Monetary Policy in a Globalized World

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 December 2024 | Viewed by 2213

Special Issue Editor


E-Mail Website
Guest Editor
School of Accounting, Economics and Finance, Curtin University, Bentley, WA 6102, Australia
Interests: monetary economics; International economics

Special Issue Information

Dear Colleagues,

Over the past few years, the global economy has been going through the COVID-19 pandemic and the most severe recession since the “Great Depression”. As economies reopened, coupled with the Russia–Ukraine war, inflation rose to rates not seen in four decades for developed countries and since the 1990s in the developing world. This has led to governments and central banks all over the world quickly ratcheting up interest rates, raising questions about the effectiveness and coordination of monetary policies.

This Special Issue focuses on some of these key questions, including, but not limited to, novel research on monetary policy uncertainty; effectiveness of monetary policy; spillover effects of inflation; central bank credibility; negative interest rate policies; digital currencies; and monetary policies with which to rebalance the global economy after the COVID-19 pandemic. Both theoretical and empirical research are welcomed, as is the use of novel mathematical/econometric/statistical techniques for these topics.

Dr. Lei Pan
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

  • monetary policy
  • interest rates
  • inflation
  • central bank
  • zero lower bound
  • quantitative easing
  • digital currencies
  • spillover effects

Benefits of Publishing in a Special Issue

  • Ease of navigation: Grouping papers by topic helps scholars navigate broad scope journals more efficiently.
  • Greater discoverability: Special Issues support the reach and impact of scientific research. Articles in Special Issues are more discoverable and cited more frequently.
  • Expansion of research network: Special Issues facilitate connections among authors, fostering scientific collaborations.
  • External promotion: Articles in Special Issues are often promoted through the journal's social media, increasing their visibility.
  • e-Book format: Special Issues with more than 10 articles can be published as dedicated e-books, ensuring wide and rapid dissemination.

Further information on MDPI's Special Issue polices can be found here.

Published Papers (2 papers)

Order results
Result details
Select all
Export citation of selected articles as:

Research

33 pages, 6638 KiB  
Article
Optimal Monetary and Fiscal Policies to Maximise Non-Parallel Risk Premia in Sovereign Bond Markets
by Sanveer Hariparsad and Eben Maré
J. Risk Financial Manag. 2024, 17(11), 510; https://doi.org/10.3390/jrfm17110510 - 15 Nov 2024
Viewed by 690
Abstract
In this paper, we analysed several emerging market (EM) and developed market (DM) sovereign yield curves to identify the proportion of parallel and non-parallel shifts over time. We found that non-parallel shifts are more prevalent in EM due to higher political and economic [...] Read more.
In this paper, we analysed several emerging market (EM) and developed market (DM) sovereign yield curves to identify the proportion of parallel and non-parallel shifts over time. We found that non-parallel shifts are more prevalent in EM due to higher political and economic risks. Key drivers include systemic risk events like wars, debt distress, and pandemics. By backtesting a long butterfly strategy to extract non-parallel risk premia from June 2007 to March 2024, we observed that steeper slopes and greater curvature result in higher returns. We also quantified monetary and fiscal regimes to determine what types of policies are required to extract non-parallel risk premia from these sovereign yield curves. Our research suggests that countries with opposing monetary and fiscal policies possess higher return opportunities whilst countries with complementing policies require tactical butterfly strategies to optimise returns. Full article
(This article belongs to the Special Issue Monetary Policy in a Globalized World)
Show Figures

Figure 1

23 pages, 5104 KiB  
Article
A Re-Appraisal of the Role of Monetary Policy: The Quantity Theory of Money through a Structural Vector Autoregressive Approach
by Antonio Focacci and Angelo Focacci
J. Risk Financial Manag. 2024, 17(8), 355; https://doi.org/10.3390/jrfm17080355 - 13 Aug 2024
Viewed by 955
Abstract
The COVID-19 pandemic, the Russia–Ukraine and the Israel–Hamas conflicts, and the resulting global economic shocks will affect the world economy for several years. This paper analyzes and discusses monetary finance (MF) using the Quantity Theory of Money (QTM) to understand economic dynamics. To [...] Read more.
The COVID-19 pandemic, the Russia–Ukraine and the Israel–Hamas conflicts, and the resulting global economic shocks will affect the world economy for several years. This paper analyzes and discusses monetary finance (MF) using the Quantity Theory of Money (QTM) to understand economic dynamics. To achieve this goal, we utilize a Structural Vector Autoregressive (SVAR) identification scheme with sign restrictions on datasets from advanced economies. The findings indicate that monetary growth plays a role in short-term inflationary dynamics, while its effects are less significant in the medium to long term. The aim of the paper is to contribute to ongoing debate surrounding the potential strategies for addressing the economic downturn through the reintroduction of monetary finance (MF). Full article
(This article belongs to the Special Issue Monetary Policy in a Globalized World)
Show Figures

Figure 1

Back to TopTop