This study informs the academic and policy debate on the policy effectiveness of exchange rate interventions on exchange rate levels and volatility. Using a constructed data set comprising daily data on exchange rates, monetary policy fundamentals, exchange rate intervention dates and magnitudes of those interventions as well as financial news speculation of such interventions, we empirically estimate the policy effectiveness of Bank of Japan interventions in the exchange rate over the 12-year period between 2010 and 2022. This allows us to investigate the policy effectiveness of a variety of exchange rate interventions, or news of exchange rate interventions, across different time-horizons. We find that policy interventions in the yen exchange rate are more effective over short-horizons than long-horizons, more effective when the policy objective is a competitive devaluation of the yen rather than a revaluation, and more effective at influencing the level of the yen against major world currencies other than the US dollar. In fact, for the yen-dollar rate, we find that policy interventions may have the unintended consequences of weakening the yen (when the policy intention is to strengthen it) and increasing volatility in the yen-dollar exchange rate.

This study explores the interactions between inflation and stock market. We carried out a bibliometric analysis with R package to highlight the worldwide research trends in the field, covering the period of three crises (financial, health crisis and war of Ukraine). Next, using monthly data for the period from 1 March 2020 to 31 August 2023 and based on a vector autoregressive model, impulse response and variance decomposition are performed to explore the dynamic relationships between inflation and Greek stock market. The results reveal the existence of high volatility in Athens’ stock market during COVID-19 pandemic, owning to a shock of the inflation. Regarding the period of Ukrainian war, the study verified the Fama’s hypothesis that there is a negative relationship between inflation and stock returns. The findings have significant implications for investors and policy makers.

The impact of crude oil price fluctuations on the real effective exchange rate (REER) has been widely debated, but specific evidence, particularly for developing countries in Southeast Asia, is scarce and inconclusive. This issue, especially concerning both short- and long-term relationships, remains inadequately addressed, affecting these countries for risk management related to oil price fluctuations. This study aims to fill this gap by examining these relationships in Thailand context to provide more evidence on how the REER in Southeast Asia responds to changes in crude oil prices. Monthly data of crude oil prices in Dubai market and the Thai baht REER from 2000 to 2019 were employed. Johansen co-integration test and Vector Error Correction Model (VECM) were used for analyzing long-term and short-term relationships, respectively. The results indicate a significant negative long-term relationship between crude oil prices and the REER, with a 0.31% reduction in the REER for every 1% increase in the real price of oil. However, in the short term, VECM analysis reveals significant movements in the REER in response to external shocks. On average from 2000–2019, the significant fluctuations in the REER are quickly alleviated and adjusted to its long-run equilibrium, typically by 2% in the following month following external shocks such as crude oil price fluctuations. Given these findings, which highlight the long-term relationship between the REER and crude oil prices and its short-term adjustment, it is suggested that when there is a shock from the crude oil prices, the government can strengthen short-term oil price controls or monetary subsidies to mitigate the extensive repercussions of energy market fluctuations, as such interventions would have a lesser impact on the long-term equilibrium of the REER.

The COVID-19 crisis, which occurred in 2020, brought crisis events back to the attention of scholars. With the increasing frequency of crisis events, the influence of crisis events on stock markets has become more obvious. This paper focuses on the impact of the subprime crisis, the Chinese stock market crash crisis and the COVID-19 crisis on the volatility and risk of the world’s major stock markets. In this paper, we first fit the volatility using EGARCH model and detect asymmetry of volatility. After that, a VaR model is calculated on the basis of EGARCH to measure the impact of the crisis event on the risk of stock markets. This paper finds that the subprime crisis has a significant influence on the risk of the stock market in China, US, South Korea, and Japan. During the COVID-19 crisis, there was little change in the average risk of each country. But at the beginning of the COVID-19 crisis, there was a significant increase in the risk of each country’s stock market. The Chinese stock market crash crisis had a more pronounced effect on the Chinese and Japanese stock markets and a lesser effect on the US and Korean stock markets.

In order to diversify a portfolio, find prices, and manage risk, derivatives products are now necessary. There is a lack of understanding of the true influence of derivatives on the behavior of the underlying assets, their volatility consequences, and their pricing as complex instruments. There is a dearth of empirical research on how these instruments impact company risk exposures and inconsistent findings. This study examines corporate derivatives’ impact on stock price exposure and systematic risk in South African non-financial firms. Using a dataset of listed firms from 2013 to 2023, we employ Generalized Autoregressive Conditional Heteroscedasticity (GARCH) models to assess the effect of derivatives on return volatility and beta, a measure of systematic risk. Additionally, we apply the Generalized Method of Moments (GMM) to address potential endogeneity between firm characteristics and derivatives use. Our findings suggest that firms using derivatives experience lower overall volatility and reduced systematic risk compared to non-users. The results are robust to various control factors, including firm size, leverage, and macroeconomic conditions. This study fills a gap in the literature by focusing on an underrepresented emerging market and provides insights relevant to global risk management practices.

This study explores how demographic factors shape perceptions of celebrity and influencer marketing in the context of promoting cryptocurrencies, particularly in the tourism sector. It evaluates whether such marketing strategies effectively promote cryptocurrencies and how their impact varies across demographic groups. By analyzing responses from a sample of 161 predominantly young and educated respondents, the study uses statistical methods to identify differences in perceived marketing effectiveness based on age, gender, and other demographics. Findings reveal no significant demographic differences in effectiveness; instead, the study underscores the importance of universal marketing qualities, such as authenticity, credibility, and relevance. These results suggest the need for inclusive marketing strategies that foster trust and transparency. Additionally, the study highlights avenues for future research, including cultural and ethical considerations, to refine marketing approaches and develop innovative campaigns that drive cryptocurrency adoption and trust in the tourism industry.