Special Issue "Financial Development 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: 30 September 2021.

Special Issue Editors

Prof. Dr. Peter J. Stauvermann
E-Mail Website
Guest Editor
Department of Global Business & Economics, Changwon National University, 51-140 Changwon, Korea
Interests: economic growth; tourism economics; public economics; environmental economics
Special Issues and Collections in MDPI journals
Dr. Ronald Ravinesh Kumar
E-Mail Website
Guest Editor
School of Accounting and Finance, Faculty of Business and Economics, The University of the South Pacific, Suva, Fiji
Interests: financial sector stability; financial development and economic growth; financial inclusiveness; financial risk management; development finance; financial development in small developing economies
Special Issues and Collections in MDPI journals

Special Issue Information

Dear Colleagues,

It is my pleasure to invite you to submit a manuscript for the Special Issue on “Financial Development and Economic Growth” for the Journal of Risk and Financial Management.

Financial development is a pivotal part of economic development and growth. Financial system is comprised of various types of financial institutions, and these institutions potentially contribute to the expansion of financial services and financial development. Financial development can directly or indirectly influence economic growth. Various measures of financial development have been proposed.

This issue welcomes studies on financial development viz. economic activities and the potential of financial development to enhance economic growth. The issue aims to attract papers that examine the role of financial development at macro or micro levels. Studies can consider the conventional or contemporary measures of financial development, can be country-specific or region-based, can examine the direct or indirect contributions of financial development, and can strives towards proposing sound strategies to make financial system growth-enhancing. In this regard, papers submitted should maintain a good balance between the appreciation of relevant existing literature, the appropriateness of methodology and analysis leading to result-based policy implications, and the efforts to make some novel contributions in the field of study.

Prof. Dr. Peter J. Stauvermann
Dr. Ronald Ravinesh Kumar
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

  • financial development
  • profitability, stability, competition, and performance
  • macroeconomic factors
  • structural factors
  • socioeconomic factors
  • market structure
  • commercial banks
  • nonbank financial institutions
  • financial inclusion
  • remittances and other financial flows
  • financial statement analysis
  • savings, investment, consumption, human capital
  • country-specific or region-based analysis
  • empirical analysis
  • theoretical analysis

Published Papers (5 papers)

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Research

Article
Revisited: Monopoly and Long-Run Capital Accumulation in Two-Sector Overlapping Generation Model
J. Risk Financial Manag. 2021, 14(7), 304; https://doi.org/10.3390/jrfm14070304 - 03 Jul 2021
Viewed by 477
Abstract
In this paper, we investigate if an increasing competition in an oligopolistic market will enhance the real incomes and consumer surplus in the long run. For this purpose, we apply a two-sector overlapping generation model in which members of the young generation own [...] Read more.
In this paper, we investigate if an increasing competition in an oligopolistic market will enhance the real incomes and consumer surplus in the long run. For this purpose, we apply a two-sector overlapping generation model in which members of the young generation own the oligopolistic firms. We show that increasing competition in the oligopolistic market leads to ambiguous outcomes regarding the real income and consumer surplus in the long run. However, we show that the distribution of income will become fairer if the competition increases, but it is possible that the price for a fairer distribution is a lower income for all members of the economy. Full article
(This article belongs to the Special Issue Financial Development and Economic Growth)
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Article
Financial Performance of Iranian Banks from 2013 to 2019: A Panel Data Approach
J. Risk Financial Manag. 2021, 14(6), 257; https://doi.org/10.3390/jrfm14060257 - 08 Jun 2021
Viewed by 581
Abstract
It is widely believed that the financial system is dependent on the banking industry, and its strength and development are vital for economic prosperity. This paper tried to show the financial performance of Iranian banks listed on the Tehran Stock Exchange (TSE) during [...] Read more.
It is widely believed that the financial system is dependent on the banking industry, and its strength and development are vital for economic prosperity. This paper tried to show the financial performance of Iranian banks listed on the Tehran Stock Exchange (TSE) during 2013–2019, as the research population. The statistical population included 18 banks listed on the TSE from 2013 to 2019, which were sampled using a screening method. The results indicated a significant relationship between explanatory variables of capital ratio and the financial performance of banks in all models. However, a significant negative relationship was found between the inflation rate and the financial performance of banks in all models. Furthermore, it seems that banks with high asset strength are more profitable than the others. Regulators should guarantee that banks remain highly capitalized for a viable banking sector in Iran. Full article
(This article belongs to the Special Issue Financial Development and Economic Growth)
Article
The Heterogeneous Impact of Financialisation on Economic Growth in the Long Run
J. Risk Financial Manag. 2021, 14(5), 209; https://doi.org/10.3390/jrfm14050209 - 05 May 2021
Viewed by 501
Abstract
Financialisation, i.e., the process by which financial markets and their participants gain more influence over the functioning of enterprises/companies and the framework of the financial system, changes the functioning of the economic system, both at the macro- and microeconomic level. There is no [...] Read more.
Financialisation, i.e., the process by which financial markets and their participants gain more influence over the functioning of enterprises/companies and the framework of the financial system, changes the functioning of the economic system, both at the macro- and microeconomic level. There is no doubt that financialisation impacts economic growth. Still, research does not substantiate the heterogeneity of financialisation effects and does not provide a comprehensive analysis of the sources of heterogeneity. In most cases, researchers provide only theoretical insights into what may lead to different effects of financialisation on economic growth. This study empirically examines whether institutional quality and economic development intermediate the relationship between financialisation and economic growth using a panel of 96 countries over the period of 1996–2017 and least squares dummy variables (LSDV) estimator. We found that the impact of financialisation on economic growth differs across countries and that institutional quality and economic development are the sources of the heterogeneous impact of financialisation on economic growth. Full article
(This article belongs to the Special Issue Financial Development and Economic Growth)
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Article
The Relationship between Yield Curve and Economic Activity: An Analysis of G7 Countries
J. Risk Financial Manag. 2021, 14(2), 62; https://doi.org/10.3390/jrfm14020062 - 02 Feb 2021
Cited by 2 | Viewed by 893
Abstract
The yield curve is an important tool to assess the economic progress of a country. In this study, we examine the strength of the relationship between term spread and economic activity, and between the components of the yield curve and economic activity in [...] Read more.
The yield curve is an important tool to assess the economic progress of a country. In this study, we examine the strength of the relationship between term spread and economic activity, and between the components of the yield curve and economic activity in the G7 countries using monthly data on yield rates and seasonally adjusted data on the industrial production index (IPI). After matching the start and end date of the IPI with the yield rates, the data used and respective time period are as follows: Canada: March-1994 to December-2018, France: January-1999 to December-2018, Germany: October-2005 to December-2018, Italy: July-2009 to December-2018, Japan: July-1994 to January-2019, the UK: January-1994 to December-2018, and the US: February-1990 to January-2019. The results show positive associations between term spread and economic activity for Canada, France, Germany, Japan, the UK, and the US. For Italy, a negative association is noted. All three empirical factors could predict economic activity for France and Germany at the 12-month horizon only. For all other horizons, the factors’ ability to predict economic activity varies. We observe that by including additional macro-finance variables such as the current economic growth rate and the 3-month yield rate to capture the term structure level effects, the relationship between term spread and economic activity becomes stronger. This implies that the usefulness of yield curve and its decomposed components for the purpose of predicting economic activity should be cautiously modelled and employed for policy. Full article
(This article belongs to the Special Issue Financial Development and Economic Growth)
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Article
Effect of Fisheries Subsidies Negotiations on Fish Production and Interest Rate
J. Risk Financial Manag. 2020, 13(12), 297; https://doi.org/10.3390/jrfm13120297 - 29 Nov 2020
Cited by 1 | Viewed by 932
Abstract
We analyze the effect of fisheries subsidy negotiations on financial markets and aggregate demand in developed and developing countries. We examine the plausible scenarios that are likely to emerge in the event of elimination or reduction of subsidies, and the subsequent effect on [...] Read more.
We analyze the effect of fisheries subsidy negotiations on financial markets and aggregate demand in developed and developing countries. We examine the plausible scenarios that are likely to emerge in the event of elimination or reduction of subsidies, and the subsequent effect on the financial markets and the fish production. We use the Keynesian macroeconomic static framework, which is based on an extended well-known investment-savings (IS) and liquidity preference–money supply (LM) model for analysis. Our analysis shows that the impact of a reduction in fisheries subsidies would reduce the exploitation of fish and marine resources in developing countries, thus leading to a general increase in fish prices and quantity stabilizing at lower levels. We also find that this effect would transfer to financial markets, leading to a decline in interest rates for fish exporting developing countries, but interest rates tend to stabilize at higher levels for fish importing developed countries. Full article
(This article belongs to the Special Issue Financial Development and Economic Growth)
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