Financial Markets in the Developing Countries: New Challenges and Opportunities

Dear Colleagues,

The financial markets in developing countries are opening up to the world. There are now several affordable and accessible instruments that allow private investors to have broader geographic inclusion. There are various reasons as to why investments are being pushed in this direction. First of all, in a general context of low government bond yields, investors have aimed beyond their national borders in seeking new opportunities in less traditional asset classes, such as government bonds from emerging countries. Furthermore, emerging markets tends toward high economic performance when global trade improves, especially when currency weakness in the head of the dollar and rising commodity prices coexist. This is because commodity prices, which are denominated in dollars, are highly correlated with emerging market performance, so when the dollar weakens, commodities become cheaper in other currencies, and so the demand for commodities tends to increase. In addition, many emerging countries tend to hold dollar-denominated debt, and a weaker dollar results in their debt servicing costs becoming more manageable. Moreover, some developing countries are on the front line in the digital industry, one of the most attractive sectors for financial investment nowadays.

It is essential to highlight that developing markets include a very large block of countries that are very different from each other in some cases, ranging from Latin America to Eastern Europe to Asia. They also differ in economic fundamentals: and in these differences lie diversification opportunities and benefits for those who want to invest in certain segments of both. Therefore, it is of paramount importance to study the spillover effect within and outside these financial markets. This will allow us to identify their role in different financial and economic systems. 

Authors are invited to submit papers that contribute to analyzing the numerous facets of financial markets in developing countries, proposing opportunities and criticalities for investors, taking into account the ongoing aspects of the global economy and also the effects of shocking events such as the COVID-19 pandemic or the war in Ukraine.

Prof. Dr. Eliana Angelini
Dr. Alessandra Ortolano
Dr. Elisa Di Febo
Dr. Matteo Foglia
Guest Editors

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• credit risk factors
• systemic risk
• ESG
• energy finance
• sustainable portfolio construction
• risk spillover effects
• regulation approaches
• bank profitability