Project 1) MOFIN (Money in Transformation)
The MONFIN project, based at the University of A Coruña and led by Prof J. Carles Maixe-Altes (Economics) and Dr Matilde Masso (Sociology). The project explores how digital platforms, fintech innovation, and alternative currencies are reshaping monetary systems, financial inclusion, and governance. With an interdisciplinary approach, MONFIN investigates the social and regulatory implications of these financial transformations. The project has received funding twice from the Spanish government to recruit doctoral students. Reflecting on its international significance the project is supported by international scholars such as Bernardo Batiz-Lazo (Northumbria, UK) and Gustavo del Angel (CIDE, Mexico). Its findings contribute directly to debates on the future of finance and align closely with Northumbria University’s Financial Markets, Innovation & Sustainable Economies research theme, particularly in relation to responsible innovation and inclusive economic development.
Funding
Money in transformation: monetary attitudes, behaviours and processes of financial exclusion (PIs – Carles Maixe & Matilde Masso, La Coruña). Sponsor Spanish Ministry of Science, Innovation and Universities, 75,000 euros plus three doctoral student (September 2023 – August 2028) (participant – 25% contribution)
Money in transformation: actors, processes and social effects of financial innovation (PIs – Carles Maixe & Matilde Masso, La Coruña). Sponsor Spanish Ministry of Science, Innovation and Universities, 43,923 euros plus doctoral student (July 2020 – June 2023) (participant – 25% contribution)
Project 2) Remittances and Digital Markets Policy in Mexico
This research strand examines the infrastructure of the Mexico–US remittance corridor, with a particular focus on digital currencies and financial inclusion. Funded by the Gates Foundation, the project involved collaboration with MIT’s Digital Currency Initiative, as well as researchers from UC Irvine, Virginia Tech, and Maiden Lab. It produced key publications on the evolution of remittance providers and the socio-technical journey of a remittance. The research also informed policy debates through contributions to the drafting of Mexico’s national Digital Markets Strategy (Estrategia de Mercados Digitales), led by the Ministry of Finance (Secretaría de Hacienda y Crédito Público). In parallel, it supported the implementation of branch strategies at Financiera para el Bienestar (Finabien), a state-led initiative to improve access to financial services. These efforts align with Northumbria’s Financial Markets, Innovation & Sustainable Economies theme by addressing the global South’s experience of financial innovation, regulation, and inclusive development.
Funding
Market infrastructure of Mexico-US remittance market (CBDC: Expanding Financial Inclusion or Deepening the Dive?) (PIs – Bill Maurer (IMFI/UC Irvine), Lana Schwartz (Virgina Tech) & Shira Frank (Maiden Lab) in collaboration with the MIT Digital Currency Initiative). Sponsor Bill and Melida Gates Foundation, (January - June 2022) (participant $3,250 dollars plus research assistant)
Abdou, A. H., Elamer, A. A., Abedin, M. F., & Ibrahim, B. A. (2024). The impact of oil and global markets on Saudi stock market predictability: A machine learning approach. Energy Economics. https://doi.org/10.1016/j.eneco.2024.107416.
Abdou, A. H., Ibrahim, B. A., Elamer, A. A., Alaskar, T. H., & Mohamed, M. A. (2023). Volatility contagion between cryptocurrencies, gold, and stock markets pre-and-during COVID-19: Evidence using DCC-GARCH and Cascade-Correlation Network. Financial Innovation. https://doi.org/10.1186/s40854-023-00605-z.
Alzayed, N., Bátiz-Lazo, B., Eskandari, R. (2024) ‘Does board diversity mitigate risk? The effect of homophily and social ties on risk-taking in financial institutions ’, Research in International Business and Finance, vol 70 (part A), https://doi.org/10.1016/j.ribaf.2024.102306
Amin, A., Ali, R., Rehman, R. U., & Hasan, M. (2024). Family ownership, control, and firm performance: Does gender diversity matter? Eurasian Business Review, 14(2), 501-525. https://doi.org/10.1007/s40821-024-00256-9
Bátiz-Lazo, B. and González-Correa, I. (2024) ‘Del telégrafo a la app: la evolución y el estado actual de los prestadores de remesas desde los Estados Unidos hasta México, ca.1980-2020’, El Trimestre Económico, Vol 91 (4), num. 364, Oct-Dec, pp. 925-970. doi: 10.20430/ete.v91i364.2516.
Bátiz-Lazo, B. and González-Correa, I. (2023) ‘The journey of a remittance’ in N. Narula, L. Swartz and J. Frizzo-Baker (eds), CBDC: Expanding Financial Inclusion or Deepening the Divide? Exploring Choices that Could Make a Difference, Cambridge, MA: MIT Lab & Maiden Consulting, pp. 48-50. https://static1.squarespace.com/static/59aae5e9a803bb10bedeb03e/t/63c01f1bcf425f01973b4889/1673535260873/MIT+DCI+%26+Maiden+Labs+-+CBDC+%26+Financial+Inclusion+%28Jan.+2023%29.pdf
Bátiz-Lazo, B. and Rodriguez-Martinez, S. (2024), 'Gender and financialisation of Spanish retail banking, 1949-1970', Business History, vol. 66, no. 4, pp. 829-858. DOI: 10.1080/00076791.2023.2279730.
Carnevali, E., Ruggeri, F., & Veronese Passarella, M. (2024). Inequality and exchange rate movements in an open-economy macroeconomic model. Review of Political Economy, 36(2), 722-760. https://doi.org/10.1080/09538259.2022.2062961
Ellis, S., Sharma, S., & Brzeszczyński, J. (2022). Systemic Risk Measures and Regulatory Challenges. Journal of Financial Stability, 61, Article 100960. https://doi.org/10.1016/j.jfs.2021.100960
Shanaev, S., Johnson, E., Vasenin, M., Panta, H., & Ghimire, B. (2024). When Bitcoin is high: cryptocurrency value, illicit markets and US marijuana bills. Journal of Financial Regulation and Compliance, 32(4), 501-515. https://doi.org/10.1108/JFRC-09-2023-0146
Klubinski, W. J., Tsoligkas, F., Verousis, T., & Wang, L. (2023). Gender differences in hedge fund performance persistence. In Reference Module in Social Sciences Elsevier. Advance online publication. https://doi.org/10.1016/B978-0-44-313776-1.00101-X
Lau, C. K., Zhang, D., & Gozgor, G. (2024). Support Policies for Small Businesses During the Covid-19 Crisis: Evidence from Club Convergence Clustering Approach. Emerging Markets Finance and Trade, 60(3), 401-416. https://doi.org/10.1080/1540496X.2023.2228466
Petrakis, I., & Panos, G. A. (Accepted/In press). Financial Knowledge and Financial Resilience in Greece. Paper presented at 22nd Annual Conference of the Hellenic Finance and Accounting Association (H.F.A.A.) (2023), Athens, Greece. https://g53network.org/wp-content/uploads/2023/06/Panos_Petrakis.pdf
Rouse, M. , Bátiz-Lazo, B., and Carbo-Valverde, S. (forthcoming) ‘Trust and socio-demographic influences on mobile banking adoption in South Africa: A longitudinal study’, International Journal of Bank Marketing.
Rouse, M., Bátiz-Lazo, B., and Carbo-Valverde, S. (2025) ‘Assessing the socio-economic and policy drivers that increase financial inclusion of ethnic and gender minorities in South Africa’, Arbor, 201(813): 2860. https://doi.org/10.3989/arbor.2025.813.2860.
Rouse, M. , Bátiz-Lazo, B., and Carbo-Valverde, S. (2023) ‘M-Pesa and the role of the entrepreneurial state in a cashless technology to deliver an inclusive financial sector’, Essays in Economic and Business History, 41, pp. 109-133. https://www.ebhsoc.org/journal/index.php/ebhs/article/view/438
Shanaev, S., Skorochodova, A., & Vasenin, M. (2023). LGBT CEOs and Stock Returns: Diagnosing Rainbow Ceilings and Cliffs. Research in International Business and Finance, 66, Article 102063. https://doi.org/10.1016/j.ribaf.2023.102063
The
theme's significance is further accentuated by the support it garners from
prestigious funding bodies and its collaborations with leading global
institutions. These partnerships not only enhance the breadth and depth of our
research but also underscore our commitment to addressing global challenges in
financial markets and sustainable economic practices. The following are recent
examples of successful research grants:
2023-2024: “Agroforestry Social Research Project” Funder: DEFRA Department for Environment, Food and Rural Affairs [Professor Francisco Areal]
2023-24: Mapping the skill shortage and its impact on local economies in Northumberland (Phase 1-2) Funder: 21st Century Workforce Initiative [Professor Ignazio Cabras, Dr Ekaterina Shakina, Dr Mikhail Vasenin]
2022-2023: “Sus-Health: Sustainable and Healthy Diets for All” Funder: BBSRC Biotechnology and Biological Sciences Research Council (UKRI) [Professor Francisco Areal]
2022-2023: “Northumberland Skills Review Study 2023” Funder: Bridge Club Limited [Professor Ignazio Cabras]
2022-2023: “Compact Accounting and Finance Training” Funder:Fairstone Group Ltd [Professor Ignazio Cabras]
Moreover, the AFM Department is a vibrant hub for aspiring scholars, particularly welcoming PhD students and industry partners who are keen to delve into the complexities of financial markets and sustainability. The department offers an enriching environment for academic growth, bolstered by access to cutting-edge resources and mentorship from leading experts in the field. For students and researchers passionate about making a meaningful contribution to the world of finance and sustainable economies, our department presents an unparalleled opportunity to engage with and contribute to groundbreaking research.
In essence, the "Financial Markets, Innovation & Sustainable Economies" theme at the AFM Department, Newcastle Business School, Northumbria University, is a testament to our unwavering dedication to advancing knowledge and fostering innovative solutions for the financial and economic challenges of our times.
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