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Macroeconomic Dynamics and Economic Growth
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Macroeconomic Dynamics and Economic Growth

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 March 2025) | Viewed by 1079

Special Issue Editor

Dr. Bogdan Andrei Dumitrescu

E-Mail Website
Guest Editor
1. Department of Money and Banking, Faculty of Finance and Banking, Bucharest University of Economic Studies, 010961 Bucharest, Romania
2. “Victor Slăvescu” Centre for Financial and Monetary Research, Calea 13 Septembrie, 050711 Bucharest, Romania
Interests: macroeconomics; banking; financial markets

Special Issue Information

Dear Colleagues,

In recent years, many economies had to withstand the impact of a succession of shocks: the COVID-19 pandemic, significant supply chain disruptions, armed conflicts, sustained geopolitical tensions, and significant increases in energy prices. This led to an increased level of volatility, large interventions by policymakers, and strong reemergence of inflation. Many economies showed a remarkable resilience in the face of these shocks, although economic growth slowed, and public debt levels continued to increase. These evolutions changed the economic landscape compared to the past 15–20 years, being currently characterized by higher interest rates, persistent inflation, increased unpredictability geopolitical tensions, and weak public finances. In this context, it is relevant to investigate how macroeconomic management should respond to this changing economic environment, and the current Special Issue proposes to contribute to this debate.

Dr. Bogdan Andrei Dumitrescu
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 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

  • economic growth
  • policy modeling
  • financial markets and the macroeconomy
  • energy prices and the macroeconomy
  • sustainable macroeconomic policies
  • macroeconomic stability
  • inflation
  • income distribution
  • public policies

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Published Papers (2 papers)

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Research

18 pages, 349 KiB  
Article
Fiscal Sustainability and the Informal Economy: A Non-Linear Perspective
by Dănuț Georgian Mihai, Bogdan Andrei Dumitrescu and Andreea-Mădălina Bozagiu
J. Risk Financial Manag. 2025, 18(4), 207; https://doi.org/10.3390/jrfm18040207 - 12 Apr 2025
Viewed by 241
Abstract
This study examines the issue of fiscal sustainability—measured through the response of the budgetary balance to public debt levels—for 36 OECD countries and candidate countries, and it shows that the relationship is non-linear and depends on the level of the informal economy as [...] Read more.
This study examines the issue of fiscal sustainability—measured through the response of the budgetary balance to public debt levels—for 36 OECD countries and candidate countries, and it shows that the relationship is non-linear and depends on the level of the informal economy as a threshold variable. Using the Panel Smooth Transition Regression model, the analysis uncovers regime-dependent fiscal behavior, indicating that the effect of public debt on the budget deficit varies significantly under different economic conditions. In regime 1—at a low level of the informal economy-, the impact of debt on the budgetary deficit is negative and significant, but in regime 2—when the informal economy exceeds the transition threshold-, this impact becomes positive and significant. These results indicate that, in an economic context with a larger informal economy, debt may have a different effect on the budgetary deficit, possibly due to factors such as reduced fiscal efficiency or loss of government revenue. Therefore, fiscal sustainability can be affected by the level of the informal economy. Full article
(This article belongs to the Special Issue Macroeconomic Dynamics and Economic Growth)
22 pages, 844 KiB  
Article
Adapting the Extended Solow Model: The Impact of Output Determinants on Economic Growth in Peru from 2000 to 2022
by Alejandro Paredes-Soria, Alejandro Saúl Paredes-Egúsquiza, Juan Alberto Villagómez-Chinchay, Jorge Luis De Velazco Borda and Jorge Miguel Chávez-Díaz
J. Risk Financial Manag. 2025, 18(3), 112; https://doi.org/10.3390/jrfm18030112 - 21 Feb 2025
Viewed by 522
Abstract
The present study seeks to analyze the impact of the externalities of investments in infrastructure on economic growth in Peru during the period 2000–2022. The methodology used is quantitative, with a non-experimental and longitudinal design, based on the Solow model, using VAR and [...] Read more.
The present study seeks to analyze the impact of the externalities of investments in infrastructure on economic growth in Peru during the period 2000–2022. The methodology used is quantitative, with a non-experimental and longitudinal design, based on the Solow model, using VAR and VEC to analyze the relationship between investment in infrastructure and economic growth in Peru (2000–2022). The results indicate that the coefficient of variation in private income and the labor force is significantly and positively explained by GDP with an adjusted R2 of 0.94 that explains the variability of the model. It was found that investments in infrastructure and labor have a positive and significant impact on GDP. It is concluded that investments in infrastructure, especially private ones, have had a positive and significant impact on the economic growth of Peru during the period 2000–2022. These investments have acted as a key driver for the recovery and increase in GDP and thus the reduction in unemployment, while externalities, such as improvements in connectivity and productivity, have been fundamental for strengthening long-term economic development. Full article
(This article belongs to the Special Issue Macroeconomic Dynamics and Economic Growth)
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