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Article
Business, Finance
Chien-Chiang Lee et al.
Summary: This paper examines the impact of central bank digital currency volatility on a firm's implied volatility. The sample consists of 2853 listed companies in the United States from 2014 to 2018. The results show that the variation of central bank digital currency has a positive effect on a firm's implied volatility. Additionally, the healthier the firm's conditions, the weaker the relationship between central bank digital currency variation and a firm's implied volatility. Moreover, the positive relationship between central bank digital currency and firm's implied volatility holds true for investment-grade, speculative-grade, and unrated firms. Finally, the use of simultaneous equation models (SEM) confirms the robustness of the results even after excluding endogenous concerns. This research serves as a reminder for corporate managers and provides new implications for policymakers.
RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE
(2023)
Article
Business, Finance
Sophia Kuehnlenz et al.
Summary: The international monetary system is hierarchical, with the US dollar as the dominant currency. Central banks have started issuing Central Bank Digital Currencies (CBDCs), but it is argued that the introduction of multiple CBDCs will not threaten the role of the US dollar. While CBDC arrangements may decentralize the international payment system, the underlying structures of the current unipolar system will not automatically change. It is important for central banks to work together to establish an alternative international monetary system.
RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE
(2023)
Article
Business, Finance
Sitara Karim et al.
Summary: The study reveals significant risk spillovers among blockchain markets and a strong disconnection of NFTs. NFTs offer greater diversification avenues and substantial risk-bearing potential to mitigate extreme risks.
FINANCE RESEARCH LETTERS
(2022)
Article
Economics
Muhammad Abubakr Naeem et al.
Summary: This study examines the extreme quantile dependence between oil shocks and BRIC markets. The findings reveal positive and persistent dependencies between oil demand shocks and BRIC markets, as well as significant cross-quantile dependence between oil supply shocks and Russian stock returns. The results suggest that the correlation between oil demand shocks and BRIC stock returns is particularly strong after the Global Financial Crisis and the financialization of energy commodities.
Article
Business, Finance
Sitara Karim et al.
Summary: This study examines the relationships among sin stocks, ethical investments, and conventional markets, and finds that sustainable markets outperform sin stocks and conventional markets in terms of diversification, safe-haven, and hedging potential.
FINANCE RESEARCH LETTERS
(2022)
Article
Economics
Paolo Fegatelli
Summary: The implementation of a general-purpose central bank digital currency faces the risk of bank disintermediation, but proper mechanisms and alternative funding sources can mitigate this risk and potentially improve bank profitability and competitiveness.
JOURNAL OF MACROECONOMICS
(2022)
Article
Business, Finance
Hela Mzoughi et al.
Research in International Business and Finance
(2022)
Article
Business, Finance
Ratikant Bhaskar et al.
Summary: By conducting bibliometric and content analysis on 174 documents retrieved from the Scopus database, this study presents the publication trends of Central Bank Digital Currencies (CBDCs) since 2018. It also highlights the top publishing source and the authors contributing the most in their affiliated countries. Additionally, the study discusses important themes covered, knowledge structure, recent research trends, gaps, and future research agendas in the CBDC domain. The research interest lies in understanding the systematic framework, significance, and structural implication of CBDC as a structural shift in the digitization of the monetary system. The development of CBDCs has significant implications for monetary and payment systems, and researchers are exploring its connection to international trade and cryptocurrencies.
RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE
(2022)
Article
Business, Finance
Muhammad Abubakr Naeem et al.
Summary: This study quantified the systemic risk spillovers between the top 10 US industries using conditional value-at-risk in a network context. The results showed significant variations in risk measured using a nonlinear process, with the manufacturing industry identified as the center of risk spillovers and the telecommunications industry as having diversification potential. The utilities industry was found to be the most vulnerable to economically fragile periods, while the manufacturing industry was the principal risk contributor. These findings have important implications for policymakers, regulators, investors, and financial market participants, particularly during distress periods.
RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE
(2022)
Article
Economics
Sitara Karim et al.
Summary: This study examines whether FinTech offers useful business mechanisms for SMEs in selected ASEAN countries. The study finds that the collisions between new FinTech and SMEs during COVID-19 are the most important factors in the growth of FinTech and the strength of SMEs.
ECONOMIC ANALYSIS AND POLICY
(2022)
Article
Economics
Michael Kumhof et al.
Summary: This study shows that if CBDC is introduced following conservative core principles, bank funding may not decrease, credit and liquidity provision to the private sector need not contract, and the risk of a system-wide run from bank deposits to CBDC can be addressed. CBDC is expected to trade at par with other types of money in most situations.
ECONOMIC ANALYSIS AND POLICY
(2021)
Article
Economics
Muhammad Abubakr Naeem et al.
Summary: The study reveals that there are multiple tail dependence regimes characterizing the extreme dependence between Bitcoin and green financial assets, with the dependence structure being mainly asymmetric and time-varying. It also shows that green financial assets, especially clean energy, are effective hedges for Bitcoin.
Article
Business, Finance
Wenlong Bian et al.
Summary: The newly established model demonstrates the potential crowding-out effect of Central Bank Digital Currencies on traditional deposits, which may lead to a reduction in cash and deposit holdings by economic agents. The issuance of CBDC has a dual effect, as it improves payment efficiency while also impacting the deposit base of commercial banks.
FINANCE RESEARCH LETTERS
(2021)
Article
Business, Finance
Dirk G. Baur et al.
Summary: The study reveals that stablecoins serve as safe havens during extreme price fluctuations of Bitcoin, with Tether showing the strongest effect.
FINANCE RESEARCH LETTERS
(2021)
Article
Economics
David Andolfatto
Summary: This paper investigates the impact of central bank digital currency on a monopolistic banking sector, finding that its introduction does not have a detrimental effect on bank lending activity. Competitive pressure leads to a higher monopoly deposit rate, reducing profit but expanding deposit funding through greater financial inclusion and desired saving. Evidence suggests that a properly designed central bank digital currency is unlikely to threaten financial stability.
Article
Economics
Seyed Mohammadreza Davoodalhosseini et al.
CANADIAN PUBLIC POLICY-ANALYSE DE POLITIQUES
(2020)
Article
Business, Finance
Igor Makarov et al.
JOURNAL OF FINANCIAL ECONOMICS
(2020)
Article
Business, Finance
Markus K. Brunnermeier et al.
JOURNAL OF MONETARY ECONOMICS
(2019)
Article
Business, Finance
Jesus Fernandez-Villaverde et al.
JOURNAL OF MONETARY ECONOMICS
(2019)
Article
Business, Finance
Aleksander Berentsen et al.
FEDERAL RESERVE BANK OF ST LOUIS REVIEW
(2018)
Article
Business, Finance
Robert E. Lucas et al.
JOURNAL OF MONETARY ECONOMICS
(2015)
Article
Economics
Lawrence J. Christiano et al.
AMERICAN ECONOMIC REVIEW
(2014)
Article
Business, Finance
Sharon Kozicki et al.
JOURNAL OF MONETARY ECONOMICS
(2009)
Article
Economics
Peter N. Ireland
AMERICAN ECONOMIC REVIEW
(2009)
Article
Business, Finance
Richard C. K. Burdekin et al.
JOURNAL OF INTERNATIONAL MONEY AND FINANCE
(2008)
Article
Business, Finance
Ester Faia
JOURNAL OF MONETARY ECONOMICS
(2007)
