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Recent Developments in Finance and Economic Growth
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Recent Developments in Finance 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 June 2025 | Viewed by 8224

Special Issue Editors

Dr. Bibhudutta Panda

E-Mail Website
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

E-Mail Website
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 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 1400 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 (4 papers)

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Research

13 pages, 246 KiB  
Article
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
Viewed by 392
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 [...] Read more.
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 KiB  
Article
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 1 | Viewed by 1204
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 [...] Read more.
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 KiB  
Article
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 1 | Viewed by 2866
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 [...] Read more.
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 KiB  
Article
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
Viewed by 2312
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 [...] Read more.
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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