Special Issue "Economic and Financial Implications of COVID-19"

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: 28 February 2022.

Special Issue Editors

Dr. Irena Jindřichovská
E-Mail Website
Guest Editor
Department of International Business, Metropolitan University Prague, 100 00 Prague, Czech Republic
Interests: sustainability; accounting; corporate finance; international trade; finance
Dr. Anna Białek-Jaworska
E-Mail Website
Guest Editor
Department of Banking, Finance, and Accounting, Faculty of Economic Sciences University of Warsaw, 00-921 Warsaw, Poland
Interests: corporate finance; business economics; taxation; accounting; innovation economics
Dr. Mihaela Mocanu
E-Mail Website
Guest Editor
Department of Accounting and Auditing, Bucharest University of Economic Studies, 010374 Bucharest, Romania
Interests: risk disclosure; sustainability disclosure; financial audit
Prof. Dr. Erginbay Uğurlu
E-Mail Website
Guest Editor
Department of International Trade, Istanbul Aydın University, 34295 İstanbul, Turkey
Interests: times series econometrics; panel data econometrics; financial econometrics; energy economics

Special Issue Information

Dear Colleagues,

Before the COVID-19 crisis there was a relatively long period of economic stability and prosperity. Countries and established trading blocs more or less aspired to reach some stage of sustainable development. With the abrupt arrival of COVID-19, the situation has changed sharply and unexpectedly. Measured mainly through the protection of their inhabitants, some countries reacted to this shock more successfully than others. There is no doubt that the impact of COVID-19 will be damaging for economies, and therefore a push for innovative solutions to get out from the slowdown is anticipated.

In this Special Issue, we want to encourage scholars to look into problems of society from different, not only economic, perspectives. We want to explore the damaging effect of COVID-19 on economies, companies, municipalities (acting under fiscal constraints of debt capacity), and sectors. Additionally, we want to explore paths to recovery and the new opportunities that this crisis brings to our (as we believed) already very developed civilization.

This Issue is especially interested in the topic of financial stability in developed and emerging economies. The questions of following sustainable goals as announced in 2015 and the regime of crisis and recovery in SMEs and big multinationals are also of our concern. Furthermore, we are interested in information disclosures of firms and subsequent related market reactions.

We invite authors to contribute original research articles in theory and practice. All submissions must contain original unpublished work not being considered for publication elsewhere. Submissions are also open to scholars and participants of the conference IFRS Global Rules and Local Use—Beyond the Numbers 2021 organized jointly by the Metropolitan University Prague and the Anglo-American University in Prague.

Dr. Irena Jindřichovská
Dr. Anna Białek-Jaworska
Dr. Mihaela Mocanu
Prof. Dr. Erginbay Uğurlu
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 papers will be 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 1200 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

  • emerging economies 
  • sustainable goals 
  • SMEs and multinationals 
  • crisis and recovery 
  • information disclosure 
  • market reaction 
  • government measures 
  • health care system

Published Papers (7 papers)

Order results
Result details
Select all
Export citation of selected articles as:

Research

Article
Empirical Evidence Regarding the Impact of Economic Growth and Inflation on Economic Sentiment and Household Consumption
J. Risk Financial Manag. 2021, 14(7), 336; https://doi.org/10.3390/jrfm14070336 - 20 Jul 2021
Viewed by 207
Abstract
The dynamics of the interconnected global market and consumption behavior has recently changed considerably. Using a sample of 28 nations within the European Union, the study examined the degree to which economic growth and inflation impacted economic sentiment and household consumption during the [...] Read more.
The dynamics of the interconnected global market and consumption behavior has recently changed considerably. Using a sample of 28 nations within the European Union, the study examined the degree to which economic growth and inflation impacted economic sentiment and household consumption during the time frame of December 2019 up to October 2020. The results estimated via panel generalized method of moments and panel least squares (with cross-section weights, time fixed effects) showed that economic sentiment and household consumption were significantly shaped by the proxies of economic growth and inflation. Moreover, in the case of economic sentiment, the negative impact of inflation was much stronger than the positive impact of economic growth. The reverse applied in the case of household consumption. The study draws policy implications regarding the strategies that public authorities, companies, and individual consumers could apply for stimulating national economies amid challenging times. Full article
(This article belongs to the Special Issue Economic and Financial Implications of COVID-19)
Show Figures

Figure 1

Article
The Causal Nexus of Consumer and Business Confidence Indexes in Early Pandemic Period: Evidence from OECD Countries
J. Risk Financial Manag. 2021, 14(7), 311; https://doi.org/10.3390/jrfm14070311 - 07 Jul 2021
Viewed by 296
Abstract
The COVID-19 pandemic has been shown dire consequences for the global economy, not only in the past and present but also in the future. These consequences are not only humanitarian but also financial and economic. This article raises the question of whether the [...] Read more.
The COVID-19 pandemic has been shown dire consequences for the global economy, not only in the past and present but also in the future. These consequences are not only humanitarian but also financial and economic. This article raises the question of whether the state of the health system is a factor that determines the direction of changes in consumer and business sentiment during the COVID-19 or whether other factors are more significant. The goal is to find out whether there is real progress in the national health system of a particular country or a regression and on this base to answer the question: What is more important for the expectations of the population and industry during the spread of the pandemic; the dynamics of the development of the health system or other factors? To assess the dynamics of the development of the health care system in different countries, we used the annual data on individual health indicators of the OECD countries for 2006–2019. There were identified countries with dynamic development and a slowing/deteriorating health system. Based on Granger’s approach in EViews, we used the Augmented Dickey–Fuller test and admit that health care systems are not a determining factor in consumer and business sentiment during a pandemic, i.e., only economic factors. The research contributes to the developed COVID-19 research by examining the impact of the changes in the mutual influence of Confidence indexes and macro indicators during the pandemic. Full article
(This article belongs to the Special Issue Economic and Financial Implications of COVID-19)
Show Figures

Figure 1

Article
Polish Culture in the Face of the COVID-19 Pandemic Crisis
J. Risk Financial Manag. 2021, 14(4), 181; https://doi.org/10.3390/jrfm14040181 - 14 Apr 2021
Cited by 1 | Viewed by 624
Abstract
Cancellation of the events offered by cultural institutions was caused by the restrictions introduced by the government and, at a critical moment, a national lockdown. The COVID-19 pandemic forced cultural institutions to adapt to the new reality. The aim of this article was [...] Read more.
Cancellation of the events offered by cultural institutions was caused by the restrictions introduced by the government and, at a critical moment, a national lockdown. The COVID-19 pandemic forced cultural institutions to adapt to the new reality. The aim of this article was to present the impact of the pandemic on the activities of cultural institutions, as well as to identify and systematize the activities of such institutions during the pandemic. The following classification, dividing the activities into three groups, has been proposed: virtualization of existing activities, expansion of activities with additional initiatives, and implementation of corporate social responsibility (CSR) initiatives. The greatest challenge was the virtualization of the existing activities and finding new customer markets. The pandemic has contributed to a significant deterioration in the financial situation of cultural institutions because of the reduced income. Long-term effects on cultural institutions may be difficult to predict and losses may be difficult to rebuild. Full article
(This article belongs to the Special Issue Economic and Financial Implications of COVID-19)
Show Figures

Figure 1

Article
The Australian Stock Market’s Reaction to the First Wave of the COVID-19 Pandemic and Black Summer Bushfires: A Sectoral Analysis
J. Risk Financial Manag. 2021, 14(4), 175; https://doi.org/10.3390/jrfm14040175 - 11 Apr 2021
Cited by 3 | Viewed by 860
Abstract
In this study, we investigated the impact of the first wave of the COVID-19 pandemic on various sectors of the Australian stock market. Market capitalization and equally weighted indices were formed for eleven Australian sectors to examine the influence of the pandemic on [...] Read more.
In this study, we investigated the impact of the first wave of the COVID-19 pandemic on various sectors of the Australian stock market. Market capitalization and equally weighted indices were formed for eleven Australian sectors to examine the influence of the pandemic on them. First, we examined the financial contagion between the Chinese stock market and Australian sector indices through the dynamic conditional correlation fractionally integrated generalized autoregressive conditional heteroskedasticity (DCC-FIGARCH) model. We found high time-varying correlations between the Chinese stock market and most of the Australian sector indices, with the financial, health care, information technology, and utility sectors displaying a decrease in co-movements during the pandemic. The Modified Iterative Cumulative Sum of Squares (MICSS) analysis results indicated the presence of structural breaks in the volatilities of most of the sector indices around the end of February 2020, but consumer staples, industry, information technology and real estate indices did not display any break. Markov regime-switching regression analysis depicted that the pandemic has mainly affected three sectors: consumer staples, industry, and real estate. When we considered the firm size, we found that smaller companies in the energy sector exhibited gradual deterioration, whereas small firms in the consumer staples sector experienced the largest positive impact from the pandemic. Full article
(This article belongs to the Special Issue Economic and Financial Implications of COVID-19)
Show Figures

Figure 1

Article
Determinants of Differentiation of Cost of Risk (CoR) among Polish Banks during COVID-19 Pandemic
J. Risk Financial Manag. 2021, 14(3), 110; https://doi.org/10.3390/jrfm14030110 - 08 Mar 2021
Viewed by 667
Abstract
The aim of the paper is to assess the evolution of the cost of credit risk (CoR) of Polish banks as a result of the COVID-19 pandemic in the first three quarters of 2020 as well as its microeconomic determinants. We analysed the [...] Read more.
The aim of the paper is to assess the evolution of the cost of credit risk (CoR) of Polish banks as a result of the COVID-19 pandemic in the first three quarters of 2020 as well as its microeconomic determinants. We analysed the structural diversity of the sample of the 13 largest Polish commercial banks in terms of the evolution of their CoR. For this purpose, a diagraphic method of Jan Czekanowski was used. It allowed us to distinguish two groups of banks displaying features characteristic of multi-object structures and three groups consisting of individual banks characterized by atypical CoR developments, significantly different from the structures of objects classified to the first and second groups. In the second part of the research, in order to identify the determinants of the observed trends, a multiple regression model was used in which the explanatory variable was the dynamics of CoR in the first three quarters of 2020. The parameters of return on capital (ROE) at the end of 2019, Non-Performing Loans (NPLs) at the end of 2019 and the dynamics of write-offs in the period 2017–2019 proved to be important explanatory variables. Full article
(This article belongs to the Special Issue Economic and Financial Implications of COVID-19)
Show Figures

Figure 1

Article
Natural Resources Volatility and Economic Growth: Evidence from the Resource-Rich Region
J. Risk Financial Manag. 2021, 14(2), 84; https://doi.org/10.3390/jrfm14020084 - 19 Feb 2021
Viewed by 545
Abstract
This research paper investigates the impact of natural resources volatility on economic growth. The paper focused on three resource-rich economies, namely, UAE, Saudi Arabia, and Oman. Using data from 1970 to 2016 and employing the autoregressive distributed lag (ARDL) cointegration approach, we found [...] Read more.
This research paper investigates the impact of natural resources volatility on economic growth. The paper focused on three resource-rich economies, namely, UAE, Saudi Arabia, and Oman. Using data from 1970 to 2016 and employing the autoregressive distributed lag (ARDL) cointegration approach, we found that both natural resources and their volatility matter from the perspective of growth. The study found strong evidence in favor of a positive and statistically significant relationship between natural resources and economic growth for the economies of UAE and Saudi Arabia. Similarly, for the economy of Oman, a positive but insignificant relationship is observed between natural resources and economic growth. However, we found that the volatility of natural resources has a statistically significant negative impact on the economic growth of all three economies. This study contradicts the traditional concept of the resources curse and provides evidence of the resources curse in the form of a negative impact of volatility on economic growth. Full article
(This article belongs to the Special Issue Economic and Financial Implications of COVID-19)
Show Figures

Figure 1

Communication
E.U. and China Trends in Trade in Challenging Times
J. Risk Financial Manag. 2021, 14(2), 71; https://doi.org/10.3390/jrfm14020071 - 07 Feb 2021
Viewed by 887
Abstract
The sudden and abrupt rise of COVID-19 became a challenge for the world economy. In this paper, we investigate the changes in a trend of mutual trade between the EU-15 countries and China during the demanding times of the COVID-19 crisis. We use [...] Read more.
The sudden and abrupt rise of COVID-19 became a challenge for the world economy. In this paper, we investigate the changes in a trend of mutual trade between the EU-15 countries and China during the demanding times of the COVID-19 crisis. We use monthly data for Chinese exports to the E.U. (2018:01–2020:05) and imports from the E.U. (2018:01–2020:07) relying on the data from the open-source TradeMap developed by the International Trade Centre UNCTAD/WTO (ITC). Overall, there is an obvious decline of 13–32 percent in worldwide trade as predicted by the WTO. This affected China as the main trading partner of electronic devices and medical supplies. The trade between the E.U. and China has decreased, but the major change in demand brought an alteration in commodities structures and the reorientation of Chinese export production. In the first five months of 2020, we witnessed the strong engagement of the Chinese economy in the production of goods newly in high demand—mainly articles strongly related to healthcare and medical equipment. Thus, we have observed that the Chinese were very flexible in changing the structure of their exports triggered by the COVID-19 crisis. This flexibility is worth further exploration, especially because the COVID-19 crisis is still not over and new data and changing results can be expected. Full article
(This article belongs to the Special Issue Economic and Financial Implications of COVID-19)
Show Figures

Figure 1

Back to TopTop