Fundamental Determinants Research Articles

Assessing the impact of tourism on sustainable economic development in Indonesia: A comprehensive analysis using the Fourier bootstrap autoregressive distributed lag approach

This research analyzes the relationship between political stability, renewable energy utilization, economic progress, and tourism in Indonesia from 1990 to 2020. We employ advanced econometric techniques, including the Fourier Bootstrap Autoregressive Distributed Lag (ARDL) approach and Fourier Toda-Yamamoto causality testing, to ensure the robustness of our results while accounting for smooth structural changes in the data. The analysis uncovers a long-term equilibrium relationship between tourism and its fundamental determinants. Our research reveals significant positive impacts of political stability and renewable energy consumption on tourism in Indonesia. A stable political environment creates a favorable climate for tourism development, instilling confidence in both domestic and international tourists. Promoting renewable energy usage aligns with sustainable tourism practices, attracting environmentally conscious travelers. Furthermore, our findings demonstrate a bi-directional causal relationship between these variables over time. Changes in political stability, renewable energy consumption, and economic growth profoundly influence the tourism sector, while the growth of tourism itself can also stimulate economic development and foster political stability. Our findings underscore the need for environmentally sustainable and politically stable tourism policies. Indonesia’s tourism sector can grow sustainably with renewable energy and stability. Policymakers can develop strategies with tourism, political stability, renewable energy, and economic prosperity in mind.

Collection and use of patient-reported experience measures: approach to improve health care

Abstract Background Patient experience is one of the fundamental determinants of healthcare quality. There is progress in the collection of PREM in national level for hospitalized patients since 2020 in Latvia. Aim Analyze (2020.-2022.) in-patients Top-box rates about communication, share-decision making, patient safety and Net Promoter Score (NPS). Methods Project starting point was 2019. Agreement with EC, Sant’Anna School, Ministry of Health and Centre for Disease Prevention and Control of Latvia. Since 2020, the collection of PREM has been taking place regularly in hospitals (around 40% from all hospitals) and on average 20% response rate of those who agreed to participate in the survey. PREM questionnaire according to HCAHPS (Consumer Assessment of Healthcare Providers and Systems) standards, including Picker Institute patient experience questions. In line with OECD (Organization for Economic Co-operation and Development) recommendations, patient safety issues are also included. Top-box rates (most positive response) and percentiles (25th - 75th) were calculated. Results Totally 17019 adult (18 years and more) patient responses were analyzed with response rate 20.3% (n = 83983). 74.6% (67.5-78.2) during hospital stay doctors always explain things in a way you could understand and sufficiently involved in the decision-making process of treatment - 75.0% (70.1-81.4). During hospital stay 4.1% (n = 601) experienced patient safety incidents which were patient-reported. The most common groups were wrong patients, medication errors, incl. adverse drug reactions and falls. Hospitals achieved a NPS of 61 for 3 year period (2020.-2022.). Conclusions Collecting information about the patient experience may be the starting point for engaging patients and moving to more patient-centered health care. The results of these in-patient PREM data can be used to identify areas of improvement and make changes to better meet the needs and expectations of their patients. Key messages • It is a good practice for the implementation of new health care quality data - patient experience reported measures at the national level. • Feedback about the patient experience on regular basis provides insight into patient needs, preferences and values, which can help to improve the quality and safety of care.

The Role of Fluvial Morphodynamic Hierarchy in Shaping Bedform Deposits

AbstractFluvial cross strata are fundamental sedimentary structures that record past flow and sediment transport conditions. Bedform preservation can be significantly influenced by the presence of larger‐scale topographic features that cause spatial gradients in flow. However, our understanding of the controls on cross strata preservation in the presence of a morphodynamic hierarchy is limited. Here, using high‐resolution bathymetry from a physical experiment, we quantify bedform evolution and cross strata preservation in a zone of flow expansion and deceleration. Results show that the size and celerity of superimposed bedforms decreases along the host‐bedform lee slope, leading to a systematic downstream increase in the sediment accumulation rate relative to bedform celerity. This increase in local bedform climb angle results in the preservation of a larger fraction of formative bedforms. Our results highlight the need to revise current paleohydraulic reconstruction models, and demonstrates that fluvial morphodynamic hierarchy is a fundamental determinant of sedimentary strata.

Experiences of Racism in School and Associations with Mental Health, Suicide Risk, and Substance Use Among High School Students - Youth Risk Behavior Survey, United States, 2023.

Racism is a fundamental determinant of health inequities among racial and ethnic groups and is understudied among adolescents. In 2023, the national Youth Risk Behavior Survey questionnaire included an item assessing experiences of racism in the school setting among students in grades 9-12 in the United States. This report estimates the prevalence of students who reported ever having experienced racism in school and compares prevalence by racial and ethnic groups. For each racial and ethnic group, prevalence differences and prevalence ratios were estimated comparing the prevalence of indicators of poor mental health, suicide risk, and substance use among students who reported that they have ever versus never experienced racism in school. In 2023, approximately one in three high school students (31.5%) said that they had ever experienced racism in school. Reported experiences of racism were most prevalent among Asian (56.9%), multiracial (48.8%), and Black or African American (Black) (45.9%) students and least prevalent among White students (17.3%). Black and Hispanic or Latino (Hispanic) students who reported experiencing racism had a higher prevalence of all health risk behaviors and experiences investigated, including indicators of poor mental health, suicide risk, and substance use compared with students of their racial and ethnic group who reported never experiencing racism. Many of these associations were also found among multiracial and White students. Student reports of racism were associated with indicators of mental health and suicide risk among American Indian or Alaska Native (AI/AN) and Asian students. Among students of color, including AI/AN, Asian, Black, Hispanic, and multiracial students, the prevalence of seriously considering and attempting suicide was more than two times higher among students who ever compared with never experienced racism. These findings demonstrate that racism in the school setting is experienced by high school students attending public and private schools and continues to disproportionately affect students of color. Students who reported experiencing racism had a higher prevalence of indicators of poor mental health, suicide risk, and substance use. Schools can incorporate policies and practices to prevent unfair treatment on the basis of race and ethnicity and offer resources to help students cope with these experiences.

Kenya: Socio-Demographic Determinants of Intractable Communal Land Use Conflicts in the Squatter Enclaves of Mount Elgon Region

In the post-Cold War world order, the African Continent has been a stage for some of the most violent intra-state conflicts arising from natural resources and land distribution. These contes tations have often been inter-communal and take the violent extremism route. The consequences of these devastating contestations have been apocalyptic in most of these conflicts. In Kenya’s Mount Elgon Region, the emergence of extremism Sabaot Land Defence Forces and counter-extremist groups is rooted in a long historical struggle for equitable distribution of land rights. Despite efforts by state and non-state actors, sustainable peace remains a distant mirage. Socio-economic deter minants have emerged as fundamental determinants in these extremist contestations, yet, extant literature has been silent on this subject matter. This paper sought to interrogate socio-demographic determinants as pathways for homegrown extremism in the Mount Elgon Region. Study findings revealed strong support for the interplay between ownership of land, source of income, level of education, and sustenance of homegrown extremism over land-use conflicts in the study area. The paper recommends the need for the Ministry of Lands to expedite the management of the historical land question to contain the socio-demographic determinants as pathways for homegrown ex tremism in the study area. The findings under score the importance of land tenure security in pursuit of peaceful, just, and inclusive societies as advocated for in the Sustainable Development Agenda 2030. Keywords: Demographic, extremism, home grown, land-use, Mt. Elgon.

Exploring Public, Practitioner and Policymaker Perspectives of Unhealthy Lifestyle Factors in the Context of Socioeconomic Deprivation: A Qualitative Study.

Unhealthy lifestyle factors, such as smoking, high alcohol intake, poor diet and physical inactivity, are key risk factors for premature mortality. How unhealthy lifestyle factors are viewed in the wider context of socioeconomic deprivation is rarely considered. Understanding key stakeholder views on lifestyle factors in the context of deprivation is critical to intervention development and reducing harm in more deprived populations. The aim of this study was to explore public, healthcare professional and policymaker views around unhealthy lifestyle factors in the context of deprivation. The aim was broad to facilitate iterative development of ideas, as the views of this wide range of stakeholders are rarely captured. Twenty-five adult members of the public in Scotland took part in four focus groups between August 2022 and June 2023. Eighteen semi-structured interviews were conducted with professionals: 12 primary-care practitioners and 6 public-health practitioners and policymakers. Reflexive thematic analysis was undertaken. Four main themes were developed: (1) Evolving complexity of lifestyle factors - the number of lifestyle factors that adversely impact health has grown, with increasingly complex interactions, (2) Social determinants of lifestyle - numerous links were made between socioeconomic conditions and unhealthy lifestyle factors by all participants, (3) Poverty as a fundamental social determinant - poverty was identified as a core factor for unhealthy lifestyle factors, and (4) Agency versus structure in relation to lifestyle - individual agency to address lifestyle factors was limited by structural constraints. Among professionals, understanding the challenging social determinants of unhealthy lifestyle factors was countered by a desire to support healthy change in those affected by deprivation. Public and professional views around lifestyle highlight an evolving understanding of the new and growing number of lifestyle factors as well as the increasingly complex interplay between lifestyle factors. Views of the social determinants of lifestyle and structural limits to agency strengthen arguments for reduced emphasis on individual-level responsibility for unhealthy lifestyle factors and for deeper integration of social determinants into lifestyle interventions. In addition to addressing poverty and socioeconomic inequalities directly, innovative policy, planning and legislation that incorporate wider approaches could tackle upstream determinants of numerous unhealthy lifestyle factors simultaneously. Members of the public who participated in this study have made contributions by sharing their views and perspectives. The National Health Service Research Scotland Primary Care Patient and Public Involvement (NRS PPI) Group contributed to the development of this work. The NRS PPI Group was consulted as part of the preparatory work for H. M. E. F.'s doctoral thesis funding application. The findings of the qualitative work were presented to them, and they informed the interpretation of those findings and related work presented at conferences and public engagement events.

Sex as a biological variable in HIV-1 and schistosome co-infection.

The sex of people living with HIV-1 infection, schistosome infection, or both, is a fundamental determinant of their clinical outcomes and of how these two infections interact in the host. Data from longitudinal and cross-sectional human studies and animal models indicate that males with HIV-1 and schistosome co-infection excrete fewer schistosome eggs and might have higher HIV-1 RNA viral loads and greater liver damage. Females with schistosome infection appear to have higher risk of HIV-1 acquisition than females without, particularly in Schistosoma haematobium infection, and a greater risk of death in HIV-1 and schistosome co-infection. Greater transmission of HIV-1 to partners has been shown in both sexes in those with schistosome infection. Biological sex is a consequential factor affecting pathophysiological and clinical responses in HIV-1 and schistosome co-infection. Designing future analyses to incorporate sex is vital to optimise research and care for people living with HIV-1, schistosomes, and HIV-1 and schistosome co-infection.

Predicting 3D and 2D surface area of corals from simple field measurements

The structural architecture of coral reefs is a known predictor of species richness, fish biomass and reef resilience. At a smaller scale, three-dimensional (3D) surface area of corals is a fundamental determinant of physical and biological processes. Quantifying the 3D surface area of corals has applications for a broad range of scientific disciplines, including carbonate production estimates, coral predation studies, and assessments of reef growth. Here, we present morphotaxon-specific conversion metrics to estimate total 3D surface area and projected 2D surface area of individual colonies from simple field measurements of colony maximum diameter. Underwater photogrammetry techniques were used to quantify surface area and estimate conversion metrics. Bayesian models showed strong non-linear (power) relationships between colony maximum diameter and both total 3D surface area and projected 2D surface area for 13 out of 15 morphotaxa. This study presents a highly resolved and efficient method for obtaining critical surface area assessments of corals for various applications, including assessments of biotic surface area, tissue biomass, calcification rates, coral demographic rates, and reef restoration monitoring.

Contribution of Green Home Appliances in the Green Economy

Environmental deterioration achieved by customers' non-practical usage design is squeezing the climate and is deterring manageable turn of events. To ruin this effect and animate a more feasible economic development, one arrangement is to diminish or move use designs from traditional items to eco-friendly items. The creators directed an audit investigation of green buy conduct research across the 6-year period from 2015 to 2021, distinguishing 108 examinations that met our incorporation rules. The current survey recognizes distinctive unavoidable facilitators, intentions, and snags affecting customers' dynamic cycle towards environmentally friendly items, and it gives likely explanations for logical inconsistencies found in green buy conduct (GPB). The paper uncovers the fundamental determinants of purchaser's GPB, and in light of the survey, 212 factors that influence green buy aim (GPI) were distinguished. In addition, 135 determinants that influence GPB were recorded. Thusly, other than adding to the writing, it will help policymakers in detailing and utilizing techniques to convince eco-friendly buying, and it will offer a chance for advertisers to create appropriate promoting systems for attracting customers and ensuring ideal deals.

Artificial intelligence and the politics of avoidance in global health

For decades, global health actors have centered technology in their interventions. Today, artificial intelligence (AI) is emerging as the latest technology-based solution in global health. Yet, AI, like other technological interventions, is not a comprehensive solution to the fundamental determinants of global health inequities. This article gathers and critically appraises grey and peer-reviewed literature on AI in global health to explore the question: What is avoided when global health prioritizes technological solutions to problems with deep-seated political, economic, and commercial determinants?Our literature search and selection yielded 34 documents, which we analyzed to develop seven areas where AI both continues and disrupts past legacies of technological interventions in global health, with significant implications for health equity and human rights. By focusing on the power dynamics that underpin AI's expansion in global health, we situate it as the latest in a long line of technological interventions that avoids addressing the fundamental determinants of health inequities, albeit at times differently than its technology-based predecessors. We call this phenomenon the ‘politics of avoidance.’ We conclude with reflections on how the literature we reviewed engages with and recognizes the politics of avoidance and with suggestions for future research, practice, and advocacy.

Formed in context: A mixed-methods study of medical students' mindsets in an Eastern culture.

Mindsets have become an important focus in the fields of social and cognitive psychology. When holding a growth mindset, people appear more likely to engage in hard work and effort to foster success, seeing setbacks as necessary for learning. When holding a fixed mindset, in contrast, people tend to believe success comes from innate ability, seeing setbacks as evidence of inability. As such, mindsets affect students' learning, resilience and personal development. There is little empirical evidence, however, regarding how medical students perceive mindsets and the fundamental determinants of mindset formation, especially in non-Western contexts. This study investigated medical students' mindsets and perceptions of mindset formation with the aim of broadening the cross-cultural understanding of self-theories. Using a convergent mixed-methods approach at a medical school in China, the authors conducted a survey and four focus groups with medical students in first to third years. Quantitatively, we used the Dweck Mindset Scale to describe medical students' mindsets in the domains of intelligence and talent. Qualitatively, we analysed focus group data using a grounded theory approach to develop a descriptive model. Survey results included 464 responses for quantitative analysis. Multivariable regression found that Year 3 students had more fixed mindsets for intelligence and talent (p< 0.05) compared with Year 1 students. Rural students reported a more mixed mindset for intelligence compared to urban students (p< 0.05). Qualitative analysis of focus group data yielded four major categories: beliefs about mindsets, conceptualization of mindsets, achievement motivation and source of mindset formation. We developed a Mindset Basis Model to depict connections among the factors students perceived to influence mindset formation-intra- and interindividual factors; contextual factors; and micro-, meso- and macro-system factors-and students' motivation regarding achievement. The study describes medical students' mindsets for the domains of intelligence and talent and explores how they conceptualised these mindsets. The findings indicate that factors influencing mindsets do not operate in isolation but through intricate interactions among multilevel factors embedded within a context.

Lessons from history for successful disinflation

Why are some attempts at disinflation successful and others failures? We investigate this question in the context of the Federal Reserve's attempts at disinflation since World War II. Our central finding is that a fundamental determinant of success was the strength of the Federal Reserve's commitment to disinflation at the start of its attempts. In episodes where its commitment was high, there were significant declines in inflation that were often long-lasting, while in ones where its commitment was low, falls in inflation were small and short-lived. We find that although the extent of the Federal Reserve's commitment was often clear to the public, there is no evidence that stronger commitment to disinflation directly affected expected inflation. Rather, the main channel through which weak commitment led to unsuccessful disinflation was premature abandonment of the disinflationary policy. We conclude by discussing the implications for the Federal Reserve's current effort at disinflation.

Combating obesity in Southeast Asia countries: current status and the way forward

Obesity is gaining prominence as a serious public health challenge in the Southeast Asia (SEA) region, with an alarming rate of increase in its prevalence. Countries in the region have shown commitment to curbing the rise of obesity by establishing policies, strategies, and action plans. This paper summarises the current situation and strategies undertaken to combat obesity and related chronic diseases. Although a range of policies and strategies have been developed, including national nutrition action plans, community intervention programmes, fiscal measures, nutrition labelling to promote healthier choices, countries in the region are struggling to make significant progress toward halting the scourge of obesity. It is imperative to strengthen existing health systems with a paradigm shift from a focus on “sick care” to and enhancing nutrition initiatives to support obesity prevention. A comprehensive and coordinated approach is essential, one that emphasises high-level coordination across all levels of government and multiple sectors, and a unified plan rather than fragmented initiatives. For strategies to be effective and sustainable, they must address the fundamental environmental determinants of poor dietary choices and nutritional inequalities. A more holistic approach is clearly needed to improve the entire food environment, which in SEA countries must include the multitude of eating places where large segments of the population “eat out” everyday to meet their energy and nutrient needs. There is a recognised need for more comprehensive measures to promote healthy eating among school children and ensure a supportive environment for lifelong healthy habits. This paper calls for a whole-of-government, whole-of-society approach that combines changes to the fundamental food environment and accompanied by systematic monitoring and surveillance systems to achieve long-lasting health outcomes.

Pilot study on optimizing pressure for standardized capillary refill time measurement

PurposeCapillary Refill Time (CRT) measurement has gained increasing attention in the field of sepsis and septic shock. Recognizing pressure as a fundamental determinant in CRT measurement is crucial for establishing a standardized CRT measurement procedure. In this preliminary study, we elucidated the optimal pressing strength for CRT measurement by analyzing the CRTs measured under varying pressures. MethodSeventeen healthy individuals were enlisted to undergo CRT tests on their fingertips at various pressure levels. The applied force was initiated at 0.5N and incrementally increased by 0.5N until it reached 10.5N. An integrated Photoplethysmography (PPG) device was employed to capture fluctuations in light intensity. The CRT was automatically derived from the PPG signals via a specialized algorithm. The study included correlation assessment and reliability evaluation. Box plot and Bland-Altman plot were used to visualize the impact of pressure levels on CRTs. ResultsA dataset of 1414 CRTs across 21 pressures showed significant differences (Kruskal-Wallis test, p < 0.0001), highlighting the impact of pressure on CRT. CRT values between 4.5N and 10.5N pressures varied less, with an Intraclass Correlation Coefficient (ICC) of 0.499 indicating moderate consistency. Notably, CRTs at 10N and 10.5N pressures revealed a high ICC of 0.790, suggesting strong agreement. ConclusionA pressure range of 4.5N–10.5N is recommended for stable CRT measurements, with 10.0N–10.5N providing optimal consistency and reliability.

Motivational determinants of athletes’ self-realisation depending on their professional qualification

BackgroundIn the contemporary era, there is a growing emphasis on understanding the self-realization of personality, encompassing individual-psychological traits, abilities, knowledge, skills, and motivation, extensively studied in psychology. Notably, limited attention has been given to exploring motivational determinants influencing athlete self-realization based on their professional qualifications. This gap is particularly pertinent in Kazakhstan, where significant efforts are directed towards athlete preparation.MethodsEmploying a systemic approach by Bagadirova and Kudinov, the study views athlete self-realization as a multi-level phenomenon with interconnected components. A total of 180 athletes participated, including 60 professionals (average age 23.9), 60 amateurs (average age 31.1), and 60 Paralympians (average age 24.4). The methodological toolkit comprises four diagnostic techniques: E.A. Kalinin’s “Motives of Sports Activities” (MSA) questionnaire, S. Maddi’s resilience test adapted by D.A. Leontiev and E.I. Rasskazova, and S.I. Kudinov’s multidimensional questionnaire on self-realization.ResultsSignificant differences in motivational determinants and self-realization attitudes emerge across athlete groups based on their sports qualifications. Noteworthy aspects include declining in motivation among professional athletes of masters of sports and masters of sports of international class, and rigidity in life resilience among Paralympic athletes. Overall, self-realization levels are not high, with extremely low levels of professional self-realization in all three athlete categories.ConclusionsThe study’s scientific novelty lies in systematically organizing knowledge on fundamental motivational determinants impacting athlete self-realization according to professional qualifications. This research addresses the acute shortage of psychological studies in sports psychology for Kazakhstan, which is still in its early stages. The findings underscore the need for targeted interventions by coaches and sports psychologists to enhance motivation levels, especially among elite athletes, and foster resilience, particularly in Paralympic athletes, ultimately advancing the field in the country.

Directional connectedness between the electricity prices and natural gas prices: evidence from Alberta’s electricity market

Purpose This study aims to assess volatility spillovers and directional connectedness between electricity (EPs) and natural gas prices (GPs) in the Canadian electricity market, based on a hydrothermal power generation market strongly dependent on exogenous variables such as fossil fuel prices and climatology factors. Design/methodology/approach The methodology is divided into two stages. First, a quantile vector autoregression model is used to evaluate the direction and magnitude of the influence between natural gas and electricity prices through different quantiles of their distributions. Second, a cross-quantilogram is estimated to measure the directional predictability between these prices. The data set consists of daily electricity and natural gas prices between January 2015 and December 2023. Findings The main finding shows that electricity prices are pure shock receivers of volatility from natural gas prices for the different quantiles. In this way, natural gas price fluctuations explain 0.20%, 0.98% and 22.72% of electricity price volatility for the 10th, 50th and 90th quantiles, respectively. On the other hand, a significant and positive correlation is observed in the high quantiles of the electricity prices for any natural gas price value. Originality/value The study described the risk to the electricity market caused by nonrenewable source price fluctuations and provided evidence for designing regulatory policies to reduce its exposure in Alberta, Canada. It also allows us to understand the importance of natural gas in the energy transition process and define it as the fundamental determinant of the electricity market dynamic.

Stakeholders’ perspectives on critical success factors for environmental social and governance (ESG) implementation

Environmental Social and Governance (ESG) has emerged as a sensitive issue, attracting the attention of a large audience that could not be ignored. Government bodies continue to pass regulations mandating organizations to comply with ESG principles. However, many organizations have had unsatisfactory results while promoting sustainability ideals due to various challenges. To achieve ESG goals, the present study offers a thorough framework for ESG implementation across organizations based on the critical success factor (CSF) theory and the opinions of diverse stakeholders. Following a literature review and brainstorming with ESG experts and academicians, a survey questionnaire was sent to 400 respondents to evaluate the 20 factors identified as ‘super-set’ CSFs for ESG implementation. This paper represents a novel attempt in ESG research as it conducts a survey supported by exploratory factor analysis (EFA). The interactions between the significant CSFs were studied by employing total interpretative structural modeling (TISM) and fuzzy MICMAC approach. ESG implementation is found to be highly driven by firm characteristics, earnings quality, and environmental performance, which can be argued to be the fundamental determinants of ESG implementation. According to these findings, organizations' leadership should (1) focus on effectively structuring firms' attributes to swiftly operate the ESG implementation framework, (2) ensure consistent business earnings that signal improved future performance, and (3) continuously monitor and assess their environmental performance. These efforts should be supported by engaging with diverse stakeholder groups, each playing its respective role in ESG implementation. Consequently, ESG implementation across organizations is anticipated to accelerate with thoughtful organizational coordination, strategic planning, and compliance with authoritative policies. However, rather than solely focusing on creating ESG disclosure laws, policymakers should also focus on creating better ESG outcomes through effective ESG implementation. Therefore, this research offers valuable insights into improving ESG practices, which facilitates the adoption of mandatory ESG disclosure regulations.

When Size Matters: New Insights on How Seed Size Can Contribute to the Early Stages of Plant Development.

The seed habit is the most complex and successful method of sexual reproduction in vascular plants. It represents a remarkable moment in the evolution of plants that afterward spread on land. In particular, seed size had a pivotal role in evolutionary success and agronomic traits, especially in the field of crop domestication. Given that crop seeds constitute one of the primary products for consumption, it follows that seed size represents a fundamental determinant of crop yield. This adaptative feature is strictly controlled by genetic traits from both maternal and zygotic tissues, although seed development and growth are also affected by environmental cues. Despite being a highly exploited topic for both basic and applied research, there are still many issues to be elucidated for developmental biology as well as for agronomic science. This review addresses a number of open questions related to cues that influence seed growth and size and how they influence seed germination. Moreover, new insights on the genetic-molecular control of this adaptive trait are presented.

Global inflation: modern determinism and challenges for policy

The article studies global inflation determinants, causing it in recent decades and at the present stage under the influence of cascading shocks in world economy and financial system. The relevance of the problems summarized and analyzed in the article is explained by the significant risks of the inflation duration at the present stage, which is affected by an increasing number of shocks from demand, supply, and global financial system. In these conditions, even adaptive monetary policy may cease to be effective. The purpose of the study is to assess the nature and extent of developed and developing countries’ economies vulnerability due to inflationary shocks and to identify the inflation fundamental determinants in crisis conditions on the basis of retrospective analysis. Achievement of the goal implied the solution of such priority tasks as: global inflation dynamics factors identification considering the risks of stagflationary and recessionary trends in world economy; inflation new determinants identification in the context of changes in the scale and structure of the global financial market; assessment of monetary policy adjustment and adaptation mechanisms in the current inflationary environment; consideration of the current nature of supply and demand shocks and their impact on global inflation. The current inflationary shock is unprecedented, and the study assesses it in its historical context and for its similarities and differences with significant inflation episodes observed in the post-war decades. The key factors of inflation at the present stage have been analyzed in their relationship with the monetary policy key trends.

Material ESG Alpha: A Fundamentals-Based Perspective

ABSTRACT Using SASB’s materiality framework, prior research finds alpha for the portfolio of firms with improving ratings on material ESG issues. We replicate this finding and provide a fundamentals-based perspective on why the materiality portfolio outperforms. Our basic premise is that changes in material ESG issues reflect fundamental firm characteristics. More financially established firms—firms with larger size, lower growth, and higher profitability relative to their sector—are more likely to not only create material strengths but also resolve material weaknesses in their ESG scoring. This fundamental link dictates that one should comprehensively control for fundamental determinants of stock returns before attributing portfolio outperformance to improving material ESG scores. Indeed, we find that the materiality portfolio does not generate alpha after we account for its exposure to profitability and growth factors. Our evidence underscores the issue of correlated omitted fundamental factors in the debate of ESG alpha. Data Availability: Data are available from the sources cited in the text. JEL Classifications: G11; G12; G14; M14; M41; Q51.