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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: closed (31 October 2024) | Viewed by 18795

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Special Issue Editors

Prof. Dr. Bruno Dallago

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Guest Editor

Department of Economics and Management, University of Trento, 38122 Trento, Italy
Interests: comparative economic systems; economics; entrepreneurship; European economic integration; European Union; globalization; higher education; institutions; local development; small and medium-sized firms; transformation in central-eastern Europe; varieties of capitalism

Dr. Sara Casagrande

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Guest Editor

Department of Economics and Management, University of Trento, 38122 Trento, Italy
Interests: comparative economic systems; economic analysis; economics; European economic integration; European Union; finance; financial markets; institutions; macroeconomics; varieties of capitalism

Special Issue Information

Dear Colleagues,

Globalization and integration processes have undergone profound evolution and transformation in recent decades. The emergence of new global players both at regional (East Asia) and country levels (BRICS) and at microeconomic levels (emerging multinationals, value chains), together with social, economic, health and geopolitical events, seem to lead towards a multipolar world economy. Western capitalist countries and emerging countries of the East and the South seem determined to take different paths, following divergent national interests. Well-established integration processes, such as the European Union (EU), struggle to manage the heterogeneity of its member countries and reconcile national interests with Community objectives. More recent integration processes, such as the Shanghai Cooperation Organisation (SCO) and the BRICS, together with their multilateral institutions are apparently strengthening the role of the East and the South in the international economy and politics, apparently in alternative to the West-dominated globalization and integration and their institutions.

Do these processes represent attempts at making globalization work better and more effectively involve different areas of the world? Or do they and the new attempts at area integration represent important steps in the ongoing dispute for the dominance over the world economy? Or do they represent the building blocks of the new multipolar international order? Do these forces and processes move forward a new organization and governance of globalization and integration or do they lead to disrupting globalization and making disintegration prevail? What will the gains and the losses be? What is the role of demography, innovation, technology, skills and education, inequalities and mobility in these new scenarios? How will labour markets, financial markets and international trade evolve? How will the role of international institutions change?

The purpose of this Special Issue is to answer these and possibly other questions, and to investigate the nature of globalization after years of exogenous and endogenous shocks and conflicts. This Special Issue also aims at analysing the evolving features of globalization and integration and the differences with respect to end-of-20th-century globalization, their coevolution with integration processes (both microeconomic and macroeconomic integration, including value chains and financial integration and inter-country trade integration), and reactions to recent challenges.

Prof. Dr. Bruno Dallago
Dr. Sara Casagrande
Guest Editors

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Keywords

globalization
world economy
institutional variety
finance
integration processes
disintegration
multipolar economy
capitalism
labour
east
west
international trade
value chains

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Published Papers (10 papers)

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Research

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21 pages, 2096 KiB

Open AccessArticle

The Determinants and Growth Effects of Foreign Direct Investment: A Comparative Study

by Sheng-Ping Yang

J. Risk Financial Manag. 2024, 17(12), 541; https://doi.org/10.3390/jrfm17120541 - 29 Nov 2024

Viewed by 665

Abstract

This study examines the factors determining inward foreign direct investment (FDI) and its effects on productivity, ultimately contributing to economic growth. Using a two-step generalized method of moments (GMM) approach, we analyzed a panel of 84 countries, comprising 34 OECD and 50 non-OECD countries, from 2010 to 2019. The findings suggest that FDI positively impacts productivity and benefits both OECD and non-OECD countries. Economic freedom plays a significant role in attracting FDI, particularly in OECD countries, and contributes to economic growth in non-OECD countries. However, economic freedom alone does not guarantee strong economic growth in OECD countries but significantly enhances growth in non-OECD countries. The results also highlight that only economies with robust economic infrastructure and development levels benefit more from FDI. It appears that FDI by itself has no direct effect on output growth. Instead, the impact of FDI is contingent on the level of economic freedom in the host countries. This paper presents a key finding on how policy decisions influence the effects of foreign capital investment on productivity and income. It indicates that countries promoting economic freedom can more effectively leverage productivity gains from FDI. Full article

(This article belongs to the Special Issue Globalization and Economic Integration)

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16 pages, 6519 KiB

Open AccessArticle

Market Volatility vs. Economic Growth: The Role of Cognitive Bias

by Neha Parashar, Rahul Sharma, S. Sandhya and Apoorva Joshi

J. Risk Financial Manag. 2024, 17(11), 479; https://doi.org/10.3390/jrfm17110479 - 24 Oct 2024

Viewed by 1442

Abstract

This study aims to investigate the interaction between market volatility, economic growth, and cognitive biases over the period from April 2006 to March 2024. Market volatility and economic growth are critical indicators that influence economic stability and investment behavior. Financial market volatility, defined by abrupt and erratic changes in asset values, can have a big impact on the expansion and stability of the economy. According to conventional economic theory, there should be an inverse relationship between market volatility and economic growth since high volatility can discourage investment and erode trust. Market participants’ cognitive biases are a major aspect that complicates this connection. Due to our innate susceptibility to cognitive biases, including herd mentality, overconfidence, and loss aversion, humans can make poor decisions and increase market volatility. These prejudices frequently cause investors to behave erratically and irrationally, departing from reasonable expectations and causing inefficiencies in the market. Cognitive biases have the capacity to sustain feedback loops, which heighten market turbulence and may hinder economic expansion. Similarly, cognitive biases have the potential to cause investors to misread economic indicators or ignore important details, which would increase volatility. This study uses the generalized autoregressive conditional heteroskedasticity (GARCH) model on GDP growth data from the US, the UK, and India, alongside S&P 500, FTSE 100, and NIFTY 50 data sourced from Bloomberg, to examine evidence of these biases. The results show evidence of the predictive nature of market fluctuations on economic performance across the markets and highlight the substantial effects of cognitive biases on market volatility, disregarding economic fundamentals and growth, emphasizing the necessity of considering psychological factors in financial market analyses and developing strategies to mitigate their adverse effects. Full article

(This article belongs to the Special Issue Globalization and Economic Integration)

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13 pages, 993 KiB

Open AccessArticle

Changes in Revealed Comparative Advantage in Machinery and Equipment: Evidence for Emerging Markets

by Andrea Boltho

J. Risk Financial Manag. 2024, 17(9), 412; https://doi.org/10.3390/jrfm17090412 - 17 Sep 2024

Viewed by 1123

Abstract

The paper computes Balassa’s index of revealed comparative advantage for machinery and equipment (a rough proxy for high-tech goods) for a number of emerging areas (East Asia, South-East Asia, South Asia, Eastern Europe, Latin America, Africa, and the Middle East) and for selected individual countries over some 50 years, from the early 1970s to the early 2020s. The focus is on why some economies were successful in promoting high-tech sectors. As could be expected, experience differs hugely. In some countries, interventionist trade or industrial policies were crucial in fostering comparative advantage. In others, however, the role of policies appears to have been minor and successes were achieved thanks to the free play of market forces (including an important contribution, at least in some countries, coming from foreign direct investment). Full article

(This article belongs to the Special Issue Globalization and Economic Integration)

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11 pages, 285 KiB

Open AccessArticle

Impairing Globalization: The Russo-Ukrainian War, Western Economic Sanctions and Asset Seizures

by Steven Rosefielde

J. Risk Financial Manag. 2024, 17(9), 402; https://doi.org/10.3390/jrfm17090402 - 8 Sep 2024

Viewed by 1067

Abstract

The potency of economic sanctions imposed on nations depends on demand and supply adjustment possibilities. Adverse GDP impacts will be maximal when import, export, production, distribution and finance are inflexible (universal non-substitution). This paper elaborates on these conditions and quantifies the maximum GDP loss that Western sanctions could have inflicted on Russia in 2022–2023. It reports the World Bank’s predictions, contrasts them with the results and draws inferences about the efficiency of Russia’s workably competitive markets. This paper shows that Russia’s economic system exhibits moderate universal substitutability and is less vulnerable to punitive discipline than Western policymakers suppose. The likelihood that economic sanctions will compel the Kremlin to restore Ukraine’s territorial integrity ceteris paribus is correspondingly low, even though war reduces Russia’s quality of existence. Western economic sanctions serve narrow geostrategic ends that are reconcilable with Pareto-efficient free trade and globalization, if precision-targeted, but as the Russo-Ukrainian war intensifies, an expanded array of novel and dubiously legal sanctions is degrading free trade, and spurring de-globalization and anti-Western coalitions. If this armed combat is prolonged, the goals of free trade and globalization could be set back for decades. Full article

(This article belongs to the Special Issue Globalization and Economic Integration)

24 pages, 2984 KiB

Open AccessArticle

The Risk of Protectionism: What Can Be Lost?

by Marek Dabrowski

J. Risk Financial Manag. 2024, 17(8), 374; https://doi.org/10.3390/jrfm17080374 - 21 Aug 2024

Viewed by 2427

Abstract

The increasing wave of protectionism in various corners of the world with the use of seemingly attractive but economically misleading slogans (shortening supply chains, onshoring, reshoring, nearshoring, friend-shoring, reindustrialization, and ending/correcting ‘hyperglobalization’, etc.) creates a serious challenge to the global trading system and global economic development. Trade and financial transactions have also become victims of the increasing number of geopolitical conflicts and tensions, both ‘hot’ and ‘cold’. Before it becomes too late, i.e., before the current trade tensions go too far and create the hardly reversible spiral of trade and financial wars, retaliations, etc., it is desirable to reflect on what can be lost due to protectionism. This essay analyzes four areas that have benefited from global economic integration since the 1980s (economic growth, poverty eradication, reduction in global economic inequalities, and disinflation) and may suffer from its reversal. It also discusses potential remedies that may help stop a protectionist drift. Full article

(This article belongs to the Special Issue Globalization and Economic Integration)

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21 pages, 2264 KiB

Open AccessArticle

Adapting to Multipolarity: Insights from Iterated Game Theory Simulations—A Preliminary Study on Hypothetical Optimal Global Cooperation

by Panagiotis E. Petrakis, Anna-Maria Kanzola and Ioannis Lomis

J. Risk Financial Manag. 2024, 17(8), 370; https://doi.org/10.3390/jrfm17080370 - 19 Aug 2024

Viewed by 1722

Abstract

The global geopolitical landscape is characterized by the rise of new powers and a shift toward multipolarity. This study examines the impact of multipolarity on international cooperation using an iterated game theory approach, particularly the classic prisoner’s dilemma, extended to a multiplayer setting. This effort can be regarded as a preliminary study of hypothetical optimal global cooperation. The main hypothesis is that an increase in the number of large countries in the international system will lead to higher levels of cooperation. Our simulation approach confirmed this. Our findings extend to the conclusion that multipolarity, under appropriate cultural and value systems, can foster new economic development and fair competition. Furthermore, we emphasize the importance of evolving strategies and cooperative dynamics in a multipolar world, contributing to discussions on foreign economic policy integration, sustainability, and managing vulnerabilities among great powers. The study underscores the necessity of strategic frameworks and international institutions in promoting global stability and cooperation amidst the complexities of multipolarity. Full article

(This article belongs to the Special Issue Globalization and Economic Integration)

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20 pages, 3778 KiB

Open AccessArticle

Perspectives on Migration and Financial Markets Research

by Juan David González-Ruiz, Camila Múnera-Sierra and Nini Johana Marín-Rodríguez

J. Risk Financial Manag. 2024, 17(7), 272; https://doi.org/10.3390/jrfm17070272 - 29 Jun 2024

Viewed by 777

Abstract

This study comprehensively analyzes the relationship between migration and financial markets. We examine existing research on this subject using a scientometric and bibliometric approach. By employing VOSviewer and Bibliometrix tools, we introduce a novel methodology that enhances comprehension of this intricate relationship. The findings underscore two significant outcomes. Firstly, the impact of migration on financial markets is evident through the substantial flow of remittances and microfinance. Secondly, this study uncovers challenges hindering the integration of migrants into formal banking systems, thereby affecting financial market dynamics. This research deepens our understanding of migration’s implications on financial markets, offering practical insights that can guide policymakers and financial institutions in their decision-making processes. Full article

(This article belongs to the Special Issue Globalization and Economic Integration)

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14 pages, 1155 KiB

Open AccessArticle

The Asymmetric Effects of Oil Price Volatility on Stock Returns: Evidence from Ho Chi Minh Stock Exchange

by Loc Dong Truong, H. Swint Friday and Nhien Tuyet Doan

J. Risk Financial Manag. 2024, 17(7), 261; https://doi.org/10.3390/jrfm17070261 - 26 Jun 2024

Viewed by 1594

Abstract

This study is the first to investigate the asymmetric effects of oil price volatility on stock returns for the Ho Chi Minh Stock Exchange (HOSE). We utilized weekly series of VN30-Index, WTI crude oil prices, geopolitical risks (GPR) index, and gold prices spanning from 6 February 2012 to 31 December 2023 as data sources. Using a nonlinear autoregressive distributed lag (NARDL) bounds testing approach, we found that, in the shortterm, oil price volatility has negative asymmetric effects on market returns. Specifically, in the shortterm, a 1 percent increase in oil price volatility immediately leads to a 2.6868 percent decrease in the market returns, while a similar magnitude decrease in oil price volatility is associated with a 6.3180 percent increase in the market returns. In addition, the results obtained from the NARDL model indicated that, in the longterm, the negative and positive changes of oil price volatility have significantly negative effects on the market returns. Finally, the findings derived from the error correction model (ECM) show that a 98.21 percent deviation from the equilibrium level in the previous week is converged and corrected back to the long-term equilibrium in the current week. Full article

(This article belongs to the Special Issue Globalization and Economic Integration)

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9 pages, 563 KiB

Open AccessArticle

Globalisation of Professional Sport Finance

by Wladimir Andreff

J. Risk Financial Manag. 2024, 17(5), 201; https://doi.org/10.3390/jrfm17050201 - 13 May 2024

Viewed by 2273

Abstract

The objective of the present paper is to put a milestone on the roadmap toward a global economic system of professional sport, at least as regards its financial dimension, i.e., its model of finance, its ownership, and some new trends in global sport finance. Professional sport went through a radical change during the 1990s when switching from gate receipts to TV rights revenues as its major source of finance and from local/domestic to internationalised/globalised sources of revenue. This change was more marked in European soccer (football) before spreading throughout other professional sport disciplines. In fact, the whole distribution of sport financing was restructured as shown in this paper. Starting from this evidence of the first stage of sport finance globalisation, it appears that new transformations have been at work in sport finance more recently. In particular, soccer moved from globalisation of flows (revenues, finance) to asset globalisation in terms of club ownership. At last, this paper discusses the emergence of new trends in global sport finance such as treating professional (soccer) players as financial assets and crypto-assets penetrating the sports business. Full article

(This article belongs to the Special Issue Globalization and Economic Integration)

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Review

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19 pages, 775 KiB

Open AccessReview

Challenges for Customs Risk Management Today: A Literature Review

by Sandra Karklina-Admine, Aldis Cevers, Arturs Kovalenko and Armands Auzins

J. Risk Financial Manag. 2024, 17(8), 321; https://doi.org/10.3390/jrfm17080321 - 25 Jul 2024

Cited by 1 | Viewed by 3463

Abstract

Changes and uncertainty in the customs operating environment and the growth of trade and travel volumes have affected how customs administrations manage and approach their tasks. As a result of technological development, the role of customs in border control has changed dramatically. Thus, the massive volume of goods, the way they are traded worldwide, and the speed of such transactions create additional fiscal, security, financial, and safety risks, affecting the resources available to customs services. The current geopolitical situation has significantly impacted the role of customs services. The topic is relevant to simultaneously assure both the quality of the services provided by the customs and compliance with the requirements set in the framework of limited resources. This study focuses on customs risk management (CRM) issues. It acknowledges that the customs services must continuously improve their operational methods, including promoting a more structured, integrated, and systematic way to manage customs risks. Based on the literature review, we examine the CRM-related challenges and how scholars address them in the scientific literature. This study aims to identify and analyse the contemporary challenges in CRM from its effectiveness point of view. We employ a systematic literature review, searching in most recognised databases and covering the period of 2005–2024. We follow this with a qualitative content analysis and synthesis, summarising and discussing the study results. We identify and discuss relevant key factors contributing to effective CRM. Finally, we conclude with the implications of the findings for CRM practice and policy, as well as with various potential developments in CRM that we suggest for further work. Full article

(This article belongs to the Special Issue Globalization and Economic Integration)

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