Pub Date : 2025-10-30DOI: 10.1016/j.jimonfin.2025.103451
Tommaso Gasparini , Vivien Lewis , Stéphane Moyen , Stefania Villa
Increases in firm default risk raise the default probability of banks while decreasing output and prices in US data. To rationalize the empirical evidence, we analyze firm risk shocks in a New Keynesian model where entrepreneurs and banks engage in a loan contract and both are subject to default risk. Corporate defaults lead to losses on banks’ balance sheets. A highly leveraged banking sector exacerbates the contractionary effects of firm defaults. We estimate the parameters of the model by matching VAR impulse responses of firm and bank risk, output, prices and the policy rate to a range of shocks – firm risk, demand, technology and monetary policy. Our model performs well at replicating the observed dynamics, making it suitable for policy analysis. We show that high minimum capital requirements jointly implemented with a countercyclical capital buffer are effective in dampening the adverse consequences of firm risk shocks.
{"title":"Risky firms and fragile banks: implications for macroprudential policy","authors":"Tommaso Gasparini , Vivien Lewis , Stéphane Moyen , Stefania Villa","doi":"10.1016/j.jimonfin.2025.103451","DOIUrl":"10.1016/j.jimonfin.2025.103451","url":null,"abstract":"<div><div>Increases in firm default risk raise the default probability of banks while decreasing output and prices in US data. To rationalize the empirical evidence, we analyze firm risk shocks in a New Keynesian model where entrepreneurs and banks engage in a loan contract and both are subject to default risk. Corporate defaults lead to losses on banks’ balance sheets. A highly leveraged banking sector exacerbates the contractionary effects of firm defaults. We estimate the parameters of the model by matching VAR impulse responses of firm and bank risk, output, prices and the policy rate to a range of shocks – firm risk, demand, technology and monetary policy. Our model performs well at replicating the observed dynamics, making it suitable for policy analysis. We show that high minimum capital requirements jointly implemented with a countercyclical capital buffer are effective in dampening the adverse consequences of firm risk shocks.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"160 ","pages":"Article 103451"},"PeriodicalIF":3.3,"publicationDate":"2025-10-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145475002","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 : 2025-10-29DOI: 10.1016/j.jimonfin.2025.103455
Richard T. Baillie , George Kapetanios , Kun Ho Kim
There is clear evidence from many previous studies that UIP does not hold with monthly data. However, a recent study by Baillie, Diebold, Kapetanios, Kim and Mora (2025) advocated the “Durbin" regression approach to modeling time series regressions. This paper extends the application of that approach and finds strong evidence that information contained in lagged spot and forward exchange rates indicates that UIP is valid over long horizons. This evidence is based on heavily traded 30 day forward markets and avoids dealing with long term bonds and HAC robust standard errors. The evidence is important in confirming the validity of the long-run international Fisher condition, which is a vital cornerstone of international finance.
{"title":"Yes! uncovered interest parity does hold in the long run","authors":"Richard T. Baillie , George Kapetanios , Kun Ho Kim","doi":"10.1016/j.jimonfin.2025.103455","DOIUrl":"10.1016/j.jimonfin.2025.103455","url":null,"abstract":"<div><div>There is clear evidence from many previous studies that UIP does not hold with monthly data. However, a recent study by Baillie, Diebold, Kapetanios, Kim and Mora (2025) advocated the “Durbin\" regression approach to modeling time series regressions. This paper extends the application of that approach and finds strong evidence that information contained in lagged spot and forward exchange rates indicates that UIP is valid over long horizons. This evidence is based on heavily traded 30 day forward markets and avoids dealing with long term bonds and HAC robust standard errors. The evidence is important in confirming the validity of the long-run international Fisher condition, which is a vital cornerstone of international finance.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"160 ","pages":"Article 103455"},"PeriodicalIF":3.3,"publicationDate":"2025-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145475004","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 : 2025-10-27DOI: 10.1016/j.jimonfin.2025.103454
Matthieu Bussière , Guillaume Horny , Mark M. Spiegel
Monetary policy operates through several channels, including through the external sector. As a result, domestic monetary policy decisions may have significant global spillover effects, with far reaching macroeconomic and financial stability considerations. This article outlines key lessons from the papers presented during the conference.
{"title":"Global monetary policy spillovers: conference summary","authors":"Matthieu Bussière , Guillaume Horny , Mark M. Spiegel","doi":"10.1016/j.jimonfin.2025.103454","DOIUrl":"10.1016/j.jimonfin.2025.103454","url":null,"abstract":"<div><div>Monetary policy operates through several channels, including through the external sector. As a result, domestic monetary policy decisions may have significant global spillover effects, with far reaching macroeconomic and financial stability considerations. This article outlines key lessons from the papers presented during the conference.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"160 ","pages":"Article 103454"},"PeriodicalIF":3.3,"publicationDate":"2025-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145623763","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 : 2025-10-25DOI: 10.1016/j.jimonfin.2025.103439
Pierre-Richard Agénor , Timothy P. Jackson , Luiz A. Pereira da Silva
The effects of sterilized intervention are studied in a model with financial frictions. The central bank operates a managed float and issues sterilization bonds. In contrast with most of the existing literature, these bonds are held only by banks, and are imperfect substitutes for loans. The model is parameterized and used to study optimal policy responses to capital inflows associated with a transitory shock to world interest rates. The results show that sterilized intervention can be expansionary due to a bank portfolio channel and may exacerbate risks to financial stability. Full sterilization is optimal only when that channel is absent. The optimal degree of intervention is more aggressive when the central bank can choose simultaneously the degree of sterilization; in that sense, and conditional on intervention taking place, the instruments are complements. When the central bank’s objective function also accounts for the implicit cost of sterilization, and concerns with that cost are sufficiently high, intervention and sterilization can be substitutes—independently of whether exchange rate and financial stability considerations also matter for policymakers.
{"title":"Foreign exchange intervention and financial stability","authors":"Pierre-Richard Agénor , Timothy P. Jackson , Luiz A. Pereira da Silva","doi":"10.1016/j.jimonfin.2025.103439","DOIUrl":"10.1016/j.jimonfin.2025.103439","url":null,"abstract":"<div><div>The effects of sterilized intervention are studied in a model with financial frictions. The central bank operates a managed float and issues sterilization bonds. In contrast with most of the existing literature, these bonds are held only by banks, and are imperfect substitutes for loans. The model is parameterized and used to study optimal policy responses to capital inflows associated with a transitory shock to world interest rates. The results show that sterilized intervention can be expansionary due to a <em>bank portfolio channel</em> and may exacerbate risks to financial stability. Full sterilization is optimal only when that channel is absent. The optimal degree of intervention is more aggressive when the central bank can choose simultaneously the degree of sterilization; in that sense, and conditional on intervention taking place, the instruments are complements. When the central bank’s objective function also accounts for the implicit cost of sterilization, and concerns with that cost are sufficiently high, intervention and sterilization can be substitutes—independently of whether exchange rate and financial stability considerations also matter for policymakers.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"160 ","pages":"Article 103439"},"PeriodicalIF":3.3,"publicationDate":"2025-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145425172","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 : 2025-10-25DOI: 10.1016/j.jimonfin.2025.103449
Minkyu Son
What matters for a currency to gain an international status? To explore this question, we examine the evolving role of the Chinese renminbi (RMB) in trade invoicing over 2003–2021 and the factors contributing to its heterogeneity using detailed trade data for Korea, China’s largest trading partner. China’s policy reform in 2009, permitting cross-border RMB settlement, boosted RMB invoicing in Korean exports particularly to China, but the US dollar’s existing dominance in trade with China impeded the expansion of RMB. Our study also finds that opening a direct FX market for RMB in 2014 further stimulated RMB usage in exports to non-Chinese destinations. This effect was more pronounced in destination countries with close trade ties or currency swap lines with China, and in exporting industries using more RMB-denominated inputs. These findings highlight the complementarity between a country’s economic fundamentals and government policies in internationalizing its currency.
{"title":"The path to currency internationalization: Insights from the Chinese renminbi","authors":"Minkyu Son","doi":"10.1016/j.jimonfin.2025.103449","DOIUrl":"10.1016/j.jimonfin.2025.103449","url":null,"abstract":"<div><div>What matters for a currency to gain an international status? To explore this question, we examine the evolving role of the Chinese renminbi (RMB) in trade invoicing over 2003–2021 and the factors contributing to its heterogeneity using detailed trade data for Korea, China’s largest trading partner. China’s policy reform in 2009, permitting cross-border RMB settlement, boosted RMB invoicing in Korean exports particularly to China, but the US dollar’s existing dominance in trade with China impeded the expansion of RMB. Our study also finds that opening a direct FX market for RMB in 2014 further stimulated RMB usage in exports to non-Chinese destinations. This effect was more pronounced in destination countries with close trade ties or currency swap lines with China, and in exporting industries using more RMB-denominated inputs. These findings highlight the complementarity between a country’s economic fundamentals and government policies in internationalizing its currency.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"160 ","pages":"Article 103449"},"PeriodicalIF":3.3,"publicationDate":"2025-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145475005","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 : 2025-10-24DOI: 10.1016/j.jimonfin.2025.103453
Ronald Doeswijk, Laurens Swinkels
We examine the risks and rewards of investing by constructing a comprehensive market portfolio valued at $150 trillion in global assets and spanning 1970–2022 at a monthly frequency. The monthly frequency allows for a more accurate estimate of investment risks compared to previous studies. Although the Sharpe ratio of the global market portfolio is not much higher than that of equities, it is much more stable over time. In addition, the drawdowns of the global market portfolio are less deep and shorter. When the market portfolio is expressed in currencies other than the U.S. dollar, risks of investing appear larger.
{"title":"The risk and reward of investing","authors":"Ronald Doeswijk, Laurens Swinkels","doi":"10.1016/j.jimonfin.2025.103453","DOIUrl":"10.1016/j.jimonfin.2025.103453","url":null,"abstract":"<div><div>We examine the risks and rewards of investing by constructing a comprehensive market portfolio valued at $150 trillion in global assets and spanning 1970–2022 at a monthly frequency. The monthly frequency allows for a more accurate estimate of investment risks compared to previous studies. Although the Sharpe ratio of the global market portfolio is not much higher than that of equities, it is much more stable over time. In addition, the drawdowns of the global market portfolio are less deep and shorter. When the market portfolio is expressed in currencies other than the U.S. dollar, risks of investing appear larger.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"160 ","pages":"Article 103453"},"PeriodicalIF":3.3,"publicationDate":"2025-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145425215","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 : 2025-10-24DOI: 10.1016/j.jimonfin.2025.103450
Han Han , Tao Liu , Dong Lu
This paper examines the announcement effect of financial policies that aim to promote the international usage of a previously domestic currency. To this end, we propose an open-economy monetary search model with transaction costs and use it to analyze international currency choices. We examine not only steady state changes, but also the transition path between these states. The announcement effect on transition dynamics depends on various factors such as the degree of risk aversion, searching friction, and information structure. Our empirical estimation between 2010 and 2018 reveals a significant but asymmetric announcement effect of RMB swap lines (RSL). We find that RSL announcements increase the RMB share in a counterparty country’s import from China, but not its export to China. Finally, a calibrated model implies that RSL announcements decrease RMB’s transaction cost by 54.35 %.
{"title":"The announcement effect on international currency choices: Theory and evidence","authors":"Han Han , Tao Liu , Dong Lu","doi":"10.1016/j.jimonfin.2025.103450","DOIUrl":"10.1016/j.jimonfin.2025.103450","url":null,"abstract":"<div><div>This paper examines the announcement effect of financial policies that aim to promote the international usage of a previously domestic currency. To this end, we propose an open-economy monetary search model with transaction costs and use it to analyze international currency choices. We examine not only steady state changes, but also the transition path between these states. The announcement effect on transition dynamics depends on various factors such as the degree of risk aversion, searching friction, and information structure. Our empirical estimation between 2010 and 2018 reveals a significant but asymmetric announcement effect of RMB swap lines (RSL). We find that RSL announcements increase the RMB share in a counterparty country’s import from China, but not its export to China. Finally, a calibrated model implies that RSL announcements decrease RMB’s transaction cost by 54.35 %.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"160 ","pages":"Article 103450"},"PeriodicalIF":3.3,"publicationDate":"2025-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145425171","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 : 2025-10-22DOI: 10.1016/j.jimonfin.2025.103444
Jonathan Rice , Giulia Maria Guerrini
This paper examines how the ECB’s 2022–2023 interest rate hikes affected euro area banks’ economic net worth and vulnerability to deposit runs. Drawing on granular, confidential data for 139 banks, we estimate each bank’s economic net worth and find that unrealised losses on loans and bonds averaged around 30 % of equity. By September 2023, roughly half of these losses had been offset by gains from the deposit franchise and interest rate swaps. We develop a theoretical framework linking banks’ economic net worth and deposit rate setting to depositor behaviour and run incentives. We demonstrate that banks with larger unrealised losses raised their deposit rates by less–a pattern we interpret as banks leveraging a more valuable deposit franchise to fund longer–duration assets. Although euro area banks as a whole avoided widespread runs, several institutions nonetheless carried substantial mark–to–market losses, suggesting latent fragilities.
{"title":"Riding the rate wave: Interest rate and run risks in euro area banks during the 2022–2023 monetary cycle","authors":"Jonathan Rice , Giulia Maria Guerrini","doi":"10.1016/j.jimonfin.2025.103444","DOIUrl":"10.1016/j.jimonfin.2025.103444","url":null,"abstract":"<div><div>This paper examines how the ECB’s 2022–2023 interest rate hikes affected euro area banks’ economic net worth and vulnerability to deposit runs. Drawing on granular, confidential data for 139 banks, we estimate each bank’s economic net worth and find that unrealised losses on loans and bonds averaged around 30 % of equity. By September 2023, roughly half of these losses had been offset by gains from the deposit franchise and interest rate swaps. We develop a theoretical framework linking banks’ economic net worth and deposit rate setting to depositor behaviour and run incentives. We demonstrate that banks with larger unrealised losses raised their deposit rates by less–a pattern we interpret as banks leveraging a more valuable deposit franchise to fund longer–duration assets. Although euro area banks as a whole avoided widespread runs, several institutions nonetheless carried substantial mark–to–market losses, suggesting latent fragilities.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"160 ","pages":"Article 103444"},"PeriodicalIF":3.3,"publicationDate":"2025-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145475006","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 : 2025-10-20DOI: 10.1016/j.jimonfin.2025.103442
Julián Caballero, Christian Upper
This paper explores under what circumstances increases in US Treasury yields spill over into declines in emerging market economy (EME) asset prices. We identify episodes of sharp increases in US 10-year Treasury yields and explore under which conditions these are associated with reductions in EME local currency yields, exchange rates and equity prices. We find that rising US yields are more likely to be associated with adverse outcomes in emerging markets when they reflect (i) a rise in the US term premium and (ii) dollar appreciation. The effects of these variables are highly non-linear economically significant and robust to a variety of sensitivity checks. Of EME fundamentals, rising EME inflation expectations, a current account deficit and greater exchange rate flexibility seem to be associated with worse EME outcomes, although these results do not hold in all specifications.
{"title":"What happens to emerging market economies when US yields go up?","authors":"Julián Caballero, Christian Upper","doi":"10.1016/j.jimonfin.2025.103442","DOIUrl":"10.1016/j.jimonfin.2025.103442","url":null,"abstract":"<div><div>This paper explores under what circumstances increases in US Treasury yields spill over into declines in emerging market economy (EME) asset prices. We identify episodes of sharp increases in US 10-year Treasury yields and explore under which conditions these are associated with reductions in EME local currency yields, exchange rates and equity prices. We find that rising US yields are more likely to be associated with adverse outcomes in emerging markets when they reflect (i) a rise in the US term premium and (ii) dollar appreciation. The effects of these variables are highly non-linear economically significant and robust to a variety of sensitivity checks. Of EME fundamentals, rising EME inflation expectations, a current account deficit and greater exchange rate flexibility seem to be associated with worse EME outcomes, although these results do not hold in all specifications.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"160 ","pages":"Article 103442"},"PeriodicalIF":3.3,"publicationDate":"2025-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145365670","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 : 2025-10-18DOI: 10.1016/j.jimonfin.2025.103447
Rose Ruoxi Huang , Elaine Yongshi Jie , Yue Ma
We document that hedge fund managers exhibit a hump-shaped relationship between their work experience and performance. This observed pattern reflects the dynamic interplay between two contrasting effects of career concerns and incentives channel. In the early years of their careers, fund managers face significant career concerns, which exert high pressure to induce effort in their jobs. Meanwhile, managers also have a strong incentive to build their expertise, leading to better performance. However, as their performance steadily ascends, the rate of improvement decelerates. This is because their career concerns start to ebb away, leading to a cutback on effort that offsets their incentive effects. Consequently, after reaching its peak around the five-year mark, their performance tends to deteriorate afterwards. Additionally, we find that manager’s investment skill contributes positively to fund performance and female managers or master degree holders perform better than their counterparts. Fund size links to performance through diminishing returns to scale. Smaller funds exhibit better performance, whereas larger funds attract better managers. Managers in financial centers outperform their peers in non-financial centers due to both sorting and learning effects. Managers with a prior fund-related background perform better than their peers without it. However, the outperformance of both managers in financial centers and those with fund-related background diminishes in the long run. In a natural experiment setting, we show the stock market crash had a permanent negative impact on the performance of managers. Our findings are robust across varying numbers of manager-fund overlaps, investment strategies, and alternative performance measures.
{"title":"Life cycle performance of hedge fund managers","authors":"Rose Ruoxi Huang , Elaine Yongshi Jie , Yue Ma","doi":"10.1016/j.jimonfin.2025.103447","DOIUrl":"10.1016/j.jimonfin.2025.103447","url":null,"abstract":"<div><div>We document that hedge fund managers exhibit a hump-shaped relationship between their work experience and performance. This observed pattern reflects the dynamic interplay between two contrasting effects of career concerns and incentives channel. In the early years of their careers, fund managers face significant career concerns, which exert high pressure to induce effort in their jobs. Meanwhile, managers also have a strong incentive to build their expertise, leading to better performance. However, as their performance steadily ascends, the rate of improvement decelerates. This is because their career concerns start to ebb away, leading to a cutback on effort that offsets their incentive effects. Consequently, after reaching its peak around the five-year mark, their performance tends to deteriorate afterwards. Additionally, we find that manager’s investment skill contributes positively to fund performance and female managers or master degree holders perform better than their counterparts. Fund size links to performance through diminishing returns to scale. Smaller funds exhibit better performance, whereas larger funds attract better managers. Managers in financial centers outperform their peers in non-financial centers due to both sorting and learning effects. Managers with a prior fund-related background perform better than their peers without it. However, the outperformance of both managers in financial centers and those with fund-related background diminishes in the long run. In a natural experiment setting, we show the stock market crash had a permanent negative impact on the performance of managers. Our findings are robust across varying numbers of manager-fund overlaps, investment strategies, and alternative performance measures.</div></div>","PeriodicalId":48331,"journal":{"name":"Journal of International Money and Finance","volume":"160 ","pages":"Article 103447"},"PeriodicalIF":3.3,"publicationDate":"2025-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145335224","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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