Advancing Research in International Finance

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

Deadline for manuscript submissions: 31 July 2025 | Viewed by 668

Special Issue Editor


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Guest Editor
School of Economics, University of Surrey, Guildford GU2 7XH, UK
Interests: international macro/finance; asset pricing; cryptocurrencies; fixed income
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Special Issue Information

Dear Colleagues,

This Special Issue focuses on advancing research in international finance, emphasizing theoretical and empirical perspectives on key global financial challenges. The field of international finance continues to evolve rapidly, addressing pressing issues like global financial stability, cross-border capital flows, exchange rates, international trade finance, and the growing influence of emerging markets in the global financial system. The issue seeks to provide a platform for high-quality research with significant implications for both policy and practice in a globalized economy.

We encourage submissions that address, but are not limited to, the following topics:

  • Global Financial Stability: exploring the effects of financial crises, including the roles of central banks and monetary policy in stabilizing international markets.
  • Sovereign Debt Markets: examining the risks associated with government bonds in advanced and emerging economies, including currency, liquidity, interest rate, and default risks.
  • Emerging Markets and Global Finance: highlighting the unique challenges faced by emerging markets, including their roles within the global financial architecture and bond yield determination in high-risk environments.
  • Cross-Border Investments and Financial Integration: investigating factors that shape cross-border capital flows, investor demand for bonds, and the effects of bond index inclusions on prices and liquidity.
  • Quantitative Easing and Monetary Policy: analyzing the impact of central bank balance sheets on sovereign bond markets, with comparisons between quantitative easing (QE) during the 2008–09 Great Financial Crisis and the COVID-19 pandemic response.
  • Innovative Financial Topics: exploring the role of cryptocurrencies, blockchain technology, and Environmental, Social, and Governance (ESG) considerations in shaping international finance.

By prioritizing these topics, the issue aims to contribute to a deeper understanding of sovereign risk, bond yield determination, the effects of international monetary policies, and the evolving landscape of international finance, particularly in the context of emerging market economies.

Dr. Kirill Shakhnov
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.

Keywords

  • international finance
  • financial crises
  • sovereign debt
  • cross-border investment
  • emerging markets
  • exchange rates
  • trade finance
  • cryptocurrencies
  • blockchain
  • ESG in finance

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Published Papers (1 paper)

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Research

15 pages, 1005 KiB  
Article
An Examination of G10 Carry Trade and Covered Interest Arbitrage Before, During, and After Financial Crises
by Charles Armah Danso and James Refalo
J. Risk Financial Manag. 2025, 18(4), 190; https://doi.org/10.3390/jrfm18040190 - 2 Apr 2025
Viewed by 278
Abstract
This paper examines and compares the trading strategies of carry and covered interest arbitrage. This study constructs portfolios for G10 countries based on interest rates’ spot and forward exchange rates. We extend the prior literature by focusing on the profitability of the strategies [...] Read more.
This paper examines and compares the trading strategies of carry and covered interest arbitrage. This study constructs portfolios for G10 countries based on interest rates’ spot and forward exchange rates. We extend the prior literature by focusing on the profitability of the strategies during and around the two crisis periods, comparing both carry trade (CT), i.e., unhedged, and covered interest arbitrage (CIAT), i.e., hedged. We find that both CT and CIAT have variable profits during the period examined, with both strategies’ profits generally concentrated in the pre-crisis period and most losses in the post-crisis period. Full article
(This article belongs to the Special Issue Advancing Research in International Finance)
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