Using Wavelet Coherence, Frequency Interconnectedness and Spillover methodologies, this study investigates the dynamic comovements and spillover effects between emerging markets (BRICS and Türkiye) with a specific emphasis on the effects of the GFC and COVID-19 pandemic. It aims to compare the impact of these events on portfolio diversification in the equity markets from the perspective of international equity investors. The results indicate that the stock markets are positively interlinked and depend on the time and frequency of returns. Significant correlations among the equity markets and a spike in overall spillover are also evident in the recent period due to the COVID-19 pandemic. These findings can be useful for policymakers and investors in their decision making.

The concepts and terms defining the thrust of this special issue, i.e. gender, entrepreneurship (Berger et al., 2021), the digital divide (Bowen and Morris, 2019; Millan et al., 2021; Satalkina et al., 2021), Global South (Simaan, 2020) and Global North, are very well established in the literature. Nevertheless, relatively little has been written about (1) the gendered dimension of the digital divide, (2) the digital divide and the gendered dimension of entrepreneurship (Elliott et al., 2021); and finally, (3) the specificity of these topics as they are in the Global South and Global North's peripheries (Ojediran and Anderson, 2020; Wood et al., 2021; Althalathini et al., 2020). Even if research on each of these individual domains exists, relatively little research on the intersection of these three areas exists (but cf. Visvizi et al., 2023, and earlier Kasusse, 2005; Alden, 2003). Notably, given the pace and the pervasive impact of digital transformation globally, and their diverse political, social and economic manifestations, it is necessary that the mechanisms underlying these interconnected issues and developments are identified and explored. This special issue sought to encourage this kind of conversation, always in context of the United Nation's (UN) Sustainable Development Goals (SDGs).

Purpose: This research aims to investigate the presence of monetary policy trilemma in the Middle Eastern region and evaluate the spillover effects of US monetary policy on the region. Theoretical framework: Middle Eastern economies follow the dollar pegged exchange rate policy with open capital account and this poses a question about the autonomy of the monetary policy stance adopted by the regional central banks. In this context, current research considers variables such as domestic interbank interest rate, domestic liquidity, oil price and federal fund rate to test the monetary policy trilemma in the region Design/methodology/approach: To investigate the presence of monetary policy trilemma in the Middle Eastern region, this research employs the time - varying Bayesian panel vector autoregression approach and selects a panel of five Middle Eastern countries which include Saudi Arabia, United Arab Emirates, Qatar, Oman and Kuwait while considering the monthly data for the sample period 2009m10 until 2021m12. Findings: This research finds that a positive shock in US federal fund rate increases the domestic interest rates in the Middle Eastern economies. In addition, this research finds a negative relationship between oil price shocks and domestic interest rates. Whereas a positive shock in US federal fund rates induces a reduction in the oil price. Research, Practical & Social implications: Current research provides insights for policy makers to determine the autonomy of domestic monetary policy stance to achieve its broader macroeconomic objectives. Originality/value: This research is unique as it examines the monetary policy trilemma while considering oil price as a control variable in the system under a time varying Bayesian panel vector autoregression specification.

During recent years the world has witnessed several unprecedented crises that affected the international financial markets. Indeed, the COVID-19 pandemic and the Russia–Ukraine conflict caused major perturbations that slowed down the economic and financial development around the globe. International investors are switching their attention to more reliable assets as a refuge to their portfolios. This paper investigates the hedge and safe haven properties of gold and major cryptocurrencies, mainly Bitcoin and Ethereum. Empirical analysis is conducted on main fiat currencies using the multivariate asymmetric dynamical conditional correlation model. Results show that gold has a superior hedging effectiveness compared to cryptocurrencies. Moreover, the precious metal and the digital currencies are safe havens for almost all fiat currencies.

This paper examines the dependence structure and the portfolio allocation characteristics of a main industrial portfolio metals (gold, platinum, palladium, aluminum, silver, copper, zinc, lead, and nickel), and of an agricultural commodities portfolio (wheat, corn, soybeans, coffee, sugar cane, sugar beets, cocoa, cotton, and lumber). Our methodology is based on regular vine copulas and the conditional Value-at-Risk. The motivation to investigate the dependence structure and connectedness between agricultural, and metal commodities is to identify ways in which agricultural and metal commodities can hedge each other and to explore the possibilities of parallel investments. The results indicate that the dependence dynamics of the main metals portfolio are characterized by symmetric features. However, the dependence dynamics of the agricultural commodities portfolio are characterized by symmetric and asymmetric features; symmetric dynamics are predominant. Finally, the metal commodities portfolio is observed to be less risky for financial resource allocation during the global financial crisis.

Modern governments are constantly seeking innovative ways of funding welfare programs for the wellbeing of their citizens. These methods may range from traditional welfare schemes to radical initiatives. One of the ideas that is gaining traction to this measure is universal basic income (UBI), which basically refers to a monthly payment that is given to all citizens, regardless of their income levels, economic and employment status. However, the main difficulty in the implementation of UBI is its funding. At the same time, the traditional Islamic concept of waqf (Islamic endowment) is also a sector that is underutilized, with a great potential to provide welfare for citizens. This paper seeks to provide a solution to both the funding of UBI and revitalization of the waqf sector.

This paper investigates the relationship between stock prices and the online presence of companies. Mainly, we study the effect of the online presence of a company on its subsequent stock returns. Moreover, we examine the impact of companies’ engagement efforts and the popularity of their search-engine keywords on their stock returns. Based on the companies listed on the Dow Jones industrial average index, results suggest that stock returns are impacted by a change in online presence, as measured by search volumes. Nevertheless, the online engagement efforts show no significant relationship with the stock returns.

Purpose The purpose of this paper is to discuss the concepts of hilah (legal stratagem or legal trick) and makhraj (legal exit) and to examine their relevance and application in the contemporary Islamic financial services and products. Design/methodology/approach This paper uses the qualitative research approach to provide a theoretical overview of hilah and makhraj literally and technically and to examine their practical applications in Islamic financial products and services. In particular, this paper evaluates several Islamic financial contracts and examines its practices in light of the implications of hilah or makhraj. Findings The paper finds that there is a glaring difference in perception and application of hilah and makhraj, as argued by some scholars. It has been found that the principle of hilah has been extensively used in the Islamic finance industry as a way to circumvent the riba prohibition. For example, Islamic financial instruments such as bay’ bithaman al-ajil, bay’ al-‘inah, tawarruq, commodity murabahah, musharakah mutanaqisah and, in some cases, the sale and lease back sukuk are found to be tainted by hilah. Research limitations/implications Because this is a theoretical paper, it should be explored in more detail, and critical analysis of Islamic financial services and products should be reviewed in line with these two principles to ascertain if the products and services are in line with Shariah requirements and devoid of hilah practices or not and to align the industry with the maqasid al-Shariah. Practical implications This paper identifies a serious challenge that Islamic finance practitioners face in product development in their effort to provide more competitive services to their customers. As a result, it demonstrates the need to proactively use makhraj in innovating Islamic financial products and proffering more sustainable and competitive solutions. Originality/value This paper discusses a topic that attempts to dispel the suspicious perceptions of some analysts as to the genuineness of Islamic financial practices.

This paper examines the relationship between bank concentration and economic growth in Organization of Islamic Cooperation (OIC) countries. This is done using the system GMM estimators on a panel data sample consisting of 41 countries and 650 observations. Our analysis reveals that bank concentration has negative impact on economic growth and this relationship is non-linear. Furthermore, the impact of bank concentration on economic growth is found to be dependent on the country’s income and corruption levels. Therefore, it seems reasonable to conclude that bank concentration has negative impact on the economic growth in OIC countries.

This study explores the impact of foreign direct investment (FDI) and institutional quality on the economic growth of the Western Balkan economies – Albania, Bosnia and Herzegovina, Montenegro, North Macedonia, and Serbia. The conventional wisdom says that FDI plays a significant role in economic development and that institutional development may also affect this relationship. Using a panel data analysis for 20 years (2000-2019) and in contrast to this conventional wisdom, the study shows that FDI significantly negatively impacts growth within the sample countries. At the same time, the results indicate that institutional development has a significantly negative or no role on growth directly. The results depend on the proxy used for institutional development. Furthermore, when FDI and institutional development measures interact, both indicators become insignificant, including their interaction terms. This may be because the institutions within the sample countries are at low levels of development to make any significant impact on either growth or FDI-growth relationship.