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Financial Regulation and Risk Management amid Global Uncertainty
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Financial Regulation and Risk Management amid Global Uncertainty

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Risk".

Deadline for manuscript submissions: closed (1 March 2026) | Viewed by 9652

Special Issue Editors

Dr. Elena Popkova

E-Mail Website
Guest Editor
"Scientometrics and International Ratings" Laboratory, Armenian State University of Economics, Yerevan 0025, Armenia
Interests: sustainable development; innovations; climate change; risk management; quality management
Prof. Dr. Bruno S. Sergi

E-Mail Website
Guest Editor
Department of Economics, University of Messina, 98122 Messina, Italy
Interests: political economy of emerging markets; investments; sustainable development; technology; institutional transparency; corruption; global development practices

Special Issue Information

Dear Colleagues,

Financial economics and management are promising spheres for scientific research aimed at explaining the trends in the development of the world economic system and elaborating on the issue of adapting economic subjects to these trends. The 21st century started with the world financial and economic crisis (2008) and, at the end of its first quarter, is undergoing high global uncertainty due to the reconsideration of the foundations of international trade, the transformation of transnational supply and sales chains, and changes in international financial transactions.

This Special Issue of JRFM is an attempt to unify the leading research in the sphere of the financial regulation of the economy by state regulators, as well as risk management and financial management through the subject of corporate governance in conditions of global uncertainty. This Special Issue is aimed at marrying the theory of financial economics and risk management with the practice of business cyclicity, international economic relations, and international trade to adapt economic subjects of state and corporate management to the current conditions of global uncertainty and to reduce this uncertainty with the help of financial and economic planning as well as forecasting.

We recommend that authors confirm their conclusions with reliable empirical studies based on official international statistics and urge them to prefer reliable methods of econometrics. We welcome papers that attempt to bridge the gap between the past paradigm of financial economics, new realities of the world economic system, and the modern image of global finance. We also welcome multidisciplinary studies at the intersection of financial economics and risk management with such relevant spheres of scientific knowledge as sustainable development, climate economics and management, high technologies, digitalization, and industrial revolutions.

We welcome authors to participate in the discussion of new approaches to financial regulation and new methods of risk management in conditions of global uncertainty to raise the financial effectiveness of economic activities, financial stabilization, and crisis management. We suggest that authors pay attention to the issues of the development and implementation of innovative strategies of financial management in the wide-ranging industries and geographical range of world markets. We expect and hope that the papers of this Special Issue will form the most comprehensive idea of financial architecture, a set of financial and non-financial risks of the world economy, and perspectives of financial regulation and risk management in the modern conditions of global uncertainty.

Dr. Elena G. Popkova
Prof. Dr. Bruno S. Sergi
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-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 1600 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

  • financial risks
  • financial regulation
  • risk management
  • financial management
  • global uncertainty
  • crisis management
  • financial stabilization
  • financial effectiveness

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Published Papers (5 papers)

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Research

23 pages, 464 KB  
Article
Risk Management of Venture Investing in an Innovative Financial Economy in the Era of Global Uncertainty
by Elena G. Popkova, Nasrgiza S. Kasimova, Yuliya V. Chutcheva and Grisha M. Amirkhanyan
J. Risk Financial Manag. 2026, 19(3), 200; https://doi.org/10.3390/jrfm19030200 - 8 Mar 2026
Viewed by 730
Abstract
The goal of this paper was to develop an approach to managing the investment mechanism in an innovative financial economy, which would fit the modern era of global uncertainty. To achieve this, we conducted trend, correlation, and regression analyses of risk management in [...] Read more.
The goal of this paper was to develop an approach to managing the investment mechanism in an innovative financial economy, which would fit the modern era of global uncertainty. To achieve this, we conducted trend, correlation, and regression analyses of risk management in venture investing in BRICS+ based on statistics for the period of global uncertainty (2014–2025). The compiled econometric model of the effectiveness of risk management in venture investing in the innovative financial economy of BRICS+ amid global uncertainty highlighted differences in approaches to managing the investment mechanism in this economy, depending on the level of risk it entails. In the age of free trade, the approach involved the use of the two tools of risk management of venture investing within the state management of an innovative economy: acceleration of economic growth and energy transition. In the current age of global uncertainty, there is a need for a new approach. It is developed in this paper and involves the use of market management tools: high-tech exports and the export of intellectual property objects. The perspectives of accelerating the development of an innovative financial economy of BRICS+ in the age of global uncertainty include the revision of the approach to the management of the investment mechanism in an innovative financial economy. For this, it is recommended to increase revenues from selling rights for intellectual property objects at a higher rate compared to recent years and to make a transition to an increase in the share of high-tech exports in the structure of industrial exports. The advantages of the proprietary model include the disclosure of the poorly studied experience of developing countries, accounting for global uncertainty (in the world economy), and a larger period of empirical research of the economies of the countries of BRICS+, which encompasses 2014–2025 and ensures a fuller and more precise and reliable interpretation of the dynamics of risks of venture investing and return on the measures of risk management in these countries. Full article
(This article belongs to the Special Issue Financial Regulation and Risk Management amid Global Uncertainty)
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15 pages, 588 KB  
Communication
De-Dollarization of Central Bank Reserves in the World Economy: 2015–2025
by Michael Connolly, Juan Chen and Zhaohong Yao
J. Risk Financial Manag. 2026, 19(3), 199; https://doi.org/10.3390/jrfm19030199 - 7 Mar 2026
Viewed by 4568
Abstract
The U.S. dollar’s share in global central banks’ foreign reserves has declined slightly between 2015 and 2025. When gold is included as foreign reserves, the decline is significantly larger. We find that the average USD share in total reserves declines by 12 percent, [...] Read more.
The U.S. dollar’s share in global central banks’ foreign reserves has declined slightly between 2015 and 2025. When gold is included as foreign reserves, the decline is significantly larger. We find that the average USD share in total reserves declines by 12 percent, while the gold share increases by 8 percent and other reserve assets by 4 percent. The rise in the share of gold is primarily explained by gold price appreciation. In the case of sanctioned Russia, appreciation is 78%, while physical gold accumulation accounts for 22% of the increase in the value of gold reserves. In China, 91% of the increase in the share of gold is due to gold appreciation, while only 9% is due to gold accumulation. In India, the respective proportions of active versus passive accumulation were 80% and 20%, while in Japan they were 96% and 4% respectively. Physical gold accumulation took place in China (538 metric tons), Russia (915 mt), India (322 mt) and Japan (81 mt). For Germany, France, Italy, Spain, England, and Switzerland, 100% of the share of gold reserves took place passively due to gold appreciation, with no change in physical gold held. Reserve de-dollarization takes place in all ten countries, except for Switzerland, whose USD assets rose by 2% of total reserves. In most cases, de-dollarization reflects valuation effects rather than substantial reductions in dollar asset holdings. Full article
(This article belongs to the Special Issue Financial Regulation and Risk Management amid Global Uncertainty)
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23 pages, 510 KB  
Article
Moderating Role of Risk Management Committee on Board of Directors’ Characteristics and Corporate Risk Disclosure Nexus: Emerging Market Evidence
by Malek Hamed Alshirah and Ahmad Farhan Alshira’h
J. Risk Financial Manag. 2026, 19(3), 188; https://doi.org/10.3390/jrfm19030188 - 5 Mar 2026
Cited by 1 | Viewed by 743
Abstract
This study investigates the extent of corporate risk disclosure (CRD) in Jordanian non-financial organizations while also looking at the impact of four unique board of directors’ features—namely, board size, the regularity of board meetings, CEO duality, and board experience—on the degree of risk [...] Read more.
This study investigates the extent of corporate risk disclosure (CRD) in Jordanian non-financial organizations while also looking at the impact of four unique board of directors’ features—namely, board size, the regularity of board meetings, CEO duality, and board experience—on the degree of risk disclosure. The study also examines the risk management committee’s (RMC) moderating function in improving the correlation between the traits of the board of directors and risk disclosure, a subject that has not been covered well in the Jordanian setting. The study analyzed 900 annual reports from non-financial companies listed on the Amman Stock Exchange (ASE) between 2014 and 2023. To evaluate risk disclosure, the reports were subjected to content analysis using counts of risk-related phrases. The hypotheses were tested using a random effects regression model. The number of risk disclosure statements varies from 2 to 10 per business, with an average of 24. Although CEO duality has a detrimental impact on risk disclosure levels, the findings demonstrate that industry sector and board competence have a positive effect. The leverage, the sort of audit company, the size of the firm, the frequency of board meetings, or the size of the board have no discernible effect. In particular, having an RMC significantly enhances the positive effects of board features on risk reporting. This study provides the first empirical data in Jordan on the impact of the RMC on the relationship between the traits of the board of directors and corporate risk disclosure in the non-financial industry. As a result, it fills a major gap in the literature on risk disclosure and corporate governance. Furthermore, it is the first study to use a modern and thorough measure for evaluating risk disclosure while also taking into account data from both before and after the changes to the Jordanian Corporate Governance Code. The study’s findings are made more relevant, rigorous, and contextual by this two-way contribution. Full article
(This article belongs to the Special Issue Financial Regulation and Risk Management amid Global Uncertainty)
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35 pages, 830 KB  
Article
Predicting Financial Contagion: A Deep Learning-Enhanced Actuarial Model for Systemic Risk Assessment
by Khalid Jeaab, Youness Saoudi, Smaaine Ouaharahe and Moulay El Mehdi Falloul
J. Risk Financial Manag. 2026, 19(1), 72; https://doi.org/10.3390/jrfm19010072 - 16 Jan 2026
Cited by 1 | Viewed by 1495
Abstract
Financial crises increasingly exhibit complex, interconnected patterns that traditional risk models fail to capture. The 2008 global financial crisis, 2020 pandemic shock, and recent banking sector stress events demonstrate how systemic risks propagate through multiple channels simultaneously—e.g., network contagion, extreme co-movements, and information [...] Read more.
Financial crises increasingly exhibit complex, interconnected patterns that traditional risk models fail to capture. The 2008 global financial crisis, 2020 pandemic shock, and recent banking sector stress events demonstrate how systemic risks propagate through multiple channels simultaneously—e.g., network contagion, extreme co-movements, and information cascades—creating a multidimensional phenomenon that exceeds the capabilities of conventional actuarial or econometric approaches alone. This paper addresses the fundamental challenge of modeling this multidimensional systemic risk phenomenon by proposing a mathematically formalized three-tier integration framework that achieves 19.2% accuracy improvement over traditional models through the following: (1) dynamic network-copula coupling that captures 35% more tail dependencies than static approaches, (2) semantic-temporal alignment of textual signals with network evolution, and (3) economically optimized threshold calibration reducing false positives by 35% while maintaining 85% crisis detection sensitivity. Empirical validation on historical data (2000–2023) demonstrates significant improvements over traditional models: 19.2% increase in predictive accuracy (R2 from 0.68 to 0.87), 2.7 months earlier crisis detection compared to Basel III credit-to-GDP indicators, and 35% reduction in false positive rates while maintaining 85% crisis detection sensitivity. Case studies of the 2008 crisis and 2020 market turbulence illustrate the model’s ability to identify subtle precursor signals through integrated analysis of network structure evolution and semantic changes in regulatory communications. These advances provide financial regulators and institutions with enhanced tools for macroprudential supervision and countercyclical capital buffer calibration, strengthening financial system resilience against multifaceted systemic risks. Full article
(This article belongs to the Special Issue Financial Regulation and Risk Management amid Global Uncertainty)
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28 pages, 1200 KB  
Article
Regulating Green Finance and Managing Environmental Risks in the Conditions of Global Uncertainty
by Elena G. Popkova, Tatiana N. Litvinova, Elena Petrenko and Aleksei V. Bogoviz
J. Risk Financial Manag. 2025, 18(10), 552; https://doi.org/10.3390/jrfm18100552 - 1 Oct 2025
Viewed by 1317
Abstract
This paper’s goal was to determine the state of green financing and reveal the main aspects of its regulation and influence on environmental risk management in the conditions of the growth of global uncertainty. Based on the sample that contains the top 10 [...] Read more.
This paper’s goal was to determine the state of green financing and reveal the main aspects of its regulation and influence on environmental risk management in the conditions of the growth of global uncertainty. Based on the sample that contains the top 10 countries of the world with a higher level of green economic capabilities in 2024, by the assessment for developed and developing countries in isolation, we performed regression analysis of the following: (1) Dependence of environmental costs of GDP on the volume of green investments; (2) Dependence of the volume of green investments on the application of the measures of state regulation of green finance. As a result, we proved that in developed countries, the growth of the activity of green investing in the economy leads to a reduction in the environmental costs of GDP, and in developing countries, an increase in the environmental costs of GDP. Unlike developed countries, in which green investments are not determined by the influence of the factors of state regulation, the implementation of the measures of state regulation of green finance in developing countries ensures the inflow of green investments into the economy. This paper’s novelty, compared to the existing literature, is that it discloses previously unknown differences in the character of the influence of the factors of state regulation of green finance on green investments in the economy and differences in the consequences of the activity of investing for environmental risks in different categories of countries (in particular, differences between developed and developing countries) and at different phases of the economic cycle (in the conditions of relative stability and in the conditions of global instability). The established regularities of the development of green finance under the influence of state regulation measures in developed and developing countries will raise the precision of forecasting and planning of this development in support of green economic growth and decarbonization. The revealed differences between developed and developing countries will allow forming a strategy of development of green finance in each category of countries, given their specifics, and thus, achieving the growth of these strategies’ effectiveness. The proposed policy implications for the reduction in environmental risks through the improvement of state regulation of green finance in developed and developing countries, given their revealed specifics, have practical significance. Full article
(This article belongs to the Special Issue Financial Regulation and Risk Management amid Global Uncertainty)
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