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Open Access Letter
The Driving Force of CO2 Reduction in China’s Industries
by Lu Liu  and  Chengzhao You
Abstract
We employ the joint production decomposition model to conduct a full decomposition of CO2 emission among 36 industrial sectors in China from 1998 to 2011, under the framework of growth accounting. The results show that: (1) the average CO2 emission increases at an annual rate of 3.01%, and production technology progression is the main driving force, while the transformation tow [...] Read more

Open Access Letter
Housing and monetary policy: Fresh evidence from China
by Yun Liu
Abstract
We empirically address the effects of monetary policy on the housing market in China using a novel Time-Varying Parameter VARX model. We show that an expansionary monetary has positive effects on the housing market, while during COVID-19, the effects are approaching to zero or even negative. In addition, the effects of the LPR policy are strong and even larger than that of COVI [...] Read more

Open Access Letter
Analysis of the Mediating Effect of Economic Policy Uncertainty Affecting Commercial Bank Credit
by Juan Meng  and  Zhe Zhou
Abstract
We analyze the annual microdata of China's 100 commercial banks from 2007 to 2018 using the mediating effect analysis method, analyze the negative impact of economic policy uncertainty on the credit scale of commercial banks, and then verify the intermediary effects of the operational risks and short-term capital liquidity of commercial banks in the impact of economic policy un [...] Read more

Open Access Letter
Time to build, financial frictions, and the effectiveness of fiscal stimulus
by Zhiming Ao , Ziyue Chen  and  He Nie
Abstract
By introducing time to build, which creates a time-lag between government investment and the accumulation of productive capital, into an analysis of fiscal stimulus to the economy with financial frictions, we find that the effectiveness of fiscal policy is dampened. While the weakening effects of time to build become significantly weaker alongside with a higher fraction of gove [...] Read more

Open Access Letter
The impact of economic policy uncertainty on the profitability of China’s listed export enterprises
by Liping Zheng
Abstract
Based on the empirical data of 6110 listed export companies in China from 2010 to 2019, this paper studies the impact of China's economic policy uncertainty (EPU) index on the profitability of listed companies from the specific perspective of export companies, and analyzes the moderating effects of different factors on this impact. The results show that China's EPU index has a [...] Read more

Open Access Letter
Time-frequency dependency between stock market volatility, and Islamic gold-backed and conventional cryptocurrencies
by Md. Mamunur Rashid  and  Md. Ruhul Amin
Abstract
We extend the Shariah-compliant digital assets and Islamic Fintech literature through exploring the time-frequency associations between the volatility index (VIX) and cryptocurrencies (both Islamic and traditional). Employing wavelet-based technique, we find that Islamic cryptocurrencies demonstrate low or no coherency with stock market volatility compared to traditional crypto [...] Read more

Open Access Letter
Transforming personal finance thanks to artificial intelligence: myth or reality?
by Edouard Augustin Ribes
Abstract
Current societal challenges related to retirement planning, healthcare systems’ evolution and environmental changes require households to pay a closer attention to their personal finances. This in turns calls for the associated industry to transform and scale. To do so, the personal finance industry could potentially leverage artificial intelligence tools for which there [...] Read more

Open Access Letter
The FED’s Strategy on a Targets-based Monetary Policy Framework
by Florian Gerth  and  Yiyang Bian
Abstract
Major economic and financial contractions usually go hand-in-hand with muted inflation. This has been true for the Great Depression, the Global Financial Crisis, as well as the Covid-19 crisis. In this paper, we theoretically highlight and discuss the evolution of instruments and approaches monetary-policy decision makers at the Federal Reserve have in lifting inflation to desi [...] Read more

Open Access Letter
Government deficit and “The World’s smallest macroeconomic model” by Paul Krugman
by Yasuhito Tanaka
Abstract
In his "The World’s smallest macroeconomic model” (Krugman (1999)), Paul Krugman argued that under the assumption of price rigidity, a shortage of money supply leads to underemployment or recession, so increasing money supply can eliminate underemployment and restore full employment. But, how do we increase the money supply? I will show that we need a government def [...] Read more

Open Access Letter
Money holding and budget deficit in a growing economy with consumers living forever
by Yasuhito Tanaka
Abstract
I examine the problem of budget deficit in a growing economy in which consumers hold money as a part of their savings in the case where consumers live forever. For simplicity and tractability I use a discrete time dynamic model and Lagrange multiplier method. In the appendix I briefly explain the solution using a discrete time version of the Hamiltonian method. I will show the [...] Read more

Open Access Letter
Gold and Bitcoin as Hedging Instruments for Equity Markets under Crisis
by Rubaiyat Ahsan Bhuiyan , Tze Chi Chin  and  Changyong Zhang
Abstract
Gold has been traditionally well recognized as a safe heaven for financial markets. Lately, Bitcoin has been gradually considered as a popular alternative. Since the outbreak of COVID-19 in early 2020, it has become even more necessary and critical to examine the diversification capability of them to hedge financial risks associated with an unexpected crisis comparable to the p [...] Read more

Open Access Letter
Renewable Rush in Syria Faces Economic Crisis
by Mohamad Abou Houran  and  Abd Alwahed Dagestani
Abstract
Since 2011, the conflict in Syria left the country with a devastating energy sector and fragile economy. The residents struggle daily to live with only two hours a day of electricity. The crisis encouraged some Syrians to assemble photovoltaic (PV) panels to generate energy. Unfortunately, the geopolitical risks, the inflation, and displacement are making the situation worse. T [...] Read more

Open Access Letter
Getting high on the market: Stock price movements, drug abuse, and health implications
by Tomasz Piotr Wisniewski  and  Brendan John Lambe
Abstract
Using an international dataset, this letter finds that high stock returns are associated with increased death rates from drug use disorders. Although the out-of-pocket expenditure on healthcare also rises following a stock market surge, the net effect on life expectancy is significantly negative. [...] Read more

Open Access Letter
Progress, Evolving Paradigms and Recent Trends in Economic Analysis
by Robertas Damasevicius
Abstract
This paper provides a thorough review of the shifting landscape of economic analysis, spotlighting recent trends and predicting future paths. While traditional economic models remain key for interpreting economic activity, they are being supplemented by fresh methods and cross-disciplinary viewpoints. The increased attention to inequality studies, using advanced statistical tec [...] Read more

Open Access Journal Article
Economic Unrest and Investment Perspective on Liquidity in relation to the Investor Sentiments
by Jawad Saleemi
Abstract
Liquidity and its associated issues are one of dominant strands in the market microstructure. In this study, microblogging-based behavioral perspective on economic unrest is linked to the market liquidity. The concept of liquidity is examined in terms of price dispersion relative to the quantity traded. The analysis contains the quantification of multiple linear regression, Gau [...] Read more

Open Access Journal Article
Path to Improve the Professional Quality of Students Majoring in Financial News: Micro Evidence from 300 Questionnaires from Three Universities
by Chunhua Zhang  and  Yanjun Jin
Abstract
There must be a better match between the supply of financial news graduates in colleges and the media's demand for financial news talents. Based on 300 questionnaires and in-depth interviews from three universities, namely Shanghai University of Finance and Economics, Nanjing University of Finance and Economics, and Jiangxi University of Finance and Economics, this paper uses t [...] Read more

Open Access Journal Article
A pipeline between producer and consumer prices in Ghana: A Policy Issue
by Johnson Worlanyo Ahiadorme  and  Linda Akoto
Abstract
As prices have grown at their fastest pace in recent times, inflation has become a key concern for the macro-policy environment. In many jurisdictions, consumer prices have typically formed the basis for price stability policies. Notwithstanding, producer prices remain an important channel and must be closely watched. We utilise data on Ghana and investigate the causal links be [...] Read more

Open Access Journal Article
Digital Currency and Financial Markets in Nigeria: Impact and Policy Implications
by Chioma Nwosu Peace , Bosha Ernest Oryiman  and  Abubakar Ibrahim Sani
Abstract
The rise of privately issued digital currencies, which primarily serve as alternative investment assets poses a challenge to the traditional financial instruments traded in the financial market. This study examines the dynamic relationship between the major privately issued digital currency (Bitcoin) and two financial market securities in Nigeria. The paper employed Vector Auto [...] Read more

Open Access Journal Article
COVID-19 and SMEs deposits with commercial banks: evidence from African economies
by Abdulazeez Y.H. Saif-Alyousfi
Abstract
This paper examines the impact of COVID-19 on Small and medium-sized enterprises (SMEs) deposits across 13 African nations from 2016 to 2022, using a seven-year dataset and Ordinary Least Squares estimator. Notably, it uncovers a significant positive link between the pandemic and SMEs deposits, indicating heightened reserves amidst economic uncertainty, potentially driven by ri [...] Read more

Open Access Journal Article
How do financial regulations and economic freedoms affect bank profitability? Empirical Evidence from the OIC Region
by Ousman Mohammed Yimam
Abstract
Banks operating within a free economic environment and with constructive regulatory frameworks can function with enhanced efficiency, augmenting their profitability. This study aimed to examine the influence of economic freedom and financial restrictions on banks' profitability within the Organization of Islamic Cooperation member nations. The study used a sample of 1453 banks, [...] Read more