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International Trade, Finance, and Development
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International Trade, Finance, and Development

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 2023) | Viewed by 12376

Special Issue Editors

Dr. Nusrate Aziz

E-Mail Website
Guest Editor
School of Business and Economics, Algoma University, Marie, ON, Canada
Interests: international trade; international finance; international business; monetary policy; labor mobility
Dr. Murshed Chowdhury

E-Mail Website
Guest Editor
Department of Economics, University of New Brunswick, P.O. Box 4400 Fredericton, NB, Canada
Interests: international and internal migration; open economy macroeconomics; financial/banking regulations; international finance; economic growth; development economics; information and communication technology

Special Issue Information

Dear Colleagues,

It is a pleasure to call for papers for the Journal of Risk and Financial Management Special Issue on International Trade, Finance, and Development.

Quite recently we have seen a new wave of protectionist trade policy including the trade war between China and the US, NAFTA renegotiation, and Brexit, among many others. The WTO has reported that the G20 countries still show restraint in new pandemic-related trade restrictions. We have also experienced a record low-interest rate all over the world during the COVID-19 pandemic crisis. Governments and central banks are struggling to control the rising rate of inflation. There has been a substantial increase in international labor mobility as well. These changes have impacted almost all macroeconomic variables including the exchange rate, inflation, unemployment, domestic investment, current account, financial account, FDI, and economic growth.    

This Special Issue will accept theoretical and empirical original papers that study (however, not limited) the new wave of protectionist trade policy, the exchange rate, international trade, international finance, foreign direct investment, international labor mobility, the impact of the COVID-19 pandemic on international trade and finance, low-interest rate and monetary transmission, rising inflation all over the world. Papers on other relevant topics such as the political economy of international trade and finance, monetary policy, and economic and financial crises are also welcome.    

We look forward to reviewing your submissions!

Dr. Nusrate Aziz
Dr. Murshed Chowdhury
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

  • international trade
  • international finance
  • international business
  • protectionist trade policy
  • trade blocs
  • monetary policy
  • inflation
  • exchange rate
  • international labor mobility
  • economic and financial crises

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Published Papers (5 papers)

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Research

23 pages, 679 KiB  
Article
Role of Provincial Migration and Immigration in Provincial Trade of Canada
by Nusrate Aziz, Ahmed Aziz and Gerry Mahar
J. Risk Financial Manag. 2023, 16(7), 328; https://doi.org/10.3390/jrfm16070328 - 12 Jul 2023
Cited by 2 | Viewed by 1886
Abstract
This study estimates international and provincial migrants’ impact on provincial-level trade using panel data from 1981 to 2016 for Canadian provinces. The estimated results show that migration plays a significant role in determining Canadian provincial-level trade. Although the stock of provincial migrants is [...] Read more.
This study estimates international and provincial migrants’ impact on provincial-level trade using panel data from 1981 to 2016 for Canadian provinces. The estimated results show that migration plays a significant role in determining Canadian provincial-level trade. Although the stock of provincial migrants is smaller than the stock of immigrants in Canadian provinces, the former plays a consistently positive and significant role in provincial-level trade, while the latter is not consistently significant across estimators. This study reaffirms that labour mobility between Canadian provinces helps reduce provincial trade barriers and promote economic development within Canada. Our results are robust to different estimation methods, model specifications, and alternative measures of migrants’ stock in Canadian provinces. Full article
(This article belongs to the Special Issue International Trade, Finance, and Development)
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18 pages, 2711 KiB  
Article
Asymmetric Effects of Financial Development on CO2 Emissions in Bangladesh
by Anupam Das, Leanora Brown and Adian McFarlane
J. Risk Financial Manag. 2023, 16(5), 269; https://doi.org/10.3390/jrfm16050269 - 12 May 2023
Cited by 3 | Viewed by 1676
Abstract
Depending on how it functions and is organized, the financial system can have a negative, positive, or zero impact on the environment. For Bangladesh, the empirical relationship between financial development and the environment, measured in terms of carbon dioxide (CO2) emissions [...] Read more.
Depending on how it functions and is organized, the financial system can have a negative, positive, or zero impact on the environment. For Bangladesh, the empirical relationship between financial development and the environment, measured in terms of carbon dioxide (CO2) emissions per capita, is analysed over the period 1980 to 2020. This is the first such analysis for this country. We perform this within a non-linear bound testing framework while controlling for changes in energy consumption, gross domestic product, and trade volume. There are two key findings. One, we find that the relationship between CO2 emissions per capita and financial development is cointegrating, with the direction of cointegration running from financial development to CO2 emissions. Two, we find that positive and negative changes in financial development have asymmetric impacts on CO2 emissions in the long and short run. The implications of these findings are discussed regarding their attendant environmental policy implications. Full article
(This article belongs to the Special Issue International Trade, Finance, and Development)
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20 pages, 621 KiB  
Article
Systematic Contagion Effects of the Global Finance Crisis: Evidence from the World’s Largest Advanced and Emerging Equity Markets
by Dinesh Gajurel and Mardi Dungey
J. Risk Financial Manag. 2023, 16(3), 182; https://doi.org/10.3390/jrfm16030182 - 8 Mar 2023
Cited by 5 | Viewed by 2477
Abstract
This paper examines the systematic contagion effects of the global financial crisis of 2007–2009 on the world’s largest advanced and emerging equity markets, using the conditional factor model of Dungey and Renault (2018) and and the adjusted correlation coefficient approach of Forbes and [...] Read more.
This paper examines the systematic contagion effects of the global financial crisis of 2007–2009 on the world’s largest advanced and emerging equity markets, using the conditional factor model of Dungey and Renault (2018) and and the adjusted correlation coefficient approach of Forbes and Rigobon (2002). Our findings indicate that when applying the Forbes and Rigobon approach, no evidence of contagion is found, while using the conditional factor model, we observe significant evidence of contagion in the aggregate equity markets of both advanced and emerging markets. Furthermore, the results from the conditional factor model suggest that the structural relationship across the financial sectors of advanced and emerging markets was significantly disrupted during the crisis period. Full article
(This article belongs to the Special Issue International Trade, Finance, and Development)
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36 pages, 1998 KiB  
Article
Effect of Aid-for-Trade Flows on Investment-Oriented Remittance Flows
by Sèna Kimm Gnangnon
J. Risk Financial Manag. 2023, 16(2), 110; https://doi.org/10.3390/jrfm16020110 - 10 Feb 2023
Cited by 1 | Viewed by 1643
Abstract
Despite the voluminous literature on the effect of aid-for-trade (AfT) flows on recipient countries’ trade performance, little is known about the relationship between AfT flows and other capital flows to developing countries. This paper contributes to the literature by exploring the effect of [...] Read more.
Despite the voluminous literature on the effect of aid-for-trade (AfT) flows on recipient countries’ trade performance, little is known about the relationship between AfT flows and other capital flows to developing countries. This paper contributes to the literature by exploring the effect of AfT inflows on investment-oriented remittance inflows, notably through the channel of trade costs. Using an unbalanced panel data set of 106 countries over the period 2002–2019 and the two-step system generalized method of moments, the empirical analysis establishes several outcomes. AfT flows exert a positive effect on investment-oriented remittance flows, where the magnitude of this positive effect is higher in least-developed countries and in remittance-dependent countries than in other countries. AfT flows stimulate investment-oriented remittance flows in countries that face higher trade costs. The analysis shows that AfT flows could be important leverages for stimulating investment-oriented remittance flows and could promote the development of the private sector in beneficiary countries. Full article
(This article belongs to the Special Issue International Trade, Finance, and Development)
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22 pages, 2339 KiB  
Article
Do the Inward and Outward Foreign Direct Investments Spur Domestic Investment in Bangladesh? A Counterfactual Analysis
by Md. Monirul Islam, Mohammad Tareque, Abu N. M. Wahid, Md. Mahmudul Alam and Kazi Sohag
J. Risk Financial Manag. 2022, 15(12), 603; https://doi.org/10.3390/jrfm15120603 - 13 Dec 2022
Cited by 1 | Viewed by 3364
Abstract
The net contribution of the decomposed measures of foreign direct investment (FDIs), e.g., the inward and outward flows of FDIs, to domestic investment is still inconclusive in the case of underdeveloped and developing countries. The current literature bears testimony to this fact. Hence, [...] Read more.
The net contribution of the decomposed measures of foreign direct investment (FDIs), e.g., the inward and outward flows of FDIs, to domestic investment is still inconclusive in the case of underdeveloped and developing countries. The current literature bears testimony to this fact. Hence, this research examines the impact of inward and outward foreign direct investments (FDIs) on the domestic investment in Bangladesh. This study considers annual time series data from 1976 to 2019 and estimates this data property under the augmented ARDL approach to cointegration. In addition, this research employs the dynamic ARDL simulation technique in order to forecast the counterfactual shock of the regressors and their effects on the dependent variable. The results from the augmented ARDL method suggest that the inward FDI has a positive impact on domestic investment, while the outward FDI is inconsequential in both the long run and the short run. Besides, our estimated findings also show the economic growth’s long-run and short-run favorable effects on domestic investment. At the same time, there is no significant impact of real interest rates and institutional quality on domestic investment in the long run or the short run in Bangladesh. In addition, the counterfactual shocks (10% positive and negative) to inward FDI positively impact domestic investment, indicating the crowding-in effect of the inward FDI on the domestic investment in Bangladesh. As the inward FDI flow is a significant determinant for sustained domestic investment in Bangladesh, the policy strategy must fuel the local firms by utilizing cross-border investment. Full article
(This article belongs to the Special Issue International Trade, Finance, and Development)
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