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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 December 2025) | Viewed by 32766

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Special Issue Editors

Dr. Bibhudutta Panda

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Guest Editor

Madden College of Business & Economics, Le Moyne College, Syracuse, NY 13214, USA
Interests: economic growth; economics of corruption and institutions
Special Issues, Collections and Topics in MDPI journals

Prof. Dr. Badri Narayan Rath

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Guest Editor

Department of Liberal Arts, Indian Institute of Technology Hyderabad, Kandi, India
Interests: economic growth; industrial economics; international trade; energy economics and applied econometrics

Special Issue Information

Dear Colleagues,

Frictions in the financial system adversely affect the allocation of resources towards investments in physical and human capital, entrepreneurial activity, and technological innovation, hence impeding long-run economic growth. The financial system plays a major role in: (1) reducing transaction costs; (2) diminishing the effect of information asymmetry, thereby improving capital allocation and corporate governance; (3) improving contract enforcement; and (4) facilitating risk management. As a result, the financial system promotes the efficient allocation of resources towards productive uses, thereby increasing efficiency and production. Further, the quality of the financial system has important implications for international capital flows, income and wealth inequality, and poverty.

The costs associated with financial frictions incentivize innovations in the financial system in the form of modern financial instruments, financial contracts, and improvements in access to capital markets. For example, the digitalization of financial services has improved access to banking and credit for low- and medium-scale entrepreneurs, resulting in innovation and economic growth. On the other hand, the 2007–2009 global financial crisis reminds us that innovations in the financial system could result in excessive risk-taking and agency problems in the absence of appropriate regulations, leading to an economic slowdown.

This Special Issue invites scholarly contributions that examine recent developments in the financial system and their implications for economic growth. The implications of such developments on a broad range of topics such as access to the capital market, capital formation, human capital, employment, total factor productivity, entrepreneurial activity, firm-level production and innovation, international capital flows, income distribution, and poverty will be considered. Further, papers examining the institutional, political, cultural, and regulatory determinants of such developments and their implications for economic growth will be considered.

Dr. Bibhudutta Panda
Prof. Dr. Badri Narayan Rath
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 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 250 words) can be sent to the Editorial Office for assessment.

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 1600 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 system developments
financial market
financial institutions
financial instruments and services
fintech
financial inclusion
digital financial inclusion
capital market imperfection
access to credit
international capital flows
economic growth
entrepreneurship
firm-level evidence
cross-country evidence
public finance and growth

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Published Papers (9 papers)

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Research

26 pages, 2451 KB

Open AccessArticle

Does Information Nudge Make the e-Rupee More Adoptable? Examining the Adoption and Willingness to Shift to Digital Currency in India

by S. Vijayalakshmi and N. Pallavi

J. Risk Financial Manag. 2026, 19(4), 235; https://doi.org/10.3390/jrfm19040235 - 24 Mar 2026

Viewed by 1000

Abstract

Banks around the globe are rapidly progressing towards the adoption of digital currency. However, its adoption rate has been consistently low among both emerging and advanced economies. This study examines the user adoption of the Indian digital currency, the e-Rupee, based on a primary survey conducted between July 2025 and September 2025 of 751 respondents. The study adopted a blend of TAM and nudge theory for the first time in the digital currency domain, using the stated preference method in finance literature to understand the willingness to shift to the e-Rupee in India. Using binary logit regression, we test two hypotheses. The results show that apart from socioeconomic predictors, adoption of the e-Rupee is significantly influenced by digital financial literacy. With respect to the willingness to shift to the e-Rupee, the study found TAM constructs like perceived convenience and perceived belief in the study as the key predictors. Unlike the current literature, our study finds that trust is not a significant predictor of e-Rupee adoption. This highlights the credibility of the central bank of the country and the future growth of its digital currency. The findings highlight the importance of digital financial literacy and behavioral intentions, rather than technical viability, as the key factors in digital currency adoption in India. Full article

(This article belongs to the Special Issue Recent Developments in Finance and Economic Growth)

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23 pages, 598 KB

Open AccessArticle

The Correlation Between Income Inequality and per Capita GDP in Georgia’s Counties

by Jonathan E. Leightner, Kacey Axon and Simon Medcalfe

J. Risk Financial Manag. 2026, 19(3), 234; https://doi.org/10.3390/jrfm19030234 - 23 Mar 2026

Viewed by 720

Abstract

We use Reiterative Truncated Projected Least Squares (RTPLS) to estimate the correlation between real GDP per capita and income inequality for the 159 counties in Georgia, USA, from 2011 to 2021. RTPLS produces a separate slope estimate for every observation (data point), where differences in these slope estimates are due to omitted variables. Our measure of inequality is the ratio of household income at the 80th percentile divided by income at the 20th percentile. We find that the negative marginal correlation between income inequality and real per capita income has strengthened over time, and there are large differences between the effects for different counties. For example, in 2021, our estimate for d(real per capita GDP)/d(income inequality) ranged from −3.70 to −28.48. We find that this estimate becomes more negative when there are increases in the percentage of the county population with some college education, the percentage of the county population that is Black, the percentage of the county population that is Hispanic, as well as when unemployment increases. However, d(real percapita GDP)/d(income inequality) becomes less negative as the percentage of the county that is rural increases and as the percentage of the population that is less than 18 years old increases. Full article

(This article belongs to the Special Issue Recent Developments in Finance and Economic Growth)

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32 pages, 912 KB

Open AccessArticle

Financial Inclusion and Rural Economic Empowerment: Evidence from Self-Help Groups in Maharashtra, India

by Madan Survase and Bibhudutta Panda

J. Risk Financial Manag. 2026, 19(2), 142; https://doi.org/10.3390/jrfm19020142 - 13 Feb 2026

Viewed by 1864

Abstract

The importance of financial inclusion for economic development is well acknowledged in literature. Despite this, a large percentage of the rural population still remains outside the formal financial system. This study examines factors associated with financial inclusion and their relationship with rural economic well-being. The study is based on a primary survey of 426 Self-Help Group (SHG)-participating rural women from three districts in rural Maharashtra, India. Using Structural Equation Modeling (SEM), the study finds that physical banking services (PBS) are positively associated with household economic well-being through greater access to and use of credit facilities. PBS is also positively associated with access to and use of insurance services in rural areas, but no positive association is found between insurance services and economic well-being. The National Rural Livelihood Mission (NRLM) emerges as an important policy channel. NRLM complements access to PBS and mediates the association between PBS, credit usage, and rural economic well-being. The study highlights that policies focusing on the effective implementation of NRLM programs, improved awareness and delivery of insurance schemes, and targeted efforts to address both supply-side and demand-side barriers to financial access are important for improving economic well-being. Full article

(This article belongs to the Special Issue Recent Developments in Finance and Economic Growth)

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18 pages, 470 KB

Open AccessArticle

The Effects of Globalization and Foreign Direct Investment on the Economic Growth of South Africa

by Ndivhuho Eunice Ratombo and Dintuku Maggie Kgomo

J. Risk Financial Manag. 2026, 19(1), 7; https://doi.org/10.3390/jrfm19010007 - 22 Dec 2025

Viewed by 1714

Abstract

Developed and developing economies use globalization and foreign direct investment (FDI) to pave the way and to maximize economic growth. This study aims to investigate the impact of globalization and FDI on the economic growth of South Africa over the period from 1998 to 2022. The study employed the autoregressive distributed lag (ARDL) approach on annual data from the World Bank and the KOF index of globalization. ARDL tests reveal a long-run positive and statistically significant relationship of 12.7% in the case of economic globalization. This indicates that there is a reasonable level of the emergence of a globalized economy to integrate new and diverse systems, within internal economic growth forces that are supporting the globalization and endogenous growth theories. Political globalization is negative and statistically significant, while social globalization is positive but is used to depress long-run economic growth because of its insignificant status. The novelty of this study is to focus on the impacts of economic, social, and political globalization and FDI on the economic growth of South Africa, through direct and interactive procedures. The findings can be used by South African policymakers and other countries to prioritize reaping the benefits of globalization. These outcomes can be used to sensitize and promote policies that can attract relevant FDI, while enhancing economic growth. Full article

(This article belongs to the Special Issue Recent Developments in Finance and Economic Growth)

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22 pages, 293 KB

Open AccessArticle

G-Token Implications and Risks for the Financial System Under State-Issued Digital Instruments in Thailand

by Narong Kiettikunwong and Wanida Sangsarapun

J. Risk Financial Manag. 2025, 18(10), 555; https://doi.org/10.3390/jrfm18100555 - 2 Oct 2025

Cited by 1 | Viewed by 3396

Abstract

As governments increasingly explore digital financial instruments to diversify funding channels and expand citizen participation, Thailand’s G-Token represents an early attempt to integrate blockchain technology into sovereign debt issuance. This study examines its potential implications through a multi-dimensional risk and governance framework, situating the analysis within both domestic regulatory structures and international benchmarks. The evaluation considers macroeconomic effects—such as potential shifts in monetary policy transmission, bank disintermediation risks, and systemic liquidity impacts—alongside micro-level concerns involving investor protection, market integrity, and financial literacy. Using comparative analysis with the European Union, Singapore, and United States regulatory approaches, the paper identifies critical gaps in legal classification, oversight maturity, and structural safeguards. Findings indicate that while Thailand’s design—particularly its separation from payment systems—supports monetary coherence, its ad hoc legal integration, reliance on administrative investor protections, and early-stage market infrastructure pose vulnerabilities if adoption scales. The study concludes that achieving long-term viability will require explicit statutory authorization, enhanced disclosure and governance standards, strengthened interagency oversight, and inclusive market access strategies. These insights provide a structured basis for emerging economies seeking to adopt government-backed tokenized instruments without undermining financial stability or public trust. Full article

(This article belongs to the Special Issue Recent Developments in Finance and Economic Growth)

13 pages, 246 KB

Open AccessArticle

The Impact of Digital Transformation on Economic Integration in ASEAN-6: Evidence from a Generalized Least Squares (GLS) Model

by Thi Anh Tuyet Le

J. Risk Financial Manag. 2025, 18(4), 189; https://doi.org/10.3390/jrfm18040189 - 2 Apr 2025

Cited by 5 | Viewed by 5771

Abstract

This study analyzes the impact of digital transformation on the international economic integration of ASEAN-6 countries during the period of 2000–2023 using the Generalized Least Squares (GLS) estimation method. The findings indicate that factors such as fixed broadband subscriptions (FixB), fixed telephone subscriptions (FixT), and the value added from medium- and high-tech manufacturing (MHT) have a positive and statistically significant effect on trade openness (TO). Conversely, mobile cellular subscriptions (MB) and the percentage of individuals using the Internet (IU) exhibit a negative impact on economic integration, reflecting the uneven development of digital infrastructure across countries. Based on these results, the study suggests policy implications, including substantial investment in digital infrastructure, technological advancement in production, and improved accessibility to digital services to foster more effective economic integration. ASEAN-6 countries should adopt tailored development strategies that emphasize innovation and the development of a skilled digital workforce to enhance their competitiveness both regionally and globally. Full article

(This article belongs to the Special Issue Recent Developments in Finance and Economic Growth)

19 pages, 13835 KB

Open AccessArticle

Evolution of Financial Development Research: A Bibliometric Analysis

by Servet Say, Mesut Dogan, Daulen Abdeshov, Murat Tekbas, Levent Sezal and Burhan Erdoğan

J. Risk Financial Manag. 2025, 18(1), 10; https://doi.org/10.3390/jrfm18010010 - 28 Dec 2024

Cited by 4 | Viewed by 2867

Abstract

This study aims to analyze publications on financial development between 1986 and 2023 using bibliometric analysis methods. The analysis, based on data obtained from the Web of Science database, utilizes bibliometric tools such as keyword analysis, author collaboration networks, citation analysis, and bibliographic coupling to identify trends, key authors, influential journals, and emerging research topics in the field. The results indicate that financial development research is predominantly concentrated in the fields of economics, environmental sciences, and business finance, with economics having the highest number of publications. A significant increase in publications is observed after 2014, particularly after the COVID-19 pandemic. VOSviewer and R Studio programs were chosen in the study due to their strengths in terms of functionality. According to the results, the countries with the most citations were China, the USA, and Pakistan. The most cited authors are Shahbaz M. with 3926 citations, Zingales I. with 3252 citations, and Oztürk I. with 2710 citations. The authors in the top two are also in the top two in terms of total link strength. The analysis shows that key themes such as economic growth, energy consumption, CO₂ emissions, and renewable energy have increasingly intersected with financial development, highlighting the growing focus on sustainability. China, Pakistan, and the USA are the most active countries in financial development research, with China leading both in terms of publication count and citations. Full article

(This article belongs to the Special Issue Recent Developments in Finance and Economic Growth)

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10 pages, 665 KB

Open AccessArticle

Character Counts: Psychometric-Based Credit Scoring for Underbanked Consumers

by Saul Fine

J. Risk Financial Manag. 2024, 17(9), 423; https://doi.org/10.3390/jrfm17090423 - 22 Sep 2024

Cited by 5 | Viewed by 8567

Abstract

Psychometric-based credit scores measure important personality traits that are characteristic of good borrowers’ behaviors. While such data can potentially improve credit models for underbanked consumers, the utility of psychometric data in consumer lending is still largely understudied. The present study contributes to the literature in this respect, as it is one of the first studies to evaluate the efficacy of psychometric-based credit scores for predicting future loan defaults among underbanked consumers. The results from two culturally diverse samples of loan applicants (Sub-Saharan Africa, n = 1113; Western Europe, n = 1033) found that psychometric scores correlated significantly with future loan defaults (Gini = 0.28–0.31) and were incrementally valid above and beyond the banks’ own credit scorecards. These results highlight the theoretical basis for personality in financial behaviors, as well as the practical utility that psychometric scores can have for credit decisioning in general and the facilitation of financial inclusion for underbanked consumer groups in particular. Full article

(This article belongs to the Special Issue Recent Developments in Finance and Economic Growth)

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23 pages, 668 KB

Open AccessArticle

Does Corporate Social Responsibility Create Value in Acquisitions? Evidence from the German Market

by Jan-Luca Walter, Michel Charifzadeh and Tim Alexander Herberger

J. Risk Financial Manag. 2024, 17(6), 250; https://doi.org/10.3390/jrfm17060250 - 18 Jun 2024

Cited by 1 | Viewed by 4519

Abstract

This paper examines the impact of a firm’s Corporate Social Responsibility (CSR) level on abnormal stock returns around merger and acquisitions (M&A) announcements. Using a sample of transactions announced by German DAX-listed acquirers from 2017 and 2022, the analysis assesses whether CSR creates value for acquiring firms’ shareholders and offers a comprehensive discussion of potential factors supporting or opposing this notion. Our study seeks to fill a notable gap in the German literature on the relationship between CSR performance and abnormal stock returns surrounding M&A announcements. Building upon prior research findings in the US and in an international sample, our investigation focuses on the German market. Employing event study methodology, our results indicate that M&A transactions of German-listed acquirers did not yield significant negative or positive cumulative abnormal returns for event windows of 3 and 11 days. Furthermore, based on multiple linear regression, no evidence was found that CSR positively or negatively influenced abnormal stock returns following M&A announcements, suggesting that positive and negative effects potentially offset each other. The outcomes of our research have important implications for investors, as CSR initiatives do not serve as a positive trading signal, guaranteeing excess returns, which contrasts findings from previous studies in other developed countries. For managers, it is essential to concentrate on factors beyond CSR performance, such as synergies and fit. Finally, both managers and investors should not view CSR as a shareholder value-enhancing short-term investment but as an integral component of fostering sustainable business development. Full article

(This article belongs to the Special Issue Recent Developments in Finance and Economic Growth)

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