
IF 1.5 Q3 BUSINESS, FINANCE Pub Date : 2022-03-03 DOI: 10.1177/09726527221077727
Harendra Behera, Saurabh Sharma
The severity of the effects of global financial crisis resuscitates the need for assessing the macro-financial linkages and measuring financial cycle to prevent the economy from major financial shocks. Our article measures financial cycle by using turning point analysis, spectral analysis and band-pass filter and provides the evidence on the existence of financial cycle in India. We find the length and duration of cycles in financial variables are much greater as compared to the business cycle. While both credit and equity prices drive financial cycles over time, the contribution of house prices has increased since mid-2000s. We find that the expansionary phase of the financial cycle provides an early warning signal about stress build-up in the banking sector and impending depress in the economy. JEL Codes: C22, E30, E44, E58, G18
全球金融危机影响的严重性重新唤起了评估宏观金融联系和衡量金融周期的必要性,以防止经济遭受重大金融冲击。本文运用转折点分析、谱分析和带通滤波器对印度金融周期进行了测度,为印度金融周期的存在提供了证据。我们发现,与商业周期相比,金融变量的周期长度和持续时间要大得多。虽然信贷和股票价格都会随着时间的推移推动金融周期,但自2000年代中期以来,房价的贡献一直在增加。我们发现,金融周期的扩张阶段为银行业的压力积聚和即将到来的经济衰退提供了预警信号。JEL代码:C22、E30、E44、E58、G18
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引用次数: 1
Corruption, Chinese Investment, and Trade: Evidence from Africa 腐败、中国投资和贸易:来自非洲的证据
IF 1.5 Q3 BUSINESS, FINANCE Pub Date : 2022-02-08 DOI: 10.1177/09726527221073981
V. Tawiah, J. Kebede, Anthony K. Kyiu
We investigate whether corruption in host countries drives the different routes of Chinese economic engagement with Africa. Using data from 49 African countries for 2000–2018, we find that corruption affects each route of China’s engagement with Africa differently. Corruption in Africa is significantly negatively associated with FDI from China, but significantly positive with both trade and construction. These relationships are moderated by the availability of natural resources but do not change after the implementation of the Xi Jinping anti-corruption campaign. By disaggregating China–Africa financial engagement into its different routes, we demonstrate that the relationship between corruption and China’s presence in Africa varies with the nature of the engagement. JEL Codes: F21, F23
我们调查东道国的腐败是否推动了中国与非洲经济接触的不同途径。利用49个非洲国家2000-2008年的数据,我们发现腐败对中国与非洲接触的每条途径都有不同的影响。非洲的腐败与来自中国的外国直接投资显著负相关,但与贸易和建筑业显著正相关。 通过将中非金融接触分解为不同的途径,我们表明腐败与中国在非洲的存在之间的关系因接触的性质而异。JEL代码:F21、F23
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引用次数: 6
Multiclass Discriminant Analysis using Ensemble Technique: Case Illustration from the Banking Industry 基于集成技术的多类判别分析——以银行业为例
IF 1.5 Q3 BUSINESS, FINANCE Pub Date : 2022-02-03 DOI: 10.1177/09726527211070947
P. Viswanathan, Sandeep Srivathsan, Wayne L. Winston
Linear discriminant analysis (LDA) has found extensive application in predicting bankruptcy. In this article, we elucidate a novel modelling approach for LDA that can also aid in gaining useful insights regarding the relative importance and ranking of factors in the banking industry. The model steers away from the traditional computation of the variance/covariance matrix and employs an ensemble technique to assign records to classes. The efficacy of our model is tested using two datasets. Specifically, a large dataset from the banking industry was partitioned into the testing and training datasets, and an accuracy of 87.9% was achieved JEL Codes: C38, G33
线性判别分析(LDA)在预测破产方面有着广泛的应用。在这篇文章中,我们阐述了一种新的LDA建模方法,该方法也有助于获得关于银行业中因素的相对重要性和排名的有用见解。该模型避开了方差/协方差矩阵的传统计算,并采用集成技术将记录分配给类。使用两个数据集测试了我们模型的有效性。具体而言,将银行业的一个大型数据集划分为测试和训练数据集,并实现了87.9%的准确率JEL代码:C38、G33
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引用次数: 1
Can Equity be Safe-haven for Investment? 股票能成为投资的避风港吗?
IF 1.5 Q3 BUSINESS, FINANCE Pub Date : 2022-01-23 DOI: 10.1177/09726527211068411
Janani Sri, P. Kayal, G. Balasubramanian
Popular investment choices such as fixed income, gold, and real estate have generated low returns over long horizons. Equity seems to have performed much better despite its inherent risk. Although, investors prefer safe-haven assets, they are increasingly moving to equities in search for better returns. We consider whether equity could be a safe-haven investment if chosen from quality stocks’ basket. We examine the safe-haven and hedging properties of the Nifty-50 constituent stocks over the period 2008–2020. To address this, we employ copula-based framework to model the dependence structure between stocks and five indices. We distinguish between safe-haven attributes and hedging features of the individual stocks. We show that the safe-haven properties of the Nifty-50 listed stocks are not as concentrated as gold but they show much low co-movement with the market. We call them pseudo–safe-haven as they are the safe-bets for investors seeking relatively safe-haven assets with impressive returns. JEL Codes: G11, G12, G15
固定收益、黄金和房地产等热门投资选择的长期回报率较低。尽管股票存在固有风险,但其表现似乎要好得多。尽管投资者更喜欢避险资产,但他们越来越多地转向股票,以寻求更好的回报。如果从优质股票的篮子中选择股票,我们会考虑股票是否可以成为避险投资。我们研究了2008-2010年期间Nifty-50成分股的避险和对冲特性。为了解决这一问题,我们采用了基于copula的框架来对股票和五个指数之间的依赖结构进行建模。我们区分了个股的避险属性和对冲特征。我们发现,Nifty-50上市股票的避险资产不像黄金那样集中,但它们与市场的协同作用要低得多。我们称它们为伪避险资产,因为它们是投资者寻找回报可观的相对避险资产的安全赌注。JEL代码:G11、G12、G15
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引用次数: 2
期刊
Journal of Emerging Market Finance
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