Hasil untuk "Public finance"

Richard B. Carter, Steven Manaster

V. Acharya, Zhaoxia Xu

T. Persson, G. Roland, G. Tabellini

Cesare Fracassi

Jung Wan Lee

The paper seeks to explore the role of green finance in achieving sustainable development goals through the case of China, and address some issues of sustainable finance and environmental, social and governance concerns of green finance by introducing the episodes of green finance in China. This paper aims to provide some viewpoints about the following questions: 1) What are the latest trends in green finance? 2) What are the main challenges to the development of green finance? 3) What are policy recommendations for the development of green finance? 4) What are the roles of both the public and private sectors in promoting green finance? This paper identifies the mainstream to sustainable bonds, diversification of green finance, transition of corporates’ business models, transparency and disclosure, and harmonizing taxonomy and measurement of green finance for the emerging trends of green finance. As the results, this paper recommends some policy measures for the private sector such as greening the banking system, greening the bond market, and greening institutional investors. This paper also suggests some policy initiatives for the public sector such as developing policies and capacity, promoting market transparency and governance, and promoting private-public partnership for diversifying resources of green finance.

Manuel Munoz Pla

This paper presents a longitudinal open dataset of Spanish public procurement extracted from the Official State Gazette (BOE) covering the period 2014-2024. The dataset integrates structured information on contracts, contracting authorities, suppliers, amounts, and procedures, enabling large-scale quantitative analysis of public procurement dynamics in Spain. We describe the data extraction and normalization pipeline, provide descriptive statistical analyses of temporal and sectoral trends, and discuss potential applications in transparency research, public policy evaluation, and computational social science. The dataset is released to facilitate reproducible research on public procurement and government contracting.

Fang Liu, Chen Liang, Heyang Li

To address the issues of carbon trading cost allocation and emission reduction incentives in integrated energy system, a low-carbon economic dispatch strategy considering multi-agent green certificate-carbon trading bidirectional interaction and cost allocation is proposed. First, by introducing green certificate trading and a tiered carbon emission trading mechanism, a bidirectional interaction model for green certificates and carbon quotas is constructed, and the low-carbon value of electricity-heat-hydrogen hybrid energy storage is quantified. Second, a multi-agent carbon trading cost allocation model is designed, and a leader-follower game model is established with energy marketer as the leader and energy supplier and load aggregator as followers. Dynamic time-of-use carbon pricing is used to guide the optimization of equipment output and energy consumption strategies. On this basis, a triple incentive strategy based on electricity price incentives, green certificate revenue, and carbon trading compensation is proposed to enhance the economic feasibility of electricity-heat-hydrogen hybrid energy storage. Additionally, a lifespan degradation model is established to more accurately evaluate its long-term operational costs.Research findings indicate that adopting a dual-interaction mechanism combining green certificates and tiered carbon trading reduced the comprehensive operating costs of IES by 1.72% and lowered carbon emissions by 0.53%. The triple incentive strategy increased the operational revenue of the electricity-heat-hydrogen hybrid energy storage system by 76.16%, while improving the utilization rates of wind and solar power generation by 1.26% and 2.6%, respectively. The multi-party carbon trading cost-sharing mechanism boosted the system's overall total revenue by 3.71%, reduced total costs by 11.97%, lowered carbon trading costs by 21.06%, and decreased total carbon emissions by 19%.

Tomiwa Sunday Adebayo

Abstract This research addresses a significant gap in previous studies by exploring Finland through new and innovative lenses. First, it offers an in-depth analysis of the impact of financial innovation (FI) and financial globalization (FG) on the ecological footprint (EF) using data from 1991Q1 to 2022Q4. Second, the study incorporates the roles of renewable energy consumption (REC) and economic growth (EG). Third, it employs advanced wavelet tools, including wavelet coherence, partial wavelet coherence (PWC), and multiple wavelet coherence (MWC), to capture the relationships across various time periods. In addition, wavelet Granger causality was used to identify the causal relationships among the variables. The results from wavelet coherence indicate that, in the short and medium terms, FI increases the EF, whereas FG decreases the EF. Additionally, EG increases EF, whereas REC reduces EF in the medium and long terms. To validate the wavelet coherence findings, PWC and MWC were used as robustness tests. The results showed that EG primarily impacts EF in the short and medium terms, whereas REC has the strongest long-term effect. On the basis of these findings, policies are formulated.

Mattia Birti, Andrea Maurino, Francesco Osborne

The integration of Environmental, Social, and Governance (ESG) factors into corporate decision-making is a fundamental aspect of sustainable finance. However, ensuring that business practices align with evolving regulatory frameworks remains a persistent challenge. AI-driven solutions for automatically assessing the alignment of sustainability reports and non-financial disclosures with specific ESG activities could greatly support this process. Yet, this task remains complex due to the limitations of general-purpose Large Language Models (LLMs) in domain-specific contexts and the scarcity of structured, high-quality datasets. In this paper, we investigate the ability of current-generation LLMs to identify text related to environmental activities. Furthermore, we demonstrate that their performance can be significantly enhanced through fine-tuning on a combination of original and synthetically generated data. To this end, we introduce ESG-Activities, a benchmark dataset containing 1,325 labelled text segments classified according to the EU ESG taxonomy. Our experimental results show that fine-tuning on ESG-Activities significantly enhances classification accuracy, with open models such as Llama 7B and Gemma 7B outperforming large proprietary solutions in specific configurations. These findings have important implications for financial analysts, policymakers, and AI researchers seeking to enhance ESG transparency and compliance through advanced natural language processing techniques.

Hariom Tatsat, Ariye Shater

Large Language Models (LLMs) exhibit remarkable capabilities across a spectrum of tasks in financial services, including report generation, chatbots, sentiment analysis, regulatory compliance, investment advisory, financial knowledge retrieval, and summarization. However, their intrinsic complexity and lack of transparency pose significant challenges, especially in the highly regulated financial sector, where interpretability, fairness, and accountability are critical. As far as we are aware, this paper presents the first application in the finance domain of understanding and utilizing the inner workings of LLMs through mechanistic interpretability, addressing the pressing need for transparency and control in AI systems. Mechanistic interpretability is the most intuitive and transparent way to understand LLM behavior by reverse-engineering their internal workings. By dissecting the activations and circuits within these models, it provides insights into how specific features or components influence predictions - making it possible not only to observe but also to modify model behavior. In this paper, we explore the theoretical aspects of mechanistic interpretability and demonstrate its practical relevance through a range of financial use cases and experiments, including applications in trading strategies, sentiment analysis, bias, and hallucination detection. While not yet widely adopted, mechanistic interpretability is expected to become increasingly vital as adoption of LLMs increases. Advanced interpretability tools can ensure AI systems remain ethical, transparent, and aligned with evolving financial regulations. In this paper, we have put special emphasis on how these techniques can help unlock interpretability requirements for regulatory and compliance purposes - addressing both current needs and anticipating future expectations from financial regulators globally.

Dramane Cissokho

Since the mid-2000s, illegal migration to Europe has become both a political and a scientific issue. It affects the south of Senegal, particularly the upper Casamance. This article analyses clandestine pirogue migration from the weekly market in Diaobé, highlighting the involvement of merchant networks and the motorbike taxis that serve the market. It is based on qualitative data from semi-direct interviews with motorbike taxi drivers, notables, NGOs and public authorities.Young people from the rural areas of Upper Casamance who are driving motorbike taxis in response to the agricultural crisis are converging on Diaobé to take advantage of the opportunities in the public transport sector created by the demand for mobility around the weekly market. They use the income they earn from this activity to finance the trip by pirogue to Spain. The merchant networks act as intermediaries between would-be migrants in Diaobé and the trip organizers located at the departure points in the coastal areas. A number of measures have been taken to put an end to illegal migration, but they are inadequate and derisory.

Łukasz Sowul

The principles and scope of liability for violations of public finance discipline are regulated in the Act of December 17, 2004 on liability for violations of public finance discipline. However, there is no legal definition of the concept itself. It can be assumed that public finance discipline means compliance with the principles of public funds management. Therefore, it is not surprising that the Polish legislator in Art. 8-9a of the said Act also sanctioned issues related to grants and subsidies. Financial support in these forms amounts to many billions of zlotys annually. Therefore, the question arises whether the provisions of the Act on liability for violations of public finance discipline constitute a real protection tool? The scientific research was carried out based on the non-reactive research method (analysis of legal acts, subject literature and case law) and the statistical method (based on data from the Chief Adjudicating Committee). According to the adopted hypothesis, the provisions of the Act on liability for violations of public finance discipline regarding subsidies fulfill their repressive function, while Art. 9a regarding subsidies is in practice a dead provision.

S. Bracking, Benjamin Leffel

This article consists of a critical review of the conceptual scholarship on the governance of climate finance and includes an overview of the institutional arrangements and governance logics that provide climate finance. New decentralized, polycentric structures allow for climate finance to more effectively reach the sub‐ and non‐state actors most directly implementing climate change governance. However, the expansion of climate finance into market‐inflected forms of blended finance, as well as debt‐based financing, express a neoliberal logic that shifts power to market actors. This may challenge the efficacy of climate finance. We suggest that further research is needed on polycentric systems in climate finance, since an apparent expansion in the diversity of providers is also accompanied by a counter‐intuitive concentration of decision‐making power with financial fund managers. We join others in suggesting that the weight of scholarship advocates for a strong return to public authored finance and governance, under the auspices of Green New Deal programs and more widely.

Soha Khan, A. Akbar, Ismat Nasim et al.

This study considers five regions, i.e., South Asia, South-East Asia, China, Middle Eastern countries, and European countries, and took their data for 15 years. This study makes a significant contribution to the literature by examining the impact of green finance on environmental sustainability. Green finance development is represented by GDP, investment in renewable energy sources, investment in research and development (R&D) for eco-friendly projects, and public–private partnership investment in renewable energy projects. Green financing development in the chosen panel exhibits a distinct geographical cluster effect, with significant regional variances. The most important influencing elements are regional GDP, regional innovation level, and air quality, whereas the degree of financial development and industrial structure optimization are insignificant. The degree of financial development and industrial structure optimization are related to the amount of green finance development mostly via spillover effects. The degree of financial development has a positive spillover impact, but industrial structure optimization has a negative spillover effect. This study reveals that an increase in the production of energy from renewable sources, an increase in R&D, and the evolution of public–private partnership investment in renewable energy reduce CO2 emissions. It is evidenced that green finance in renewable energy sources is necessary to achieve environmental sustainability. There is a strong need to increase green finance in renewable sources to target the minimization of global CO2 emissions. There should be cross-border trade of renewable energy between regions/countries to mitigate CO2 emissions globally. Moreover, this study ranks the regions based on environmental sustainability, which may help researchers and decision-makers to entice foreign direct and private investment in these regions. The implications of the findings of the study suggest that environmental sustainability benefits greatly from green financing and investing in renewable energy sources through public–private partnerships, which represents one of the best ways to ensure environmental sustainability.

Huan-Yi Su, Ke Wu, Yu-Hao Huang et al.

Recently, many works have proposed various financial large language models (FinLLMs) by pre-training from scratch or fine-tuning open-sourced LLMs on financial corpora. However, existing FinLLMs exhibit unsatisfactory performance in understanding financial text when numeric variables are involved in questions. In this paper, we propose a novel LLM, called numeric-sensitive large language model (NumLLM), for Chinese finance. We first construct a financial corpus from financial textbooks which is essential for improving numeric capability of LLMs during fine-tuning. After that, we train two individual low-rank adaptation (LoRA) modules by fine-tuning on our constructed financial corpus. One module is for adapting general-purpose LLMs to financial domain, and the other module is for enhancing the ability of NumLLM to understand financial text with numeric variables. Lastly, we merge the two LoRA modules into the foundation model to obtain NumLLM for inference. Experiments on financial question-answering benchmark show that NumLLM can boost the performance of the foundation model and can achieve the best overall performance compared to all baselines, on both numeric and non-numeric questions.

Ihor Rumyk, Tetiana Galetska, Oleksandr Klymchuk et al.

The functioning of business structures in the agricultural sector has recently become significantly more complicated. In today's conditions, it is becoming more and more difficult to develop security strategies for agribusiness enterprises, because factors that have arisen relatively recently, especially of an external nature, have a significant negative impact on the financial activities of enterprises. In order to make optimal financial decisions, the entire toolkit, developed and tested by many years of business experience in the agricultural sector both abroad and in the middle of our country, should be used. One of these methods is economic descriptive cognitive modeling, which allows to analyze external and internal factors influencing the activities of enterprises, evaluate the strength of their interaction, and graphically display cause-and-effect relationships in a dynamic system. The method of cognitive modeling was studied in order to formalize the influence of exogenous and endogenous processes on the financial activity of agribusiness enterprises. As a result of the research, the components of the development of enterprises in the agricultural sector were analyzed from the standpoint of ensuring the efficiency of their financial activities using cognitive modeling. A matrix of causality and a cognitive map of the influence of a number of factors on the target component "financial activity of the agribusiness enterprises" were built. Impulse modeling of the influence of given concepts was carried out. The results of the conducted cognitive modeling of the influence of factors can be used to develop a safe strategy for the sustainable development of enterprises of other industries in the conditions of dynamic changes. The application of the cognitive approach made it possible to foresee various processes of development of situations in this system that may arise in it under the expected influence of various factors, as well as the influence of regulatory and control systems.

Cieślukowski Maciej

The aging of society is one of the most important trends shaping the social, economic and political life of the 21st century. However, with the increasing number of people of retirement age, the problem of ensuring adequate conditions for a longer life arises. The state influences these conditions through the pension security system, including taxation of pensions. The paper attempts to answer the question whether taxation of remunerations and public pension benefits may have a significant impact on making decisions about choosing a country of work in the common market. For this purpose, Member States have been ranked in terms of two dimensions—the conditions of taxation of wages and the conditions of taxation of retirement benefits. The countries were classified using a multi-criteria comparative analysis and the agglomeration method. The study shows that taxing salaries and pension benefits is of marginal importance from the point of view of an employee’s decision-making. The main factors are the average expenditure on net salaries and the average expenditure on net pension benefits.

Kamila Ćwik, Tomasz Wołowiec, Artur Grzesiak et al.

On the surface, it would seem that the operation of a health resort commune does not differ from the majority of local authorities in Poland that do not have health resorts in their area and its activities can be subordinated to the market law of supply and demand. It would seem that it is the health resort gminas that are particularly privileged entities, endowed by nature with unique therapeutic raw materials, unique landscape, clean air and high forest cover, and being the proverbial apple of the sovereign's (the State's) eye, they have versatile development opportunities. A health resort municipality is a municipality whose area or part thereof has been granted the status of a health resort in accordance with the procedure set out in the Act on Health Resort Treatment, Health Resorts and Areas of Health Resort Protection and on Health Resort Municipalities of 28 July 2005. A health resort is an area where spa treatment is carried out, separated for the purpose of utilising and protecting the natural medicinal resources located in its area, which has been granted the status of a health resort. It follows from these definitions that a health resort is a limited area of the territory of a municipality, carrying out a specific activity such as spa treatment.

Mardiyah Mardiyah, Habib Muhammad Bahaus Suruur, Mujia Yahdillah

In order to raise the standard of education, human resource management is always linked to management and administration of education. Management can take the shape of agreements and guidelines, or it can take the form of a procedure for maintaining records. It is impossible to isolate educational management and administration from its various facets. We talk about the extent of education management and management procedures in this context. The purpose of management is to streamline organizational work systems and ensure successful and efficient implementation. This essay attempts to clarify how management is being implemented in the education sector, with a focus on the components and domains of school administration work. The "literature review" methodology is employed in this article for data collection and review. The eight components of the school management study include organization, administration, communication, administration/management, human resources/permanent, finance/finance, facilities, and public relations, according to the search results and literature review. Throughout the implementation phase, these eight components are connected. Eight Components Additionally, this is the responsibility of educational administration at the school level, which entails the following three key components of education management: The foundation of education governance consists of students, teachers, and curriculum, with support from five additional elements: organization, money, facilities and infrastructure, governance, business, and public relations.

Ella I. Skobleva

The article is devoted to the issues of education financing with a focus on the application of state development programs aimed at supporting education in Russia. The author analyzes the results of the implementation of federal target programs, state programs and, as part of them, national projects and federal projects in the field of science and education. The study pays special attention to the analysis of public expenditures on higher education, which is largely financed from the federal budget. Higher education is the most important factor in the economic and social development of the country, as it largely forms the human capital, which opens up opportunities for the search for non-standard solutions, creation of new knowledge and development of technologies. One of the objectives of sustainable development in the field of education is to ensure equal access to quality vocational and higher education, including university education. The aim of the paper is to study the problems of using program instruments of education financing in Russia. The author considers federal target programs as a form of “pinpoint” financial support of the education system; shows the mechanism of transition to the program method of education financing and the transformation of program documents that determine the volume and directions of education financing; examines national projects in the context of program financing of education; analyzes the items of federal budget expenditures on higher education and draws conclusions about their content and dynamics. The article is based on official statistical data and analytical reports of the Ministry of Finance of the Russian Federation, the Federal Treasury, and the Accounts Chamber of the Russian Federation.