Climate Risk and Stock Markets: Implications for Market Efficiency and Return Predictability

Adediran, Idris A.; Bewaji, Phebian N.; Oyadeyi, Olajide O.

doi:10.1080/1540496x.2023.2298251

Cited by 4 publications

(1 citation statement)

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“…The techniques operate as extensions of time-series and panel Autoregressive Distributed Lag (ARDL) models; hence, they are designed for nonstationary series, whether all variables are I(1) or a mixture of I(0) and I(1). These approaches in addition to ARDL take care of other problems in the data, such as serial correlation, heteroscedasticity, and endogeneity bias (see, for example, Salisu et al 2021;Sharma 2021;Adediran and Swaray 2023;Adediran et al 2023aAdediran et al , 2023b.…”

Section: Preliminariesmentioning

confidence: 99%

Remittance and Macroeconomic Performance in Top Migrating Countries

Oyadeyi,

Adediran,

Kabir

2024

Social Sciences

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Globalization opens up economies and encourages the free movement of persons and factors of production. Diaspora investors and workers earn income in the process and make remittances to the migrating countries. We examine the impact of the remittance inflow on the macroeconomic performance of top emigrating countries, which comprise nine emerging and two advanced economies. We conduct group and individual country analyses with distinct econometric models (Feasible Quasi Generalized Least Squares and Dynamic Common Correlated Effects) using data between 1987 and 2021. The results reveal positive impact of remittance inflows on nominal GDP and nominal GDP per capita and on real GDP and real GDP per capita, although evidence on the latter is weaker. In all, the emigrating countries can benefit from diaspora remittance in terms of improved productivity and macroeconomic performance. We therefore recommend better systems to facilitate remittance receipt and policies to channel such flows more into investment activities.

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Section: Preliminariesmentioning

confidence: 99%

Remittance and Macroeconomic Performance in Top Migrating Countries

Oyadeyi,

Adediran,

Kabir

2024

Social Sciences

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Impact of climate change risks on equity capital: Evidence-based on Chinese markets

Yue,

Kong,

Zhao

et al. 2024

Pacific-Basin Finance Journal

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Financial Development, Monetary Policy, and the Monetary Transmission Mechanism—An Asymmetric ARDL Analysis

Oyadeyi

2024

Economies

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This paper’s objective is to examine the asymmetric cointegration and asymmetric effects of financial development and monetary policy on monetary transmission mechanisms in the Nigerian context using annual data spanning the period from 1986 to 2023. This study pushes the frontiers of knowledge by providing information on the nonlinear impacts of monetary policy and financial sector innovations on monetary transmission mechanisms in Nigeria to help policymakers tailor their strategies to local conditions, enhancing the effectiveness of monetary interventions in the economy. To achieve this, this paper adopted nonlinear ARDL models to understand how changes in the direction of monetary policy and developments in the financial system induce changes in the transmission of monetary policy. The findings document the existence of asymmetries in both the short and long run, revealing that the impacts of financial development and monetary policy on the different monetary policy channels are not uniform. These asymmetries indicate that the responses of various economic variables to monetary policy actions differ depending on the level of financial development. These findings underscore the complexity of the monetary transmission mechanism and the necessity for a nuanced understanding of how financial development and monetary policy interact in different contexts. Consequently, this finding is symptomatic of some characteristics of those financial markets on their way toward advanced developments. As the financial system matures, monetary policy may have a greater impact on the cost of short-term funding for banks without having any discernible effect on the rates at which businesses and households access funding. Therefore, this paper recommends focusing on the policies that will foster the financial system across the banking sector, capital market, bond market, and overall financial sector to improve the efficiency of the monetary transmission process.

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Climate Risk and Stock Markets: Implications for Market Efficiency and Return Predictability

Cited by 4 publications

References 45 publications

Remittance and Macroeconomic Performance in Top Migrating Countries

Remittance and Macroeconomic Performance in Top Migrating Countries

Impact of climate change risks on equity capital: Evidence-based on Chinese markets

Financial Development, Monetary Policy, and the Monetary Transmission Mechanism—An Asymmetric ARDL Analysis

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