Abstract Micro-level risk awareness affects macro-level financial stability as well. Thus, the corporate risk management practice impacts the exposures and the potential fragility of an economy. While corporate risk management is accepted to create value in an imperfect market, the effect of the firm size is not straightforward. Smaller, financially constrained firms can benefit more by engaging in risk management programs, but larger corporations face more complex risks and have more resources for this activity. Empirical studies on risk management focusing mainly on the US market, highlight a positive relation between the firm size and the quality of risk management that includes not just the hedging of financial risks, but the concept of integrated risk management as well. The aim of this paper is two-fold: first, to summarize the existing literature on corporate risk management with a special focus on the effect of corporate size; second, to contribute to the existing literature by investigating a Central European market, Hungary. The findings are similar to those of the existing global literature, as derivatives usage, and applications of an integrated risk management concept increase with firm size. Although all firms in the sample manage their foreign exchange risk, interest rate hedging and more sophisticated derivatives, like options, are much less widespread in Hungary, compared to the US and Asian peers. The size effect is proven for the objective criteria of risk management quality by comparative analysis and a structured modelling framework, however, the subjective self-evaluation was uncorrelated to the size.
{"title":"Large firm effect in enterprise risk management","authors":"Barbara Dömötör","doi":"10.1556/032.2023.00023","DOIUrl":"https://doi.org/10.1556/032.2023.00023","url":null,"abstract":"Abstract Micro-level risk awareness affects macro-level financial stability as well. Thus, the corporate risk management practice impacts the exposures and the potential fragility of an economy. While corporate risk management is accepted to create value in an imperfect market, the effect of the firm size is not straightforward. Smaller, financially constrained firms can benefit more by engaging in risk management programs, but larger corporations face more complex risks and have more resources for this activity. Empirical studies on risk management focusing mainly on the US market, highlight a positive relation between the firm size and the quality of risk management that includes not just the hedging of financial risks, but the concept of integrated risk management as well. The aim of this paper is two-fold: first, to summarize the existing literature on corporate risk management with a special focus on the effect of corporate size; second, to contribute to the existing literature by investigating a Central European market, Hungary. The findings are similar to those of the existing global literature, as derivatives usage, and applications of an integrated risk management concept increase with firm size. Although all firms in the sample manage their foreign exchange risk, interest rate hedging and more sophisticated derivatives, like options, are much less widespread in Hungary, compared to the US and Asian peers. The size effect is proven for the objective criteria of risk management quality by comparative analysis and a structured modelling framework, however, the subjective self-evaluation was uncorrelated to the size.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135863058","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract The paper addresses the problem of inflation measurement and the way it is affected by the choice of CPI weights. We focus on the bias resulting from using weights reflecting the past structure of consumption and the choice of the plutocratic index. The study is based on a comparison of the official consumer price index in Poland with superlative indices. Contrary to most literature, our findings indicate an understatement of the CPI. Additionally, in 2020 due to large changes in the pattern of household consumption, the underestimation increased. This results from the increase in the expenditure on the relatively more expensive goods which could not be accounted for in real time. In general, the lack of overstatement in the Polish CPI may result from frequent adjustments in the weights used for the calculation of CPI and a faster-than-CPI rise in the prices of those goods and services for which demand is relatively inelastic. Additionally, we deliver the estimates of the plutocratic gap, which indicates that the use of the plutocratic weights in the calculation of CPI leads to a lower price index than its democratic equivalent.
{"title":"Inflation measurement in times of large consumption shifts – Evidence of the CPI bias from Poland","authors":"Aleksandra Hałka, Agnieszka Leszczyńska-Paczesna","doi":"10.1556/032.2023.00022","DOIUrl":"https://doi.org/10.1556/032.2023.00022","url":null,"abstract":"Abstract The paper addresses the problem of inflation measurement and the way it is affected by the choice of CPI weights. We focus on the bias resulting from using weights reflecting the past structure of consumption and the choice of the plutocratic index. The study is based on a comparison of the official consumer price index in Poland with superlative indices. Contrary to most literature, our findings indicate an understatement of the CPI. Additionally, in 2020 due to large changes in the pattern of household consumption, the underestimation increased. This results from the increase in the expenditure on the relatively more expensive goods which could not be accounted for in real time. In general, the lack of overstatement in the Polish CPI may result from frequent adjustments in the weights used for the calculation of CPI and a faster-than-CPI rise in the prices of those goods and services for which demand is relatively inelastic. Additionally, we deliver the estimates of the plutocratic gap, which indicates that the use of the plutocratic weights in the calculation of CPI leads to a lower price index than its democratic equivalent.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135864681","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract This paper shows how the three economic policy uncertainties (EPUs), namely global economic uncertainty, US economic policy uncertainty and German economic policy uncertainty, impact the industrial production of 8 Central and Eastern European countries. The investigation is done in both time and frequency domains, using the wavelet coherence and wavelet correlation approaches. The US EPU has the strongest effect on all industrial productions, while this effect was recorded during the global financial crisis and the corona virus pandemic. The most intense effect was found in the time-horizon between 4 and 8 months. The Czech Republic and Hungary suffer the strongest impact from EPU, probably because these two economies have relatively high ratio of export (import) vis-à-vis GDP. We fail to find very strong and wide areas of coherence in the Slovakian plot, although Slovakia has the highest level of export (import) to GDP. However, the wavelet correlation findings indicate that Slovakia has relatively high negative correlation at third wavelet scale, which is perfectly in compliance with its high export (import) share in GDP.
{"title":"Multiscale interdependence between economic policy uncertainty and industrial production of Central and Eastern European countries","authors":"Dejan Živkov, Slavica Manić, Jasmina Đurašković, Mirela Momčilović","doi":"10.1556/032.2023.00021","DOIUrl":"https://doi.org/10.1556/032.2023.00021","url":null,"abstract":"Abstract This paper shows how the three economic policy uncertainties (EPUs), namely global economic uncertainty, US economic policy uncertainty and German economic policy uncertainty, impact the industrial production of 8 Central and Eastern European countries. The investigation is done in both time and frequency domains, using the wavelet coherence and wavelet correlation approaches. The US EPU has the strongest effect on all industrial productions, while this effect was recorded during the global financial crisis and the corona virus pandemic. The most intense effect was found in the time-horizon between 4 and 8 months. The Czech Republic and Hungary suffer the strongest impact from EPU, probably because these two economies have relatively high ratio of export (import) vis-à-vis GDP. We fail to find very strong and wide areas of coherence in the Slovakian plot, although Slovakia has the highest level of export (import) to GDP. However, the wavelet correlation findings indicate that Slovakia has relatively high negative correlation at third wavelet scale, which is perfectly in compliance with its high export (import) share in GDP.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135863061","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Chirstian Espinosa, Yadín Heraldo, João Paulo Vieito
Abstract This investigation analyses the academic research development over the last 30 years on behavioural finance in the emerging markets. We use Web of Science database to collect the bibliographic material and a VOS Viewer software to identify similarities by using bibliometric techniques. The results show a significant growth of research in this area, especially after the subprime crisis and highlights the emergence of sub areas of interest to researchers which have arisen in a natural fashion and without a previously defined orientation. There is still no consensus in the literature regarding the causes of this phenomenon and new questions emerge to expand research on herd behaviour in the emerging markets.
摘要本研究分析了近30年来新兴市场行为金融学的学术研究进展。我们使用Web of Science数据库收集书目资料，并使用VOS Viewer软件利用文献计量学技术进行相似性识别。结果显示，在这一领域的研究显著增长，特别是在次贷危机之后，并突出了研究人员感兴趣的子领域的出现，这些子领域以一种自然的方式出现，没有预先定义的方向。关于这一现象的原因，文献中仍然没有达成共识，新的问题出现了，以扩大对新兴市场羊群行为的研究。
{"title":"Behavioural finance in emerging markets: A bibliometric analysis","authors":"Chirstian Espinosa, Yadín Heraldo, João Paulo Vieito","doi":"10.1556/032.2023.00025","DOIUrl":"https://doi.org/10.1556/032.2023.00025","url":null,"abstract":"Abstract This investigation analyses the academic research development over the last 30 years on behavioural finance in the emerging markets. We use Web of Science database to collect the bibliographic material and a VOS Viewer software to identify similarities by using bibliometric techniques. The results show a significant growth of research in this area, especially after the subprime crisis and highlights the emergence of sub areas of interest to researchers which have arisen in a natural fashion and without a previously defined orientation. There is still no consensus in the literature regarding the causes of this phenomenon and new questions emerge to expand research on herd behaviour in the emerging markets.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135864517","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract This paper examines the effect of factors of national competitiveness measured by the Global Competitiveness Index (GCI). It aims to identify the key factors that determine GCI of the European Union (EU-28) countries. We observe the composite indicator of GCI and the 12 factors of competitiveness in the period of 2008–2019 focusing on the links between the GCI and the factors of institutions, infrastructure, macroeconomic environment and its stability and market size. The GCI is determined using correlation and regression analyses and Structural Equation Model. A significantly positive relationship with the GCI is confirmed for institutions, infrastructure, macroeconomic environment and stability, labour market efficiency, market size, technological readiness in terms of information and communication technologies, and business sophistication and dynamism, but not for higher education and training and financial market development. The quality institutions are confirmed as a fundamental positive factor for the GCI together with macroeconomic environment and stability and market size. The study contributes with an empirical analysis that confirms the relationship between the selected factors of competitiveness and the GCI in the EU-28 countries.
{"title":"What drives global competitiveness in the European Union countries?","authors":"Milja Marčeta, Štefan Bojnec","doi":"10.1556/032.2023.00020","DOIUrl":"https://doi.org/10.1556/032.2023.00020","url":null,"abstract":"Abstract This paper examines the effect of factors of national competitiveness measured by the Global Competitiveness Index (GCI). It aims to identify the key factors that determine GCI of the European Union (EU-28) countries. We observe the composite indicator of GCI and the 12 factors of competitiveness in the period of 2008–2019 focusing on the links between the GCI and the factors of institutions, infrastructure, macroeconomic environment and its stability and market size. The GCI is determined using correlation and regression analyses and Structural Equation Model. A significantly positive relationship with the GCI is confirmed for institutions, infrastructure, macroeconomic environment and stability, labour market efficiency, market size, technological readiness in terms of information and communication technologies, and business sophistication and dynamism, but not for higher education and training and financial market development. The quality institutions are confirmed as a fundamental positive factor for the GCI together with macroeconomic environment and stability and market size. The study contributes with an empirical analysis that confirms the relationship between the selected factors of competitiveness and the GCI in the EU-28 countries.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135864679","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract The COVID-19 pandemic affected all countries both in social and economic dimensions. Currently, vaccination is considered to be one of the most efficient solutions which can stop the further spread of the virus. Therefore, the paper aims to understand the factors that determined the social approval of the COVID-19 vaccines in Romania. To get a detailed picture on the situation, we looked not only at economic variables, but also at social and demographic components. Accordingly, the findings of the analysis list the variables that significantly influence the vaccination rate nationwide. The social approval (or the refusal) of these shots is a complex issue, thus it is essential that policymakers make decisions based on scientific evidence. The practical relevance of the paper lies in the two policy implications suggested (i.e., transparent and predictable policymaking and adjustments on the level of the education system in the long run for similar situations), which also highlight the importance of evidence-based decision-making processes in public health. Our analysis method consists of multivariate cross-sectional OLS regressions.
{"title":"The economic and social determinants of vaccine hesitancy in Romania during the COVID-19 pandemic","authors":"Balázs Boga, Balázs Markó, Béla-Gergely Rácz","doi":"10.1556/032.2023.00024","DOIUrl":"https://doi.org/10.1556/032.2023.00024","url":null,"abstract":"Abstract The COVID-19 pandemic affected all countries both in social and economic dimensions. Currently, vaccination is considered to be one of the most efficient solutions which can stop the further spread of the virus. Therefore, the paper aims to understand the factors that determined the social approval of the COVID-19 vaccines in Romania. To get a detailed picture on the situation, we looked not only at economic variables, but also at social and demographic components. Accordingly, the findings of the analysis list the variables that significantly influence the vaccination rate nationwide. The social approval (or the refusal) of these shots is a complex issue, thus it is essential that policymakers make decisions based on scientific evidence. The practical relevance of the paper lies in the two policy implications suggested (i.e., transparent and predictable policymaking and adjustments on the level of the education system in the long run for similar situations), which also highlight the importance of evidence-based decision-making processes in public health. Our analysis method consists of multivariate cross-sectional OLS regressions.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":"2013 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135863059","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract This paper documents the relationship between advertising expenditures and stock prices. Using the data of non-financial firms from India, the paper shows that advertising expenditures of a firm are sensitive to its own stock prices and to stock prices of its peer firms during the period between 2000 and 2021. These findings remain qualitatively the same when we use different estimation procedures. The paper also shows that the relationship between advertising expenditures and stock prices depends on the level of product market competition. This relationship becomes more pronounced as product competition increases.
{"title":"Determinants of advertising expenditures: Role of stock prices in an emerging market","authors":"Omar Farooq, Neveen Ahmed","doi":"10.1556/032.2023.00026","DOIUrl":"https://doi.org/10.1556/032.2023.00026","url":null,"abstract":"Abstract This paper documents the relationship between advertising expenditures and stock prices. Using the data of non-financial firms from India, the paper shows that advertising expenditures of a firm are sensitive to its own stock prices and to stock prices of its peer firms during the period between 2000 and 2021. These findings remain qualitatively the same when we use different estimation procedures. The paper also shows that the relationship between advertising expenditures and stock prices depends on the level of product market competition. This relationship becomes more pronounced as product competition increases.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135863060","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A set of simple and complex indicators is used to measure the economic condition of economies, and the analysis can be conducted in a static or dynamic approach. This article proposes the author's macroeconomic condition index (MCI), which is based on the popular misery index, supplementing the unemployment and inflation rates with two variables: GDP growth rate and budget deficit. The aim of the study is to assess the macroeconomic situation of Poland against the average for the EU, using the above-mentioned measure. The time scope of the study covers the years 2011–2020, with particular emphasis on the effects of the first year of the Covid crisis. The results indicate that throughout the period the economic situation in Poland in terms of the four variables combined was relatively favourable, although less stable. A sharp downturn occurred in 2020, both domestically and on average in the EU. The main determinants of the worse condition were a decline in the GDP growth rate and an increase in the budget deficit, with relatively steady unemployment and inflation.
{"title":"Polish and European Union economy in 2011–2019 and under the Covid pandemic: Application of macroeconomic condition index","authors":"P. Błaszczyk, S. Stępień, J. Polcyn","doi":"10.1556/032.2023.00013","DOIUrl":"https://doi.org/10.1556/032.2023.00013","url":null,"abstract":"A set of simple and complex indicators is used to measure the economic condition of economies, and the analysis can be conducted in a static or dynamic approach. This article proposes the author's macroeconomic condition index (MCI), which is based on the popular misery index, supplementing the unemployment and inflation rates with two variables: GDP growth rate and budget deficit. The aim of the study is to assess the macroeconomic situation of Poland against the average for the EU, using the above-mentioned measure. The time scope of the study covers the years 2011–2020, with particular emphasis on the effects of the first year of the Covid crisis. The results indicate that throughout the period the economic situation in Poland in terms of the four variables combined was relatively favourable, although less stable. A sharp downturn occurred in 2020, both domestically and on average in the EU. The main determinants of the worse condition were a decline in the GDP growth rate and an increase in the budget deficit, with relatively steady unemployment and inflation.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2023-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43943178","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Synthesizing multidimensional phenomena such as well-being in the form of composite indicators has been gaining popularity in recent years. The Mazziotta-Pareto Index is one of the methods of constructing non-compensatory composite indices. The paper proposes a modification of this method, which (unlike the original) enables periodical measurements and can be used to compare countries in research on East European transition. The essence of this modification is the use of anti-pattern normalization, during which only current data is used, and yet after normalization, the indicators are in a certain way comparable over time. The Anti-Pattern Normalized Mazziotta-Pareto Index (APMPI), unlike the original, does not change the previously determined values after the inclusion of new data. Both the imperfection of the original approach and the new proposal are illustrated by an empirical example. Indices of well-being for the OECD countries are constructed. The example shows that although AMPI and APMPI values are not comparable, the rankings based on them are not very different.
{"title":"Periodical measurement of multidimensional phenomena","authors":"I. Müller-Frączek","doi":"10.1556/032.2023.00018","DOIUrl":"https://doi.org/10.1556/032.2023.00018","url":null,"abstract":"Synthesizing multidimensional phenomena such as well-being in the form of composite indicators has been gaining popularity in recent years. The Mazziotta-Pareto Index is one of the methods of constructing non-compensatory composite indices. The paper proposes a modification of this method, which (unlike the original) enables periodical measurements and can be used to compare countries in research on East European transition. The essence of this modification is the use of anti-pattern normalization, during which only current data is used, and yet after normalization, the indicators are in a certain way comparable over time. The Anti-Pattern Normalized Mazziotta-Pareto Index (APMPI), unlike the original, does not change the previously determined values after the inclusion of new data. Both the imperfection of the original approach and the new proposal are illustrated by an empirical example. Indices of well-being for the OECD countries are constructed. The example shows that although AMPI and APMPI values are not comparable, the rankings based on them are not very different.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2023-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49484800","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract This study measures the effectiveness of monetary transmission channels of the Bank of Japan's (BOJ) Quantitative and Qualitative Monetary Easing (QQE) policy in affecting Japan's inflation rate. The monetary transmission channels are interest rate, portfolio rebalancing and foreign exchange rate channels. Based on data from 1 August 2013 to 31 October 2019, the Granger's Causality Test showed that the interest rate channel was vital in transmitting the effect of monetary easing. Specifically, the interest rate channel transmitted the effect of QQE, QQE with a negative interest rate and QQE with yield curve control policy to the domestic price level. Portfolio rebalancing and foreign exchange rate channels did not influence Japan's inflation rate in all the QQE policy periods. The empirical results are robust against different estimation methods. Based on the findings, the study offers some imperative policy recommendations.
{"title":"Are monetary transmission channels effective under the quantitative and qualitative easing policy?","authors":"Wee-Yeep Lau, Tien-Ming Yip","doi":"10.1556/032.2023.00014","DOIUrl":"https://doi.org/10.1556/032.2023.00014","url":null,"abstract":"Abstract This study measures the effectiveness of monetary transmission channels of the Bank of Japan's (BOJ) Quantitative and Qualitative Monetary Easing (QQE) policy in affecting Japan's inflation rate. The monetary transmission channels are interest rate, portfolio rebalancing and foreign exchange rate channels. Based on data from 1 August 2013 to 31 October 2019, the Granger's Causality Test showed that the interest rate channel was vital in transmitting the effect of monetary easing. Specifically, the interest rate channel transmitted the effect of QQE, QQE with a negative interest rate and QQE with yield curve control policy to the domestic price level. Portfolio rebalancing and foreign exchange rate channels did not influence Japan's inflation rate in all the QQE policy periods. The empirical results are robust against different estimation methods. Based on the findings, the study offers some imperative policy recommendations.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":"62 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135187310","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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