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Financial Stability in Light of Market Fluctuations
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Financial Stability in Light of Market Fluctuations

A special issue of International Journal of Financial Studies (ISSN 2227-7072).

Deadline for manuscript submissions: 30 September 2026 | Viewed by 15099

Editors

Prof. Dr. Miguel A. Alonso Neira

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Guest Editor
Department of Applied Economics, History and Economic Institutions and Moral Philosophy, University Rey Juan Carlos, Vicálvaro Campus, 28032 Madrid, Spain
Interests: monetary policy, monetary theory; business cycle theory; currency and financial crisis
Special Issues, Collections and Topics in MDPI journals
Prof. Dr. Carolina Cosculluela-Martínez

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Guest Editor
Department of Applied Economics, University Rey Juan Carlos, Vicálvaro cCampus, 28032 Madrid, Spain
Interests: applied economics
Prof. Dr. Víctor Espinosa Loyola

E-Mail Website
Guest Editor
Nucleus of Humanities and Social Sciences, Faculty of Economics and Business, Development University, Santiago 7610315, Chile
Interests: economic growth; economic development; Austrian school of economics; theories of monetary business cycles; austrian business cycle theory; economic policy and state reforms

Special Issue Information

Dear Colleagues,

This Special Issue aims to investigate the dynamics of economic cycles, with a particular focus on how monetary and credit expansions precipitate boom and bust scenarios. This Special Issue will assess the connection between economic expansions, recessions and banking activities. Research addressing the role of bank credit in fostering economic and financial instability is highly encouraged. We welcome contributions exploring a range of theoretical frameworks, including the Austrian business cycle theory, Irving Fisher’s debt–deflation theory, Hyman Minsky’s financial instability hypothesis and the new institutional theories of finance, encompassing financial accelerator models and credit rationing models. Papers analyzing the transmission mechanisms of monetary policy and bank credit as triggers for business cycles are also sought. Furthermore, this Special Issue invites studies on the leading monetary and financial indicators of business cycles, such as monetary aggregates, yield curve slopes and central bank policy rates. Additionally, we are particularly interested in proposals for reforms aimed at preventing the propagation, deepening and persistence of economic cycles. By examining these interactions, this Special Issue aims to deepen our understanding on how monetary and financial stability can prevent economic crises. It also seeks to provide valuable insights into effective policy measures and institutional reforms.

Prof. Dr. Miguel A. Alonso Neira
Prof. Dr. Carolina Cosculluela-Martínez
Prof. Dr. Víctor Espinosa Loyola
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 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 single-anonymized peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. International Journal of Financial Studies 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

  • boom–bust economic cycles
  • Austrian business cycle theory
  • financial instability hypothesis
  • financial accelerator mechanism
  • monetary policy and credit expansion
  • banking activity
  • monetary and financial leading indicators
  • monetary and financial reform

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

Published Papers (3 papers)

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Research

21 pages, 919 KB  
Article
Mapping Firm Debt and Productivity with Spatial Analysis in the Visegrad Countries
by Beáta Reider-Pesti, Alex Suta and Árpád Tóth
Int. J. Financial Stud. 2026, 14(3), 64; https://doi.org/10.3390/ijfs14030064 - 4 Mar 2026
Viewed by 1021
Abstract
Economic crises significantly restrict corporate access to external financing, and regional differences in recovery capacity deserve close attention. This study examines the financial structure and debt of large enterprises in the Visegrád Four (V4) countries (Hungary, Czechia, Poland, Slovakia), focusing on firms with [...] Read more.
Economic crises significantly restrict corporate access to external financing, and regional differences in recovery capacity deserve close attention. This study examines the financial structure and debt of large enterprises in the Visegrád Four (V4) countries (Hungary, Czechia, Poland, Slovakia), focusing on firms with annual revenues above €10 million. Using data from 2021 to 2023, the analysis explores the relationship between corporate debt—including total debt and loan volumes—and regional economic characteristics at the NUTS 3 level. Financial indicators are assessed in comparison with regional productivity data and a sector-specific specialization index sourced from Eurostat. The analysis targets the post-COVID-19 recovery period, which significantly influenced corporate financial behavior. The results indicate that corporate debt increased sharply at the onset of the COVID-19 pandemic and subsequently declined, while remaining strongly concentrated in capital regions. Higher firm concentration and employment scale are associated with greater regional indebtedness, whereas stronger productive capacity is linked to lower reliance on external debt outside metropolitan cores. Overall, the findings highlight pronounced structural and regional heterogeneity, illustrating how spatial concentration and underlying regional characteristics shape corporate debt dynamics during periods of economic stress. Full article
(This article belongs to the Special Issue Financial Stability in Light of Market Fluctuations)
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23 pages, 1184 KB  
Article
The Inflationary Episode of 1603 in Light of the Austrian Economic Theory
by Cristóbal Matarán
Int. J. Financial Stud. 2025, 13(2), 89; https://doi.org/10.3390/ijfs13020089 - 22 May 2025
Viewed by 2737
Abstract
This paper examines the inflationary episode of 1603 in Spain through the lens of Austrian Economic Theory. The study focuses on the effects of monetary expansion caused by the influx of precious metals from the Americas and its impact on real wages and [...] Read more.
This paper examines the inflationary episode of 1603 in Spain through the lens of Austrian Economic Theory. The study focuses on the effects of monetary expansion caused by the influx of precious metals from the Americas and its impact on real wages and raw material prices. Through the analysis of historical data and the application of statistical methods, this study identifies key relationships between monetary inflows, price levels, and income distribution. The findings indicate that the rapid expansion of the money supply triggered inflation, disproportionately impacting various sectors of society. Using the Cantillon Effect as a framework, the study explains how monetary expansion led to uneven wealth redistribution and production distortions. Additionally, the Austrian Business Cycle Theory highlights the consequences of artificial monetary growth, including the misallocation of resources and reduced purchasing power for wage earners. This study employs historical data from Edward J. Hamilton and other sources, utilizing normalization techniques and regression models to empirically examine the economic dynamics of this period. By bridging theoretical insights with empirical analysis, this paper contributes to a deeper understanding of early modern inflationary processes and offers lessons applicable to contemporary economic challenges. Full article
(This article belongs to the Special Issue Financial Stability in Light of Market Fluctuations)
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24 pages, 356 KB  
Article
The Effects of Investor Sentiment on Stock Return Indices Under Changing Market Conditions: Evidence from South Africa
by Fabian Moodley, Sune Ferreira-Schenk and Kago Matlhaku
Int. J. Financial Stud. 2025, 13(2), 70; https://doi.org/10.3390/ijfs13020070 - 30 Apr 2025
Cited by 9 | Viewed by 9617
Abstract
The objective of the study is to examine the effects of investor sentiment on the Johannesburg Stock Exchange (JSE) index returns in bull and bear market conditions. Accordingly, this study uses monthly data to construct a new market-wide investor sentiment index and test [...] Read more.
The objective of the study is to examine the effects of investor sentiment on the Johannesburg Stock Exchange (JSE) index returns in bull and bear market conditions. Accordingly, this study uses monthly data to construct a new market-wide investor sentiment index and test its effects on the JSE aggregated and disaggregated index returns in alternating market conditions for the period March 2007 to January 2024. The findings of the Markov regime-switching model reveal that when the JSE is in a bull market condition, the JSE oil and gas sector returns and the JSE telecommunication sector returns are affected positively by investor sentiment. Similarly, in a bearish state, the JSE health sector returns and JSE telecommunication sector returns are negatively affected by investor sentiment. Collectively, the findings suggest that the effects of investor sentiment on JSE index returns are regime-specific and time-varying, such that they are dependent on the market conditions (bull or bear) and the type of JSE index (aggregated or disaggregated index). Accordingly, investors must consider this information to ensure resilient investment decisions and risk management strategies in sentiment-induced markets and alternating market conditions. Full article
(This article belongs to the Special Issue Financial Stability in Light of Market Fluctuations)
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