Digital Money Options for the BRICS
Round 1
Reviewer 1 Report
I think the paper has some merits, but the BRICS is not same as common currency area, there are political dimensions, so how author see them. This is a big issue.
The empirical side on simulations, I don't know what you mean by that there are not much simulation here.
The argument needs revisiting and improvement.
CBDCs are not same as private digital currencies like BTC. Authors must distinguish, this is also a major issue in paper.
There is recently, a special issue in Research in International Business and Finance, that has discussed the issues around CBDCs. Authors should draw on these studies and discuss them. The papers can be found here
https://www.sciencedirect.com/journal/research-in-international-business-and-finance/special-issue/10G8K1JZC8P?utm_campaign=STMJ_1669984474_STMJIN_OTR&utm_medium=BAN&utm_source=WEB&dgcid=STMJ_1669984474_STMJIN_OTR
Author Response
Dear Sir/Madam!
I think the paper has some merits, but the BRICS is not same as common currency area, there are political dimensions, so how author see them. This is a big issue.
The phenomenon of the BRICS has gone through a series of consecutive stages which finally led to something we know of it today. The group was conceived as an investment project by Goldman Sachs in 2001. Goldman Sachs recommended back then that funds managers, asset managers and other interested parties take a special look at the corporate assets and shares from the four emerging nations included in the BRIC, as it was known at the time, as a combination of four countries Brazil, Russia, India and China. The BRICs was supposed to lay the foundation for a new better and prosperous world after 9/11 in the US and later after the global financial crisis of 2007-9. The BRICs provided hope for the world economy as a driver of GDP growth and a crucial part of global value-added chains. The four countries greatly contributed to recovering global GDP after dot-com bust of 2000-1 and sub-prime mortgage crisis a few years later. The four also helped both developing and developed nations get access to cheaper, competitive goods by the BRICs, because the four produced them with lower costs and decent quality. The markets of the BRICs were booming in the early 2000s. The boom drove share prices of the BRICs corporations. So, Goldman Sachs believed it was a next big thing in the world of finance. In fact, it strongly supported the idea that the four would overtake the combined GDP of G7 countries by 2050. The group was so successful that the bank had to revise its prognosis several times in the process saying that it might actually happen a decade and half earlier. In 2009, the leader of the BRICs first met at a summit in Russia. It was at this time that the BRICs started to see itself as something more material in terms of politics and economic policy. Thus, out of an investment portfolio concept, the BRICs quickly transformed to an influential emerging market combination of countries that could have a say on global economic issues. In 2010, it became even more clear that the BRICs was determined to be a global economic driver and global reformer, when it added South Africa and became the BRICS, as we know of it today. The BRICS started to claim more economic and political say in global issues. For example, the BRICS strongly supported the idea of an international financial system reform after the global economy nearly collapsed due to the global financial crisis. Commodity boom of the early 2000s and its resurgence in early 2010s benefitted the BRICS, especially commodity-rich Brazil, Russia and South Africa. China became part of the World Trade Organization and by 2009 became the largest world exporter by merchandise. India became a global IT hub for the rest of the world. So, the assets and the currencies of the BRICS were quite interesting for foreign investors even after Goldman Sachs reclaimed taking any part in the continuation of the BRICS dream as some kind of a savior of the existing world economic order. Economic success led the BRICS to strongly believe in its destiny as a new world economic center. The group started seriously thinking of internationalizing their currencies and replacing a certain share of the US-dollar reserves in national currencies to diversify foreign-exchange risks. The US Fed monetary tightening of 2013-14 strengthened the dollar, raised capital costs and reined in supporting the existing world economic order and international monetary system, leaving it almost unchanged and unchallenged with the US as an ultimate leader. Despite a series of crises on the first two decades of the 21st century, the BRICS continued to be a sort of a global economic driver. However, we must admit that the BRICS tried to pursue both economic and political agenda, especially after the US started a trade war against China. Meanwhile, Russia met waves of economic and financial sanctions due to conflict in Ukraine and was as good as isolated from the rest of the world. Brazil was struggling to keep its democratic face during the government of a populist president Jair Bolsonaro. India also suffered reputational losses after the conservative Bharatiya Janata Party came to power with Prime Minister Narendra Modi at its helm. South Africa struggled greatly under yoke of corruption and social unrest. Corona-crisis and world financial and economic turbulence increased pressure on the BRICS making it more divided as an entity of countries. The BRICS was never a common union. However, it was at this point when each member state had to look more inside than look at more intra-group cooperation and development due to many homegrown difficulties and strains. Nevertheless, the BRICS did not come apart. It is still a very interesting economic, political and social phenomenon which deserves research, especially todays when it really needs revisiting in terms of taking part in a new less global world economy and hostile economic and political environment. Part of the revisiting process can be ways to conduct bilateral transactions in a sort of a digital currency in an effort to de-dollarize their foreign-currency reserves and reliance on the US. It is for this reason the underlying research suggested a sort of a digital currency project as a mechanism to cooperate and develop towards a better common and more prosperous and secure future. A common digital currency project can be such an instrument and mechanism. Therefore, the hypothesis is to try to lay a foundation for a probable monetary system that may involve the BRICS and make it a sound concept or a least an initial discussion issue for ways leading to that better cooperation, economic and environmental sustainability as well as technological sovereignty.
The empirical side on simulations, I don't know what you mean by that there are not much simulation here. The argument needs revisiting and improvement.
The underlying article contains only part of the simulation model developed for the common BRICS currency for lack of space. The article reproduces only a partial view on how the BRICS currency may look like when hypothetically initially coined on the crypto-exchange. The research, though, contains data condensed in a table and graphical form. In particular, Figure 1 represents a hypothetical dynamic of the currency under consideration. It represents simulated data of probable movements in the currency’s fluctuation over the course of the last good year 2019 before the international financial and monetary system was shaken by corona-crisis and other volatilities. Figure 1 shows the movements of the hypothetical BRICS-cryptocurrency in two representations. One of them depicts the currency as if it were a sort of an index averaging the dynamics of the five regular currencies of the BRICS simulated and projected into the future based on the assumption and retrospective data starting in 2014 when the BRICS leaders met in Fortaleza, Brazil and agreed on the creation of the New Development Bank and laid the foundation for the Pool of Contingency Reserve Currencies. The simulation approach made use of the actual data, projected it into the future and got output in a form of a graph showing average fluctuation of the BRICS’ currencies. Meanwhile, the other representation of the BRICS-cryptocurrency provides a look at it as if it were a common currency for the BRICS. The cryptocurrency is weighted on the US dollar exchange rate, based on the assumption that as soon as there is parity between the GDP of the G7 countries and that of the BRICS, hypothetically at the start of the year 2019, a unit of the BRICS currency cost a US dollar in January 2019. Later on, in the process, the simulation model showed probable dynamics of the currency in question till the end of 2019. And once on the crypto-money-market, the result of the floatation delivers a new curve showing that the currency in question may get stronger to the US dollar by the end of 2019. The simulation shows that, if floated, the US-dollar-to-the-BRICS-currency-exchange-rate may take the value of approximately 0.935. So, if an investor considered buying into the BRICS-currency in early 2019, he or she would have losses due to the BRICS-currency getting stronger against the US dollar. In effect, the simulation model says that the hypothetical BRICS-currency floatation would hurt the BRICS’ exporters and benefit their importers. Since the BRICS depends very much on foreign trade, the currency floatation may have significant consequences for both importers and exporters. The largest effect would be dealt on China’s foreign trade, being the largest actor in the world and among the BRICS.
CBDCs are not same as private digital currencies like BTC. Authors must distinguish, this is also a major issue in paper.
The research comes close to analyzing the prospects of introducing a common currency for the BRICS when discussing whether it should be a private cryptocurrency like Bitcoin or government-controlled digital money. Since the start of the pandemics in early 2020, a number of countries in the world addressed this issue, and some of them decided to introduce Bitcoin as legal tender. For instance, it was El Salvador that did really embrace the use of Bitcoin. Though, lately, the country might have regretted it after Bitcoin lost more 60% of its value since the peak in November 2021. Some parts of Switzerland also joined the club of countries with the Bitcoin as regular money. We think that part of the reason for them to do so is make a sort of an offshore financial oasis there. In the past they were not able to do that and lost in competition to other safe havens like the Cayman Islands or Bermuda, or Zurich, but now they with Bitcoin at their disposal they thought they could make use of it as an instrument to build a financial pyramid that would attract much needed foreign capital to develop their economies and financial sectors, in particular. However, due to high volatility and lack of control, this financial innovation failed as it seems, at least by now, at the time of writing this article. The loss in market value of Bitcoin put pressure on state finances in El Salvador and some municipalities in Switzerland. Their budgets had to deal with deficits. Foreseeing it and seeing it now, other countries like China or Russia responded to the challenge of a new financial digital revolution by adopting their own digital currencies they can control. China launched a pilot digital yuan initiative. Russia joins it on April 1st 2023. Early-stage results in China show that in general the majority of people have heard something of the pilot digital yuan, but they continue to mistrust it, and prefer regular currency. Also, the amount of money the Chinese can draw down on their digital yuan wallets is so some that it makes impossible to conduct some serious transactions making the currency obsolete. Russia is still in the process of seeing its first encounter with the digital ruble. However, what is clear by now is that the population’s rection to it may be the same just like in China. Some people may think of profiting by it while others neglect it, and when they understand the benefits of using the digital ruble in the end, it would be too late to get benefits, since usually it is newcomers who take it all from such financial innovations. The reality is though clear, and the CBDCs will find more use in the future of international finance and the digital financial revolution, because they offer more control over finance, especially in countries with strong and strict central government like those of China and Russia. The CBDCs may also bring in order financial chaos in countries with weaker financial regulation and more libertarian approach to finance such as South Africa and India. Recent financial fraud cases and cases of corruption in finance in both countries visibly demonstrate the need to have some sort of a government-controlled digital currency that would let them to interfere long before a financial shock strikes due to financial mishandling. It is on this basis and the basis of previous research on the issue that the underlying article tries to come up with an idea of a common digital currency for a group of emerging markets to collectively manage financial and monetary issues with digital money in hand [20]. The research suggests that the BRICS common digital unit of payment may indeed bring trust and security, especially for foreign trade partners in the BRICS who would like to hedge their currency risks and foreign exchange risks when exporting or importing important and valuable goods and services. This may improve cooperation and bring the BRICS to a new level of integration through common money.
There is recently, a special issue in Research in International Business and Finance, that has discussed the issues around CBDCs. Authors should draw on these studies and discuss them. The papers can be found here
https://www.sciencedirect.com/journal/research-in-international-business-and-finance/special-issue/10G8K1JZC8P?utm_campaign=STMJ_1669984474_STMJIN_OTR&utm_medium=BAN&utm_source=WEB&dgcid=STMJ_1669984474_STMJIN_OTR
Reviewer 2 Report
This paper talks about digital currencies for not just a country but a group of countries, BRICS. It is an interesting topic as most countries around the world is experimenting or plans to experiment in implementing their own national digital currency. The paper starts with an introduction of currencies and the need for a shared digital currency. The 2nd paragraph goes deeper into the foundation of virtual money starting from the deindustralization and how it has affected money in the same way. Chapter 3 explored the methodology in designing a collective group currency for the BRICS. Chapter 4 presented some statistical data and finally the authors presented the results and conclusion.
Introduction. Currently okay, no comments.
The foundations of virtual money’s theory. Formula 1 needs to be explained better, and Fisher's work have to be cited proper. It is hard for the reader, who is not in this area to understand how Fisher's formula could be fitted for crypto ie Bitcoin. There is also no consideration of the deflationary nature of Bitcoin would affect the Formula 1. Also, i the supply is the issue, would a currency that does not have a limit like ethereum will be more suitable?
A methodological approach to creating a BRICS digital currency.
- Line 233, referring to Fisher without providing citation for it.
- Please provide in footnote or citation of where data was taken.
- Its was not clearly stated or justification for why table 1 consist of these countries. Somehow, a reader new to the area will get lost.
Results
- Please provide better explanation of why the correlation seems to indicate why optimal currency area is not possible and how the 3 blocs mention is possible.
Conclusion
- While the author did mention some issue of using a crypto like Bitcoin, it does not mention how this is more suitable for other leading cryptos like Ethereum. Or whether a crypto currency that is tendered by the government would be more suitable.
Author Response
Dear Sir/Madam!
Comments and Suggestions for Authors
This paper talks about digital currencies for not just a country but a group of countries, BRICS. It is an interesting topic as most countries around the world is experimenting or plans to experiment in implementing their own national digital currency. The paper starts with an introduction of currencies and the need for a shared digital currency. The 2nd paragraph goes deeper into the foundation of virtual money starting from the deindustralization and how it has affected money in the same way. Chapter 3 explored the methodology in designing a collective group currency for the BRICS. Chapter 4 presented some statistical data and finally the authors presented the results and conclusion.
Introduction. Currently okay, no comments.
The foundations of virtual money’s theory. Formula 1 needs to be explained better, and Fisher's work have to be cited proper. It is hard for the reader, who is not in this area to understand how Fisher's formula could be fitted for crypto ie Bitcoin. There is also no consideration of the deflationary nature of Bitcoin would affect the Formula 1. Also, i the supply is the issue, would a currency that does not have a limit like ethereum will be more suitable?
Irwin Fisher hypothesized that there must be some sort of an equation that could describe correlation between inflation and real and nominal interest rates [8]. Today it is especially time-relevant due to global inflation induced mostly by excessive money supply in the US, Japan and EU and a number of other developed, developing and emerging economies. Of course, Fisher meant his formula for fiat currencies. When Fisher wrote his paper, economists and social scientists were well aware of inflation. So, he wanted to contribute to monetary theory by introducing a sort of monetary equilibrium that could guide central banks that only started to appear during his time to fight inflation and keep money supply in check. This money supply check has been one of the major monetary issues in all countries of the world since the beginning of civilization. In the early 21st century, especially after the global financial crisis of 2007-9, this problem again took hold and became of particular interest for monetary economists after the pandemics. Since its inception in 2008, right in the wake of the global financial crisis, Bitcoin was thought as a sort of a remedy for all money ills. Because its blockchain was made to eliminate inflation, financial fraud, money manipulation and keep the value of money stable. Trying to compare the possibility of digital currency use in the BRICS we could not but remember of the Fisher’s formula for its influential idea of money equilibrium. Thus, we tried to adapt it for the research’s purposes and modified it a little bit, but still sticking to the idea that there must be some kind of an equation that could describe the monetary equilibrium at the time when fiat currency is challenged by its digital peers and is under threat of total extinction.
A methodological approach to creating a BRICS digital currency.
- Line 233, referring to Fisher without providing citation for it.
- Please provide in footnote or citation of where data was taken.
- Fisher, Irving (1907). The Rate of Interest. Mansfield Centre, CT: Martino Publishing (2009); MacMillan (1907). p. Cover. ISBN9781578987450
- Its was not clearly stated or justification for why table 1 consist of these countries. Somehow, a reader new to the area will get lost.
The phenomenon of the BRICS has gone through a series of consecutive stages which finally led to something we know of it today. The group was conceived as an investment project by Goldman Sachs in 2001. Goldman Sachs recommended back then that funds managers, asset managers and other interested parties take a special look at the corporate assets and shares from the four emerging nations included in the BRIC, as it was known at the time, as a combination of four countries Brazil, Russia, India and China. The BRICs was supposed to lay the foundation for a new better and prosperous world after 9/11 in the US and later after the global financial crisis of 2007-9. The BRICs provided hope for the world economy as a driver of GDP growth and a crucial part of global value-added chains. The four countries greatly contributed to recovering global GDP after dot-com bust of 2000-1 and sub-prime mortgage crisis a few years later. The four also helped both developing and developed nations get access to cheaper, competitive goods by the BRICs, because the four produced them with lower costs and decent quality. The markets of the BRICs were booming in the early 2000s. The boom drove share prices of the BRICs corporations. So, Goldman Sachs believed it was a next big thing in the world of finance. In fact, it strongly supported the idea that the four would overtake the combined GDP of G7 countries by 2050. The group was so successful that the bank had to revise its prognosis several times in the process saying that it might actually happen a decade and half earlier. In 2009, the leader of the BRICs first met at a summit in Russia. It was at this time that the BRICs started to see itself as something more material in terms of politics and economic policy. Thus, out of an investment portfolio concept, the BRICs quickly transformed to an influential emerging market combination of countries that could have a say on global economic issues. In 2010, it became even more clear that the BRICs was determined to be a global economic driver and global reformer, when it added South Africa and became the BRICS, as we know of it today. The BRICS started to claim more economic and political say in global issues. For example, the BRICS strongly supported the idea of an international financial system reform after the global economy nearly collapsed due to the global financial crisis. Commodity boom of the early 2000s and its resurgence in early 2010s benefitted the BRICS, especially commodity-rich Brazil, Russia and South Africa. China became part of the World Trade Organization and by 2009 became the largest world exporter by merchandise. India became a global IT hub for the rest of the world. So, the assets and the currencies of the BRICS were quite interesting for foreign investors even after Goldman Sachs reclaimed taking any part in the continuation of the BRICS dream as some kind of a savior of the existing world economic order. Economic success led the BRICS to strongly believe in its destiny as a new world economic center. The group started seriously thinking of internationalizing their currencies and replacing a certain share of the US-dollar reserves in national currencies to diversify foreign-exchange risks. The US Fed monetary tightening of 2013-14 strengthened the dollar, raised capital costs and reined in supporting the existing world economic order and international monetary system, leaving it almost unchanged and unchallenged with the US as an ultimate leader. Despite a series of crises on the first two decades of the 21st century, the BRICS continued to be a sort of a global economic driver. However, we must admit that the BRICS tried to pursue both economic and political agenda, especially after the US started a trade war against China. Meanwhile, Russia met waves of economic and financial sanctions due to conflict in Ukraine and was as good as isolated from the rest of the world. Brazil was struggling to keep its democratic face during the government of a populist president Jair Bolsonaro. India also suffered reputational losses after the conservative Bharatiya Janata Party came to power with Prime Minister Narendra Modi at its helm. South Africa struggled greatly under yoke of corruption and social unrest. Corona-crisis and world financial and economic turbulence increased pressure on the BRICS making it more divided as an entity of countries. The BRICS was never a common union. However, it was at this point when each member state had to look more inside than look at more intra-group cooperation and development due to many homegrown difficulties and strains. Nevertheless, the BRICS did not come apart. It is still a very interesting economic, political and social phenomenon which deserves research, especially todays when it really needs revisiting in terms of taking part in a new less global world economy and hostile economic and political environment. Part of the revisiting process can be ways to conduct bilateral transactions in a sort of a digital currency in an effort to de-dollarize their foreign-currency reserves and reliance on the US. It is for this reason the underlying research suggested a sort of a digital currency project as a mechanism to cooperate and develop towards a better common and more prosperous and secure future. A common digital currency project can be such an instrument and mechanism. Therefore, the hypothesis is to try to lay a foundation for a probable monetary system that may involve the BRICS and make it a sound concept or a least an initial discussion issue for ways leading to that better cooperation, economic and environmental sustainability as well as technological sovereignty.
Results
- Please provide better explanation of why the correlation seems to indicate why optimal currency area is not possible and how the 3 blocs mention is possible.
The underlying article contains only part of the simulation model developed for the common BRICS currency for lack of space. The article reproduces only a partial view on how the BRICS currency may look like when hypothetically initially coined on the crypto-exchange. The research, though, contains data condensed in a table and graphical form. In particular, Figure 1 represents a hypothetical dynamic of the currency under consideration. It represents simulated data of probable movements in the currency’s fluctuation over the course of the last good year 2019 before the international financial and monetary system was shaken by corona-crisis and other volatilities. Figure 1 shows the movements of the hypothetical BRICS-cryptocurrency in two representations. One of them depicts the currency as if it were a sort of an index averaging the dynamics of the five regular currencies of the BRICS simulated and projected into the future based on the assumption and retrospective data starting in 2014 when the BRICS leaders met in Fortaleza, Brazil and agreed on the creation of the New Development Bank and laid the foundation for the Pool of Contingency Reserve Currencies. The simulation approach made use of the actual data, projected it into the future and got output in a form of a graph showing average fluctuation of the BRICS’ currencies. Meanwhile, the other representation of the BRICS-cryptocurrency provides a look at it as if it were a common currency for the BRICS. The cryptocurrency is weighted on the US dollar exchange rate, based on the assumption that as soon as there is parity between the GDP of the G7 countries and that of the BRICS, hypothetically at the start of the year 2019, a unit of the BRICS currency cost a US dollar in January 2019. Later on, in the process, the simulation model showed probable dynamics of the currency in question till the end of 2019. And once on the crypto-money-market, the result of the floatation delivers a new curve showing that the currency in question may get stronger to the US dollar by the end of 2019. The simulation shows that, if floated, the US-dollar-to-the-BRICS-currency-exchange-rate may take the value of approximately 0.935. So, if an investor considered buying into the BRICS-currency in early 2019, he or she would have losses due to the BRICS-currency getting stronger against the US dollar. In effect, the simulation model says that the hypothetical BRICS-currency floatation would hurt the BRICS’ exporters and benefit their importers. Since the BRICS depends very much on foreign trade, the currency floatation may have significant consequences for both importers and exporters. The largest effect would be dealt on China’s foreign trade, being the largest actor in the world and among the BRICS.
Conclusion
- While the author did mention some issue of using a crypto like Bitcoin, it does not mention how this is more suitable for other leading cryptos like Ethereum. Or whether a crypto currency that is tendered by the government would be more suitable.
The research comes close to analyzing the prospects of introducing a common currency for the BRICS when discussing whether it should be a private cryptocurrency like Bitcoin or government-controlled digital money. Since the start of the pandemics in early 2020, a number of countries in the world addressed this issue, and some of them decided to introduce Bitcoin as legal tender. For instance, it was El Salvador that did really embrace the use of Bitcoin. Though, lately, the country might have regretted it after Bitcoin lost more 60% of its value since the peak in November 2021. Some parts of Switzerland also joined the club of countries with the Bitcoin as regular money. We think that part of the reason for them to do so is make a sort of an offshore financial oasis there. In the past they were not able to do that and lost in competition to other safe havens like the Cayman Islands or Bermuda, or Zurich, but now they with Bitcoin at their disposal they thought they could make use of it as an instrument to build a financial pyramid that would attract much needed foreign capital to develop their economies and financial sectors, in particular. However, due to high volatility and lack of control, this financial innovation failed as it seems, at least by now, at the time of writing this article. The loss in market value of Bitcoin put pressure on state finances in El Salvador and some municipalities in Switzerland. Their budgets had to deal with deficits. Foreseeing it and seeing it now, other countries like China or Russia responded to the challenge of a new financial digital revolution by adopting their own digital currencies they can control. China launched a pilot digital yuan initiative. Russia joins it on April 1st 2023. Early-stage results in China show that in general the majority of people have heard something of the pilot digital yuan, but they continue to mistrust it, and prefer regular currency. Also, the amount of money the Chinese can draw down on their digital yuan wallets is so some that it makes impossible to conduct some serious transactions making the currency obsolete. Russia is still in the process of seeing its first encounter with the digital ruble. However, what is clear by now is that the population’s rection to it may be the same just like in China. Some people may think of profiting by it while others neglect it, and when they understand the benefits of using the digital ruble in the end, it would be too late to get benefits, since usually it is newcomers who take it all from such financial innovations. The reality is though clear, and the CBDCs will find more use in the future of international finance and the digital financial revolution, because they offer more control over finance, especially in countries with strong and strict central government like those of China and Russia. The CBDCs may also bring in order financial chaos in countries with weaker financial regulation and more libertarian approach to finance such as South Africa and India. Recent financial fraud cases and cases of corruption in finance in both countries visibly demonstrate the need to have some sort of a government-controlled digital currency that would let them to interfere long before a financial shock strikes due to financial mishandling. It is on this basis and the basis of previous research on the issue that the underlying article tries to come up with an idea of a common digital currency for a group of emerging markets to collectively manage financial and monetary issues with digital money in hand [21]. The research suggests that the BRICS common digital unit of payment may indeed bring trust and security, especially for foreign trade partners in the BRICS who would like to hedge their currency risks and foreign exchange risks when exporting or importing important and valuable goods and services. This may improve cooperation and bring the BRICS to a new level of integration through common money.
Round 2
Reviewer 1 Report
Authors have addressed some of my comments, but once again they need to beef up literature review, I advised them to look at the collection of recent articles published in the Research in International Business and Finance.
https://www.sciencedirect.com/journal/research-in-international-business-and-finance/special-issue/10G8K1JZC8P
Author Response
Dear Reviewer, I am very grateful for the deep analysis and attentive approach to my work. In the uploaded version I actually used one article I found in the recommended block of literature and added in the list of references as well as the text itself, which is this one: 21. Miss Noora Alsalmi, Subhan Ullah and Muhammad Rafique. Accounting for Digital Currencies, Research in International Business and Finance, (2022) doi: https://doi.org/10.1016/j.ribaf.2023.101897
Reviewer 2 Report
All issues were address appropriately.
Author Response
Dear Reviewer, I am grateful for your deep analysis.
