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Open Economy Macroeconomics
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Open Economy Macroeconomics

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: 31 May 2024 | Viewed by 1810

Special Issue Editor

Dr. Nazif Durmaz

E-Mail Website
Guest Editor
Global Business School, Kean University, 303-Q Hynes Hall, Union, NJ 07083, USA
Interests: international economics and trade; empirical financial economics; open economy macroeconomics; time series econometrics; forecasting

Special Issue Information

Dear Colleagues,

One of the most notable characteristics of international economics is the incorporation of market economies, where we observe the effects of macroeconomic performance on open economies. This Special Issue focuses on the broad topic of “Open Economy Macroeconomics” and involves novel research on the use of international commerce, competition, trade, capital movement, and other resources through international integration.  

Analyzing economic systems in connection with the rest of the world, considering their output, financial, and labor markets, is important. Articles, empirical or theoretical, studying aspects of monetary policies in various economies that pertain to credibility and non-neutrality; addressing the regulations in domestic lands after foreign shocks; and studying the dynamics of the interdependence of open economies as well as their strategic relationships are welcome.

Papers on international macroeconomics, with an emphasis on emerging market economies, are encouraged. Studies covering topics such as banking systems and currency crises, financial globalization, exchange rate regimes, dollarization, and institutions as well as governance are also expected.

Dr. Nazif Durmaz
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Published Papers (2 papers)

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Research

20 pages, 3336 KiB  
Article
Macroeconomic Dynamics in the Greek Economy during the Pre- and Post-Euro Adoption Periods
by Dimitrios R. Barkoulas and Dionysios Chionis
J. Risk Financial Manag. 2024, 17(4), 156; https://doi.org/10.3390/jrfm17040156 - 12 Apr 2024
Viewed by 521
Abstract
This study examines the relationships between Greek macroeconomic variables, examining before and after the euro’s introduction as a currency. We conducted an extensive analysis from 1980 to 2019, examining various economic indicators such as government expenditure, unemployment rates, taxation, inflation, and national debt, [...] Read more.
This study examines the relationships between Greek macroeconomic variables, examining before and after the euro’s introduction as a currency. We conducted an extensive analysis from 1980 to 2019, examining various economic indicators such as government expenditure, unemployment rates, taxation, inflation, and national debt, employing causal and correlation analysis and econometric modeling with and without time-varying effects. The results revealed a significant correlation between the introduction of the euro and a tighter relationship between government spending and unemployment levels, while one more remarkable point was that higher government spending or debt reduction initiatives appeared to positively impact joblessness, particularly in the context of the euro. Our research underscored the correlation between national debt and government spending as increased debt led to reduced government expenditure and vice versa. Unemployment cited an increased impact on government spending right after the euro adoption, and on the other hand, the effect of unemployment on government spending decreased. The debt–government spending nexus was decreasing for many years before the euro adoption, while just before the euro adoption, the relationship between debt and government spending was rather stable. Finally, during the euro adoption, the effect of inflation on tax increased, while the corresponding inflation tax remained stable. Our findings have significant implications for policymakers shaping the economic strategies in Greece as they point out the necessity for stable and balanced approaches that manage government spending and debt to address unemployment effectively. Full article
(This article belongs to the Special Issue Open Economy Macroeconomics)
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29 pages, 399 KiB  
Article
Closed-End Fund Discounts and Economic Policy Uncertainty
by Nazif Durmaz
J. Risk Financial Manag. 2023, 16(3), 200; https://doi.org/10.3390/jrfm16030200 - 14 Mar 2023
Viewed by 877
Abstract
This paper empirically tests the determinants of closed-end fund (CEF) prices by employing cointegration and error-correction modeling with an advanced ARDL framework. Since CEF shares generally trade at discounts to their net asset value (NAV), we modeled CEF prices, including volatility and economic [...] Read more.
This paper empirically tests the determinants of closed-end fund (CEF) prices by employing cointegration and error-correction modeling with an advanced ARDL framework. Since CEF shares generally trade at discounts to their net asset value (NAV), we modeled CEF prices, including volatility and economic policy indices along with their NAVs. The present study consists of 31 monthly frequency CEF discount data from January 1999 to April 2018 and economic policy uncertainty (EPU) with ten subindices. This paper finds evidence for cointegration in many of the series and statistically significant coefficients in the short- and long-run estimates of the included subindices. Full article
(This article belongs to the Special Issue Open Economy Macroeconomics)
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