Forthcoming Articles

International Journal of Trade and Global Markets

International Journal of Trade and Global Markets (IJTGM)

Forthcoming articles have been peer-reviewed and accepted for publication but are pending final changes, are not yet published and may not appear here in their final order of publication until they are assigned to issues. Therefore, the content conforms to our standards but the presentation (e.g. typesetting and proof-reading) is not necessarily up to the Inderscience standard. Additionally, titles, authors, abstracts and keywords may change before publication. Articles will not be published until the final proofs are validated by their authors.

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International Journal of Trade and Global Markets (4 papers in press)

Regular Issues

  • Do institutions matter in global trade? Evidence from high-income countries and their spillover effects on Indonesia   Order a copy of this article
    by Muhammad Rizal Anggit Putra, Suryanto, Bhimo Rizky Samudro 
    Abstract: This study analyses the influence of institutions on trade openness in 16 high-income countries (HICs) that are Indonesias main trading partners, and their spillover effects on Indonesia using panel-error correction model (ECM) and Granger Causality test. The short-term estimation results show that corruption perception index (CPI), income per capita, foreign direct investment (FDI) outflow, and carbon emissions have a positive effect on trade openness, while military spending has a negative effect. The long-run analysis shows that government effectiveness, CPI, and military expenditure have a positive influence, while income per capita, FDI outflow, and carbon emissions have a negative impact on trade openness. Furthermore, the Granger causality test shows that the UAEs trade openness affects Indonesias gross domestic product (GDP), while China and Singapore influence its FDI inflows. Additionally, increased openness in several countries leads to higher carbon intensity in Indonesia. These results suggest that Indonesia and other developing countries should promote exports with a higher added value and greener production.
    Keywords: carbon emission; CPI; corruption perception index; FDI; foreign direct investment; HICs; high-income countries; military; trade openness.
    DOI: 10.1504/IJTGM.2025.10075100
     

Special Issue on: SIBR 2024 Structural Changes in International Finance, Trade, and Entrepreneurship

  • Dynamical linkages between volatility index and stock markets in ASEAN + 6 during economic uncertainty   Order a copy of this article
    by Surachai Chancharat, Pichakorn Sithigon 
    Abstract: This study examines the relationship between the volatility index (VIX) and stock market indices in the ASEAN + 6 countries from daily stock market data from January 2, 2017, to December 30, 2022. The study is divided into two periods: the years 2017 to 2019, considered a regular period, and the years 2020 to 2022, considered a period with the coronavirus pandemic (COVID-19). This study utilises the generalised autoregressive conditional heteroscedastic (GARCH) and the threshold GARCH (TGARCH) models. The results of the analysis indicated an inverse relationship between volatility indices and stock market indices in the ASEAN + 6 countries.
    Keywords: COVID-19; GARCH; generalised autoregressive conditional heteroscedastic; stock market; uncertainty; VIX; volatility index.
    DOI: 10.1504/IJTGM.2025.10073660
     
  • Bitcoin as a safe haven for portfolio diversification   Order a copy of this article
    by Sarita Meekoh, Parichat Sinlapates 
    Abstract: Global events including the COVID-19 epidemic, the conflict of Russia-Ukraine, and the Israel-Palestine conflict directly affect the economy, increasing volatility. Diversifying risk across asset classes using safe-haven assets offer protection to investors during a financial uncertainty period. During economic uncertainty, investing in Bitcoin helps disperse risks across asset classes. Hence, this research aims to examine the capacity of Bitcoin to function as a safe-haven asset. The period of study is segmented into four distinct periods: pre-events affecting the economy, the COVID-19 epidemic, the conflict of Russia-Ukraine, and the Israel-Palestine conflict. The exponential generalised autoregressive conditionally heteroskedastic (EGARCH) approach is employed to analyse the correlation and volatility concerning other asset values. The analysis revealed a positive relationship between Bitcoin and gold, during the COVID-19 epidemic. Bitcoin could function as a safe-haven asset throughout these specific periods. In the Russia Ukraine conflict and the Israel-Palestine conflict, Bitcoin and gold did not exhibit a correlation.
    Keywords: Bitcoin; safe-haven; portfolio diversification; financial crisis; cryptocurrency; alternative investment.
    DOI: 10.1504/IJTGM.2025.10073892
     
  • Firms adoption of robust internal compliance programs to navigate global trade in dual-use items   Order a copy of this article
    by Val-Thida Ramasoot, Sanong Ekgasit, Tatri Taiphapoon, Jakkrit Thavorn 
    Abstract: Global trade in dual-use items has increasingly widespread used, expanding in goods and technologies with civilian and military applications. An internal compliance program (ICP) is essential for traversing international export control regulation. This study applied a quantitative method to examine factors influencing ICP adoption and its impact on firm performance of ICP. The analysis, from 200 firms, employed confirmatory factor analysis (CFA) and structural equation modelling (SEM). The results show that external regulatory frameworks (ERF) had the strongest positive effect on ICP adoption, while supply chain influence (SCI) had a negative influence. The ICP adoption improved compliance and performance. The findings offer policymakers practical guidance for enhancing compliance and operational efficiency.
    Keywords: export control; internal compliance program; dual-use items; strategic trade control; corporate governance; regulatory frameworks; supply chain; CSR; ESG; international trade.
    DOI: 10.1504/IJTGM.2025.10075101
     

 

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