Open research questions in State Capitalism and Financial Governance
81 gap statements mined from State Capitalism and Financial Governance papers in our 4.5M-paper local library, which holds 920 papers on the topic — drawn mostly from each paper's own stated research gap, future-work, challenge and limitation notes, and its abstract. The ones listed below are a selection still marked open; each names the study that raised it, with a DOI link where the paper has one.
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What the literature leaves open
The research highlights the need for more effective diversification strategies for sovereign wealth funds.
The Importance of Financial Analysis to Decision-Making for Financial Portfolio Diversification and Revenue Sustainability in Reducing Risk: The Case of Saudi Arabia's Public Investment Fund · 2026 · DOIThe analysis is limited to Bulgaria's experience with the IMF. The paper does not provide a comprehensive analysis of the IMF's role in other countries.
The analysis highlights the need for further research on the IMF's role in economic governance.
It notes that the experience of countries that have acceded to the World Trade Organisation has not been fully explored in the literature.
TRADE LIBERALISATION AND FISCAL RISKS: INTERNATIONAL MANAGEMENT MECHANISMS AND LESSONS FOR UZBEKISTAN · 2026 · DOIThe lack of discourse dominance and representation of developing countries in multilateral institutions. The concentration of resource allocation in developed countries. The insufficient adaptability between the global financial governance system and the supply of global financial public goods.
The Predicament and Path of International Financial Governance Led by a Community with a Shared Future for Mankind from the Perspective of International Public Goods · 2026 · DOIThe current lack of impartiality in the supply of global public goods. The insufficient adaptability between the global financial governance system and the supply of global financial public goods. The diversification of value consensus among the supply subjects of international public goods.
The Predicament and Path of International Financial Governance Led by a Community with a Shared Future for Mankind from the Perspective of International Public Goods · 2026 · DOIThe study identifies the lack of diversification of the economy of Kazakhstan as a major problem. The study identifies the dependence of the economy of Kazakhstan on oil revenues as a major challenge.
This article focuses on three European supranational institutions – the European Commission, the European Investment Bank (EIB), and the European Stability Mechanism (ESM) – a set of actors that have long been active in international capital markets, but whose agency in international financial governance has not been studied to date.
Making markets: supranational public borrowers and the promotion of international financial market integration · 2026 · DOIFuture research could examine the implications of China's rise for the global economy. Future studies could analyze the impact of China's strategy on the Liberal International Order. Future research could investigate the potential for competitive pluralism to shape the global order.
China’s rise and the political economy of stability: challenging liberal assumptions in a multipolar era · 2026 · DOIFurther research could explore the effects of different degrees of risk aversion on the optimal combination of responsible reductions in consumption and investment. Research could also examine the impact of heterogeneous risk aversion on the marginal rate of technical substitution for an impact on the externality.
The lack of understanding of how responsible investment and consumption interact to mitigate externalities. The need for a model that accounts for endogenous market responses to responsible investment and consumption.
Conversely, territories that in the period 2014–2020 lost the less developed status, previously obtained in the time frame 2007–2013, were not characterized by a significantly lower economic growth, providing some evidence of the effectiveness of the safety net.
Premature exit from and delayed entrance into the less developed status: An empirical appraisal of the structural funds allocation criterion · 2023 · DOIWhile financialisation as a concept gives meaning to the embrace of the shareholder value model to explain the convergence of sovereign funds with operational practices and guiding norms of conventional financial market actors, it is insufficient in explaining how and why state investment funds differ from conventional financial actors and the underlying political dynamics that drive their emergence and evolution.
The proponents of stock market liberalization (SML) prescribes liberalization as a full-fledge solution to the problems of the EIC, whereas the limited number of studies illustrate mixed results.
Stock Market Liberalization: Effects on Stock Market Development in the Emerging Islamic Countries · 2020 · DOIThe EIB Statutes can be boiled down to three overarching objectives that its lending would prioritize – development, integration and investment – but little is known about the extent to which EIB loans fulfil each objective in practice.
Disagreeing with Åslund over the role of loose monetary policy in fostering the region's economic problems, he outlines a number of competitiveness problems that remain to be addressed in the 10 new EU member states of CEE, along with improvements in framework conditions supporting future macroeconomic growth.
Exchange Rate Policy and Economic Growth after the Financial Crisis in Central and Eastern Europe · 2011 · DOIClimate economics and circular economy policy are entirely absent from this set. No study examines how climate-related economic shocks or circular-economy transitions interact with geopolitical tensions, war economics, or international finance—a gap particularly acute given the researcher's interest in both climate and conflict economics.
Existing research remains inconclusive on whether overly positive tones further enhance fund inflows or lead to adverse outcomes in these contexts.
Too Positive to Persuade? Inverted U-Shaped Effects of Fund Managers’ Tones on Fund Flows · 2026 · DOIThe study notes that existing research has focused on the destructive potential of China's rise, rather than its potential to reshape the global order.
China’s rise and the political economy of stability: challenging liberal assumptions in a multipolar era · 2026 · DOIThe empirical analysis of the hypotheses developed from the theoretical framework presented indicates mixed findings: where no relationships of significance between the board member demographics variables and board effectiveness are identified while, some evidence in support of statistically significant associations between certain of the board practice and board structure variables were revealed.
Public sector corporate governance revisited: the ROI's non-commercial semi-state sector · 2026 · DOIExisting work examines either financial globalization's constraints on government autonomy or conflict's trade impacts in isolation, but not their dynamic interaction under different regime types or institutional contexts.
Sovereign funds face the challenge of preserving capital, generating current income, and accumulating wealth for future generations. The study highlights the challenge of reducing sovereign fiscal risk through portfolio diversification and non-oil revenue growth.
The Importance of Financial Analysis to Decision-Making for Financial Portfolio Diversification and Revenue Sustainability in Reducing Risk: The Case of Saudi Arabia's Public Investment Fund · 2026 · DOIThrough answering these questions, this research intends to contribute to filling an important gap in literature.
IFRS convergence and international trade: evidence from comparison of Türkiye and European Union · 2025 · DOIThe crisis of the COVID-19 pandemic provided a critical moment for examining shifts in the ideology and practices of the multilateral development banks (MDBs), including the understudied Asian Development Bank (ADB).
The first part of this paper analyses the regulatory framework for international trade in financial services within the auspices of the World Trade Organization (WTO), with special attention paid to the open issues including the scope of prudential measures and capital mobility limitations.
Financial services liberalization and international integration in South Eastern Europe · 2008 · DOI
Most-cited papers in State Capitalism and Financial Governance
- The external wealth of nations mark II: Revised and extended estimates of foreign assets and liabilities, 1970–2004 · Journal of International Economics · 2007 · 1,459 citations
- A New Measure of Financial Openness · Journal of Comparative Policy Analysis Research and Practice · 2008 · 802 citations
- Financial liberalization, private investment and portfolio choice: Financialization of real sectors in emerging markets · Journal of Development Economics · 2008 · 581 citations
- Economic Crises: Evidence and Insights from East Asia · Brookings Papers on Economic Activity · 1998 · 395 citations
- Economic Geographies of Financialization · Economic Geography · 2009 · 364 citations
- Transition Economies: Performance and Challenges · The Journal of Economic Perspectives · 2002 · 342 citations
- The Gold Standard as a “Good Housekeeping Seal of Approval” · The Journal of Economic History · 1996 · 305 citations
- Regulation and Investment · Journal of the European Economic Association · 2005 · 304 citations
- Some Principles of Exchange and Investment among the Tiv2 · American Anthropologist · 1955 · 281 citations
- Investment, property rights and political instability: Theory and evidence · European Economic Review · 1998 · 277 citations
Most recent work
- Making markets: supranational public borrowers and the promotion of international financial market integration · Review of International Political Economy · 2026
- Grounding China’s global engagements: narratives, spatial forms, and coalitional state capitalism · Eurasian Geography and Economics · 2026
- The Importance of Financial Analysis to Decision-Making for Financial Portfolio Diversification and Revenue Sustainability in Reducing Risk: The Case of Saudi Arabia's Public Investment Fund · International Journal of Accounting and Management Sciences · 2026
- International Monetary Fund Role in the Bulgaria’s Economic Governance · Ikonomičeski izsledvaniâ · 2026
- Equity Risk Premium in Hungary's Emerging Market: Evaluating Country Risk and Financial Dynamics · Central European Business Review · 2026
- CONCEPTUAL MODELS AND THE LIFE CYCLE OF PUBLIC INVESTMENT POLICY · Public Administration and Civil Service · 2026
- Investment policy under crisis:National capital and behavioral factors in Moldova · Virgil Madgearu Review of Economic Studies and Research · 2026
- Reconsidering global economic cooperation: forging a new path to international trade and prosperity · Aposta: Revista de Ciencias Sociales · 2026
- REFORMING BITS AND INVESTOR-STATE DISPUTE SETTLEMENT IN CENTRAL ASIA · Zenodo (CERN European Organization for Nuclear Research) · 2026
- Transformation of the Russian Federation’s international settlement system: The role of gold and foreign exchange reserves · Economics and Management · 2026
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