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Economics and Financial Networks and Their Impact on the Macroeconomy...
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Economics and Financial Networks and Their Impact on the Macroeconomy and Financial Markets

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: 30 June 2024 | Viewed by 5037

Special Issue Editors

Dr. Petre Caraiani

E-Mail Website
Guest Editor
Faculty of Business Administration in Foreign Languages, Bucharest University of Economic Studies, Bucharest, Romania
Interests: macroeconomics; financial markets
Special Issues, Collections and Topics in MDPI journals
Dr. Mihail Busu

E-Mail Website
Guest Editor
Faculty of Business Administration in Foreign Languages, Bucharest University of Economic Studies, 010731 Bucharest, Romania
Interests: quantitative finance; econometrics; financial markets
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

There is a growing awareness about the fact that networks emerge naturally from the way individuals and firms tend to interact with each other. Recent studies underscore the importance of production networks and of financial networks in understanding the aggregate dynamics of the economy and financial markets as well as their interactions.

In this Special Issue, we call for papers that study the implications of the presence of economics and financial networks and their properties in the dynamics of the macroeconomy and financial markets.  Papers focusing on topics such as production networks, financial networks, the transmission of financial and macroeconomics shocks to the real economy and to financial markets are particularly welcome.

Dr. Petre Caraiani
Dr. Mihail Busu
Guest Editors

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

  • production networks
  • financial networks
  • quantitative finance
  • macroeconomics

Published Papers (3 papers)

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Research

17 pages, 1159 KiB  
Article
The Impact of the Mechanism for Aligning Horizontal Fiscal Imbalances on the Stability of the Financial System
by Nataliia Yaroshevych, Iryna Kondrat and Tetyana Kalaitan
J. Risk Financial Manag. 2024, 17(2), 74; https://doi.org/10.3390/jrfm17020074 - 13 Feb 2024
Viewed by 1161
Abstract
The growth of state transfers to offset disparities in regional development affects the stability of the country’s financial system. This article delves into this outcome, empirically analyzing whether the transfer system for horizontal fiscal alignment leads to decreased financial system stability through increased [...] Read more.
The growth of state transfers to offset disparities in regional development affects the stability of the country’s financial system. This article delves into this outcome, empirically analyzing whether the transfer system for horizontal fiscal alignment leads to decreased financial system stability through increased borrowing at municipal and national levels. To test this hypothesis, we employ a quasi-experimental analysis strategy, examining potential scenarios of configuring transfers to Ukrainian municipalities for addressing horizontal fiscal imbalance. Across various transfer calculation scenarios involving changes in the calculation period, the number of budgets in consideration, and the alignment subject, we find that a suboptimal system of horizontal fiscal alignment, transferring funds from financially secure municipalities to insecure ones, leads to a rise in the public finance debt, subsequently decreasing financial system stability. Additionally, we discover that the current mechanism in Ukraine for horizontal fiscal alignment, designed to mitigate inequalities in socio-economic development among communities and regions, paradoxically exacerbates these disparities, artificially inflates indicators of decentralization reform success, and undermines public finance stability. Full article
(This article belongs to the Special Issue Economics and Financial Networks and Their Impact on the Macroeconomy and Financial Markets)
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21 pages, 652 KiB  
Article
Navigating the Intricate Relationship between Investments and Global Output: A Leontief Matrix Case Study of Romania
by Mihail Busu, Madalina Vanesa Vargas and Sorin Anagnoste
J. Risk Financial Manag. 2023, 16(12), 521; https://doi.org/10.3390/jrfm16120521 - 18 Dec 2023
Viewed by 1505
Abstract
This research delves into the intricate dynamics underlying the impact of investments on global output, employing the Leontief matrix as a robust analytical framework. Investments wield a profound influence on economies worldwide, with varying effects contingent upon investment types, development levels of countries, [...] Read more.
This research delves into the intricate dynamics underlying the impact of investments on global output, employing the Leontief matrix as a robust analytical framework. Investments wield a profound influence on economies worldwide, with varying effects contingent upon investment types, development levels of countries, and external factors such as trade conflicts and global shocks. The diverse range of investment forms, including physical capital, human capital, R&D, and technological investments, engenders distinct implications for productivity, innovation, and efficiency. Developing and developed economies navigate unique trajectories, with investments playing a pivotal role in bridging infrastructure gaps, improving technology, and spurring growth. However, external disruptions, such as trade wars and global shocks, introduce an element of complexity, reshaping investment patterns and altering global output trajectories. This study centers on harnessing the Leontief matrix’s prowess to evaluate the interplay of investments and global output, focusing on the Romanian economy. By analyzing input–output tables, encompassing 105 branches aggregated into 10 sectors, the research captures the intricate connections between economic segments. Notably, the Romanian context reveals the volatility of the matrix coefficients, an outcome of ongoing transitional processes, technological advancements, and fluctuating relative prices. In unraveling the intricate threads weaving investments and global output, this study contributes to a nuanced comprehension of these multifaceted interactions. The findings underscore the significance of tailoring investment strategies to specific economic contexts and advocate for robust frameworks, such as the input–output model, to inform policy decisions and drive sustainable growth in an increasingly complex global economy. Full article
(This article belongs to the Special Issue Economics and Financial Networks and Their Impact on the Macroeconomy and Financial Markets)
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13 pages, 265 KiB  
Article
Monetary Policy Shocks and Input–Output Characteristics of Production Networks
by Petre Caraiani
J. Risk Financial Manag. 2023, 16(3), 168; https://doi.org/10.3390/jrfm16030168 - 2 Mar 2023
Cited by 1 | Viewed by 1512
Abstract
This paper revisits the production network’s role in transmitting monetary policy shocks. The study uses macroeconomic data for multiple OECD economies, for which it estimates the time-varying impulse response functions of GDP to monetary shocks. In contrast to recent macroeconomics papers focusing on [...] Read more.
This paper revisits the production network’s role in transmitting monetary policy shocks. The study uses macroeconomic data for multiple OECD economies, for which it estimates the time-varying impulse response functions of GDP to monetary shocks. In contrast to recent macroeconomics papers focusing on upstreamness or downstreamness, the paper studies measures from the input–output literature, like average propagation length or fields of influence. When looking at the relationship between the production network measures and the impact of monetary policy shocks on GDP, measures like average propagation length or rows’ fields of influence, amplify the negative impact of the monetary policy shocks, while the forward linkage dampens them. Full article
(This article belongs to the Special Issue Economics and Financial Networks and Their Impact on the Macroeconomy and Financial Markets)
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