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Risks
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Integrating New Risks into Traditional Risk Management
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Integrating New Risks into Traditional Risk Management

A special issue of Risks (ISSN 2227-9091).

Deadline for manuscript submissions: 30 April 2025 | Viewed by 2017

Special Issue Editors

Prof. Dr. Maria Elvira Mancino

E-Mail Website
Guest Editor
Department of Economics and Management, University of Florence, Via delle Pandette, 9, 50127 Florence, Italy
Interests: quantitative finance; probability; stochastic volatility models;
Dr. Federico Maglione

E-Mail Website
Guest Editor
Department of Economics and Management, University of Florence, Via delle Pandette, 9, 50127 Florence, Italy
Interests: credit risk, derivatives; risk management; market integration; quantitative finance; mathematical finance; asset pricing; financial mathematics; option pricing; financial modelling; financial engineering; extreme value theory
Dr. Giacomo Toscano

E-Mail Website
Guest Editor
Department of Economics and Management, University of Florence, 4 - 50121 Florence, Italy
Interests: non-parametric volatilty estimation; stochastic volatility modeling; climate risk management

Special Issue Information

Dear Colleagues,

In recent years, traditional risk management has faced increasing exposure and challenges due to a growing number of shocks and associated risks. Many of these risks are novel and externally generated in relation to the financial system. This unprecedented surge in new risks can be attributed to global events such as the COVID-19 pandemic and the resurgence of inflation. Additionally, new evidence regarding the impact of global climate change on financial markets and real economies adds further complexity to the implementation and testing of effective risk management strategies.

Therefore, nowadays, risk managers are compelled to confront and address an unprecedented array of new risks that must be integrated into existing risk models and assessment methodologies. In this Special Issue, we welcome high-quality research papers that investigate the interaction between emerging risks, such as pandemics, demographic shifts, inflation, and climate change, and more traditional risks, including market, credit, liquidity, volatility, and model risks, among others.

Authors are kindly invited to submit original research focusing on models and methodologies designed to account for and measure the impact of these new sources of risk on existing risk models and risk management strategies.

Prof. Dr. Maria Elvira Mancino
Dr. Federico Maglione
Dr. Giacomo Toscano
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. Risks 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 1800 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

  • risk management
  • pandemic risk
  • inflation risk
  • climate risk
  • credit risk
  • volatility risk

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Published Papers (3 papers)

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Research

23 pages, 4592 KiB  
Article
Debt Sustainability in the Context of Population Ageing: A Risk Management Approach
by Samantha Ajovalasit, Andrea Consiglio and Davide Provenzano
Risks 2024, 12(12), 188; https://doi.org/10.3390/risks12120188 - 26 Nov 2024
Abstract
The ageing of the population has negative effects on the gross domestic product (GDP), influencing various economic and social aspects. These effects, in turn, contribute to an increase in the debt-to-GDP ratio, raising concerns about the long-term sustainability of public debt. The objective [...] Read more.
The ageing of the population has negative effects on the gross domestic product (GDP), influencing various economic and social aspects. These effects, in turn, contribute to an increase in the debt-to-GDP ratio, raising concerns about the long-term sustainability of public debt. The objective of our study is to evaluate the possible dynamics of debt sustainability with a certain level of probability. The analysis employs the stochastic modelling of risk factors influencing the debt-to-GDP ratio, particularly emphasising the economic consequences of population ageing. Using advanced risk management techniques, we aim to provide a robust assessment of how future demographic outlooks impact debt sustainability. Full article
(This article belongs to the Special Issue Integrating New Risks into Traditional Risk Management)
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19 pages, 692 KiB  
Article
Climate-Related Default Probabilities
by Augusto Blanc-Blocquel, Luis Ortiz-Gracia and Simona Sanfelici
Risks 2024, 12(11), 181; https://doi.org/10.3390/risks12110181 - 14 Nov 2024
Viewed by 329
Abstract
Climate risk refers to the risks associated with climate change and has already started to impact various sectors of the economy. In this work, we focus on the impact of physical risk on the probability of default for a firm in the agribusiness [...] Read more.
Climate risk refers to the risks associated with climate change and has already started to impact various sectors of the economy. In this work, we focus on the impact of physical risk on the probability of default for a firm in the agribusiness sector. The probability of default is estimated based on the Merton model, where the firm defaults when its asset value falls below the threshold defined by its liabilities. We study the relationship between the stock value of the firm and global surface temperature anomalies, observing that an increase in temperature negatively affects the stock value and, consequently, the asset value of the firm. A decrease in the asset value of the firm translates into an increase in its probability of default. We also propose a model to assess the exposure of the firm to transition risk. Full article
(This article belongs to the Special Issue Integrating New Risks into Traditional Risk Management)
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23 pages, 789 KiB  
Article
Risk Retention and Management Implications of Medical Malpractice in the Italian Health Service
by Ilaria Colivicchi, Tommaso Fabbri and Antonio Iannizzotto
Risks 2024, 12(10), 160; https://doi.org/10.3390/risks12100160 - 8 Oct 2024
Viewed by 1033
Abstract
This work provides an economic exploration of the multifaceted world of medical malpractice risk. Third party liability insurance plays a central role in protecting healthcare providers and public care institutions from the financial consequences of medical malpractice claims, although in recent years, the [...] Read more.
This work provides an economic exploration of the multifaceted world of medical malpractice risk. Third party liability insurance plays a central role in protecting healthcare providers and public care institutions from the financial consequences of medical malpractice claims, although in recent years, the industry landscape has been characterised by periods of distress for this type of protection, with rising litigations and reimbursement costs, resulting in a peculiarly complex market. For the Italian context, the study focuses on the financial repercussions for healthcare institutions of the growing trend towards risk retention practises, legally empowered by the introduction of Law No. 24/2017. The analysis employs Generalised Linear Models for the regressive approach to incorporate the structural and organisational characteristics of hospitals and uses quantitative simulations to explore different scenarios at a regional aggregate level. Due to the limited existing literature and data on the topic, this research aims to provide new methods for effectively understanding and managing this type of risk, thereby supporting decision-making processes in the healthcare sector. Full article
(This article belongs to the Special Issue Integrating New Risks into Traditional Risk Management)
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