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Macroeconomics, Market Power, and Industrial Policy
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Macroeconomics, Market Power, and Industrial Policy

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: closed (31 August 2022) | Viewed by 10341

Special Issue Editors

Prof. Dr. Roberto Samaniego

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Guest Editor
Department of Economics, George Washington University, Washington, DC 20052, USA
Interests: macroeconomics; economic growth
Dr. Alicia H. Dang

E-Mail Website
Guest Editor
Department of Economics, Union College, Schenectady, NY 12308, USA
Interests: development; competition; macroeconomics

Special Issue Information

Dear Colleagues,

It is with pleasure that we announce the call for papers for the Journal of Risk and Financial Management Special Issue on Macroeconomics, Market Power, and Industrial Policy.

This Special Issue will contain papers that study the macroeconomic implications of market power and industrial policy: the macroeconomic impact of private and public efforts to reshape markets. Both empirical and theoretical papers are welcome: the best papers will combine both empirics and theory. Of particular interest are papers on the impact of market power and/or industrial policy on macroeconomic risk or risk to the financial system, although papers on other relevant topics such as productivity and structural change are also welcome. Papers may be about the impact of market power and industrial policy on macroeconomic dynamics at any frequency, high (business cycle) or low (long-run levels of development, or growth trends). Case studies should explain why any findings can be reasonably generalized beyond the case in question. Industry studies should explain (and if possible quantitatively assess) the macroeconomic impact of any results.

We look forward to reviewing your submissions!

Prof. Dr. Roberto Samaniego
Dr. Alicia H. Dang
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

  • macroeconomics
  • market power
  • competition
  • industrial policy
  • economic growth
  • economic structure
  • business cycles

Published Papers (4 papers)

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Research

20 pages, 549 KiB  
Article
Exchange Rate Volatility Effect on Economic Growth under Different Exchange Rate Regimes: New Evidence from Emerging Countries Using Panel CS-ARDL Model
by Karim Ameziane and Bouchra Benyacoub
J. Risk Financial Manag. 2022, 15(11), 499; https://doi.org/10.3390/jrfm15110499 - 27 Oct 2022
Cited by 4 | Viewed by 3533
Abstract
This paper analyzes the impact of exchange rate volatility on economic growth under various exchange rate regimes. It empirically examines this issue in 14 emerging countries from 1990 to 2020. This study has three particularities: First, we use the GARCH model to generate [...] Read more.
This paper analyzes the impact of exchange rate volatility on economic growth under various exchange rate regimes. It empirically examines this issue in 14 emerging countries from 1990 to 2020. This study has three particularities: First, we use the GARCH model to generate the conditional variance, which will be used as a proxy variable for the exchange rate volatility. Second, to address our issue, we employ the Panel CS-ARDL model, one of the most recent models for handling panel cases. Third, we apply the Dumitrescu and Hurlin Granger non-causality test to capture the potential indirect effect that exchange rate volatility can have on economic growth through the channel of its determinants. The results of our study demonstrate that exchange rate volatility costs emerging countries both directly and indirectly in terms of growth. However, by controlling our countries according to the adopted exchange rate regime, we find that the magnitude of this impact tends to be stifled in the case of countries adopting intermediate exchange rate regimes. Through their combination of rigidity and flexibility, intermediate exchange rate regimes appear to be more effective in mitigating the direct effects of exchange rate volatility on economic growth. Full article
(This article belongs to the Special Issue Macroeconomics, Market Power, and Industrial Policy)
20 pages, 1035 KiB  
Article
Interplay between Finance and Institutions in the Development Process of the Industrial Sector: Evidence from South Africa
by Adewale Samuel Hassan and Daniel Francois Meyer
J. Risk Financial Manag. 2022, 15(10), 453; https://doi.org/10.3390/jrfm15100453 - 9 Oct 2022
Viewed by 1566
Abstract
Despite the importance of the financial system and quality of institutions to the attainment of economic development goals, the mediating role of institutions in how finance influences the development of the industrial sector across countries has not been given adequate attention in the [...] Read more.
Despite the importance of the financial system and quality of institutions to the attainment of economic development goals, the mediating role of institutions in how finance influences the development of the industrial sector across countries has not been given adequate attention in the literature. Therefore, this study assessed the moderating role of institutions in the relationship between finance and industrial development of South Africa for the period 1984–2021. To evaluate the long-run relationship among the variables, the combined cointegration test of Bayer and Hanck was used, while fully modified least squares, dynamic least squares and canonical cointegrating regression were employed to estimate elasticity relationships. The findings of the study revealed that finance impacts industrial development positively in South Africa, but this positive impact is diminished by the quality of institutions in the country. Therefore, the financial system in South Africa needs to be rooted in a high-quality institutional structure for its beneficial impact on the industrial sector to be reinforced for sustainable development. Moreover, there is a need for more reforms in the financial system to promote efficiency that would translate growth in finance into more inclusive growth gains in the industrial sector. Full article
(This article belongs to the Special Issue Macroeconomics, Market Power, and Industrial Policy)
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42 pages, 656 KiB  
Article
R&D, Industrial Policy and Growth
by Alicia H. Dang and Roberto Samaniego
J. Risk Financial Manag. 2022, 15(8), 344; https://doi.org/10.3390/jrfm15080344 - 4 Aug 2022
Cited by 1 | Viewed by 1863
Abstract
An issue with estimating the impact of industrial support is that the firms that receive support may be politically connected, introducing omitted variable bias. Applying fixed-effects regressions on Vietnamese panel data containing several proxies for political connectedness to correct this bias, we find [...] Read more.
An issue with estimating the impact of industrial support is that the firms that receive support may be politically connected, introducing omitted variable bias. Applying fixed-effects regressions on Vietnamese panel data containing several proxies for political connectedness to correct this bias, we find that firms that receive industrial support in the form of tax holidays experience more rapid productivity growth, particularly in R&D-intensive industries, and less so among politically connected firms. These findings do not appear to be due to the presence of financing constraints. We then develop a second-generation Schumpeterian growth model with many industries, and show that tax holidays disproportionately raise productivity growth in R&D-intensive industries. These results are significant and important for governments, especially those in transition and developing countries, in better targeting their industrial policy to facilitate higher productivity growth. Full article
(This article belongs to the Special Issue Macroeconomics, Market Power, and Industrial Policy)
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15 pages, 482 KiB  
Article
Deposit Competition, Interbank Market, and Bank Profit
by Bo Jiang, Hector Tzavellas and Xiaoying Yang
J. Risk Financial Manag. 2022, 15(5), 194; https://doi.org/10.3390/jrfm15050194 - 20 Apr 2022
Cited by 1 | Viewed by 2722
Abstract
In this paper, we study how the interbank market could impact deposit competition and bank profits. We first document two stylized facts: the net interbank funding ratio is negatively correlated with net interest margin (NIM), as well as with the cost-to-income ratio (CIR). [...] Read more.
In this paper, we study how the interbank market could impact deposit competition and bank profits. We first document two stylized facts: the net interbank funding ratio is negatively correlated with net interest margin (NIM), as well as with the cost-to-income ratio (CIR). To rationalize these two facts, we embed the interbank market into a BLP model framework. The model is calibrated using Chinese listed banks’ data. A counterfactual experiment reveals that shutting down the interbank market will lead to a decline in NIM and bank profits. Our results indicate that the interbank market can facilitate specialization and reduce the intensity of deposit competition. Full article
(This article belongs to the Special Issue Macroeconomics, Market Power, and Industrial Policy)
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