JOURNAL OF ECONOMICS AND BUSINESS最新文献

英文中文

Does inefficiency of judicial system matter on financial development-entrepreneurship nexus? New evidence on the worldwide level 司法制度效率低下是否影响金融发展与创业关系？世界范围内的新证据

IF 3.3 Q1 BUSINESS, FINANCE

JOURNAL OF ECONOMICS AND BUSINESS

Pub Date : 2025-03-01 DOI: 10.1016/j.jeconbus.2024.106219

Cristian Barra

This study seeks to answer three critical research questions: Does financial development aid in the establishment of new businesses? Is diversity in banking crucial for financial development and entrepreneurship? Does the link between financial development and entrepreneurship suffer from inefficiency of judicial system? We employ a worldwide heterogeneous unbalanced sample consisting of 60 countries (developed and developing) from 2006 to 2021, considering information about two key types of financial intermediaries: commercial and cooperative. Based on two distinct estimators (FEGLS and FEIVH), the empirical evidence confirms the critical role of financial intermediaries in fostering entrepreneurship, with commercial bank branches having a higher intensity. Furthermore, the inefficiency of the judicial system is found to be a crucial factor in mitigating the link under scrutiny. In other words, in a country with a dysfunctional judicial system, the financial system limits loan grants for general investments, resulting in a decrease in entrepreneurship. To put it another way, financial development helps to foster the establishment of new businesses in countries with more efficient judicial systems. A battery of sensitivity analyses back up our empirical predictions, shedding light on the importance of policy implications that may be implemented to ensure the evolution of the entrepreneurial fabric while also fueling a heated debate over the vital role of both financial and judicial systems.

本研究试图回答三个关键的研究问题：金融发展是否有助于建立新企业？银行业的多元化对金融发展和创业至关重要吗？金融发展与创业之间的联系是否受到司法制度效率低下的影响？我们采用了一个由60个国家（发达国家和发展中国家）组成的全球异质性不平衡样本，从2006年到2021年，考虑了两种关键类型的金融中介机构的信息：商业和合作。基于两个不同的估计（FEGLS和FEIVH），实证证据证实了金融中介机构在促进创业方面的关键作用，商业银行分支机构的强度更高。此外，人们发现司法系统效率低下是减轻所审查的联系的一个关键因素。换句话说，在一个司法系统不健全的国家，金融系统限制一般投资的贷款发放，导致创业精神减少。换句话说，金融发展有助于在司法制度更有效的国家促进新企业的建立。一系列敏感性分析支持了我们的实证预测，揭示了可能实施的政策影响的重要性，以确保创业结构的发展，同时也引发了关于金融和司法系统至关重要作用的激烈辩论。

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引用次数: 0

Financial literacy and sustainable finance decisions among Italian households 意大利家庭的金融知识和可持续金融决策

IF 3.3 Q1 BUSINESS, FINANCE

JOURNAL OF ECONOMICS AND BUSINESS

Pub Date : 2025-03-01 DOI: 10.1016/j.jeconbus.2024.106220

Edoardo Lanciano , Daniele Previati , Ornella Ricci , Gianluca Santilli

This paper empirically investigates whether financial literacy affects people’s attitudes toward sustainability, considering the degree of knowledge on sustainable finance, sustainable development and Environmental, Social, and Governance (ESG) factors and whether this knowledge affects sustainable investment decisions. We investigate a sample of 5000 respondents from the 2022 survey led by the Italian Financial Education Committee. We find that financial literacy is positively related to the level of knowledge of sustainable finance topics and that understanding these topics has a positive effect on several sustainable investment variables. We aim to highlight the role of financial literacy in sustainability goals and enrich the existing literature on the relationship between financial literacy and sustainable finance, providing further empirical evidence about a relationship that is not yet sufficiently explored.

本文考虑到人们对可持续金融、可持续发展和环境、社会和治理（ESG）因素的知识程度，以及这些知识是否影响可持续投资决策，实证研究了金融素养是否影响人们对可持续发展的态度。我们调查了意大利金融教育委员会领导的2022年调查中的5000名受访者样本。我们发现，金融素养与可持续金融主题的知识水平呈正相关，并且理解这些主题对几个可持续投资变量具有正影响。我们的目标是强调金融素养在可持续发展目标中的作用，并丰富现有的关于金融素养与可持续金融之间关系的文献，为尚未充分探索的关系提供进一步的经验证据。

引用次数: 0

Legal effectiveness and external capital: The role of foreign debt 法律效力与外部资本：外债的作用

IF 3.3 Q1 BUSINESS, FINANCE

JOURNAL OF ECONOMICS AND BUSINESS

Pub Date : 2025-03-01 DOI: 10.1016/j.jeconbus.2025.106244

George Allayannis , Gregory W. Brown , Leora F. Klapper

Previous research has documented weak, and sometimes conflicting, effects of legal quality on measures of firm debt. Using WorldScope data for 1689 firms as well as more detailed proprietary data for 315 firms across nine East Asian countries, we find that access to foreign financing appears to loosen borrowing constraints associated with poor legal systems. This helps resolve inconsistencies in prior findings and explains how legal protection is important for debt use. In particular, we find that legal effectiveness is important for determining the amount, the maturity -to some extent-, and the currency denomination of debt. We discuss several mechanisms by which firms can avoid the costs of poor legal systems with foreign borrowing. Finally, this paper contributes to the policy debate surrounding the importance of creditor rights for domestic lending.

先前的研究记录了法律质量对企业债务衡量的微弱影响，有时甚至是相互矛盾的影响。利用WorldScope对9个东亚国家的1689家公司的数据以及315家公司的更详细的专有数据，我们发现，获得外国融资似乎放松了与法律制度不健全相关的借贷限制。这有助于解决先前调查结果的不一致之处，并解释了法律保护对债务使用的重要性。特别是，我们发现法律效力对于确定债务的数额、期限（在某种程度上）和货币面额非常重要。我们讨论了几种机制，通过这些机制，公司可以通过外国借款来避免法律制度不健全的成本。最后，本文对围绕债权对国内贷款重要性的政策辩论做出了贡献。

引用次数: 0

Impacts of FinTech funding announcements on traditional banks: An event study analysis 金融科技融资公告对传统银行的影响：事件研究分析

IF 3.3 Q1 BUSINESS, FINANCE

JOURNAL OF ECONOMICS AND BUSINESS

Pub Date : 2025-01-01 DOI: 10.1016/j.jeconbus.2024.106231

Nicola Del Sarto , Irene Comeig Ramirez , Lorenzo Gai

This paper investigates how traditional banks' stock prices react to FinTech funding announcements, addressing a notable research gap. Using event study methodology with the MSCI index as a benchmark, we analyze stock price responses of European traditional banks from 2010 to 2019. Both parametric t-tests and non-parametric generalized sign tests are employed to assess the impact. Grounded in signaling theory, we hypothesize that FinTech funding events signal increased competition and strategic uncertainty, affecting investor perceptions of traditional banks. Our findings indicate that FinTech funding announcements significantly influence traditional bank stock prices, with digital lending FinTechs having a more substantial impact compared to digital capital raising and digital payment FinTechs. This study highlights the differentiated investor response to FinTech competition, providing insights into the strategic challenges and market dynamics between traditional financial institutions and FinTech startups.

本文研究了传统银行的股价对金融科技融资公告的反应，解决了一个显著的研究空白。本文采用事件研究方法，以MSCI指数为基准，分析了2010 - 2019年欧洲传统银行的股价反应。采用参数t检验和非参数广义符号检验来评估影响。基于信号理论，我们假设金融科技融资事件标志着竞争加剧和战略不确定性，从而影响投资者对传统银行的看法。我们的研究结果表明，金融科技融资公告显著影响传统银行股价，与数字融资和数字支付金融科技相比，数字借贷金融科技的影响更大。本研究强调了投资者对金融科技竞争的不同反应，为传统金融机构和金融科技初创公司之间的战略挑战和市场动态提供了见解。

引用次数: 0

Is bitcoin an inflation hedge? 比特币是对冲通胀的工具吗？

IF 3.3 Q1 BUSINESS, FINANCE

JOURNAL OF ECONOMICS AND BUSINESS

Pub Date : 2025-01-01 DOI: 10.1016/j.jeconbus.2024.106218

Harold Rodriguez, Jefferson Colombo

Spot bitcoin ETFs have been recently approved in the U.S., increasing retail and institutional investors’ attention to crypto. To contribute to the debate on whether bitcoin protects against inflation, we analyze the effect of inflation shocks on bitcoin returns through the estimation and inference of Vector Autoregressive Models (VARs), identifying inflation shocks as surprises in the U.S.’s CPI and Core PCE announcements. Based on monthly data between August 2010 and January 2023, the results indicate that bitcoin returns increase significantly after a positive inflationary shock, corroborating empirical evidence that bitcoin can act as an inflation hedge. However, we observe that bitcoin’s inflationary hedging property is sensitive to the price index – it only holds for CPI shocks – and to the period of analysis – the hedging property stems primarily from sample periods before the increasing institutional adoption of BTC (“early days”). Notably, the inflation hedge property of bitcoin (Gold) has disappeared (strengthened) from the COVID-19 outbreak onwards. We conclude that bitcoin’s inflation-hedging property is context-specific and likely diminishes as it achieves broader adoption and becomes more integrated into mainstream financial markets.

现货比特币etf最近在美国获得批准，增加了散户和机构投资者对加密货币的关注。为了对比特币是否能抵御通货膨胀的争论做出贡献，我们通过向量自回归模型（var）的估计和推断来分析通货膨胀冲击对比特币回报的影响，将通货膨胀冲击识别为美国CPI和核心PCE公告中的意外。基于2010年8月至2023年1月的月度数据，结果表明，在正面通胀冲击后，比特币的收益显著增加，证实了比特币可以作为通胀对冲的经验证据。然而，我们观察到比特币的通胀对冲属性对价格指数敏感——它只适用于CPI冲击——以及分析时期——对冲属性主要源于机构越来越多地采用比特币之前的样本时期（“早期”）。值得注意的是，自新冠疫情爆发以来，比特币（黄金）的通胀对冲属性已经消失（增强）。我们得出的结论是，比特币的通胀对冲属性是特定于具体情况的，随着比特币被更广泛地采用，并越来越融入主流金融市场，这种属性可能会减弱。

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引用次数: 0

Editorial – Digital finance transforming the financial landscape 社论-数字金融正在改变金融格局

IF 3.3 Q1 BUSINESS, FINANCE

JOURNAL OF ECONOMICS AND BUSINESS

Pub Date : 2025-01-01 DOI: 10.1016/j.jeconbus.2025.106234

Rafael Schiozer

引用次数: 0

Market behaviors around bankruptcy and frozen funds withdrawal: Trading stranded assets on FTX 破产和冻结资金提取的市场行为：在FTX上交易搁浅资产

IF 3.3 Q1 BUSINESS, FINANCE

JOURNAL OF ECONOMICS AND BUSINESS

Pub Date : 2025-01-01 DOI: 10.1016/j.jeconbus.2024.106196

Luca Galati , Alexander Webb , Robert I. Webb

How do cryptocurrency markets react when an exchange allows trading but freezes withdrawals? This study examines the impact of liquidity funding shocks on the market liquidity of cryptocurrency markets and traders’ behavior. We examine this issue using a natural experiment in major cryptocurrencies when the FTX exchange, while about to file for bankruptcy, prohibited most investors from withdrawing assets held by the exchange while allowing trading to continue. By using proprietary tick-by-tick data, we test price divergence between FTX and Binance and perform t-tests on the difference in magnitude of liquidity measures between the pre- and post-withdrawal halt periods. We find that a substantial amount of trading on FTX occurred during this stranded asset period, even though liquidity deteriorated as the bid-ask spread and implicit transaction costs increased sharply. We further find traders engaging in a revealing flight to safety by moving their investments in stablecoin Tether or even exiting the market. These findings not only shed light on the resilience of cryptocurrency markets in the face of liquidity crises but also offer insights into the mechanisms traders employ to navigate such tumultuous periods.

当交易所允许交易但冻结提款时，加密货币市场会如何反应？本研究考察了流动性资金冲击对加密货币市场流动性和交易者行为的影响。我们使用主要加密货币的自然实验来研究这个问题，当时FTX交易所即将申请破产，禁止大多数投资者提取交易所持有的资产，同时允许交易继续进行。通过使用专有的逐点数据，我们测试了FTX和Binance之间的价格差异，并对退出前和退出后暂停期之间流动性措施的幅度差异进行了t检验。我们发现，在这一搁浅资产期间，FTX上发生了大量交易，尽管随着买卖价差和隐性交易成本急剧增加，流动性恶化。我们进一步发现，交易者通过转移他们对稳定币Tether的投资，甚至退出市场，进行了一种暴露性的避险行为。这些发现不仅揭示了加密货币市场在面对流动性危机时的弹性，而且还为交易者在这种动荡时期所采用的机制提供了见解。

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引用次数: 0

Pricing efficiency in cryptocurrencies: The case of centralized and decentralized markets 加密货币的定价效率：集中和分散市场的案例

IF 3.3 Q1 BUSINESS, FINANCE

JOURNAL OF ECONOMICS AND BUSINESS

Pub Date : 2025-01-01 DOI: 10.1016/j.jeconbus.2024.106224

Lucas Mussoi Almeida , Marcelo Scherer Perlin , Fernanda Maria Müller

This article presents a comparative analysis of the Ethereum (ETH) weak form of market efficiency priced in Bitcoin (BTC), Dai (DAI), and Tether (USDT). The investigation encompasses data from Uniswap-V2, a decentralized app utilizing a Constant Product Market Maker (CFMM) for cryptocurrency pricing, and Binance, a centralized exchange. The study employs different rolling windows to apply the asymmetric MF-DFA. The efficiency of exchange pairs is ranked using the market deficiency measure (MDM). Besides aligning with the literature, revealing an efficiency increase with larger rolling window sizes across centralized and decentralized exchanges and overall, upward and downward trends, our findings reveal that the CFMM employed by Uniswap-V2 leads to a more efficient market for the ETH-BTC pair compared to Binance, making it among the first studies to compare efficiency across these exchanges types. To delve deeper into this phenomenon and explore the dynamics between distinct pricing mechanisms, the Thermal Optimal Path is employed. The analysis highlights a lead-lag relationship between ETH prices in centralized and decentralized exchanges. The results suggest that market efficiency emerges first in the decentralized exchange, particularly when ETH is priced in BTC. The asymmetric MF-DFA was also employed on the pairs datasets before and after the Ethereum 2.0 hard fork. The findings of this analysis revealed significant results indicating that following the fork, Uniswap-V2 exhibited superior market efficiency compared to Binance for the majority of overall and downward trends, a phenomenon that was not observed prior to the merge. These findings contribute to the existing literature on cryptocurrency market efficiency by emphasizing the influence of network upgrades in trading platforms. Notably, this research reveals that, for the ETH-BTC pair, decentralized exchanges exhibit superior a level of weak form efficiency.

本文对以比特币（BTC）、代币（Dai）和Tether （USDT）定价的以太坊（ETH）弱形式的市场效率进行了比较分析。该调查包括Uniswap-V2和Binance的数据，Uniswap-V2是一款使用恒定产品市场制造商（CFMM）进行加密货币定价的去中心化应用程序，Binance是一个集中的交易所。研究采用不同的滚动窗来应用非对称MF-DFA。使用市场缺陷度量（MDM）对货币对的效率进行排名。除了与文献保持一致，揭示集中式和去中心化交易所的滚动窗口尺寸增大以及总体向上和向下趋势的效率提高外，我们的研究结果还显示，与币安相比，Uniswap-V2采用的CFMM为ETH-BTC对带来了更有效的市场，使其成为首批比较这些交易所类型效率的研究之一。为了更深入地研究这一现象，并探索不同定价机制之间的动态关系，我们采用了热最优路径。该分析强调了中心化和去中心化交易所中ETH价格之间的领先滞后关系。结果表明，市场效率首先出现在去中心化交易所，特别是当ETH以BTC定价时。非对称MF-DFA也被用于以太坊2.0硬分叉前后的配对数据集。该分析的结果显示，在分叉之后，与币安相比，Uniswap-V2在大多数整体和下行趋势中表现出更高的市场效率，这是合并之前没有观察到的现象。这些发现通过强调交易平台中网络升级的影响，有助于现有文献对加密货币市场效率的研究。值得注意的是，本研究表明，对于ETH-BTC对，去中心化交易所表现出更高的弱形式效率。

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引用次数: 0

How does digital financial inclusion affect households’ CO2? Micro-evidence from an emerging country 数字普惠金融如何影响家庭的二氧化碳排放？来自新兴国家的微观证据

IF 3.3 Q1 BUSINESS, FINANCE

JOURNAL OF ECONOMICS AND BUSINESS

Pub Date : 2025-01-01 DOI: 10.1016/j.jeconbus.2024.106222

Yao Li

This paper examines, at the micro-level, the relationship between digital financial inclusion and households’ CO₂ emissions, aiming to investigate the connection between financial inclusion and the environment. Exploiting a unique survey panel dataset of 13,624 Chinese households, I find that digital financial inclusion can increase households’ CO₂ emissions, and this result is applicable to other emerging countries. Further analysis based on the mediation model sheds light on how digital financial inclusion influences direct and indirect households’ CO₂ emissions, respectively. Specifically, digital financial inclusion encourages non-renewable energy consumption, thereby increasing households’ direct CO₂ emissions. Simultaneously, it promotes subsistence and development consumption upgrades, contributing to increased households’ indirect CO₂ emissions. Moreover, the study reveals that the impact of digital financial inclusion is heterogeneous. The environmental deterioration effect of digital financial inclusion is mainly driven by the actual uses of different services. As digital financial inclusion develops, its environmental detriment intensifies. Also, in cities where the Carbon Trade Policy (CTP) is implemented, digital financial inclusion can significantly reduce CO₂ emissions. Overall, the findings have several implications for addressing environmental problems in developing countries.

本文从微观层面考察数字普惠金融与家庭二氧化碳排放之间的关系，旨在探讨普惠金融与环境之间的联系。利用13624个中国家庭的独特调查面板数据，我发现数字普惠金融会增加家庭的二氧化碳排放，这一结果也适用于其他新兴国家。基于中介模型的进一步分析揭示了数字普惠金融如何分别影响家庭的直接和间接二氧化碳排放。具体而言，数字普惠金融鼓励了不可再生能源的消费，从而增加了家庭的直接二氧化碳排放量。同时，它促进了生存性和发展性消费升级，增加了家庭间接二氧化碳排放。此外，研究表明，数字普惠金融的影响是异质的。数字普惠金融的环境恶化效应主要由不同服务的实际使用驱动。随着数字普惠金融的发展，其对环境的危害也在加剧。此外，在实施碳交易政策（CTP）的城市，数字普惠金融可以显著减少二氧化碳排放。总的来说，这些发现对解决发展中国家的环境问题有几点启示。

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引用次数: 0

Payment systems innovations, substitutive effects, and the real economy: The intervening role of currency holdings and excess reserves 支付系统创新、替代效应和实体经济：货币持有和超额储备的干预作用

IF 3.3 Q1 BUSINESS, FINANCE

JOURNAL OF ECONOMICS AND BUSINESS

Pub Date : 2025-01-01 DOI: 10.1016/j.jeconbus.2024.106232

Navendu Prakash , Shveta Singh , Seema Sharma

The push for a digital economic framework has spurred multifaceted innovations in payments and settlement systems worldwide. The speed, accuracy, and reliability of payment infrastructure significantly influences monetary supply and credit flows, underscoring their critical role in monetary policy formulation. This paper elucidates the importance of efficient payment systems as precursors to financial intermediation. Distinguishing between large-value and retail payment systems, it examines the extant transmission mechanism via two intervening channels: currency holdings and excess reserves of commercial banks. The findings bear profound policy implications, advocating for transitioning to electronic payment systems that minimizes the use of cash. At the macroeconomic level, findings reveal how efficient payment systems enhance deposit intermediation, credit creation, and economic growth. Results indicate a marked degree of substitution between electronic and paper-based clearing platforms, and consequently, the shift towards electronic payments tends to reduce the negative effects of paper-based clearing on growth and consumption.

对数字经济框架的推动推动了全球支付和结算系统的多方面创新。支付基础设施的速度、准确性和可靠性显著影响货币供应和信贷流动，强调了它们在货币政策制定中的关键作用。本文阐明了高效支付系统作为金融中介先驱的重要性。它区分了大额支付系统和零售支付系统，通过两个干预渠道：货币持有和商业银行的超额准备金，研究了现有的传导机制。研究结果具有深远的政策意义，提倡向电子支付系统过渡，最大限度地减少现金的使用。在宏观经济层面，研究结果揭示了高效的支付系统如何促进存款中介、信贷创造和经济增长。结果表明，电子和纸质结算平台之间存在明显的替代程度，因此，向电子支付的转变往往会减少纸质结算对增长和消费的负面影响。

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