Pub Date : 2024-10-15DOI: 10.1016/j.jimonfin.2024.103206
Luis Brandao-Marques , Marco Casiraghi , Gaston Gelos , Olamide Harrison , Gunes Kamber
This paper examines whether high public debt levels pose a challenge to containing inflation. It does so by assessing the impact of public debt surprises on inflation expectations advanced- and emerging market economies. It finds that debt surprises raise long-term inflation expectations in emerging market economies in a persistent way, but not in advanced economies. The effects are stronger when initial debt levels are already high, when inflation levels are initially high, and when debt dollarization is significant. By contrast, debt surprises have only modest effects in countries with inflation targeting regimes. Increased debt levels may complicate the fight against inflation in emerging market economies with high and dollarized debt levels, and weaker monetary policy frameworks.
{"title":"Is high debt Constraining monetary policy? evidence from inflation expectations","authors":"Luis Brandao-Marques , Marco Casiraghi , Gaston Gelos , Olamide Harrison , Gunes Kamber","doi":"10.1016/j.jimonfin.2024.103206","DOIUrl":"10.1016/j.jimonfin.2024.103206","url":null,"abstract":"<div><div>This paper examines whether high public debt levels pose a challenge to containing inflation. It does so by assessing the impact of public debt surprises on inflation expectations advanced- and emerging market economies. It finds that debt surprises raise long-term inflation expectations in emerging market economies in a persistent way, but not in advanced economies. The effects are stronger when initial debt levels are already high, when inflation levels are initially high, and when debt dollarization is significant. By contrast, debt surprises have only modest effects in countries with inflation targeting regimes. Increased debt levels may complicate the fight against inflation in emerging market economies with high and dollarized debt levels, and weaker monetary policy frameworks.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"149 ","pages":"Article 103206"},"PeriodicalIF":2.8,"publicationDate":"2024-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142525955","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-10-15DOI: 10.1016/j.jimonfin.2024.103207
Hai-Chuan Xu , Tai-Min Li , Peng-Fei Dai , Duc Khuong Nguyen , Wei-Xing Zhou
Assessing the impact of climate risks on the financial system is one of the most urgent issues currently. We build a network-based climate risk model to explain how a shock from climate policies translates into shocks in the banking system. Then, we conduct macroprudential stress tests on the Chinese banking system under various climate policy scenarios. We show that under the policy target of peaking the carbon in 2030 and CO2 concentration no more than 500 ppm in 2100, individual banks in China will face equity losses ranging from 1.93% to 14.03%, equivalent to an overall loss of 6.94% in 2025. When considering the electric power sector's adoption of green energy technologies, the adverse effects will be slightly mitigated. Our stress tests suggest that the implementation of climate policies should be gradual and consider potential economic impacts so that climate goals can be achieved without undue shocks to the economy.
{"title":"Stress testing climate risk: A network-based analysis of the Chinese banking system","authors":"Hai-Chuan Xu , Tai-Min Li , Peng-Fei Dai , Duc Khuong Nguyen , Wei-Xing Zhou","doi":"10.1016/j.jimonfin.2024.103207","DOIUrl":"10.1016/j.jimonfin.2024.103207","url":null,"abstract":"<div><div>Assessing the impact of climate risks on the financial system is one of the most urgent issues currently. We build a network-based climate risk model to explain how a shock from climate policies translates into shocks in the banking system. Then, we conduct macroprudential stress tests on the Chinese banking system under various climate policy scenarios. We show that under the policy target of peaking the carbon in 2030 and CO<sub>2</sub> concentration no more than 500 ppm in 2100, individual banks in China will face equity losses ranging from 1.93% to 14.03%, equivalent to an overall loss of 6.94% in 2025. When considering the electric power sector's adoption of green energy technologies, the adverse effects will be slightly mitigated. Our stress tests suggest that the implementation of climate policies should be gradual and consider potential economic impacts so that climate goals can be achieved without undue shocks to the economy.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"149 ","pages":"Article 103207"},"PeriodicalIF":2.8,"publicationDate":"2024-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142441857","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-10-11DOI: 10.1016/j.jimonfin.2024.103205
Dongyang Zhang
Environmental regulation on climate risk for promoting sustainable development is an important research topic that requires further attention. In response to the increasing awareness of agricultural climate and environmental protection, the implementation of the straw burning ban policy has been adopted in China. To gain a deeper understanding of the implications and effectiveness of the straw burning ban policy on rural households assets allocation behaviors, and this study utilizes China Family Panel Studies (CFPS) during 2010 to 2018 and employs the Difference-in-Differences (DID) estimation strategy to identify the causal effect. Accordingly, we draw several empirical findings. First, the straw burning ban policy has a significant impact on the assets allocation behaviors of rural households, leading to an increase in both risk and non-risk assets. Specifically, a preference for risky investments strongly exist following the occurrence of the straw burning shock. Second, we reveal significant reductions in the number of farmers and farming production costs, including expenses related to irrigation, seeds, and land usage. Conversely, we observe a significant increase in land renting and farmer machinery leasing activities. These effects are found to change the income patterns and thus affect household assets allocation behaviors. Third, the straw burning ban policy has a significant decline impact on household expenditures, specifically in total and housing expenditures, while welfare expenditure shows a positive increase as the preventive motivation. Finally, rural households affected by straw burning ban policy are significantly induced to increase allocation in short-term saving and non-financing assets, as well as in financing fixed-assets and financial investments.
{"title":"From ban to balance: How agricultural climate policies reshape rural asset allocation?","authors":"Dongyang Zhang","doi":"10.1016/j.jimonfin.2024.103205","DOIUrl":"10.1016/j.jimonfin.2024.103205","url":null,"abstract":"<div><div>Environmental regulation on climate risk for promoting sustainable development is an important research topic that requires further attention. In response to the increasing awareness of agricultural climate and environmental protection, the implementation of the straw burning ban policy has been adopted in China. To gain a deeper understanding of the implications and effectiveness of the straw burning ban policy on rural households assets allocation behaviors, and this study utilizes China Family Panel Studies (CFPS) during 2010 to 2018 and employs the Difference-in-Differences (DID) estimation strategy to identify the causal effect. Accordingly, we draw several empirical findings. First, the straw burning ban policy has a significant impact on the assets allocation behaviors of rural households, leading to an increase in both risk and non-risk assets. Specifically, a preference for risky investments strongly exist following the occurrence of the straw burning shock. Second, we reveal significant reductions in the number of farmers and farming production costs, including expenses related to irrigation, seeds, and land usage. Conversely, we observe a significant increase in land renting and farmer machinery leasing activities. These effects are found to change the income patterns and thus affect household assets allocation behaviors. Third, the straw burning ban policy has a significant decline impact on household expenditures, specifically in total and housing expenditures, while welfare expenditure shows a positive increase as the preventive motivation. Finally, rural households affected by straw burning ban policy are significantly induced to increase allocation in short-term saving and non-financing assets, as well as in financing fixed-assets and financial investments.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"149 ","pages":"Article 103205"},"PeriodicalIF":2.8,"publicationDate":"2024-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142444845","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-10-10DOI: 10.1016/j.jimonfin.2024.103204
Kian Ong
Under purchasing power parity (PPP) exchange rates and relative prices adjust to maintain a constant real exchange rate in the long run. Its empirical validity continues to be questioned. We use data on exchange rates and prices relative to the U.S. for a long-span (1870–2020) panel of 16 countries to examine (a) whether the long-run elasticity is one; (b) whether there is adjustment by exchange rates or prices to maintain a constant real exchange rate and (c) the time taken to adjust. We use four estimators, which increasingly restrict the model. These are country-specific vector error correction model in exchange rates and relative prices; the Johansen estimator, which has the cross-equation restriction that the long-run coefficient in the two equations is the same; the system pooled mean group estimator, which has a homogeneous long-run coefficient over countries and heterogeneous short-run dynamics, and a univariate real exchange rate equation used to obtain median unbiased estimates of the half-life.
{"title":"Adjusting toward long-run purchasing power parity","authors":"Kian Ong","doi":"10.1016/j.jimonfin.2024.103204","DOIUrl":"10.1016/j.jimonfin.2024.103204","url":null,"abstract":"<div><div>Under purchasing power parity (PPP) exchange rates and relative prices adjust to maintain a constant real exchange rate in the long run. Its empirical validity continues to be questioned. We use data on exchange rates and prices relative to the U.S. for a long-span (1870–2020) panel of 16 countries to examine (a) whether the long-run elasticity is one; (b) whether there is adjustment by exchange rates or prices to maintain a constant real exchange rate and (c) the time taken to adjust. We use four estimators, which increasingly restrict the model. These are country-specific vector error correction model in exchange rates and relative prices; the Johansen estimator, which has the cross-equation restriction that the long-run coefficient in the two equations is the same; the system pooled mean group estimator, which has a homogeneous long-run coefficient over countries and heterogeneous short-run dynamics, and a univariate real exchange rate equation used to obtain median unbiased estimates of the half-life.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"149 ","pages":"Article 103204"},"PeriodicalIF":2.8,"publicationDate":"2024-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142444844","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-10-09DOI: 10.1016/j.jimonfin.2024.103203
Mathias Klein , Ludger Linnemann
We examine the role of endogenous firm entry for the domestic effects and international repercussions of tax policy. We present new evidence from proxy-vector autoregressions that exogenous US tax reductions increase hourly labor productivity and firm creation domestically, and induce higher trade deficits and real depreciation with respect to the other G7 countries, with positive spillovers to foreign consumption and investment. We show that the empirical evidence is compatible with a two-country model with endogenous firm entry. The entry channel provides a strong amplification mechanism for the supply effects of tax shocks at home and leads to persistent spillovers to the foreign economies.
{"title":"Tax shocks, firm entry, and productivity in the open economy","authors":"Mathias Klein , Ludger Linnemann","doi":"10.1016/j.jimonfin.2024.103203","DOIUrl":"10.1016/j.jimonfin.2024.103203","url":null,"abstract":"<div><div>We examine the role of endogenous firm entry for the domestic effects and international repercussions of tax policy. We present new evidence from proxy-vector autoregressions that exogenous US tax reductions increase hourly labor productivity and firm creation domestically, and induce higher trade deficits and real depreciation with respect to the other G7 countries, with positive spillovers to foreign consumption and investment. We show that the empirical evidence is compatible with a two-country model with endogenous firm entry. The entry channel provides a strong amplification mechanism for the supply effects of tax shocks at home and leads to persistent spillovers to the foreign economies.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"149 ","pages":"Article 103203"},"PeriodicalIF":2.8,"publicationDate":"2024-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142421990","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-10-02DOI: 10.1016/j.jimonfin.2024.103201
Christian Glocker , Philipp Wegmüller
Motivated by the fiscal policy measures taken by euro zone governments during the 2021/2022 energy crisis, we examine their ability to counter inflationary surges resulting from energy price hikes in energy-importing economies. We use a calibrated small-open economy model in which monetary policy fixes the exchange rate. Subsidies on the sale of energy and on firms' energy expenditures are among the most effective instruments. They reduce marginal costs and limit the pass-through of the price hike which attenuates inflation and stabilizes output and the current account. While inflation indexation of prices aggravates the adverse effects, it renders consumption tax cuts more effective as they attenuate the shock's domestic circulation.
{"title":"Energy price surges and inflation: Fiscal policy to the rescue?","authors":"Christian Glocker , Philipp Wegmüller","doi":"10.1016/j.jimonfin.2024.103201","DOIUrl":"10.1016/j.jimonfin.2024.103201","url":null,"abstract":"<div><div>Motivated by the fiscal policy measures taken by euro zone governments during the 2021/2022 energy crisis, we examine their ability to counter inflationary surges resulting from energy price hikes in energy-importing economies. We use a calibrated small-open economy model in which monetary policy fixes the exchange rate. Subsidies on the sale of energy and on firms' energy expenditures are among the most effective instruments. They reduce marginal costs and limit the pass-through of the price hike which attenuates inflation and stabilizes output and the current account. While inflation indexation of prices aggravates the adverse effects, it renders consumption tax cuts more effective as they attenuate the shock's domestic circulation.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"149 ","pages":"Article 103201"},"PeriodicalIF":2.8,"publicationDate":"2024-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142421985","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-10-02DOI: 10.1016/j.jimonfin.2024.103200
Lena Bjerkander , Alexander Glas
We use data on speeches held by members of the European Central Bank's (ECB) Executive Board to analyze whether the clarity of central bank communication has increased over time. Employing readability measures as proxy variables, we find that the clarity of information provision is trending upward since the inception of the ECB. The increase is gradual rather than being induced by changes in the board composition or major macroeconomic events. We also show that clarity is higher for speeches aimed at general audiences and for speeches by female speakers. Moreover, we find that higher clarity of speeches is associated with more optimistic media sentiment about the ECB and a stronger relationship between speech and media sentiment.
{"title":"Talking in a language that everyone can understand? Clarity of speeches by the ECB Executive Board","authors":"Lena Bjerkander , Alexander Glas","doi":"10.1016/j.jimonfin.2024.103200","DOIUrl":"10.1016/j.jimonfin.2024.103200","url":null,"abstract":"<div><div>We use data on speeches held by members of the European Central Bank's (ECB) Executive Board to analyze whether the clarity of central bank communication has increased over time. Employing readability measures as proxy variables, we find that the clarity of information provision is trending upward since the inception of the ECB. The increase is gradual rather than being induced by changes in the board composition or major macroeconomic events. We also show that clarity is higher for speeches aimed at general audiences and for speeches by female speakers. Moreover, we find that higher clarity of speeches is associated with more optimistic media sentiment about the ECB and a stronger relationship between speech and media sentiment.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"149 ","pages":"Article 103200"},"PeriodicalIF":2.8,"publicationDate":"2024-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142421989","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper empirically investigates the impact of economic and policy uncertainty on green innovation for a sample of 81 advanced and emerging market economies during the period 1976–2020. Our results show that increases in uncertainty lead to a long-lasting decrease in green innovation, measured by the number of new green energy patents. This effect holds for a wide set of technologies, it is larger during recessions and periods of higher financial stress, and in countries with less stringent environment protection regulations. Importantly, the effect of uncertainty on green patents is larger than on non-green patents. Results are robust to several sensitivity tests, including an instrumental variable approach and a difference-in-differences strategy.
{"title":"Uncertainty and innovation in renewable energy","authors":"Luca Bettarelli , Davide Furceri , Pietro Pizzuto , Nadia Shakoor","doi":"10.1016/j.jimonfin.2024.103202","DOIUrl":"10.1016/j.jimonfin.2024.103202","url":null,"abstract":"<div><div>This paper empirically investigates the impact of economic and policy uncertainty on green innovation for a sample of 81 advanced and emerging market economies during the period 1976–2020. Our results show that increases in uncertainty lead to a long-lasting decrease in green innovation, measured by the number of new green energy patents. This effect holds for a wide set of technologies, it is larger during recessions and periods of higher financial stress, and in countries with less stringent environment protection regulations. Importantly, the effect of uncertainty on green patents is larger than on non-green patents. Results are robust to several sensitivity tests, including an instrumental variable approach and a difference-in-differences strategy.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"149 ","pages":"Article 103202"},"PeriodicalIF":2.8,"publicationDate":"2024-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142421988","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-09-24DOI: 10.1016/j.jimonfin.2024.103198
Dongyang Zhang , Dingchuan Bai , Yizhi Wang
Increasingly complex climate change poses unprecedented risks and challenges. We attempt to analyze the strategic responses of firms in dealing with climate risk and whether green firms outperform brown firms by exploring the relationship between climate risk and firms’ cash flow. To this end, this paper uses the high-dimensional fixed-effects model for empirical analysis based on panel data of Chinese listed firms from Q1 2010 to Q4 2022. We find that firms have the motivation to hold more cash in the face of climate risk, and that brown firms will be more proactive in cash flow management compared to green firms. In addition, there are significant industry and seasonal effects of climate risk on firms’ cash flow. Mechanism tests find that climate risk prompts firms to increase cash flow by forcing them to reduce financial leverage and erode operating costs, as well as by inducing increased media attention to the firm. Heterogeneity analysis shows that the positive effect of climate risk on cash flow is more significant among low digital transformation firms, high financial constraints firms, firms with low managerial myopia, and SOEs. An analysis of the economic consequences shows that climate risk leads firms to be more aggressive in capturing market share, increasing productivity and strengthening ESG performance. The above findings help to enlighten firms on how to manage their risk exposures and adjust their internal governance structures as a way to maintain stable operations in an environment of intensified uncertainty. In brief, this paper highlights the differentiated financial decisions that green and brown firms make in response to climate risk, providing empirical evidence and policy implications for advancing the green transformation of firms.
{"title":"Green vs. brown: Climate risk showdown – who’s thriving, who’s diving?","authors":"Dongyang Zhang , Dingchuan Bai , Yizhi Wang","doi":"10.1016/j.jimonfin.2024.103198","DOIUrl":"10.1016/j.jimonfin.2024.103198","url":null,"abstract":"<div><div>Increasingly complex climate change poses unprecedented risks and challenges. We attempt to analyze the strategic responses of firms in dealing with climate risk and whether green firms outperform brown firms by exploring the relationship between climate risk and firms’ cash flow. To this end, this paper uses the high-dimensional fixed-effects model for empirical analysis based on panel data of Chinese listed firms from Q1 2010 to Q4 2022. We find that firms have the motivation to hold more cash in the face of climate risk, and that brown firms will be more proactive in cash flow management compared to green firms. In addition, there are significant industry and seasonal effects of climate risk on firms’ cash flow. Mechanism tests find that climate risk prompts firms to increase cash flow by forcing them to reduce financial leverage and erode operating costs, as well as by inducing increased media attention to the firm. Heterogeneity analysis shows that the positive effect of climate risk on cash flow is more significant among low digital transformation firms, high financial constraints firms, firms with low managerial myopia, and SOEs. An analysis of the economic consequences shows that climate risk leads firms to be more aggressive in capturing market share, increasing productivity and strengthening ESG performance. The above findings help to enlighten firms on how to manage their risk exposures and adjust their internal governance structures as a way to maintain stable operations in an environment of intensified uncertainty. In brief, this paper highlights the differentiated financial decisions that green and brown firms make in response to climate risk, providing empirical evidence and policy implications for advancing the green transformation of firms.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"149 ","pages":"Article 103198"},"PeriodicalIF":2.8,"publicationDate":"2024-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142322777","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-09-23DOI: 10.1016/j.jimonfin.2024.103199
Joshua Aizenman , John Beirne , Menzie D. Chinn , Yothin Jinjarak , Donghyun Park
This editorial discusses papers published in a special issue that focuses on monetary and fiscal policy effectiveness and challenges in emerging economies, particularly during periods of amplified global risk aversion and financial market volatility.
{"title":"Monetary and fiscal policy challenges in emerging markets amid elevated uncertainty","authors":"Joshua Aizenman , John Beirne , Menzie D. Chinn , Yothin Jinjarak , Donghyun Park","doi":"10.1016/j.jimonfin.2024.103199","DOIUrl":"10.1016/j.jimonfin.2024.103199","url":null,"abstract":"<div><div>This editorial discusses papers published in a special issue that focuses on monetary and fiscal policy effectiveness and challenges in emerging economies, particularly during periods of amplified global risk aversion and financial market volatility.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"149 ","pages":"Article 103199"},"PeriodicalIF":2.8,"publicationDate":"2024-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142421991","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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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