Journal of International Financial Markets Institutions & Money最新文献

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Innovation under pressure: decoding the tug-of-war between monetary and macroprudential policies 压力下的创新：解读货币政策与宏观审慎政策之间的拉锯战

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money

Pub Date : 2026-04-01 Epub Date: 2026-02-07 DOI: 10.1016/j.intfin.2026.102293

Jun Wen , Agus Salim , Suripto , Muhammad Safar Nasir , Denny Ismanto , Hassan Swedy Lunku

This study examines the effects of monetary policy, macroprudential policy, and their interaction on innovation, using panel data from 55 countries over 1999–2023. Empirical evidence indicates that contractionary monetary policy suppresses innovation, while tighter macroprudential policy fosters it. Notably, the adverse impact of monetary tightening on innovation—measured by research and development (R&D) expenditure and patent applications—is mitigated when macroprudential policy is concurrently tightened. These findings are robust across alternative innovation and policy measures and remain consistent after controlling for endogeneity using instrumental variables. The mitigating effect arises because macroprudential tightening helps stabilize financing conditions for productive activities, thereby preserving and countering the contraction of aggregate monetary liquidity typically induced by monetary policy. The magnitude of this interaction is conditioned by institutional context: it is stronger in high-income countries, weaker in monetary unions, attenuated by higher levels of democratization, and amplified by greater financial access. These results underscore the importance of coordinating monetary and macroprudential policies, while accounting for institutional factors, to effectively promote innovation.

本研究利用1999-2023年间55个国家的面板数据，考察了货币政策、宏观审慎政策及其相互作用对创新的影响。经验证据表明，紧缩的货币政策抑制创新，而收紧的宏观审慎政策则促进创新。值得注意的是，当宏观审慎政策同时收紧时，货币紧缩对创新（通过研发支出和专利申请来衡量）的不利影响会得到缓解。这些发现在替代创新和政策措施中都是稳健的，并且在使用工具变量控制内生性后保持一致。缓解效应的产生是因为宏观审慎紧缩有助于稳定生产活动的融资条件，从而保持和抵消通常由货币政策引起的总货币流动性收缩。这种相互作用的程度取决于制度背景：高收入国家的相互作用更强，货币联盟的相互作用更弱，民主化程度越高，相互作用越弱，金融渠道越广，相互作用越强。这些结果强调了协调货币政策和宏观审慎政策的重要性，同时考虑到制度因素，以有效促进创新。

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引用次数: 0

Inflation tales: the heterogeneous price effects from current account dynamics 通胀故事：来自经常账户动态的异质性价格效应

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money

Pub Date : 2026-04-01 Epub Date: 2026-01-29 DOI: 10.1016/j.intfin.2026.102287

António Afonso , José Alves , João Jalles , Sofia Monteiro

This paper examines the impact of current account balances on energy, headline, and core inflation across developed and developing economies from 1980 to 2023. Using Panel OLS fixed effects, Panel-IV 2SLS and Panel Vector Autoregressive models, we find that an improvement in the current account consistently leads to lower inflation, with heterogeneous effects across inflation components, even when controlling for monetary policy. Our analysis also explores regional differences and contrasts the periods before and after the 2008 subprime crisis, revealing that current account surpluses had a stronger deflationary effect in the more recent period. There is also a negative link between cyclical unemployment and inflation supporting the traditional Phillips curve perspective. For net fuel-importing countries, the current account balance exhibits negative and statistically significant coefficients to both energy inflation and headline inflation. These results suggest that policies aimed at improving current account balances, particularly in energy-importing countries, could help mitigate inflationary pressures.

本文考察了1980年至2023年间发达经济体和发展中经济体经常账户余额对能源、总体和核心通胀的影响。使用面板OLS固定效应、面板- iv 2SLS和面板向量自回归模型，我们发现，即使在控制货币政策的情况下，经常账户的改善也会导致通货膨胀率降低，并且在通货膨胀成分之间具有异质效应。我们的分析还探讨了地区差异，并对比了2008年次贷危机前后的时期，揭示了经常账户盈余在最近一段时期具有更强的通缩效应。周期性失业和通胀之间也存在负相关，这支持了传统的菲利普斯曲线观点。对于燃料净进口国，经常账户余额对能源通货膨胀和总体通货膨胀都显示出负的和统计上显著的系数。这些结果表明，旨在改善经常账户余额的政策，特别是能源进口国的政策，可能有助于减轻通胀压力。

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引用次数: 0

Encouraging retirement savings: The role of Chinese pension funds 鼓励退休储蓄：中国养老基金的作用

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money

Pub Date : 2026-04-01 Epub Date: 2026-02-11 DOI: 10.1016/j.intfin.2026.102290

Yuruo Feng , Martin Robert Young , Jiali Fang , Wei Hao

In 2018, the Chinese government introduced a regulatory framework for target pension funds, specifically Target Date Funds (TDFs) and Target Risk Funds (TRFs), marking their debut in the Chinese market. This framework imposed stringent requirements on fund family size, lock-in periods, and manager experience. Within this institutional context, we first document these funds characteristics are positively associated with fund returns and fund flows for TDFs & TRFs. Conversely, we find that these same restrictions provide little to no benefit for standard mutual funds. In the mechanism test, we further find that TDFs & TRFs are associated with greater flow stability, contributing to their outperformance over standard mutual funds. Moreover, managing TDFs & TRFs may inadvertently dampen the performance of non-TDFs and non-TRFs managed by the same fund family, potentially due to increased compliance and disclosure costs as well as fund family strategic considerations. Our results show that the regulatory requirements imposed on TDFs & TRFs are associated with both benefits and costs, suggesting the critical importance of recognizing the distinct policy implications for regulators, fund issuers, and investors, particularly in the context of retirement savings.

2018年，中国政府推出了目标养老基金的监管框架，特别是目标日期基金（tdf）和目标风险基金（TRFs），这标志着它们在中国市场的首次亮相。该框架对基金家族规模、锁定期和经理经验提出了严格的要求。在这种制度背景下，我们首先证明了这些基金特征与TDFs和TRFs的基金回报和资金流动呈正相关。相反，我们发现这些相同的限制对标准共同基金几乎没有任何好处。在机制测试中，我们进一步发现TDFs和TRFs与更大的流量稳定性相关，这有助于它们优于标准共同基金。此外，管理tdf和trf可能会无意中抑制由同一基金家族管理的非tdf和非trf的业绩，这可能是由于合规和披露成本的增加以及基金家族的战略考虑。我们的研究结果表明，对tdf和TRFs施加的监管要求与收益和成本都有关系，这表明认识到对监管者、基金发行人和投资者的不同政策影响至关重要，特别是在退休储蓄的背景下。

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引用次数: 0

Capital market international integration and corporate demand for green skills: Evidence from MSCI index inclusion 资本市场国际一体化与企业绿色技能需求：来自MSCI指数纳入的证据

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money

Pub Date : 2026-04-01 Epub Date: 2026-02-02 DOI: 10.1016/j.intfin.2026.102291

Kezhi Liao , Zhihao Wang , Baichao Ma , Yu Zhang

This paper exploits the inclusion of China’s A-shares in the MSCI Emerging Markets index as a quasi-natural experiment to examine how capital market international integration affects corporate demand for green skills. Using a comprehensive dataset of online job postings and a staggered difference-in-differences framework, we find that capital market international integration significantly increases corporate demand for green skills. Furthermore, we show that green hirings serve as a credible commitment to corporate environmental initiatives, as they can substantially improve firms’ future environmental performance. Moreover, we identify three mechanisms underlying the positive impact of capital market international integration on green hirings: strengthened institutional investor oversight, heightened environmental reputation concerns, and improved accessibility and transparency of environmental information. Additional analyses reveal that capital market international integration promotes green skills demand, particularly in positions directly related to environmental improvement and sustainable development, rather than in those making only peripheral references to green topics. Overall, we provide novel insights into understanding the relationship between finance and labor in the context of capital market international integration.

本文以中国a股纳入MSCI新兴市场指数为准自然实验，考察资本市场国际一体化如何影响企业对绿色技能的需求。通过对在线招聘信息的综合数据集和交错差中差框架的分析，我们发现资本市场的国际整合显著增加了企业对绿色技能的需求。此外，我们还表明，绿色招聘是对企业环境倡议的一种可信承诺，因为它们可以大大提高企业未来的环境绩效。此外，我们确定了资本市场国际一体化对绿色招聘产生积极影响的三个潜在机制：加强机构投资者监督，提高环境声誉关注，提高环境信息的可及性和透明度。其他分析表明，资本市场的国际一体化促进了绿色技能的需求，特别是在与环境改善和可持续发展直接相关的职位，而不是那些只涉及绿色主题的外围职位。总的来说，我们为理解资本市场国际一体化背景下金融与劳动力之间的关系提供了新颖的见解。

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引用次数: 0

When do alliances with FinTechs pay off for banks? The moderating role of corporate governance 银行与金融科技公司的联盟什么时候能给银行带来回报？公司治理的调节作用

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money

Pub Date : 2026-03-01 Epub Date: 2026-01-17 DOI: 10.1016/j.intfin.2026.102286

Giuliana Birindelli , Helen Chiappini , Pierluigi Martino

This study examines the performance implications of bank-FinTech alliances and the role of corporate governance as a key moderating factor. Based on a hand-collected database of alliances between European banks and FinTech firms from 2012 to 2022, our research shows that corporate governance mechanisms—namely formalizing a bank’s digital strategy, appointing a chief digital officer, and the presence of digital and technological expertise on the board—moderate the relationship between these alliances and bank performance. Our robust findings contribute to the emerging body of research on the banking outcomes of alliances with FinTech firms by introducing the moderating effect of digitalization-related corporate governance mechanisms. Furthermore, the number of alliances and specific FinTech business models influence bank performance when banks have implemented these digital mechanisms. Our findings carry significant implications for banks, policymakers, and regulators, who have increasingly highlighted the vital role governance mechanisms play in fostering successful alliances in recent years.

本研究考察了银行-金融科技联盟的绩效影响以及公司治理作为关键调节因素的作用。基于2012年至2022年欧洲银行与金融科技公司联盟的手工收集数据库，我们的研究表明，公司治理机制——即正式确定银行的数字战略、任命首席数字官以及董事会中存在数字和技术专业知识——调节了这些联盟与银行绩效之间的关系。我们强有力的研究结果通过引入与数字化相关的公司治理机制的调节作用，为与金融科技公司结盟的银行业结果的新兴研究做出了贡献。此外，当银行实施这些数字机制时，联盟的数量和特定的金融科技商业模式会影响银行的绩效。我们的研究结果对银行、政策制定者和监管机构具有重要意义，他们近年来日益强调治理机制在培育成功联盟方面发挥的重要作用。

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引用次数: 0

Do GPs truly present fair value? The case of continuation funds 普通合伙人是否真实反映公允价值？延续基金的案例

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money

Pub Date : 2026-03-01 Epub Date: 2025-12-18 DOI: 10.1016/j.intfin.2025.102265

Jinhyeong Jo , Doojin Ryu

We suggest a model in which General Partners (GPs) can have incentives to distort valuations in continuation funds, an increasingly common vehicle in private equity. GPs may inflate valuations to raise fees under asymmetric information and misaligned incentives between exit and rolling Limited Partners (LPs). Such distortion diminishes when the proportion of rolling LPs is higher and when the GP faces stronger prospects of raising follow-on funds. We characterize the model under Limited Partner Advisory Committee (LPAC) approval and investor participation. We propose governance measures to strengthen valuation integrity by capturing the bargaining dynamics between exit and rolling LPs.

我们提出了一个模型，在这个模型中，普通合伙人（gp）可能有动机扭曲延续基金的估值，延续基金是私募股权中越来越常见的工具。在信息不对称和退出与滚动有限合伙人（lp）之间激励不一致的情况下，普通合伙人可能会抬高估值以提高费用。当滚动有限合伙人的比例较高，以及普通合伙人面临更大的后续融资前景时，这种扭曲就会减弱。我们在有限合伙人咨询委员会（LPAC）批准和投资者参与的情况下描述该模型。我们建议采取治理措施，通过捕捉退出有限合伙人和滚动有限合伙人之间的议价动态来加强估值完整性。

引用次数: 0

Opportunity or challenge? The impact of stock market liberalization on product market competitiveness 机遇还是挑战？股票市场自由化对产品市场竞争力的影响

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money

Pub Date : 2026-03-01 Epub Date: 2025-12-15 DOI: 10.1016/j.intfin.2025.102274

Lu Jolly Zhou, Wanqing Zheng, Haotian Tang, Xinru Li

This paper examines how stock market liberalization affects product market competitiveness in emerging economies. Using the Mainland China-Hong Kong Stock Connect program as a quasi-natural experiment, we employ a staggered difference-in-differences approach. The empirical evidence shows that stock market liberalization, on average, is associated with an increase of 19.45% in firms’ market share relative to the sample mean. This effect operates through improving information disclosure and enhancing product quality. The effect is more pronounced for firms in growth and maturity lifecycle stages, with stronger corporate reputations, and better governance structures. The further evidence suggests while financial globalization generally enhances competitive positioning, it simultaneously intensifies short-term predation risks as increased transparency provides competitors with strategic insights.

本文考察了新兴经济体股票市场自由化对产品市场竞争力的影响。我们将中国内地与香港股票通计划作为准自然实验，采用了交错差中差方法。实证表明，股票市场自由化与企业市场份额相对于样本均值平均增长19.45%相关。这种效果是通过完善信息披露和提高产品质量来实现的。这种效应对于处于成长和成熟生命周期阶段的公司更为明显，这些公司拥有更强的企业声誉和更好的治理结构。进一步的证据表明，虽然金融全球化通常增强了竞争定位，但同时也加剧了短期捕食风险，因为透明度的提高为竞争对手提供了战略见解。

引用次数: 0

The Vienna initiative as a signaling mechanism to disrupt the banking doom loop 维也纳倡议是打破银行业厄运循环的信号机制

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money

Pub Date : 2026-03-01 Epub Date: 2025-12-31 DOI: 10.1016/j.intfin.2025.102280

Christian Glocker, Thomas Url

We investigate the emergence of the Vienna Initiative (VI) as a public–private partnership established in response to the global financial crisis, and assess its short-term impact on the risk metrics of Western European banks. Our findings suggest that negative herding behavior toward certain banks can be associated with their decision to participate in the initiative. Banks with weaker balance sheet fundamentals showed a higher likelihood of participation. The measures implemented through the VI proved effective in curbing risk transmission within the network of participating banks, underscoring a strong signaling effect on investor sentiment. Our findings underscore the value of coordinated information disclosure and conditional support in curbing short-run risk transmission.

我们调查了维也纳倡议（VI）作为应对全球金融危机而建立的公私合作伙伴关系的出现，并评估了其对西欧银行风险指标的短期影响。我们的研究结果表明，对某些银行的负面羊群行为可能与他们参与该倡议的决定有关。资产负债表基本面较弱的银行参与的可能性更高。事实证明，通过VI实施的措施有效地遏制了参与银行网络内的风险传导，强调了对投资者情绪的强烈信号效应。我们的研究结果强调了协调信息披露和有条件支持在遏制短期风险传播方面的价值。

引用次数: 0

When does it pay to be green for startups? Sustainability signaling and venture funding 什么时候对创业公司来说是值得的？可持续发展信号和风险投资

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money

Pub Date : 2026-03-01 Epub Date: 2026-01-14 DOI: 10.1016/j.intfin.2025.102284

Markus Koenigsmarck , Martin Geissdoerfer , Dirk Schiereck

This study examines the relationship between sustainability and financial performance for startups. Startups must decide how to integrate sustainability considerations into their business model early on. Thereby, they suffer from scarcer resources compared to large firms and liability of newness, while familiar sustainability data are unavailable. Based on stakeholder and signaling theory, we test this relationship on a dataset of over 27,000 startups, combining Crunchbase data with sustainability signaling data – generated via natural language processing – as a sustainability indicator. We find a robust ∪-shaped connection between sustainability signaling and venture funding, with the most and least sustainable startups attracting more funding than their peers. This pattern is persistent for just-green and just-brown subsamples, suggesting investors discriminate for strategic sustainability differentiation in general and within subgroups. Our findings confirm the crucial role of strategic differentiation for startups, extending it to sustainability.

本研究考察了可持续性与创业公司财务绩效之间的关系。初创公司必须及早决定如何将可持续性考虑纳入其商业模式。因此，与大公司相比，它们的资源更少，而且有新产品的责任，而熟悉的可持续性数据则不可用。基于利益相关者和信号理论，我们在超过27,000家创业公司的数据集上测试了这种关系，将Crunchbase数据与可持续性信号数据（通过自然语言处理生成）结合起来作为可持续性指标。我们发现可持续性信号与风险投资之间存在着很强的∩形关联，最具可持续性和最不具可持续性的初创公司比同行吸引到更多的资金。这种模式在绿色和棕色子样本中持续存在，表明投资者在总体上和子群体内对战略可持续性差异有所区别。我们的研究结果证实了战略差异化对创业公司的关键作用，并将其扩展到可持续性。

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引用次数: 0

Climate change exposure and global sovereign credit risk 气候变化风险与全球主权信用风险

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money

Pub Date : 2026-03-01 Epub Date: 2025-12-01 DOI: 10.1016/j.intfin.2025.102238

Chu Pan , Chentong Sun , Yue Zhang , Yanshuang Li , Muhammad Abubakr Naeem

This study examines the relationship between climate change exposure and the sovereign credit risk of 51 countries from 2010 to 2020. The findings suggest that countries with higher climate change exposure tend to exhibit greater sovereign credit risk. Additionally, GDP per capita and the growth of government debt act as mediating factors, suggesting that climate change exposure is linked to sovereign creditworthiness through economic and fiscal channels. Furthermore, developing countries tend to bear higher credit costs under climate change exposure, whereas sovereign credit risk in developed countries appears more sensitive to such exposure. Lastly, the negative association between climate change exposure and sovereign credit risk appears weaker in countries with stronger governance. This study underscores the significant association between climate change exposure and sovereign credit risk, offering new insights for research on climate-related financial risks.

本研究考察了2010 - 2020年51个国家的气候变化风险与主权信用风险之间的关系。研究结果表明，气候变化风险较高的国家往往表现出更大的主权信用风险。此外，人均GDP和政府债务增长作为中介因素，表明气候变化风险通过经济和财政渠道与主权信用挂钩。此外，发展中国家在气候变化风险下往往承担更高的信贷成本，而发达国家的主权信用风险似乎对气候变化风险更为敏感。最后，在治理能力较强的国家，气候变化风险与主权信用风险之间的负相关关系似乎较弱。本研究强调了气候变化风险与主权信用风险之间的重要关联，为气候相关金融风险的研究提供了新的见解。

引用次数: 0

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