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Open Economy Macroeconomics
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Open Economy Macroeconomics

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: 1 March 2025 | Viewed by 5796

Special Issue Editor

Dr. Nazif Durmaz

E-Mail Website
Guest Editor
Global Business School, Kean University, 303-Q Hynes Hall, Union, NJ 07083, USA
Interests: international economics and trade; empirical financial economics; open economy macroeconomics; time series econometrics; forecasting

Special Issue Information

Dear Colleagues,

One of the most notable characteristics of international economics is the incorporation of market economies, where we observe the effects of macroeconomic performance on open economies. This Special Issue focuses on the broad topic of “Open Economy Macroeconomics” and involves novel research on the use of international commerce, competition, trade, capital movement, and other resources through international integration.  

Analyzing economic systems in connection with the rest of the world, considering their output, financial, and labor markets, is important. Articles, empirical or theoretical, studying aspects of monetary policies in various economies that pertain to credibility and non-neutrality; addressing the regulations in domestic lands after foreign shocks; and studying the dynamics of the interdependence of open economies as well as their strategic relationships are welcome.

Papers on international macroeconomics, with an emphasis on emerging market economies, are encouraged. Studies covering topics such as banking systems and currency crises, financial globalization, exchange rate regimes, dollarization, and institutions as well as governance are also expected.

Dr. Nazif Durmaz
Guest Editor

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.

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Further information on MDPI's Special Issue polices can be found here.

Published Papers (6 papers)

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Research

15 pages, 273 KiB  
Article
Financial Openness, Trade Openness, and Economic Growth Nexus: A Dynamic Panel Analysis for Emerging and Developing Economies
by Thembalethu Macdonald Seti, Sukoluhle Mazwane and Mzuyanda Christian
J. Risk Financial Manag. 2025, 18(2), 78; https://doi.org/10.3390/jrfm18020078 (registering DOI) - 3 Feb 2025
Viewed by 120
Abstract
International market openness has long been regarded as critical for economic development, and recent evidence highlights the distinct roles of financial and trade openness, particularly in emerging and developing economies. This study examines the impact of financial and trade openness on economic growth [...] Read more.
International market openness has long been regarded as critical for economic development, and recent evidence highlights the distinct roles of financial and trade openness, particularly in emerging and developing economies. This study examines the impact of financial and trade openness on economic growth in ten emerging and developing countries from 1970 to 2023. It employs a dynamic panel generalized method of moments (GMM) model, which is selected for its ability to address potential endogeneity and dynamic relationships within panel data. The analysis finds that both financial and trade openness positively influence economic growth and that stable macroeconomic conditions and political stability enhance these growth-promoting effects. In the context of growing geo-economic tensions, trade fairness, and national security concerns, the study underscores the need for policies that balance global integration with national interests. These findings suggest the importance of designing policies that promote greater integration into global financial and trading systems while ensuring sound macroeconomic fundamentals and supportive institutions. The study recommends that policymakers pursue strategic liberalization and strengthen governance structures to achieve sustained and inclusive growth. Full article
(This article belongs to the Special Issue Open Economy Macroeconomics)
16 pages, 1511 KiB  
Article
Central Bank Credibility and Exchange Rate Volatility: A Comprehensive Bibliometric Analysis
by Wejden Ben Jannet and Achouak Barguellil
J. Risk Financial Manag. 2025, 18(2), 44; https://doi.org/10.3390/jrfm18020044 - 21 Jan 2025
Viewed by 506
Abstract
Recently, there has been increasing interest in exploring the link between central bank credibility and exchange rate volatility within the banking sector; however, despite this increased attention, there is a significant lack of systematic analyses on this topic. To fill this gap, a [...] Read more.
Recently, there has been increasing interest in exploring the link between central bank credibility and exchange rate volatility within the banking sector; however, despite this increased attention, there is a significant lack of systematic analyses on this topic. To fill this gap, a detailed literature review was conducted, employing bibliometric and scientometric methods to investigate research related to central bank credibility and exchange rate volatility. The review included 1124 documents from Web of Science (WoS) datasets and 169 documents from the Scopus database. The findings indicated a considerable grow thin publications in this area of research, driven by efforts from various researchers, institutions, nations, and academic journals worldwide. Key research themes, trends, approaches, and knowledge structures were identified, providing insights into the intellectual, social, and conceptual aspects of this field. Additionally, this study covered the implications, restrictions, and potential future avenues for research. Full article
(This article belongs to the Special Issue Open Economy Macroeconomics)
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21 pages, 1246 KiB  
Article
Real Exchange Rate Channel of QE Monetary Transmission Mechanism in Selected EU Members: The Pooled Mean Group Panel Approach
by Stefan Stojkov, Emilija Beker Pucar and Aleksandar Sekulić
J. Risk Financial Manag. 2025, 18(1), 12; https://doi.org/10.3390/jrfm18010012 - 30 Dec 2024
Viewed by 578
Abstract
Since the Great 2008 Recession, central banks around the world have been coping with monetary consequences that highlight structural costs of the economic system and the rise of unconventional monetary measures. This research aims to capture the heterogeneous effects of expansionary balance sheet [...] Read more.
Since the Great 2008 Recession, central banks around the world have been coping with monetary consequences that highlight structural costs of the economic system and the rise of unconventional monetary measures. This research aims to capture the heterogeneous effects of expansionary balance sheet (Quantitative easing) policy on the real effective exchange rate and current account balance under the different exchange rate regimes in crisis circumstances. The sample is structured of two groups of EU countries differentiated by level of monetary autonomy: EZ members (Austria, Belgium, France, Germany, Netherlands, Italy, and Spain) are represented by countries with the highest level of asset purchases by ECB and emerging monetary autonomous EU economies (Czech, Hungary, Poland, and Romania). Empirical findings are based on the framework of cross-sectional dependent, non-stationary, heterogeneous, dynamic panels using the (Pooled) Mean Group estimator during the 2014Q1–2023Q1 time horizon. Results indicate a positive long-run relationship between the central bank balance sheet assets, the real interest rate, and the real effective exchange rate. A negative long-term relationship with the current account balance is confirmed, suggesting a diminishing external position. While error-correction parameters are significant and heterogeneous, research confirms higher real effective exchange rate reaction for the EZ members with higher adjustment toward worsening competitiveness along with external balance. Full article
(This article belongs to the Special Issue Open Economy Macroeconomics)
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27 pages, 458 KiB  
Article
Inflation Targeting with an Optimal Nonlinear Monetary Rule—The Case Study of Colombia
by Martha Misas, Edgar Villa and Andres Giraldo
J. Risk Financial Manag. 2024, 17(12), 547; https://doi.org/10.3390/jrfm17120547 - 30 Nov 2024
Viewed by 600
Abstract
This article examines whether Banco de la República (Banrep), Colombia’s central bank, has operated under a dual-regime policy framework—one for recessionary periods and another for periods of economic overheating—since adopting inflation targeting (IT) from Q4 2000 to Q4 2019. We modify the canonical [...] Read more.
This article examines whether Banco de la República (Banrep), Colombia’s central bank, has operated under a dual-regime policy framework—one for recessionary periods and another for periods of economic overheating—since adopting inflation targeting (IT) from Q4 2000 to Q4 2019. We modify the canonical New Keynesian inflation model to accommodate an optimal nonlinear monetary rule aligned with a two-regime policy framework. Using a LSTAR model estimated over the study period, with the output gap lagged by three periods as the transition variable, we identify two distinct monetary regimes. Our findings reveal that the smooth transitions between regimes were driven by shifts in Banrep’s preferences related to its loss function, alongside adjustments in the parameters of the aggregate demand and supply curves within the Colombian economy. Notably, we observe that a modified Taylor principle is not met in either identified monetary regime. This suggests that, in this context, IT has been a successful policy framework even without requiring the policy interest rate to respond aggressively to inflation gaps, as the Taylor principle would otherwise dictate. Full article
(This article belongs to the Special Issue Open Economy Macroeconomics)
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20 pages, 3336 KiB  
Article
Macroeconomic Dynamics in the Greek Economy during the Pre- and Post-Euro Adoption Periods
by Dimitrios R. Barkoulas and Dionysios Chionis
J. Risk Financial Manag. 2024, 17(4), 156; https://doi.org/10.3390/jrfm17040156 - 12 Apr 2024
Viewed by 1818
Abstract
This study examines the relationships between Greek macroeconomic variables, examining before and after the euro’s introduction as a currency. We conducted an extensive analysis from 1980 to 2019, examining various economic indicators such as government expenditure, unemployment rates, taxation, inflation, and national debt, [...] Read more.
This study examines the relationships between Greek macroeconomic variables, examining before and after the euro’s introduction as a currency. We conducted an extensive analysis from 1980 to 2019, examining various economic indicators such as government expenditure, unemployment rates, taxation, inflation, and national debt, employing causal and correlation analysis and econometric modeling with and without time-varying effects. The results revealed a significant correlation between the introduction of the euro and a tighter relationship between government spending and unemployment levels, while one more remarkable point was that higher government spending or debt reduction initiatives appeared to positively impact joblessness, particularly in the context of the euro. Our research underscored the correlation between national debt and government spending as increased debt led to reduced government expenditure and vice versa. Unemployment cited an increased impact on government spending right after the euro adoption, and on the other hand, the effect of unemployment on government spending decreased. The debt–government spending nexus was decreasing for many years before the euro adoption, while just before the euro adoption, the relationship between debt and government spending was rather stable. Finally, during the euro adoption, the effect of inflation on tax increased, while the corresponding inflation tax remained stable. Our findings have significant implications for policymakers shaping the economic strategies in Greece as they point out the necessity for stable and balanced approaches that manage government spending and debt to address unemployment effectively. Full article
(This article belongs to the Special Issue Open Economy Macroeconomics)
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29 pages, 399 KiB  
Article
Closed-End Fund Discounts and Economic Policy Uncertainty
by Nazif Durmaz
J. Risk Financial Manag. 2023, 16(3), 200; https://doi.org/10.3390/jrfm16030200 - 14 Mar 2023
Cited by 1 | Viewed by 1364
Abstract
This paper empirically tests the determinants of closed-end fund (CEF) prices by employing cointegration and error-correction modeling with an advanced ARDL framework. Since CEF shares generally trade at discounts to their net asset value (NAV), we modeled CEF prices, including volatility and economic [...] Read more.
This paper empirically tests the determinants of closed-end fund (CEF) prices by employing cointegration and error-correction modeling with an advanced ARDL framework. Since CEF shares generally trade at discounts to their net asset value (NAV), we modeled CEF prices, including volatility and economic policy indices along with their NAVs. The present study consists of 31 monthly frequency CEF discount data from January 1999 to April 2018 and economic policy uncertainty (EPU) with ten subindices. This paper finds evidence for cointegration in many of the series and statistically significant coefficients in the short- and long-run estimates of the included subindices. Full article
(This article belongs to the Special Issue Open Economy Macroeconomics)
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