K. K. Arthur, Simplice A. Asongu, Peter Darko, Marvin O. Ansah, Sampson Adom, Omega Hlortu
The current review systematically synthesizes existing literature to provide a comprehensive overview of the nature of financial crimes in Africa and their impact on economic growth. We adopted the PRISMA protocol to identify 128 papers from the Scopus database, which were analyzed using MS Excel, VOSviewer, and R‐packages (Bibliometrix). The survey reveals that financial crimes are on the rise in Africa and have gained increasing concern over the years on the part of scholars, governments, and NGOs. The survey also demonstrates that most of the financial crime in Africa emanates from illicit activities such as credit card fraud, cybercrime, mobile money fraud, financial statement fraud, Ponzi scheme, bribery and corruption, public fund mismanagement, terror financing, piracy, identity fraud, tax invasion, drug trafficking, product based‐fraud, burglary, trade‐based money laundering, sex marketing, and gambling; with the majority occurring in specific regions like Western Africa, Southern Africa, and Eastern Africa. Sociopolitical marginalization, poverty, and unemployment, weak institutional and financial regulatory systems and individual selfish interests were the major causes. Overall, the content analysis of the studies indicates that financial crimes have significant negative impacts on the economic growth of the African continent. Implications for future research and practices have been discussed.
{"title":"Financial crimes in Africa and economic growth: Implications for achieving sustainable development goals (SDGs)","authors":"K. K. Arthur, Simplice A. Asongu, Peter Darko, Marvin O. Ansah, Sampson Adom, Omega Hlortu","doi":"10.1111/joes.12652","DOIUrl":"https://doi.org/10.1111/joes.12652","url":null,"abstract":"The current review systematically synthesizes existing literature to provide a comprehensive overview of the nature of financial crimes in Africa and their impact on economic growth. We adopted the PRISMA protocol to identify 128 papers from the Scopus database, which were analyzed using MS Excel, VOSviewer, and R‐packages (Bibliometrix). The survey reveals that financial crimes are on the rise in Africa and have gained increasing concern over the years on the part of scholars, governments, and NGOs. The survey also demonstrates that most of the financial crime in Africa emanates from illicit activities such as credit card fraud, cybercrime, mobile money fraud, financial statement fraud, Ponzi scheme, bribery and corruption, public fund mismanagement, terror financing, piracy, identity fraud, tax invasion, drug trafficking, product based‐fraud, burglary, trade‐based money laundering, sex marketing, and gambling; with the majority occurring in specific regions like Western Africa, Southern Africa, and Eastern Africa. Sociopolitical marginalization, poverty, and unemployment, weak institutional and financial regulatory systems and individual selfish interests were the major causes. Overall, the content analysis of the studies indicates that financial crimes have significant negative impacts on the economic growth of the African continent. Implications for future research and practices have been discussed.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.9,"publicationDate":"2024-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141643705","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}
This paper conducts an extensive systematic literature review on the measurement of efficiency in the hotel sector, which is the cornerstone of tourism. Thus, scrutinizing its performance measurement is vital for the advancement and strategic development of the sector. Exploiting the Scopus database, the paper offers a unique methodology for documenting sample transparency and selection objectivity and can constitute an example for future literature reviews. A range of articles is assessed to discern prevailing trends, key authors, and influential journals. A division of parametric and non‐parametric nature, various efficiency measurement methodologies, the input and output variables, geographical covering as well as various other metrics and benchmarks have been included. The study reveals a predominant focus on technical efficiency and commonly employed input variables such as the number of hotel rooms and employees. The paper suggests future research directions, advocating for a broader exploration of efficiency dimensions, including profit and cost aspects, the integration of emerging variables like digitalization and environmental factors and the use of larger samples. This study provides a comprehensive overview beneficial for academics, industry practitioners, and policymakers, synthesizing a clear orientation in the subject and indicating critical research routes for advancing the field's understanding and practical applications.
{"title":"Parametric and non‐parametric measurement of efficiency in hotel industry: A systematic literature review","authors":"Mara E. Vidali, A. Menegaki, Nisar Ahmad","doi":"10.1111/joes.12653","DOIUrl":"https://doi.org/10.1111/joes.12653","url":null,"abstract":"This paper conducts an extensive systematic literature review on the measurement of efficiency in the hotel sector, which is the cornerstone of tourism. Thus, scrutinizing its performance measurement is vital for the advancement and strategic development of the sector. Exploiting the Scopus database, the paper offers a unique methodology for documenting sample transparency and selection objectivity and can constitute an example for future literature reviews. A range of articles is assessed to discern prevailing trends, key authors, and influential journals. A division of parametric and non‐parametric nature, various efficiency measurement methodologies, the input and output variables, geographical covering as well as various other metrics and benchmarks have been included. The study reveals a predominant focus on technical efficiency and commonly employed input variables such as the number of hotel rooms and employees. The paper suggests future research directions, advocating for a broader exploration of efficiency dimensions, including profit and cost aspects, the integration of emerging variables like digitalization and environmental factors and the use of larger samples. This study provides a comprehensive overview beneficial for academics, industry practitioners, and policymakers, synthesizing a clear orientation in the subject and indicating critical research routes for advancing the field's understanding and practical applications.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.9,"publicationDate":"2024-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141649774","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}
Climate change‐driven extreme heat events pose a major threat to urban expansion globally. This study evaluates the relationship between extreme heat and housing prices utilizing panel data from Chinese cities between 2009 and 2019. Our findings indicate a significant negative correlation between housing prices and extreme temperatures. Specifically, we observe a 0.1% reduction in housing prices for each additional day per year with temperatures surpassing 35°C. This research evaluates two primary mechanisms underpinning this finding. Firstly, our analysis demonstrates a decline in labor inflows to cities experiencing extreme heat, with a particularly significant effect on the influx of high‐skilled workers. In addition, existing residents in these hotter urban environments exhibit reduced home‐buying intentions and reduced proclivity for long‐term residency, coupled with higher living costs. Secondly, our findings indicate that extreme heat acts as a deterrent to firm entry, thereby further suppressing housing demand. This study contributes valuable empirical insights into the capitalization of climate risk in housing markets, with a specific emphasis on the effect of extreme heat. Moreover, it highlights the urgent necessity for the development and implementation of sustainable adaptation strategies to reduce the negative effects of evolving climatic conditions.
{"title":"Feeling the heat: Extreme temperatures and housing prices in China","authors":"Yankun Kang, Dongxiao Niu, Jie Song, Weizeng Sun","doi":"10.1111/joes.12651","DOIUrl":"https://doi.org/10.1111/joes.12651","url":null,"abstract":"Climate change‐driven extreme heat events pose a major threat to urban expansion globally. This study evaluates the relationship between extreme heat and housing prices utilizing panel data from Chinese cities between 2009 and 2019. Our findings indicate a significant negative correlation between housing prices and extreme temperatures. Specifically, we observe a 0.1% reduction in housing prices for each additional day per year with temperatures surpassing 35°C. This research evaluates two primary mechanisms underpinning this finding. Firstly, our analysis demonstrates a decline in labor inflows to cities experiencing extreme heat, with a particularly significant effect on the influx of high‐skilled workers. In addition, existing residents in these hotter urban environments exhibit reduced home‐buying intentions and reduced proclivity for long‐term residency, coupled with higher living costs. Secondly, our findings indicate that extreme heat acts as a deterrent to firm entry, thereby further suppressing housing demand. This study contributes valuable empirical insights into the capitalization of climate risk in housing markets, with a specific emphasis on the effect of extreme heat. Moreover, it highlights the urgent necessity for the development and implementation of sustainable adaptation strategies to reduce the negative effects of evolving climatic conditions.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.9,"publicationDate":"2024-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141659401","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}
This paper investigates the impact of climate change on international portfolio allocations of global funds. We select the heat wave disasters in Europe in 2018 as a quasi‐natural experiment and employ the DID framework. Our findings indicate that global funds would reduce their holdings in the affected country after heat wave disasters. The congestion of inland waterways and electricity shortages during the heatwave have resulted in production delays, thereby transmit risks to the financial sector. Countries with higher foreign exposure experience a larger scale of capital outflow after heat waves; while countries with great institutional quality and resilience demonstrate greater capacity to withstand heat wave disasters. The funds with lower risk tolerance are more sensitive to climate change. Additionally, domestic funds will remain in their home countries post‐heatwave when foreign capitals flow away. These findings have important policy implications, and countries with high climate risks should carefully monitor the capital flows. In order to reduce the impact of climate risks, it is crucial to improve the quality of institution and efficiency of government as well as to implement effective disaster prevention and mitigation measures.
本文研究气候变化对全球基金国际投资组合配置的影响。我们选取 2018 年欧洲的热浪灾害作为准自然实验，并采用 DID 框架。我们的研究结果表明，热浪灾害发生后，全球基金会减持受灾国的股票。热浪期间内河航道拥堵和电力短缺导致生产延误，从而将风险传递给金融部门。对外风险较高的国家在热浪后会出现更大规模的资本外流；而机构素质高、抗灾能力强的国家则表现出更强的抵御热浪灾害的能力。风险承受能力较低的资金对气候变化更为敏感。此外，热浪过后，当外国资本流走时，国内资金会留在本国。这些发现具有重要的政策意义，气候风险高的国家应仔细监控资本流动。为了降低气候风险的影响，关键是要提高政府机构的质量和效率，并实施有效的防灾减灾措施。
{"title":"Climate change in Europe and international portfolio allocation: Micro‐level evidence from global funds","authors":"Xiao Li, Xingyu Lu, Wenjing Xie","doi":"10.1111/joes.12649","DOIUrl":"https://doi.org/10.1111/joes.12649","url":null,"abstract":"This paper investigates the impact of climate change on international portfolio allocations of global funds. We select the heat wave disasters in Europe in 2018 as a quasi‐natural experiment and employ the DID framework. Our findings indicate that global funds would reduce their holdings in the affected country after heat wave disasters. The congestion of inland waterways and electricity shortages during the heatwave have resulted in production delays, thereby transmit risks to the financial sector. Countries with higher foreign exposure experience a larger scale of capital outflow after heat waves; while countries with great institutional quality and resilience demonstrate greater capacity to withstand heat wave disasters. The funds with lower risk tolerance are more sensitive to climate change. Additionally, domestic funds will remain in their home countries post‐heatwave when foreign capitals flow away. These findings have important policy implications, and countries with high climate risks should carefully monitor the capital flows. In order to reduce the impact of climate risks, it is crucial to improve the quality of institution and efficiency of government as well as to implement effective disaster prevention and mitigation measures.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2024-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141502259","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}
This paper investigates the adoption patterns of Leadership in Energy and Environmental Design (LEED) certification in China, analyzing data from 2010 to 2021. We find that builders' choices of certification levels are positively correlated within each province. However, for commercial buildings, builders differentiate from each other in the choice of certification levels. The study also identifies spatial spillovers of LEED certification across nearby provinces. We propose potential explanations for these findings and discuss their policy implications. The results suggest that the design of certification schemes should account for the strategic behavior of firms. Additionally, regional policies promoting green building certifications may have spillover effects, encouraging adoption in neighboring regions.
{"title":"Within‐ and across‐province agglomeration of LEED certifications in China","authors":"Guanzu Ding, Wei Lin, Yanfei Wang","doi":"10.1111/joes.12648","DOIUrl":"https://doi.org/10.1111/joes.12648","url":null,"abstract":"This paper investigates the adoption patterns of Leadership in Energy and Environmental Design (LEED) certification in China, analyzing data from 2010 to 2021. We find that builders' choices of certification levels are positively correlated within each province. However, for commercial buildings, builders differentiate from each other in the choice of certification levels. The study also identifies spatial spillovers of LEED certification across nearby provinces. We propose potential explanations for these findings and discuss their policy implications. The results suggest that the design of certification schemes should account for the strategic behavior of firms. Additionally, regional policies promoting green building certifications may have spillover effects, encouraging adoption in neighboring regions.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2024-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141374168","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}
Global poverty both in terms of conceptualization and measurement has been the point of a long‐standing debate for at least the last 20 years. The debate mostly evolves around the appropriateness of the dominant dollar‐a‐day approach—conceptualized and popularized by the World Bank since the early 1990s—and the quest for (better) alternatives. The most prominent alternatives are the cost of basic needs method and the capabilities/multidimensional. However, the later lacks medium and long run global reach due to data limitations. In addition, global poverty estimates across the literature resist meaningful direct comparison due to the substantial methodological differences between each attempt, even using the same broad methodological framework. More welfare demanding definitions of cost of basic needs implementation, building upon the EAT‐Lancet healthy reference diet, indicate that global poverty has reduced at a much lower rate, and its estimates diverge at an increasing rate from the dollar‐a‐day definition of extreme poverty. This review compares the two main approaches on the definition and measurement of global poverty and contrasts available results with a focus in the long run implementations.
{"title":"Global poverty: A Review of Measurement, Levels, and Trends in a Historical Perspective","authors":"M. Moatsos","doi":"10.1111/joes.12644","DOIUrl":"https://doi.org/10.1111/joes.12644","url":null,"abstract":"Global poverty both in terms of conceptualization and measurement has been the point of a long‐standing debate for at least the last 20 years. The debate mostly evolves around the appropriateness of the dominant dollar‐a‐day approach—conceptualized and popularized by the World Bank since the early 1990s—and the quest for (better) alternatives. The most prominent alternatives are the cost of basic needs method and the capabilities/multidimensional. However, the later lacks medium and long run global reach due to data limitations. In addition, global poverty estimates across the literature resist meaningful direct comparison due to the substantial methodological differences between each attempt, even using the same broad methodological framework. More welfare demanding definitions of cost of basic needs implementation, building upon the EAT‐Lancet healthy reference diet, indicate that global poverty has reduced at a much lower rate, and its estimates diverge at an increasing rate from the dollar‐a‐day definition of extreme poverty. This review compares the two main approaches on the definition and measurement of global poverty and contrasts available results with a focus in the long run implementations.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2024-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141373729","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}
Estimates of the exchange rate pass‐through vary significantly across studies. Therefore, I conduct a meta‐analysis to understand why estimates differ and provide consensus for the conflicting results. The dataset includes 72 primary studies containing 1219 estimates of the pass‐through from nominal effective exchange rates to consumer prices for 111 countries. Because there are many potential causes of heterogeneity, I use Bayesian model averaging to identify the important ones. I find that results vary mainly due to a combination of country‐specific and methodological characteristics, even though factors such as asymmetry and product‐specific characteristics also play a role. The country‐specific characteristics include trade openness, exchange rate flexibility, economic development status, exchange rate persistence, and commodity dependence. On the other hand, the methodological factors include estimation methods, data characteristics, endogeneity bias, and the researcher's choice of control variables. Finally, I model the exchange rate pass‐through, taking into account asymmetry and the best practices in the literature. I find that a 1% increase in the exchange rate leads to a 0.09% decrease in the consumer price level, whereas a 1% decrease leads to a 0.19% increase.
{"title":"The exchange rate pass‐through to domestic prices: A meta‐analysis","authors":"T. Iorngurum","doi":"10.1111/joes.12647","DOIUrl":"https://doi.org/10.1111/joes.12647","url":null,"abstract":"Estimates of the exchange rate pass‐through vary significantly across studies. Therefore, I conduct a meta‐analysis to understand why estimates differ and provide consensus for the conflicting results. The dataset includes 72 primary studies containing 1219 estimates of the pass‐through from nominal effective exchange rates to consumer prices for 111 countries. Because there are many potential causes of heterogeneity, I use Bayesian model averaging to identify the important ones. I find that results vary mainly due to a combination of country‐specific and methodological characteristics, even though factors such as asymmetry and product‐specific characteristics also play a role. The country‐specific characteristics include trade openness, exchange rate flexibility, economic development status, exchange rate persistence, and commodity dependence. On the other hand, the methodological factors include estimation methods, data characteristics, endogeneity bias, and the researcher's choice of control variables. Finally, I model the exchange rate pass‐through, taking into account asymmetry and the best practices in the literature. I find that a 1% increase in the exchange rate leads to a 0.09% decrease in the consumer price level, whereas a 1% decrease leads to a 0.19% increase.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2024-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141381974","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}
This paper presents a review of empirical methods used to assess the behavioral, economic, and political outcomes of Internet and social media usage. Instead of merely surveying the various impacts of the Internet, we examine the methods adopted to identify these impacts. We describe two main approaches for establishing causal effects, each with strengths and limitations. The first approach involves searching for exogenous sources of variation in the access to fast Internet or specific content. The second approach takes the form of field or laboratory experiments. In this paper, we focus on the first approach, delving into the methodological threats, empirical design, and main findings of the most prominent studies that exploit natural or quasi‐experiments for identifying the causal impact of high‐speed Internet or specific social media. This undertaking allows us to highlight the key empirical challenges in the field of Internet and social media economics while summarizing the causal relationships that the literature has uncovered so far.
{"title":"The behavioral, economic, and political impact of the Internet and social media: Empirical challenges and approaches","authors":"Fabio Sabatini","doi":"10.1111/joes.12629","DOIUrl":"https://doi.org/10.1111/joes.12629","url":null,"abstract":"This paper presents a review of empirical methods used to assess the behavioral, economic, and political outcomes of Internet and social media usage. Instead of merely surveying the various impacts of the Internet, we examine the methods adopted to identify these impacts. We describe two main approaches for establishing causal effects, each with strengths and limitations. The first approach involves searching for exogenous sources of variation in the access to fast Internet or specific content. The second approach takes the form of field or laboratory experiments. In this paper, we focus on the first approach, delving into the methodological threats, empirical design, and main findings of the most prominent studies that exploit natural or quasi‐experiments for identifying the causal impact of high‐speed Internet or specific social media. This undertaking allows us to highlight the key empirical challenges in the field of Internet and social media economics while summarizing the causal relationships that the literature has uncovered so far.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2024-05-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141149016","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}
S. Gechert, Bianka Mey, Matej Opatrny, Tomas Havranek, T. D. Stanley, Pedro R. D. Bom, Hristos Doucouliagos, Philipp Heimberger, Zuzana Irsova, Heiko J. Rachinger
Over the past several decades, meta‐analysis has emerged as a widely accepted tool to understand economics research. Meta‐analyses often challenge the established conventional wisdom of their respective fields. We systematically review a wide range of influential meta‐analyses in economics and compare them to “conventional wisdom.” After correcting for observable biases, the empirical economic effects are typically much closer to zero and sometimes switch signs. Typically, the relative reduction in effect sizes is 45%–60%.
{"title":"Conventional wisdom, meta‐analysis, and research revision in economics","authors":"S. Gechert, Bianka Mey, Matej Opatrny, Tomas Havranek, T. D. Stanley, Pedro R. D. Bom, Hristos Doucouliagos, Philipp Heimberger, Zuzana Irsova, Heiko J. Rachinger","doi":"10.1111/joes.12630","DOIUrl":"https://doi.org/10.1111/joes.12630","url":null,"abstract":"Over the past several decades, meta‐analysis has emerged as a widely accepted tool to understand economics research. Meta‐analyses often challenge the established conventional wisdom of their respective fields. We systematically review a wide range of influential meta‐analyses in economics and compare them to “conventional wisdom.” After correcting for observable biases, the empirical economic effects are typically much closer to zero and sometimes switch signs. Typically, the relative reduction in effect sizes is 45%–60%.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2024-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141121522","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}
The low degree of stock market participation (SMP) is one of the big puzzles in finance. Numerous determinants have been proposed. We put these determinants into a structure that is derived from a standard static portfolio model. Then we discuss arguments put forward regarding specific SMP determinants and the empirical evidence that has been provided. The focus of our survey is on the identification of a causal impact of determinants on SMP via shocks. We summarize the evidence by suggesting established and likely SMP determinants and providing an outlook for future research and policy.
{"title":"Determinants of stock market participation","authors":"Lukas Menkhoff, Jannis Westermann","doi":"10.1111/joes.12634","DOIUrl":"https://doi.org/10.1111/joes.12634","url":null,"abstract":"The low degree of stock market participation (SMP) is one of the big puzzles in finance. Numerous determinants have been proposed. We put these determinants into a structure that is derived from a standard static portfolio model. Then we discuss arguments put forward regarding specific SMP determinants and the empirical evidence that has been provided. The focus of our survey is on the identification of a causal impact of determinants on SMP via shocks. We summarize the evidence by suggesting established and likely SMP determinants and providing an outlook for future research and policy.","PeriodicalId":51374,"journal":{"name":"Journal of Economic Surveys","volume":null,"pages":null},"PeriodicalIF":5.3,"publicationDate":"2024-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140938948","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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