Financial Assets as Profit-Makers in Inflationary Periods, 2nd Edition

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

Deadline for manuscript submissions: 31 October 2026 | Viewed by 3001

Special Issue Editor

Special Issue Information

Dear Colleagues,

Financial markets have become increasingly unpredictable since the onset of the large inflationary pressures in 2021, and also since the significant repercussions of price-level uncertainty on the investing capacity of economic agents. This has drawn opprobrium among a large spectrum of economic viewpoints concerning whether traditional financial assets (precious metals, bonds, stocks, and currencies) or modern financial assets (ETFs, large-cap cryptocurrencies, green cryptocurrencies, DeFi tokens, and NFTs) could act as profit-makers during inflationary periods and as hedgers against losses and wealth reduction. The great loss of purchasing power has intensified risk-seeking and has proved to be influential for investor appetite. Moreover, high levels of inflation have rendered tighter monetary policies a prerequisite for returning to normality. Therefore, more expensive liquidity has suppressed aggregate demand and investment projects and has strengthened trading activity in stock and cryptocurrency exchanges in unequal proportions.

This Special Issue aims to cover changes in investment decision-making caused by major inflationary periods—such as the one we are currently in the midst of—and cast light on the unknown aspects of portfolio management, such as when expected returns have to overcome abrupt decreases in monetary values generated by rapidly increasing price levels. I am pleased to invite you to contribute to this Special Issue, and I look forward to receiving theoretical or empirical research related to conventional or modern financial tools and their nexus with intense inflationary phenomena. Original research articles and reviews are welcome. Research areas may include, but are not limited to, the following:

  • Asset portfolio management in inflationary periods;
  • Linkages between inflation and financial assets;
  • The impacts of monetary policy interventions on wealth maximizing;
  • Fiscal and monetary coordination through the prism of evolution in financial markets.

This is the second volume of the Special Issue, ‘Financial Assets as Profit-Makers in Inflationary Periods’. The first volume has already been published, and we now invite further contributions to continue and expand this important conversation.

I look forward to receiving your contributions.

Dr. Nikolaos A. Kyriazis
Guest Editor

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Keywords

  • inflation
  • financial assets
  • investment strategies

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Published Papers (1 paper)

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Research

15 pages, 797 KB  
Article
Investigating the Dynamic Connection Between Gold and Stock Markets During Crises
by Konstantina Pendaraki and Magdalini Charda
J. Risk Financial Manag. 2025, 18(12), 694; https://doi.org/10.3390/jrfm18120694 - 4 Dec 2025
Cited by 1 | Viewed by 2804
Abstract
This paper examines the dynamic interactions between national stock indexes of global significance and gold, a prominent safe-haven asset, during the two most recent crises (the conflict between Russia and Ukraine and COVID-19). Daily data and the sophisticated Time-Varying Parameter Vector Autoregressive (TVP-VAR) [...] Read more.
This paper examines the dynamic interactions between national stock indexes of global significance and gold, a prominent safe-haven asset, during the two most recent crises (the conflict between Russia and Ukraine and COVID-19). Daily data and the sophisticated Time-Varying Parameter Vector Autoregressive (TVP-VAR) approach are used to estimate how the dynamic relationship changes throughout the course of the crisis. According to research, gold is a net recipient of causal impacts from stock indices; this is particularly evident in the early phases of COVID-19 but considerably diminishes as the conflict progresses. Furthermore, it is discovered that the US and European stock indexes have a far greater impact on gold than the Asian indices. They have an impact on the Nikkei225 index as well. In general, gold works well as a crisis buffer, and this is especially evident in the context of COVID-19. This is especially useful for shielding investors’ portfolios from poor performance during crises. Full article
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