Abstract To date, there has been a long-term debate between the monetarists and Keynesian schools on the elements of inflation in countries, whether monetary or fiscal. Over the years, with the advent of the political economics and the governments’ active participations to the economic and social activities, a new factor, among others, in the name of good governance – say, controlling the corruption level – has arisen as the decider of inflation in countries. This study aims to examine empirically whether money supply, government expenditure (both capital and revenue) and corruption do maintain any long-run associations and short-run dynamics with inflation for the panel of the world’s 20 leading countries. The results reveal a long-run association between the fiscal, monetary, and governance variables, and inflation; and in the short run, there are causal influences from total government expenditure, money supply and corruption to inflation in developed countries, but capital and revenue expenditures, money supply and corruption cause inflation in developing countries.

This research evaluates the technical and financial feasibility of green hydrogen production in Colombia using Small Hydropower Plants (SHPs), positioning them as a strategic complement to intermittent sources such as solar and wind. To address an underexplored niche in the national hydrogen roadmap, the study applies a Real Options framework, specifically using a binomial tree model, and incorporates the Weibull distribution to estimate risk-adjusted discount rates. This methodological combination allows for the modeling of operational flexibility under uncertainty, particularly through the analysis of an American-style abandonment option. The results indicate that SHPs provide continuous power generation, enhance electrolyzer efficiency, lower the Levelized Cost of Hydrogen (LCOH), and improve cash flow. However, fiscal incentives and high initial capital costs remain limiting factors. The study proposes extending the evaluation horizon to 15 years and implementing mechanisms such as Capital Expenditures (CAPEX) subsidies to improve project viability. Overall, the research contributes to the diversification of Colombia’s energy matrix, encourages regional development, and supports the positioning of green hydrogen as a viable financial asset within the country’s energy transition framework.

Purpose Climate-driven agricultural risks in Zimbabwe, particularly droughts, high dependence on rainfed production and low adaptive capacity, limit the agriculture sector from fully contributing to socio-economic development. The objective of the study was to assess the status of funding for climate change adaptation across all farming sectors. Design/methodology/approach The 2022 national budget was analyzed in terms of allocation for agricultural and climate change adaptation interventions. At the farm level, availability of funding was assessed for fully commercial (A2, large-scale and estates), semi-commercial (A1) and subsistence (communal and old resettlement) farmers in Mutasa District in eastern Zimbabwe using a mix of key informant interviews, focus group discussions and a household questionnaire. Findings According to the 2022 budget, the government contributed 92% of total agricultural funding and 72% of climate change adaptation financing. Bilateral and multilateral climate finance accounted for only 3% of total agricultural funding, underscoring the country's ranking of 156 out of 160 on the Global Climate Finance Vulnerability Index. Semi-commercial and subsistence-oriented farmers depended mainly on the government and donors for funding in the form of crop inputs. The commercial sector depended on state-owned and private banks. Over 80% of farmers viewed agricultural and climate funding, availed mostly as working capital and not capital expenditure, to be inadequate. Originality/value There is a need to develop a comprehensive investment framework that guides the design of sustainable financing mechanisms for effective adaptation.

The increasing penetration of renewable energy sources into power systems makes new grid infrastructure upgrades and more accurate tools for assessing their economic sustainability essential. In this framework, this study examines the economic and financial feasibility of the Sardinia–Corsica–Italy 3 interconnection project using the advanced cost-benefit analysis model (CBA 2.0). The results indicate strong economic convenience: the net present value (NPV) reaches 2110 million €, while the discounted benefit-cost ratio (DBCR) stands at 3.41. The main advantages stem from improved socio-economic welfare and a greater capacity to integrate renewable energy; additional benefits include reduced risks related to energy supply, increased grid resilience, and more efficient management of the Sardinian power system. Sensitivity analyses confirm the robustness of these outcomes, with NPVs ranging between 1977 and 2248 million € and DBCR values between 3.12 and 3.77, variations primarily driven by the discount rate and capital expenditure. The study thus highlights how the central role of renewable energy and grid resilience, combined with advanced CBA methodologies, can support investment decisions consistent with energy transition goals.

This study aims to measure the financial performance of the Government of West Java Province during the 2020–2024 period based on the analysis of the audited Budget Realization Reports. The research uses a descriptive quantitative approach with secondary data obtained from the Regional Financial Statements. Financial performance is measured through several ratios, namely the effectiveness ratio of Regional Original Revenue, regional financial efficiency ratio, regional financial independence ratio, and expenditure harmony ratio. The results show that the effectiveness of Regional Original Revenue fluctuated, with effective performance only in 2022 and 2024, while in other years it was categorized as ineffective. The efficiency ratio also indicated inconsistency, where inefficiency occurred in 2020, 2021, and 2023, and efficiency was achieved in 2022 and 2024. The regional financial independence ratio showed a relatively high level, reflecting low dependence on central government transfers, although there was a slight decline in 2023–2024. The expenditure harmony ratio indicated that budget allocation was still dominated by operational expenditure compared to capital expenditure. The findings imply the need for improving revenue optimization and more balanced expenditure allocation to support sustainable regional development.

Strategic framework for sustainable centralisation of wastewater treatment plants: integrating economic and environmental analysis.

The smart grid concept is based on the full integration of different types of energy sources and intelligent devices. Due to the short- and long-term volatility of these sources, new flexibility measures are necessary to ensure the smart grid operates stably and reliably. One option is to convert renewable energy into hydrogen, especially during periods of generation overcapacity, in order that the hydrogen that is produced can be stored effectively and used “just in time” to stabilize the power system by undergoing a reverse conversion process in gas turbines or fuel cells which then supply power to the network. On the other hand, in order to achieve a sustainable general energy system (GES), it is necessary to replace other forms of fossil energy use, such as that used for heating and other industrial processes. Research indicates that a comprehensive hydrogen supply infrastructure is required. This infrastructure would include electrolyzers, conversion stations, pipelines, storage facilities, and hydrogen gas turbines and/or fuel cell power stations. Some studies in Germany suggest that the existing gas infrastructure could be used for this purpose. Further, nuclear and coal power plants are not considered reserve power plants (as in the German case), and an additional 20–30 GW of generation capacity in H2-operated gas turbines and strong H2 transportation infrastructure will be required over the next 10 years. The novelty of the approach presented in this article lies in the development of a unified modeling framework that enables the simultaneous and coherent representation of both economic and technical aspects of hydrogen production systems which will be used for planning and pre-decision making. From the technical perspective, the model, based on the black box approach, captures the key operational characteristics of hydrogen production, including energy consumption, system efficiency, and operational constraints. In parallel, the economic layer incorporates capital expenditures (CAPEX), operational expenditures (OPEX), and cost-related performance indicators, allowing for a direct linkage between technical operation and economic outcomes. This paper describes the systematic transformation from today’s power system to one that includes a hydrogen economy, with a particular focus on practical experiences and developments, especially in the German energy system. It discusses the components of this new system in depth, focusing on current challenges and applications. Some scaled current applications demonstrate the state of the art in this area, including not only technical requirements (reliability, risks) and possibilities, but also economic aspects (cost, business models, impact factors).

This research investigated how industrialization and economic growth in Nigeria from 1980 to 2024 are related. This study utilized data sourced from the Central Bank of Nigeria Statistical Bulletin (2024) and the World Development Indicators (2024). These include yearly data for the subsequent variables: Gross Domestic Product acts as the dependent variable, with Industrial Sector Output, Mining Production, Electricity Supply to the Industrial Sector, and Government Capital Expenditure on Industry functioning as independent variables. The analysis employed the Auto-Regressive Distributed Lag (ARDL) model as the test statistic. The findings indicated that while the output of the industrial sector has a positive correlation with Nigeria's economic growth, this relationship is not significant. In contrast, mining production and government capital expenditure have negative correlations that are statistically significant. There is a positive and statistically significant correlation between electricity supply to the industrial sector and economic growth. The study concluded that while industrialization continues to be a key driver of economic transformation, the findings highlight structural weaknesses and ongoing inefficiencies in Nigeria’s industrial sector, mining industry, and public investment framework. It was suggested that the government should bolster its efforts to improve electricity supply for better industrial productivity; guarantee transparency and efficiency in capital spending to yield growth-promoting results; foster industrial capacity utilization and technological advancement; and reform the mining sector to enhance value addition and encourage sustained economic growth

This study aims to analyze the effect of Regional Original Revenue (PAD), Capital Expenditure, and General Allocation Fund (DAU) on Economic Growth in Central Java Province during 2022–2024. The research applies a quantitative approach with panel data regression and associative analysis. The data used are secondary data obtained from the Directorate General of Fiscal Balance (DJPK) of the Ministry of Finance and the Central Bureau of Statistics (BPS) of Central Java Province. The sample includes 35 regencies and cities observed over three years. The results show that PAD has a positive and significant effect on economic growth, indicating that higher fiscal independence can stimulate regional economic activity. Capital expenditure also has a positive influence, emphasizing the importance of local government investment in productive sectors such as infrastructure and public services. Meanwhile, the General Allocation Fund (DAU) shows a positive but varying effect across regions, depending on management efficiency and allocation effectiveness. Overall, the study highlights that the synergy among PAD, capital expenditure, and DAU plays a crucial role in strengthening regional fiscal capacity to achieve sustainable economic growth in Central Java Province. Keywords: Regional Original Revenue; Capital Expenditure; General Allocation Fund; Economic Growth; Central Java

Minas Gerais is Brazil’s largest charcoal producer, relying on carbonization kilns that release effluent gases and waste energy while generating environmental impacts. This work evaluates the electricity generation potential from these gases using different conversion technologies. A database-based assessment of charcoal production units, based on official institutional records, enabled estimating the energy potential for 2020 and projecting it to 2030. Three technologies were assessed: Steam Rankine Cycle, Organic Rankine Cycle, and Externally Fired Gas Turbine. For each one, efficiencies were calculated and applied to the surveyed producers, ranging from 5% to 24% for power capacities between 100 kW and 2000 kW. The highest energy generation potential, 1348 GWh/year, was obtained using the regenerative and superheated ORC with n-decane as the working fluid. In addition, an economic analysis was performed based on Brazilian electricity auction prices, together with a sensitivity analysis of key variables, including installed power, electricity price, minimum attractiveness rate, taxes, operating hours, and capital expenditure. The results demonstrate that current technical and economic conditions are unfavorable for implementing waste-heat-based power plants in Minas Gerais. Plants below 10 MW are especially unfeasible. A Life Cycle Assessment estimated emissions of 2437.7 kg CO2eq per ton of charcoal. Sustainable measures such as eliminating native wood use, increasing Gravimetric Yield, and adding afterburners could reduce emissions by over 57%.

Abstract The plasma-enhanced process, leveraging the unique properties of thermal plasma—including extreme temperatures (~ 104 K), high energy density, high chemical activity and rapid quenching rates—offers a distinct advantage over conventional methods for powder material synthesis and processing. This review comprehensively examines the principles and applications of thermal plasma in tailoring powder properties. Beginning with a clear technological positioning that contrasts thermal plasma with mainstream conventional powder synthesis methods, highlighting its unique role in processing extreme materials and enabling single-step synthesis through integrated physical and chemical transformations, the discussion then proceeds to a detailed examination of its various applications in materials processing. It first delves into plasma spheroidization, detailing how it transforms irregular powders into dense particles with high sphericity and superior flowability for additive manufacturing, and elaborates on the three-stage mechanism (melting, volume change and solidification) of forming hollow spherical particles from porous aggregates for functional applications. The review then explores Plasma-Enhanced Physical Vapor Deposition (PEPVD), illustrating its capability for dimension-controlled nanomaterial synthesis, where precisely manipulated temperature fields and cooling rates dictate the nucleation and growth pathways, enabling the synthesis of nanomaterials with diverse and tailored architectures. A significant focus is placed on Plasma-Enhanced Chemical Synthesis (PECS), systematically presented along a progression of increasing chemical complexity. This includes efficient pyrolysis of precursor compounds to synthesize nanoparticles; hydrogen plasma reduction of metal oxides for green metallurgy; oxidation of metals to create spherical oxides or complex nanostructures; and the synthesis of non-oxide compounds such as nitrides, borides and sulfides via multi-component/multi-phase reactions. The review highlights how the unique plasma environment overcomes the limitations of conventional methods, enabling rapid, efficient and controllable fabrication of materials, with promising yield and scalability for applications. Finally, perspectives on fundamental mechanisms, intelligent process control and industrialization challenges—supported by a techno-economic analysis highlighting its strategic positioning for high-value products despite high capital expenditure—are discussed to guide future development in this dynamic field.

One hundred and eighty years of capital expenditure for equitable and climate-resilient water and sanitation in England and Wales

Transit-Oriented Development is a crucial strategy for addressing urban sprawl and improving mobility, particularly in rapidly urbanizing regions like Indonesia. Transit-Oriented Development integrates high-density, mixed-use developments with public transportation infrastructure, offering sustainable urban growth solutions. However, despite its benefits, the financial feasibility of Transit-Oriented Development in emerging economies remains under-explored. This study assesses the financial viability of a Transit-Oriented Development project in Tangerang, Greater Jakarta, focusing on key financial indicators such as Capital Expenditure, Operational Expenditure, Internal Rate of Return, and Net Present Value. The study uses financial modeling, analyzing data from the project's feasibility reports and investment summaries. The results show positive Internal Rate of Return, and Net Present Value, indicating financial viability under base case assumptions. However, the analysis reveals sensitivity to changes in Capital Expenditure and revenue assumptions, with increased Capital Expenditure reducing profitability and extending the payback period. This research fills the gap in Transit-Oriented Development financial feasibility studies in developing economies, providing valuable insights for similar projects in Southeast Asia and beyond. The findings underscore the importance of effective financial planning and risk management in ensuring the long-term success and sustainability of Transit-Oriented Development projects, highlighting the need for strong public-private partnerships to mitigate financial risks.

The global landscape of robotic-assisted surgery is undergoing rapid transformation as new platforms emerge to challenge the long-standing dominance of the da Vinci (DV) system. Although DV remains the most widely adopted robotic platform worldwide, its high acquisition and maintenance costs have limited diffusion, particularly in resource-constrained regions. Next-generation systems-including Hugo RAS, Versius, Senhance, Hinotori, KangDuo, Sentire, and Micro Hand S-aim to expand access through reduced capital expenditure, reusable instrumentation, alternative cost structures, and modular architectures. This narrative review synthesizes available studies comparing the economic performance of these new technologies - including da Vinci Single-Port - with the DV multiport. A systematic search across PubMed, Scopus, and Cochrane Library identified 14 comparative cost studies through October 2025. Radical prostatectomy was the most frequently evaluated procedure, with additional analyses focused on colorectal surgery, hysterectomy, sacrocolpopexy, total mesorectal excision, and pyeloplasty. Overall, emerging platforms demonstrate heterogeneous but promising economic profiles. Hugo RAS and KangDuo showed lower overall procedural expenses in some series, although early inefficiencies may increase initial non-surgical operative time until team proficiency improved. The da Vinci Single Port platform demonstrated possible cost increases relative to the multiport system, largely influenced by institutional discharge pathways and disposable pricing. Economic outcomes varied markedly across institutions, driven by local procurement policies, instrument pricing, operative workflows, and reimbursement models. Current evidence suggests that new robotic platforms can reduce specific cost components without compromising clinical outcomes, yet generalizability remains limited. Standardized, prospective cost evaluations incorporating acquisition models, non-surgical time, learning curves, and long-term outcomes are essential to determine true value across healthcare settings.

In the context of manufacturing logistics, this study sheds light on the difficult task of concurrently optimizing cost, time, influence on sustainability, and spatial efficiency. Specifically, this addresses the integrated challenge of material handling equipment selection and facility space allocation, a crucial decision-making domain where conventional single-objective methodologies frequently overlook vital considerations. While recent research predominantly relies on meta-heuristics and simulation-based solution methodologies, they do not guarantee a global optimum solution space. To effectively address this multifaceted decision environment, a Mixed-Integer Linear Programming (MILP) model is developed and resolved utilizing two distinct scalarization methodologies: the conventional ϵ-constraint method and the augmented ϵ-constraint method (AUGMECON2). The comparative analysis indicates that although both methods effectively identify the Pareto front, the AUGMECON2 approach offers a more robust assurance of solution efficiency by incorporating slack variables. The results illustrate a convex trade-off between capital expenditure and operational flow time, indicating that substantial reductions in time necessitate strategic investments in higher-capacity equipment fleets. Furthermore, the analysis underscores a significant conflict between achieving extreme operational efficiency and adhering to facility design standards, as reducing time or energy consumption beyond a specific point requires deviations from optimal space allocation policies. Ultimately, a “Best Compromise Solution” is determined that harmonizes near-optimal operational efficiency with strict compliance to spatial constraints, providing a resilient framework for sustainable manufacturing logistical planning.

This study examines the impact of capital expenditure, balancing funds, and local revenue on economic growth in the former Besuki Residency area, covering Banyuwangi, Jember, Situbondo, and Bondowoso Regencies during the 2014-2024 period. Using path analysis on panel data and individual district analysis, the study investigates the direct, indirect, and mediating effects of local revenue as an intervening variable. The results show that all three independent variables significantly affect economic growth in the panel data for all four regencies. Capital expenditure has a significant direct effect only in Bondowoso Regency and overall panel data, but is insignificant in Banyuwangi, Jember, and Situbondo. Balancing funds exhibit a significant direct effect across all regions, while local revenue has a consistent direct effect in all regions and panel data. The mediating role of local revenue is inconsistent, with the indirect effect of capital expenditure through local revenue being insignificant in all regions. On the other hand, the indirect effect of balancing funds through local revenue is significant in Banyuwangi, nearly significant in Jember and Situbondo, and insignificant in Bondowoso. These findings highlight the complexity of fiscal dynamics in decentralization, where local revenue management and governance factors are crucial. The study supports previous research suggesting that central fiscal transfers are less effective without strong local revenue support. Local governments are encouraged to enhance local revenue autonomy to maximize the multiplier effect of capital expenditures and balancing funds, fostering sustainable economic growth.

Property and casualty insurance plays a vital role in risk management solutions for individuals as well as businesses to secure against financial damages caused by physical damage to property, liability claims, and other business hazards. Contemporary insurers today find themselves besieged by increasing demands to effectively manage policy transactions, settle claims efficiently, and meet increasing demands from policyholders to deliver online services. Technologically developed platforms created with a focus on carrying out insurance business operations offer a multi-functional approach to meet the increasing demands through a single operation system. Advanced analytical tools of these platforms enable insurers to accurately evaluate client risk behavior, trace fraudulent transactions, and develop policy options designed to cater to a particular target market. Cloud hosting infrastructural solutions enable scaling up of business operations with dynamic flexibility to embrace new advancements in information and communication technology, with very little capital expenditure in terms of processing hardware. Real-time data processing reflects speedy decision-making options related to policy underwriting, payments of claims, and other responsive client-related operations. The automated solution provides very little need to manually process transactions, which, in turn, reduces operational expenses with increased data processing correctness. Organizations that utilize complete multi-functional platforms of advanced technology derive market advantages with increased operational flexibility, increased client satisfaction, and ultimately increased financial efficiency.

Over the years, there has continuously been concern about the degree of accountability among public servants in the administration of public affairs in Nigeria. Therefore, this study investigated how public accountability affected Nigeria's national development. Agency Theory (AT) was chosen as the theoretical framework, and the study used qualitative content analysis, with most of the data coming from secondary sources. The findings show that the degree of accountability among public officials in the management of public resources and affairs in Nigeria has been steadily declining over time due to a lack of due process, corruption, transparency, probity, and a general disregard for the rules and principles enshrined in the constitution regarding accountability practices in national affairs. It’s on this note the study recommends that appropriate planning is necessary for national development, and accountability is essential to any country's progress. Capital expenditures that are appropriately allocated and accounted for are the foundation of any country's development and are vital to the core of economic expansion and advancement. Despite Nigeria's current circumstances, the study concluded that public accountability is essential to national development.

ABSTRACT This study examines factors influencing the re-election of Polish local government executives from 2006 to 2018. We analyse financial conditions, socio-economic indicators, and political affiliations across four election cycles using logistic regression with Bayesian Model Averaging. Our findings reveal that financial management factors – budget liquidity, capital expenditure, and debt levels – significantly increase re-election likelihood. Female incumbents face lower chances, highlighting persistent gender disparities in post-transition European politics. Political alignment exhibits a dual effect: affiliation with regionally dominant parties increases electoral success, while alignment with national governing parties diminishes prospects, demonstrating the complex multi-level governance dynamics in European electoral politics. These findings contribute to understanding democratic consolidation in Central and Eastern Europe, particularly how economic governance and gender politics shape local democratic processes in newer EU member states.

ABSTRACT To mitigate the volatility associated with renewable energy generation, energy storage technologies are essential for shifting energy across time and space by capturing surplus electricity and discharging it during deficits. This capability is vital for enhancing energy efficiency and facilitating the extensive integration of renewables. This study develops and evaluates two Advanced Adiabatic Compressed Air Energy Storage (AA‐CAES) configurations: a three‐stage compression/expansion system and a four‐stage counterpart, both designed for an 8‐h charge and 4‐h discharge cycle. Thermodynamic and economic models were constructed to assess their performance. The simulation indicates that the three‐stage system achieves a round‐trip efficiency (RTE) of 76.20% and an energy generation per unit volume (EGV) of 6.67 kWh/m 3 , leaving 207.88 tons of residual hot water. In comparison, the four‐stage system shows a slight decline in RTE by 1.23% and EGV by 0.41 kWh/m 3 , but generates a significantly higher surplus of hot water (increased by 171.82 tons). Economically, the levelized cost of energy (LCOE) is 0.1067 $/kWh for the three‐stage system and 0.1104 $/kWh for the four‐stage system, with dynamic payback periods (DPT) of 1.6 and 1.7 years, respectively. To address the substantial hot water surplus in the four‐stage design, an Organic Rankine Cycle (ORC) was integrated for waste heat recovery. This integration improved the system's work capacity, RTE, and EGV. Although the initial capital expenditure rose due to additional equipment, the slight dip in economic metrics is negligible compared to the thermodynamic gains.