Financial Markets, Institutions and Risks (FMIR)

ISSN (print) – 2521-1250
ISSN (online) – 2521-1242

Open access journal

Editor-in-Chief: Dr., Prof. Serhiy Lieonov

Issued quarterly

Scientific Peer-Reviewed Open Access Journal – Financial Markets, Institutions and Risks (FMIR), ISSN (print) – 2521-1250 ISSN (online) – 2521-1242 was founded by Sumy State University, Ukraine in 2016 and registered by the Ministry of Justice of Ukraine (Certificate No. KB 22528-12428P from from November 24, 2016). The language of publication is English.

Open access statement
This journal allows readers to read, download, copy, distribute, print, search, or link to the full texts of its articles and to use them for any other lawful purpose with due acknowledgement (citation) to authors and the journal.

Contact us:

or Managing Editor

crossref unicheck essuir
Aims and scope Instruction for authors Editorial and Review Board Indexing Advertising Article publication charge

The Journal of Financial Markets, Institutions and Risks promotes the development of cooperation between academics and professional financial communities, the international dissemination of theoretical and empirical research, as well as the best international practices of financial sector development, financial support for national economies and households.

Our journal publishes original articles of basic and applied research, conceptual and empirical papers, conference papers, case studies and critical reviews.

Key topics:

  • The development of international, national and regional financial markets;
  • Money and credit systems;
  • Banking, insurance;
  • Financial intermediation on financial instruments;
  • Currency transactions, stock exchanges;
  • Innovations in the field of financial services and financial risk management;
  • The development of international financial infrastructure;
  • Corporate, municipal and public finance;
  • Accounting, reporting and auditing;
  • Taxation;
  • Investment activity;
  • Legal aspects of markets and institutions activity.

The acceptance rate of submitted papers is about 25-30%.

Manuscript organization

Open access

This journal uses an open access model.

Open access means that articles will be publicly available to all, free of charge and without restriction. It allows our readership to read, download, copy, distribute, print, search, and cite full versions of texts and to use such texts in any other conceivable legal manner.

Archiving policy

Authors can share their research in a variety of different ways.

Preprints (the author’s version of the article prior to submission to the journal for peer review, which has not been edited or typeset). Authors may post their submitted version of the manuscript on their personal website, institutional repository or a subject repository such as arXiv, RePEc, Research Gate, etc.

Accepted Author Version (the version after amendatory process following the peer review process, but prior to the final published version). Authors can post the Accepted Author Version on their personal website, blogs or institutional repository, privately with students or colleagues for their personal use.

Final Version of Record (the fixed version of a journal article that has been published by ARMG Publishing). The published article can be used for own teaching needs or to supply on an individual basis to research colleagues, provided that such supply is not for commercial purposes, via commercial platforms if the author has chosen a CC-BY license, or the platform has an agreement with us.

When posting or re-using the article please provide a link to the appropriate DOI for the published version of the article on our journals.

General guidelines for authors

Articles should be between 3000 and 7500 words in length.

All submissions should be formatted in the following way: typewritten in 11 Times New Roman, alignment justified, double-spaced, no page numbers, no page breaks, and with no tables or figures included within the text. Article files should be provided in Microsoft Word or PDF formats.
Please minimize the use of abbreviations and do not cite references in the abstract.

The paper organization is the following:

Article Title

A title of not more than ten words should be provided. The title should present the study design.

Author Details

The full names, institutional addresses and email addresses for all authors and a corresponded author should be listed.


Abstract in English should contain the following aspects:

  • The purpose of an article;

  • The author’s contribution including the scientific novelty and practical significance;

  • Conclusions and directions of further researches;

  • The abstract should not exceed 250 words;


It is recommended to indicate three to ten keywords.

JEL Classification

Our articles are classified according to the JEL classification codes, please write the corresponding code. If you have some difficulties, our managing editor will help you.

Main text of the paper:


The context and purpose of the study are presented.

Literature Review

A summary of the existing literature.


This section is a clear description of all processes, interventions and comparisons. It reflects the type of statistical analysis used.


The main findings are depicted in this section.

Conclusions and Discussion

This secion is represented as brief summary and potential implications.


Suggestions about what should be done in accordance with this research.

Acknowledgements and Research Funding

Authors who wish to include Acknowledgements should send them together with the submission in an MS Word file. Research Funding should appear in the Acknowledgements section.

List of Abbreviations

If abbreviations are used in the text they should be defined in the text at first use, and a list of abbreviations should be provided.


References should be written in Roman script. They begin on their own page and are listed in alphabetical order by the first author’s last name. References to other publications must be carefully checked for completeness and accuracy.

For example:

Journal article

Author, A.A., Author, B.B., Author, C.C., Author D.D. (2005). Title of article. Title of Journal, Vol. (No.), 49-53.

Article by DOI

Slifka, M.K., & Whitton, J.L. (2000). Clinical implications of dysregulated cytokine production. Journal of Molecular Medicine, doi:10.1007/s001090000086.


Timoshenko S.P., Young D.H., Weaver W. (1974). Vibration problems in engineering. 4th ed. New York, Wiley. 521 p.

Online document

Abou-Allaban, Y., Dell, M. L., Greenberg, W., Lomax, J., Peteet, J., Torres, M., & Cowell, V. (2006). Religious/spiritual commitments and psychiatric practice.

Resource document. American Psychiatric Association. Accessed 25 June 2007.

Self-citation should be terminated.


If Appendixes are provided, they appear on a new page after the figures. Multiple appendixes are labeled with letters (Appendix A, Appendix B).


All Figures (diagrams, line drawings, web pages/screenshots and photo images) should be submitted in electronic form.

Submit figures as separate high-resolution (300 dpi) JPEG, PDF or PNG images.

All Figures should be of high quality, legible and numbered consecutively with arabic numerals.


Tables should be typed and included in a separate file to the main body of the article. The text of Tables should be written using Times New Roman 10pt. 8. The position of each table should be clearly stated in the body text of article. Do not submit tables as non-editable images.


All journals of our Company use American English.

Permissions and reprints


If authors choose open access, they own all rights over their published article. Authors should make a reference to our journal on a final published version.

If you are not the author of the article, please select the way you would like to reuse the content and include in your inquiry the name of the author(s)/editor(s), title, and ISSN as well as your contact information.

Requests for permission to reuse content from ARMG Publishing articles should be submitted online.

Please fill out this form Request for Permission and return it to


We offer two types of reprints:

  • Hard-copy reprints which must be ordered in quantities of at least 10-15.

  • Electronic reprints or E-prints which are encrypted, electronic copies of works in PDF format that you can easily print yourself, distribute via email, post on a website or use in e-detailing. E-prints must be ordered in quantities of at least 30.

The price depends on the quantity of reprints. Please contact the Editor-in-Chief of the corresponding journal to make an order:

Copyright and author’s rights

Articles submitted to the journal should not have been published before in their current or substantially similar form, or be under consideration for publication with another journal. Authors submitting articles for publication warrant that the work is not an infringement of any existing copyright and will indemnify the publisher against any breach of such warranty. For ease of dissemination and to ensure proper policing of use, papers and contributions become the legal copyright of the publisher unless otherwise agreed.

We take issues of sscientific misconduct, copyright infringement, plagiarism or other breaches of best practice in publication very seriously. We are focused on the rights protection of our authors. Also we seek to protect the reputation of the journal against malpractice. Submitted articles will be checked with duplication-checking software by using Unicheck.

This Journal provides authors with CC BY license. It permits use, distribution and reproduction in any medium, provided the original work is properly cited. The CC BY license permits commercial and non-commercial reuse.

Please register using the ORCI.

About ORCID iD.

An Open Researcher and Contributor Identifier (ORCID iD) is a unique and persistent digital identifier used to disambiguate researchers from one another. Created by ORCID, this iD helps ensure that work is properly attributed and that you receive credit for everything you do. It integrates with other identifiers (e.g., ResearcherID, Scopus and LinkedIn) and databases (e.g., Crossref) to centralize your research outputs and professional profiles. Your ORCID iD remains the same regards of whether you change your name, your institution, your country or your field of research and provides a unique and permanent marker of your scholarly contributions.

  • Serhiy Lieonov

    Head of the Editorial Board, Dr, Professor, Economic Cybernetics Department, Sumy State University, Ukraine.

    Research interests: banking, reproductive processes in the economy, risk management, innovation, investment activity
  • Gerald P Dwyer

    PhD, Professor of Economics and BB&T Scholar Clemson University, USA.

    Research interests: Monetary economics, financial economics, regulation of banking and financial markets.
  • John Johnson

    PhD, Professor Walden University, USA.

    Research interests: International leadership; organizational leadership and behavior; aspects of intercultural leadership in business environment; entrepreneurship.
  • Hanna Sanko

    MS, Professor, Colorado State University Global Campus, USA.

    Research interests: International Business and Finance, Accounting and Audit.
  • Levente Kovács

    PhD, Professor, University of Miskolc, Hungary Head of the Economic Relations Department

    Research interests: transfer pricing in banks; monetary policy.
  • Viktoriya H. Boronos

    PhD, Professor, Sumy State University, Ukraine.

    Research interests: financial mechanism of investment and innovation process efficiency, financial potential of territory, financial safety, environmental economics.
  • Anatoliy Guley

    Dr, Professor, Bankovního institutu vysoké školy, Praha, Czech Republic Ternopil National Economic University, Ukraine. Chief Executive Officer of PJSC “Ukrainian Interbank Currency Exchange“. Former CEO of the JSC “Oschadbank” (2007-2010).

    Research interests: currency regulation, banking, financial markets
  • Istemi Demirag

    PhD, Professor and Head of Accounting Group; Director of Post Graduate Research at Keele University Management School, UK.
    Research interests: Good Governance, Effective and Intelligent Accountability and Networking in Hybrid Organisations; Performance Management and Public Private Partnerships (PPPs) especially Risk Transfer and Management issues.
  • Igor Rekunenko

    Dr, Professor, Department of Finance, Banking and Insurance, Sumy State University, Ukraine.

    Research interests: financial intermediation, financial market, stock market.
  • Inna Shkolnyk

    Dr, Professor, Head of Department of Finance, Banking Management and Insurance, Sumy State University, Ukraine.

    Research interests: financial intermediation, financial market.
  • Taras Savchenko

    Dr, Professor, Head of Accounting and Taxation Department, Sumy State University, Ukraine.

    Research interests: transfer pricing in banks; development of the Ukrainian banking system; monetary policy (especially interested in the investigation of the monetary rules).
  • Ahmad Rizwan Ch

    PhD, University of Education Lahore, Pakistan.

    Research interests: Finance, Educational administration.
  • Krzysztof Koj

    PhD, Professor Economist, Business Trainer & Advisor, Higher Education Manager (Dean, MBA Academic Director), Lecturer; Polish Business Trainers Society, Poland.

    Research interests: international economic relations, European integration and negotiation.
  • K. M. Anwarul Islam

    Founder and Editor-in-Chief of International Journal of Finance and Banking Research,USA. Springer Journal, The Millennium University.

    Research interests: Economic Growth, International, Decision and Risk Analysis.
  • Jarosław Szostak

    PhD, Professor WSB University in Chorzów, Poland

    Research interests: International Business, Business Strategy.
  • Armin J. Kammel

    Dr, Professor (FH), LLM (London), MBA (CLU) Ehrenprofessor (Danube University Krems), Austria.

    Research interests: international banking law, securities regulation, financial law, corporate law and business law, economic analysis of the law.
  • Hassan Obeid

    PhD, Professor, Head of Finance Department at European Business School Paris, France.

    Research interests: Public Economics, Public Finance, Financial Economics
  • Magdalena Szyszko

    PhD, Professor, WSB University in Poznan, Poland.

    Research interests: economic theory, central banking and monetary policy, some aspects of financial markets (money market, banking market)
  • Aruna Kumar Panda
    PhD, Post-Doc (Business), Fellow, ICSSR, New Delhi. Chief Consultant and Head (R&D), International Society for Social Services, (ISSS), Bhubaneswar – 7, Orissa (India).

    Research interests: corporate finance, corporate governance, business strategy, HRM, banking and entrepreneurship.
  • Jean-Michel Heitz

    PhD, Full Professor, ESSCA, Université Paris-Dauphine, Université Paris 1 Panthéon-Sorbonne, France.

    Research interests: Enseignement supérieur, Enseignement.
  • Dileep Kumar M

    PhD, Full Professor, University Institute for International and European Studies, Inter-national Teaching University, Tbilisi, Georgia.

    Research interests: OB/Entrepreneurship, Qualitative & Quantitative Research, Consultancy Strategy.
  • Wioletta Nawrot

    PhD, University of Pennsylvania PRP Licensed Instructor, ESCP Europe, Kaplan International College London, CASE – Center for Social and Economic Research.

    Research interests: Neuroeconomics. Economics and Finance.
  • Ali Asgari

    PhD, Universiti Teknologi Malaysia, Panoply Consultancy, Universiti Kebangsaan Malaysia.

    Research interests: Marketing, Management, Business Strategy, Strategic Planning.
  • Piotr Karaś

    PhD, Finance Department, Cracow University Of Economics, Poland.

    Research interests: financial instruments market, institution, transformation bridge, bounded rationality, opportunism.
  • Renata Karkowska

    Dr, Assistant Professor, Department of Insurance and Capital Markets, Institute of Financial System of Economy Faculty of Management, University of Warsaw, Poland.
    Research interests: portfolio management, capital market, mutual funds Market, Derivatives, Risk Management, Financial System Economy and Banking.
  • Rana (Khudhair Abbas) Ahmed

    PhD, Al-Rafidain University College, Iraq.

    Research interests: Finance.
  • Filip Fidanoski

    PhD, University of Luxembourg, Luxembourg.

    Research interests: Experimental Economics, Financial Economics, Macroeconomics.
  • Prem Lal Joshi

    PhD, Professor Multimedia University, MMU, Kenya.

    Research interests: Finance and Accounting.
  • Tankiso Moloi

    PhD, Professor South African Journal of Accounting Research, University of Johannesburg, South African Institute of Professional Accountants (SAIPA).

    Research interests: Financial Governance, Global Financial Stability.
  • Michael Schaefer

    PhD, Président at Association 1901 SEPIKE Poitiers Area, France.

    Research interests: Finance.
  • Syed Fahim

    Dr., Assistant professor at DHA Suffa University, Pakistan.

    Research interests: Team Leadership, Strategic Planning, Team Management.
  • Saša Obradović

    Dr., Professor of Macroeconomics at University of Kragujevac, Faculty of Economics, Serbia.

    Research interests: Strategic Planning, Team Management, Policy Analysis.
  • Ivo Pezzuto

    Dr, Professor, Global Market Analyst and Professor of Global Economics, International Business, and Risk Management at the International School of Management (ISM), Paris, France; ISTUD Business School; and Catholic University of Milan, Italy. Visiting Professor at IAE Nice Sophia Antipolis, France and University of Pisa, Italy.
    Research interests: Management, Finance.
  • Premkumar Balaraman

    PhD, Associate Professor at Adigrat University Ethiopia (Tigray).

    Research interests: Management, Finance.
  • Paulino Silva

    PhD, ISCAP, International Journal of Auditing Technology, ISCTE-IUL Porto Area, Portugal.

    Research interests: performance measurement and management in profit and non-profit organizations.
  • Akhlaque Ahmad

    PhD, Lecturer and Program Director at National Institute of Securities Markets (Established by SEBI), University of Mumbai, Mumbai Area, India.

    Research interests: Mathematical Finance, Computational Finance, Financial Modeling, Financial Derivatives and Financial Engineering.
  • Anand S

    PhD, Director of Postgraduate Studies and Research at College of Banking and Financial Studies (CBFS), Oman.

    Research interests: Corporate Finance, Investment Management, Bank Management, Financial Services, Derivatives, Mergers & Acquisition, International Finance, Mutual Fund, Wealth Management, and Financial Accounting for Management, Management Accounting and Financial Statement Analysis.
  • Svitlana Kucherenko

    PhD, Henry George School of Social Science, New York, USA.

    Research interests: Financial Management, Financial Economics Crime Statistics, Risk Management Models, Riskology, International Economic Statistics.
  • Jacob Kleinow

    PhD, Consultant Finance & Risk in Zeb Consulting; Freiberg University of Mining and Technology, Germany.

    Research interests: Financial Market Regulation and Supervision, Financial Institutions, Systemic Risk.
  • Sandeep Kumar

    Dr, Professor, Tecnia institute of advanced studies, New Delhi Area, India.

    Research interests: Marketing Management, Decision Science, Operation Research, Business Statistics, Strategic Management, Research Methodology, Management Information System.
  • Hamid Alibeiki

    Master of Science in Economics, University of Yazd; Professional Lecturer at Imam Javad University, Iran.

    Research interests: Macroeconomics, Monetary Economics, Risk and Capital Market.
road elektronische scilit


pbn WorldCat
ResearchBib ulrichsweb ECONBIZ

Display advertising improves the visibility of your products and services among specialists in your field. Our group offers a variety of journals with focused readership. Contact us for advertising rates, premium placement and the range of services we can offer.

For information on advertising rates, media packs and inserts for journals published by us, please contact:

The author, institution or sponsor pays an article publication charge (APC) for the article to be open access – making it immediately and freely available to everyone. This fee covers the range of publishing services we provide. This includes provision of online tools for editors and authors, article production and hosting, liaison with abstracting and indexing services, and customer services. Our contributors do not pay for submission or reviewing. The APC, payable when your manuscript is editorially accepted and before publication, is charged.

We produce international academic Journals of high quality. All articles undergo a rigorous double blind peer-review.

Open access publication fee for all journals equals to 1100 UAH. To support sustainable open access publishing, a minimum APC has been introduced to ensure we cover the costs of, copyediting, typesetting, publication on our website, marketing, and indexing in major databases.

Following acceptance, the article will proceed through the production cycle but will not be published until payment has been received. Payment can be made by invoice (payment is due within 30 days). Bank transfer details will be included in the invoice. Receipts are available on request. Please note that payment carries an administrative surcharge.

The contributor should state the following information:

  • journal title and/or article title,
  • full name,
  • place of employment,
  • telephone number,
  • e-mail address,
  • active postal address for shipping hard copies.

All information is confidential. It will be used for preparing invoice. You will be contacted with the editor of the company for sending necessary documents.

Our corresponding authors will be informed about paper publication by e-mail and provided with free hard copies of the issue. Please contact the Editor-in-Chief of the corresponding journal to make an order of additional hard copies.

Discounts and waiving

Also discounts and waivers are available for our authors. Decisions to grant discounts are at the discretion of the Editor-in-Chief, in consultation with the Publisher.

We can propose publishing fee waivers to authors from developing countries or those suffering financial hardship in accordance with Hinari Access to Research for Health Program (