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Economies
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Advances in Financial Market Phenomenology
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Advances in Financial Market Phenomenology

A special issue of Economies (ISSN 2227-7099). This special issue belongs to the section "Macroeconomics, Monetary Economics, and Financial Markets".

Deadline for manuscript submissions: closed (28 February 2026) | Viewed by 9024

Special Issue Editor

Dr. Cristina Tănăsescu

E-Mail Website
Guest Editor
Faculty of Economic Sciences, Lucian Blaga University of Sibiu, 550324 Sibiu, Romania
Interests: macroeconomics; financial markets; economic epistemology; theoretical economics

Special Issue Information

Dear Colleagues,

The financial market is the most dynamic economic market, as both a cause and an effect of the real economy's overall activity. It is the ultimate and irrefutable assessor of economic value (for both goods and firms), determining not only the most appropriate resource allocation but also proper wealth distribution. In recent years, the structure, functioning, and influence of the financial market have evolved and become more complicated. Globalization, AI expansion, and unstoppable financial innovation have lifted the financial industry to new heights.

This Special Issue will explore the current (and, where possible, future) mechanisms of the financial market through both ontology (e.g., the evolutionary paradigm of the financial market) and knowledge (e.g., new models, methods, and techniques to understand and explain how the financial market works, such as fractalism, chaos theory, entropism, institutionalism, and behaviorism). We invite scientists and practitioners to publish their findings, intuitions, and perceptions in order to enhance the current profile of the financial market and share our expectations, grounded in research, regarding its future.

Dr. Cristina Tănăsescu
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 250 words) can be sent to the Editorial Office for assessment.

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 double-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Economies 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 1800 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

  • tendencies in financial market organizing
  • the role of the financial market in financial bubbles arising and crises being triggered
  • types of competition in the financial market
  • evolutionary paradigm in the financial market
  • financial market signals: analysis and evaluation
  • fractal/fractional modelling of the financial market
  • entropy in financial market transactions
  • natural and artificial experiments on financial market working
  • fuzzy modelling of the financial market
  • chaotic modelling of the financial market: orbits, attractors, saddle-points
  • topological modelling of the financial market
  • semiotic/linguistic modelling of the financial market
  • self-regulation in the financial market

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Published Papers (3 papers)

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Research

18 pages, 343 KB  
Article
Financial Markets and the Economic Development Index in South Africa: An Econometric Approach
by Dintuku Maggie Kgomo and Thobeka Ncanywa
Economies 2026, 14(5), 174; https://doi.org/10.3390/economies14050174 - 12 May 2026
Viewed by 347
Abstract
Economic development is a phenomenon that involves the financial stability and standard of living of a nation’s population. To achieve economic prosperity, sound financial development, as a fundamental basis for economic development, is important. The effect of financial markets on economic development in [...] Read more.
Economic development is a phenomenon that involves the financial stability and standard of living of a nation’s population. To achieve economic prosperity, sound financial development, as a fundamental basis for economic development, is important. The effect of financial markets on economic development in South Africa is considered for the period 1998 to 2021. The economic development index (EDI) was used as the response variable as an indicator for economic development; financial markets were used as the explanatory variables, namely the foreign exchange (forex) markets, stock markets and money markets. The autoregressive distributed-lag econometric approach was applied. The stock market and money market were found to have a positive effect on the EDI, although only the stock market was statistically significant in terms of the probability value. The causality test showed that there exist unidirectional relationships between the stock market and the EDI; the EDI and the money market; and the forex market and the EDI. Sound financial markets and financial institutions make up a stable financial system, which makes the economy resilient to adverse shocks. Hence, unstable financial systems will have an adverse effect on the functioning of the economy by increasing the likelihood of a financial crisis. Full article
(This article belongs to the Special Issue Advances in Financial Market Phenomenology)
15 pages, 525 KB  
Article
From Proximity to Correlation: How Different Measures of Distance Shape U.S. Emerging Market Stock Market Co-Movements
by Lumengo Bonga-Bonga and Lavie Ncube
Economies 2026, 14(1), 15; https://doi.org/10.3390/economies14010015 - 8 Jan 2026
Viewed by 711
Abstract
This paper extends the gravity model to financial markets by examining how distance and bilateral linkages influence stock market correlations between the United States and selected emerging economies. To this end, the Poisson Pseudo Maximum Likelihood (PPML) estimator is used to account for [...] Read more.
This paper extends the gravity model to financial markets by examining how distance and bilateral linkages influence stock market correlations between the United States and selected emerging economies. To this end, the Poisson Pseudo Maximum Likelihood (PPML) estimator is used to account for heteroskedasticity and zero-value observations. Results show that greater economic distance weakens equity market correlations, while larger combined economic mass strengthens them, suggesting that bigger economies foster deeper financial linkages. Moreover, the results show that higher trade intensity between the U.S. and emerging markets results in negative correlations, which are explained by portfolio diversification motives—investors view these markets as substitutes, reallocating funds in opposite directions under varying conditions. The findings highlight how structural factors, distance measures, and trade intensity influence international equity market correlations, providing key insights for portfolio allocation and diversification strategies. Full article
(This article belongs to the Special Issue Advances in Financial Market Phenomenology)
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24 pages, 565 KB  
Article
Investigating the Relationship Between Liquidity Risk, Credit Risk, and Solvency Risk in Banks Listed on the Iranian Capital Market: A Panel Vector Error Correction Model
by Pejman Peykani, Mostafa Sargolzaei, Cristina Tanasescu, Seyed Ehsan Shojaie and Hamidreza Kamyabfar
Economies 2025, 13(5), 139; https://doi.org/10.3390/economies13050139 - 19 May 2025
Cited by 1 | Viewed by 7038
Abstract
In the aftermath of global financial crises and amid increasing complexity in banking operations, understanding and managing various types of risk—especially liquidity, credit, and solvency risks—has become a global concern for financial stability. This study addresses a critical gap in the literature by [...] Read more.
In the aftermath of global financial crises and amid increasing complexity in banking operations, understanding and managing various types of risk—especially liquidity, credit, and solvency risks—has become a global concern for financial stability. This study addresses a critical gap in the literature by examining the dynamic interrelationships among these three types of risk in the context of emerging markets. Using data from 21 banks listed on the Iranian capital market from 2011 to 2023, we employ a Panel Vector Error Correction Model (VECM) alongside panel impulse response analysis to assess both short- and long-term dynamics. Our results reveal that an increase in liquidity positively impacts bank solvency, while credit risk negatively affects solvency but does not significantly influence liquidity risk. These findings contribute to the theoretical understanding of systemic risk interactions in banking and provide practical insights for policymakers and financial institutions seeking to enhance risk management strategies in volatile market environments. Full article
(This article belongs to the Special Issue Advances in Financial Market Phenomenology)
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