The Future of Economics and Finance

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Economics and Finance".

Deadline for manuscript submissions: 23 June 2024 | Viewed by 4099

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Department of Finance, College of Management, Asia University, Taichung 41354, Taiwan
Interests: economics; financial econometrics; quantitative finance; risk and financial management; econometrics; statistics; time series analysis; energy economics and finance; sustainability; environmental modelling; carbon emissions; climate change econometrics; forecasting; informatics; data mining
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LeBow College of Business, Drexel University, 3141 Chestnut Street, Philadelphia, PA 19104, USA
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College of Business, Florida Atlantic University, Boca Raton, FL 33431, USA
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Special Issue Information

Dear Colleagues,

The 1st JRFM Webinar covers many hot topics associated with "The Future of Economics and Finance". This Topical Collection will collect high-quality papers (original research articles or comprehensive review papers) related to the topic.

Potential topics include, but are not limited to:

  • Economics and Finance
  • Business and Entrepreneurship
  • Energy and Environment: Economics, Finance and Policy
  • The effects of the COVID-19 pandemic on any of the issues raised above

Prof. Dr. Michael McAleer
Prof. Dr. Shawkat Hammoudeh
Prof. Dr. Siri A. Terjesen
Prof. Dr. Thanasis Stengos
Collection Editors

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Published Papers (1 paper)

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15 pages, 1455 KiB  
Constructing Divisia Monetary Aggregates for Singapore
by William A. Barnett and Van H. Nguyen
J. Risk Financial Manag. 2021, 14(8), 370; - 12 Aug 2021
Cited by 1 | Viewed by 3088
Since Barnett derived the user cost price of money, the economic theory of monetary services aggregation has been developed and extended into a field of its own with solid foundations in microeconomic theory. Divisia monetary aggregates have repeatedly been shown to be strictly [...] Read more.
Since Barnett derived the user cost price of money, the economic theory of monetary services aggregation has been developed and extended into a field of its own with solid foundations in microeconomic theory. Divisia monetary aggregates have repeatedly been shown to be strictly preferable to their simple sum counterparts, which have no competent foundations in microeconomic aggregation or index number theory. However, most central banks in the world, including that of Singapore, the Monetary Authority of Singapore (MAS), still report their monetary aggregates as simple summations. Recent macroeconomic research about Singapore tends to focus on exchange rates as a monetary policy target but ignores the aggregate quantity of money. Is that because quantities of money are irrelevant to economic activity? To examine the role of monetary quantities as potential monetary instruments, indicators, or targets and their relevance to predicting real economic activity in Singapore, this paper applies the user cost of money formula and the recently developed credit-card-augmented Divisia monetary aggregates formula to construct monetary services indexes for Singapore. We produce those state-of-the-art monetary services indexes from Jan 1991 to Mar 2021. We see that Divisia measures behave differently from simple sum measures in the period before the year 2000, while interest rates were high. Credit-card-augmented Divisia monetary services move closely with the conventional Divisia monetary aggregates, since the volume of credit card transactions in Singapore is relatively small compared with other monetary service assets. In future work, we plan to use our data to explore central bank policy in Singapore and to propose improvements in that policy. By making our data available to the public, we encourage others to do the same. Full article
(This article belongs to the Special Issue The Future of Economics and Finance)
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