International Finance and Monetary Economics: Theory and Empirical Analysis for Asia-Pacific

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: 30 November 2024 | Viewed by 3076

Special Issue Editor


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Guest Editor
Research School of Economics, Australian National University, Canberra, ACT 0200, Australia
Interests: macroeconomics; international finance; applied econometrics; political economy

Special Issue Information

Dear Colleagues,

This special issue aims to bring together new research in the field of international finance and monetary economics. Both theoretical and empirical papers are welcome. Theoretical papers should address real world questions. Theoretical models developed should deliver testable hypotheses. Empirical papers should test hypotheses delivered by theoretical models, and strive to provide estimates of causal relationships. Analyses for high, middle, or low income countries in Asia-Pacific are particularly welcome for this special issue. The special issue will supplement existing literature by using state-of-the-art methods and recent data. The rapid rise in interest rates over the past two years in advanced economies such as the US, provides an ideal laboratory for exploring some of the most important questions in international finance and monetary economies.

Prof. Dr. Markus Brueckner
Guest Editor

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Keywords

  • international finance
  • monetary economics
  • Asia-Pacific

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Published Papers (2 papers)

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Research

27 pages, 993 KiB  
Article
Natural Disasters and Human Development in Asia–Pacific: The Role of External Debt
by Markus Brueckner, Sudyumna Dahal and Haiyan Lin
J. Risk Financial Manag. 2024, 17(6), 246; https://doi.org/10.3390/jrfm17060246 - 12 Jun 2024
Viewed by 1060
Abstract
The average country in Asia–Pacific experiences more natural disasters than average countries of other developing regions. This paper presents stylized facts on natural disasters, human development, and external debt in Asia–Pacific. The paper also contains estimates of the effects that natural disasters have [...] Read more.
The average country in Asia–Pacific experiences more natural disasters than average countries of other developing regions. This paper presents stylized facts on natural disasters, human development, and external debt in Asia–Pacific. The paper also contains estimates of the effects that natural disasters have on human development. Controlling for country- and time-fixed effects, the dynamic panel model estimates show that external debt has a mitigating effect on the adverse impacts that natural disasters have on human development; in countries with low external debt-to-GDP ratios, natural disasters significantly decrease the human development index, but not so in countries with high external debt-to-GDP ratios. External debt (i.e., borrowing from abroad) is a financial contract for obtaining resources from abroad (i.e., imports of goods and services). When a country experiencing a natural disaster borrows from abroad to increase imports of goods and services, the population suffers less when a natural disaster strikes. Natural disasters destroy goods and capital (e.g., food, machinery, buildings, and roads) in the countries in which they occur. If imports of goods and services do not increase, then the population has less goods and services to consume following a natural disaster. By increasing imports, which are mirrored on the financial side by an increase in external debt, the population of a country that was struck by a natural disaster can experience consumption smoothing. As the incidence of natural disasters increases globally, a policy recommendation for disaster-prone countries, supported by the empirical results of this paper, is the need for deeper and innovative mechanisms of access to international financing, including reforms in both domestic and international financial systems. The paper’s most significant contribution is the unique lens through which it analyzes the often-studied subject of natural disasters. Rather than looking at disasters as merely adverse events and debt as an unwelcome obligation in isolation, it connects the two and uncovers the paradoxically positive and beneficial role a healthy level of external debt can play in mitigating the adverse effects of these disasters. It provides a fresh perspective, a shift in thinking that may immensely benefit external debt and disaster management policies. Full article
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17 pages, 1275 KiB  
Article
How Australia Has Been Affected by US Monetary and Fiscal Policies: 1960 to 2022
by Jonathan Leightner
J. Risk Financial Manag. 2024, 17(3), 96; https://doi.org/10.3390/jrfm17030096 - 23 Feb 2024
Viewed by 1543
Abstract
This paper uses Reiterative Truncated Projected Least Squares to estimate the effects of US monetary and fiscal policy on Australia using quarterly data between 1960 and 2022. When Australia had a fixed exchange rate (1960–1983), both US fiscal and monetary policies were positively [...] Read more.
This paper uses Reiterative Truncated Projected Least Squares to estimate the effects of US monetary and fiscal policy on Australia using quarterly data between 1960 and 2022. When Australia had a fixed exchange rate (1960–1983), both US fiscal and monetary policies were positively correlated with Australia’s GDP, which fits the predictions of a small-country IS/LM/BP model with relatively immobile capital. When Australia had a flexible exchange rate (1984–2022), US fiscal policy was positively correlated with Australia’s GDP, but US monetary policy was negatively correlated with Australia’s GDP, which fits the predictions of a large-country IS/LM/BP model. Full article
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