Innovative Instruments Research Articles

International climate finance mechanisms: A review with focus on Africa

Climate change poses an unprecedented threat to the global environment, with far-reaching consequences for vulnerable regions, particularly in Africa. This paper provides a comprehensive review of international climate finance mechanisms, shedding light on their effectiveness in addressing climate-related challenges, with a specific focus on the African continent. As climate change continues to exacerbate existing vulnerabilities, understanding and optimizing the mechanisms through which financial support is channeled to affected regions becomes paramount. The paper explores a range of international climate finance mechanisms, including multilateral funds, bilateral agreements, and private sector initiatives. It assesses their strengths and weaknesses in terms of mobilizing resources, promoting sustainable development, and enhancing climate resilience. The analysis also delves into the evolving landscape of climate finance, considering the emerging role of innovative financial instruments and the potential for leveraging private sector investments to complement public funding. Focusing on Africa, the review examines the unique challenges faced by the continent, such as extreme weather events, water scarcity, and agricultural disruptions. It assesses the suitability and impact of existing climate finance mechanisms in addressing these challenges and supporting Africa's adaptation and mitigation efforts. The study also considers the effectiveness of capacity-building initiatives to enhance the ability of African nations to access and utilize climate finance resources efficiently. Furthermore, the paper highlights the need for enhanced transparency, accountability, and governance in the disbursement and utilization of climate finance in Africa. It emphasizes the importance of inclusive and participatory approaches that engage local communities and ensure that climate finance contributes to sustainable development goals while addressing the specific needs of the most vulnerable populations. This review provides a nuanced understanding of international climate finance mechanisms, offering insights into their application and impact in the context of Africa's unique climate challenges. By identifying opportunities for improvement and addressing existing gaps, the paper aims to contribute to the ongoing discourse on optimizing climate finance for a more resilient and sustainable future.

A conceptual framework for data-driven sustainable finance in green energy transition

As the world grapples with the urgent need for sustainable development, the transition towards green energy stands as a critical imperative. Financing this transition poses significant challenges, requiring innovative approaches that align financial objectives with environmental sustainability goals. This review presents a conceptual framework for leveraging data-driven techniques in sustainable finance to facilitate the transition towards green energy. The proposed framework integrates principles of sustainable finance with advanced data analytics to enhance decision-making processes across the financial ecosystem. At its core, the framework emphasizes the importance of harnessing vast datasets related to energy production, consumption, environmental impact, and financial performance. By leveraging machine learning algorithms and predictive modeling techniques, financial stakeholders can gain deeper insights into the risks and opportunities associated with green energy investments. Key components of the framework include data collection and aggregation, risk assessment, impact measurement, and investment optimization. Data sources range from traditional financial indicators to environmental metrics, social impact assessments, and geopolitical factors. Through comprehensive data analysis, financial institutions can assess the long-term viability and sustainability of green energy projects, while also evaluating potential social and environmental impacts. Risk assessment methodologies within the framework consider both financial risks, such as market volatility and regulatory uncertainty, and non-financial risks, such as climate change impacts and community resilience. By integrating these factors into risk models, investors can make more informed decisions that mitigate potential losses and maximize returns. Furthermore, impact measurement tools enable stakeholders to quantify the environmental and social benefits of green energy investments. By tracking metrics such as carbon emissions reduction, energy efficiency improvements, and job creation, investors can assess the contribution of their portfolios towards broader sustainability objectives. Finally, the framework incorporates investment optimization strategies that align financial goals with environmental objectives. Through portfolio diversification, asset allocation, and innovative financial instruments such as green bonds and impact investing funds, financial institutions can allocate capital more efficiently towards green energy projects. The conceptual framework presented herein offers a systematic approach to integrating data-driven methodologies into sustainable finance practices. By leveraging advanced analytics and comprehensive datasets, financial stakeholders can drive the transition towards green energy while simultaneously achieving financial returns and positive environmental outcomes.

What hampers research collaboration in a region?

Research collaboration is an important instrument for innovation and knowledge transfer. In this respect, barriers that prevent or impede research collaboration between research institutions and companies are of particular importance. In this paper, we elaborate on the importance of research collaboration barriers by conducting and analysing 77 expert interviews from ten German regions. We go beyond the existing literature by examining differences in the perception of different kinds of experts and by comparing different types of regions classified according to the presence of important actors, namely research institutions and large companies. Our results show that research collaboration barriers are perceived as very significant barriers to innovation across all region types. We find differences in the perception of research collaboration barriers between the experts. On the regional level, the presence of research institutions shifts the relevance from missing partners to other research collaboration barriers, while all research collaboration barriers are not perceived as significantly less important.

Are creative users more apt in reusing and adopting Open Government Data (OGD)? Gender differences

Open Government Data (OGD) has been considered as a potent instrument for value creation and innovation by a range of stakeholders. Given that individual ingenuity is a function of individual and environmental factors, it is important to understand how the OGD adoption and usage is a factor of creative performance behaviors (CPB), viz., Problem Identification (PI), Information Search (IS), Idea Generation (IG) and Idea Promotion (IP) as well as creative self-efficacy (CSE). Invoking the adapted Unified Theory of Acceptance and Use of Technology (UTAUT) constructs alongside the moderating effects of CPB and CSE constructs and also gender, the present study seeks to underline the behavioural intention towards OGD adoption and usage among 362 undergraduate and postgraduate university students in India. The guiding research question is: “Is there any difference among the males and females in terms of their OGD adoption and usage as far as their creative propensities are concerned?” Findings from the PLS-SEM (Partial Least Squares-Structural Equation Modeling) procedures show that there are gender differences across the CPB and CSE constructs. The study's contribution lies in furthering our understanding of OGD adoption and use with the additional determinants of creativity literature.

The Role of Environmental Laws in Achieving Sustainable Development Goals by 2030

As the global community confronts unprecedented environmental challenges, the imperative to achieve sustainable development has gained paramount significance. This paper explores the pivotal role of environmental laws in advancing the sustainable development goals (sdgs) by the year 2030. The interdependence between environmental preservation, socio-economic, and the well-being of future generations necessitates a comprehensive legal framework. The paper begins by examining the foundational principles of sustainable development and the evolution of international environmental law. It analyzes the interconnectedness of environmental issues and the multifaceted nature of the sdgs, emphasizing the need for a holistic legal approach to address these challenges. Drawing upon case studies and comparative analyses of environmental legal frameworks across different jurisdictions, the paper identifies key elements that contribute to the effectiveness of environmental laws in achieving sustainable development. It delves into the significance of policy coherence, stakeholder engagement, and the enforcement mechanisms that underpin successful legal frameworks. Furthermore, the paper discusses the potential hurdles and limitations in the implementation of environmental laws and explores strategies to overcome them. It scrutinizes the role of technological advancements, international cooperation, and innovative legal instruments in bolstering the efficacy of environmental regulations. In conclusion, the paper underscores the indispensable role of environmental laws as catalysts for achieving the sdgs by 2030. It advocates for a synergistic and adaptive legal framework that aligns with the evolving nature of environmental challenges. By emphasizing the need for a harmonized global effort, this paper contributes to the ongoing discourse on the crucial intersection of environmental governance and sustainable development.

Fostering a livestock production sector transformation in India: an analysis of credit empowerment and innovations in value chain dynamics"

The dairy business holds significant importance in the Indian economy. This study examines the feasibility of employing value chains to mitigate financing risks and improve the creditworthiness of small and marginal farmers (SMF), with a specific emphasis on the Indian setting. This study thoroughly examines the obstacles encountered by smallholder and medium-scale farmers (SMFs) in obtaining financing. It explores alternate strategies for enhancing financial inclusivity for small-scale dairy producers. This paper suggests adopting and utilising novel financial instruments, such as the Farmers’ Choice Card Loan, Contract as Collateral, and a platform based on Blockchain technology. The aforementioned innovative approaches offer distinct avenues for tackling the financial requirements of dairy farmers in India, making a significant contribution to the advancement of sustainable agricultural practices and the promotion of economic self-sufficiency. This paper highlights the significance of fostering collaboration among financial institutions, dairy cooperatives, government bodies, and agricultural firms to deploy these innovative financial instruments effectively. Implementing these strategies can stimulate the expansion and advancement of the dairy sector, augmenting the socioeconomic circumstances of dairy farmers in India.

Myomectomy with ArtiSential fully articulating laparoscopic instruments: A prospective multicenter study.

ArtiSential, a class of innovative laparoscopic instrument, has been developed to overcome the limitations of conventional laparoscopic surgery by enabling free, 360°-unrestricted movement of the wrist joint, as in robotic surgery. The aim of the present study was to describe the initial experiences with these devices in myomectomy and to report the surgical outcomes. A total of 77 women undergoing laparoscopic or robotic myomectomy between January 2021 and June 2022 were included in this multicenter prospective study. The ArtiSential instruments used by the surgeons were those chosen according to their respective preferences. The baseline characteristics, surgical outcomes, trocar placement options, and operator survey results were scrutinized. The mean age of the patients was 39.9 ± 6.3, and the mean body mass index (BMI, calculated as weight in kilograms divided by the square of height in meters) was 22.4 ± 3.4 kg/m2; 46.8% of the patients underwent robotic surgery, while 53.2% underwent laparoscopic surgery. The number of removed myomas was 3.3 ± 3.0, the size of the largest myoma was 7.1 ± 2.3 cm, and the operative time was 130.0 ± 54.0 min. No transfusions or laparotomy conversions were required. Other than one case of ileus, there were no postoperative complications. In most cases, the instruments were inserted through the umbilicus trocar, and the fenestrated forceps, needle holder, and bipolar fenestrated forceps, in that order, were frequently employed. According to a surgeon survey, 29.9% moderately or strongly agreed that the ArtiSential devices utilized were more convenient than conventional laparoscopic instruments, while only 9.7% moderately or strongly agreed that they were more convenient than robotic instruments. Myomectomy as performed with an ArtiSential instrument seems to be feasible and safe. Further studies are necessary in order to comparatively assess the outcomes and potential benefits of ArtiSential, robotic, and conventional laparoscopic myomectomy.

Well-being Effects of a Subsidy Retention Fund for Renovation of Dwellings of Locked-in Owners in Ghent.

With its subsidy retention fund, the city of Ghent targets homeowners, who live in a dwelling of bad quality and do not have the resources to renovate or move out. Being in this no-choice situation, they are locked-in homeowners. Through this innovative policy instrument, Ghent aims to improve the quality of its housing stock targeting households who may not take up other renovation-encouraging instruments. To reach the households who would otherwise not be able to renovate, important efforts in outreaching and offering technical and social guidance accompany the renovation subsidy. Guidance activities substantially increase the cost of the instrument, but in reaching the households living in bad-quality houses, it has the potential to create major benefits not only technically but also socially as housing quality is related to well-being. Generally, the identification of a causal relationship is difficult as well-being and its mediators are complex matters. This case offered a unique opportunity to collect information from the beneficiaries on a range of well-being domains both before the renovation of their dwelling and after the renovation. Even though the research was restricted to short-term effects, the results suggest that improvements in different domains of well-being can be linked to the improvement of housing quality. These improvements in well-being in Ghent show that (local) government spending in housing renovation of locked-in homeowners can be an instrument to achieve social progress.

Innovative financial tools in the enterprise development system

This article explores using innovative financial instruments to support business growth. Starting with analyzing traditional financial instruments to support enterprises, the article considers innovative approaches. In particular, the advantages of using innovative financial instruments over traditional methods are investigated. In addition, the article analyzes the risks and challenges associated with the implementation of such innovative tools. The study reflects current trends and opportunities for businesses to use the latest financial tools to support their growth. The article discusses innovative financial instruments such as cryptocurrencies, crowdfunding and crowdlending, smart contracts, financial derivatives, distributed financial technologies (DeFi), and robotic investing (Robo-advisors). It also looks at how these new approaches can help raise capital for startups and small businesses with limited access to traditional funding sources. This article points out the prospects for the development of innovative financial instruments. The most important directions for possible further research in this area are also outlined. The advantages of embracing innovative financial instruments are not just apparent, they are transformative. These tools can expedite access to capital, slash administrative costs, and foster a more efficient use of resources. Take crowdfunding, for instance. It opens the doors to a vast pool of investors through online platforms, revolutionizing the financing process for small and medium-sized enterprises. This is just one example of how innovative financial instruments can pave the way for a brighter, more prosperous future. However, it's crucial to acknowledge the risks and challenges that come with the territory of innovative financial instruments. Market volatility, regulatory constraints, and the potential for financial pitfalls can pose significant hurdles to the successful utilization of these instruments. The absence of a legislative framework limited public awareness, high technological demands, and a dearth of historical data are all factors that need to be considered. Therefore, the research and analysis of innovative financial instruments is not just a task, but a responsibility for enterprises. It's a path that can lead to sustainable growth and enhanced competitiveness in the market, but one that must be trodden upon with caution and thorough understanding. Keywords: Financial instruments, blockchain, innovation, investment, financing, capital, credit, enterprises.

Combatting the financing of terrorism in conflict (war)conditions

The scientific article analyses modern terrorist threats in the territory of Ukraine, associated with the active use of financial assets, the latest technologies and innovative financial instruments, in particular cryptocurrencies. The positive experience of legislative initiatives and advanced practices of several foreign countries in combatting the legalisation of funds by illegal means and the financing of terrorism is highlighted. The problems of implementation of state policy in this sphere are revealed. Based on this, ways of improving the system of fighting terrorism in Ukraine on the international and national levels have been determined. It was concluded that the basis of the state policy in the field of combatting terrorism during the period of martial law and in the post-war period in Ukraine should be the development of the Strategy for Combatting Terrorism in Ukraine, which should take into account both the best world practices and the modern realities of waging war in the conditions of supporting terrorism with financial infusions.

Meta-Regulation--An Innovative and Dynamic Policy Instrument for Platform Economy

The emergence of a variety of digital companies breaks up the competitive landscape of the market, which simultaneously changes peoples lifestyles as well. As the main tool to convenient peoples lives and to motivate the economic development of society, the progress made by digital technology proposed high requirements for authorities to update and adopt new regulatory approaches to retain the market order. Currently, the policy regulation for online agencies, known as platforms, causes intense academic discussion due to the inapplicability of the traditional regulatory model and the conflicting views of technical innovation or governmental restriction. This paper will focus on an innovative regulatory doctrine, namely Meta-regulation which enables the government to set up the rules for platforms from a unique perspective, and meanwhile, exploring two dimensions including an explanation of the standardized concept of Meta-regulation and giving an analysis of its generalization within the context of the digital economy. A conceptually accepted definition of Meta-Regulation and a series of reasons produced to demonstrate the applicability of Meta-Regulation for platform regulating will be figured out at the end of this paper.

Diffusion of electric vehicles in Beijing considering indirect network effects

Various policies on electric vehicles (EVs) have been implemented in Beijing to promote EV diffusion, but previous research has rarely considered the indirect network effects between EVs and EV charging infrastructures (EVCIs), and has not explored the impact of EVCI-related incentives on EV diffusion. This study aims to enrich the literature by incorporating EVCI development and indirect network effects in EV diffusion. A system dynamic model is proposed to systematically analyse the interactions among consumer, EV manufacturer and EVCI operator and simulate EV diffusion and ECVI investment in Beijing. Multiple scenarios are adopted to investigate the joint effects of the policy mix on EV diffusion. The results indicate that the oil-to-electricity subsidy promoted EVs and EVCIs to a greater extent than the license plate control policy. The EVCI maintenance policy outperformed EVCI construction and production subsidies on EV diffusion. Synergistic effects exist when the oil-to-electricity subsidy is mixed with EVCI-related incentives. This study provides implications for policymakers to promote EV diffusion with innovative and efficient policy instruments.

The EU's carbon border adjustment mechanism: Shaped and saved by shifting multi‐level reinforcement?

AbstractIn April 2023, the EU institutions finally adopted an innovative international climate policy instrument: the Carbon Border Adjustment Mechanism (CBAM). As the long and winding road to a CBAM has included significant EU‐internal and EU‐external opposition, a “shifting Multi‐Level Reinforcement” (MLR) perspective is helpful for understanding this development. When France assumed initial leadership from 2007, skepticism to the WTO, generous amounts of free allowances, combined with a low carbon price, provided a strong oppositional force. Then, influential elements in the European Parliament called for a carbon border tax, which was subsequently included as a central ingredient in the “Fit for 55” package launched by the Commission, In the decisionmaking process, leadership involving all the previous forces resulted in an institutional reinforcement dynamic strong enough to counter EU‐internal as well as EU‐external challenges and ‘turbulence’. This case shows the relevance of an updated MLR perspective for understanding also other EU processes, taking into account the growing role of both policy packages and trilogues as decisionmaking tools, indicating a possible strengthened role for the Commission also in the decisionmaking phase.

Transparency of local policy-making and participatory budgeting in North Macedonia and Slovakia

Participatory budgeting (PB) can have many effects including greater legitimacy of investment decisions due to the inclusion of citizens in determining investment priorities. This leads to greater continuous participation, engagement, education and increased civic responsibility, thus achieving greater transparency in public expenditure, while encouraging accountability and responsibility of politicians. It serves as an instrument for social innovation and has positive effects on the quality of deliberation, democracy, and social capital. This study is conducting pilot research of an international project, and it focuses on the possible effects in transparency in public policy at the local level. The paper aims to explore the influence of participatory budgeting on fiscal transparency and citizens’ participation in financial decision-making among the local governments in North Macedonia and Slovakia. The findings indicate that local budget transparency is positively associated with sustainability of the PB process for both countries, furthermore the higher the level of transparency in the 2018 period, the higher the probability that PB would still be ongoing in 2022 in both countries.

Financial Sukuk: Concept, Legal Principles, and Types

Sukuk, often referred to as Islamic bonds, represent a unique and innovative financial instrument within the realm of Islamic finance. Originating from the principles of Shariah law, Sukuk offer a distinct alternative to conventional bonds by adhering to Islamic principles that prohibit the payment or receipt of interest (Riba). Instead of interest-bearing debt, Sukuk are structured as investment certificates, granting investors a share in the ownership of tangible assets or services. This adherence to Shariah principles ensures that Sukuk are compatible with Islamic ethical and legal standards, attracting a diverse range of investors seeking financial instruments aligned with their religious beliefs. As Sukuk continue to gain prominence in global financial markets, they contribute to the development of more inclusive and diverse investment options, catering to both Islamic and non-Islamic investors alike. This research paper presents a thorough literature review of Sukuk in the Islamic economy and showcases their definition, typologies and other aspects. Sukuk, often referred to as Islamic bonds, play a significant role in the Islamic economy. These financial instruments comply with Islamic law (Shariah) principles, which prohibit the payment or receipt of interest (Riba) and promote risk-sharing and asset backing. Sukuk provide an alternative means for raising capital that aligns with Islamic finance principles. The study herein is of significance for researcher as well as postgraduate researchers in the areas of Islamic banking, economy studies and accounting.

Innovation in MRI Instrumentation: Emerging Technologies & Clinical Applications

Innovation in MRI Instrumentation: Emerging Technologies & Clinical Applications

Управление устойчивым развитием предприятия с использованием инструментов социального инвестирования и «зелёных» финансов при реализации концепции социально-этического маркетинга

This work examines the implementation by commercial enterprises and organizations of the concept of sustainable development, which is so relevant at present, with the help of such innovative financial instruments as “green” financing and social investment; the possibility and effectiveness of their use in the practice of managing a commercial organization is substantiated. The purpose of the presented research is to determine the possibility and economic feasibility of using such financial instruments as “green” finance and social investment in the practice of managing a commercial organization. The object of the study is the EFKO group of companies (RF, Belgorod region) – one of the largest food companies in the Russian Federation, the subject is “green” finance and social investments as innovative financial instruments that ensure the sustainable development of a commercial organization and an indicator of its effective management. According to the results of the study, it was established that for 30 years the company under study has been carrying out effective commercial activities, while carrying out active social investment, the object of which is both the internal environment of the organization (personnel, internal infrastructure, etc.) and the external environment (active environmental management, development territories, charity, etc.), ensuring the implementation of the concept of sustainable development. At the same time, it has been established that against the backdrop of an increase in the volume of investments for the implementation of social goals and objectives, there is a positive trend in the main indicators of economic activity and basic financial indicators. The forecast of the main performance indicators of the Group of Companies also allows us to draw a conclusion about the feasibility of implementing social investment, in general, and “green” financing, in particular, since against the backdrop of growing investments in their implementation, the forecast is positive. Undoubtedly, the practice of “green” financing and social investment is a tool for creating and maintaining a positive image and business reputation of the company, which is confirmed by the high results of an independent rating assessment, which has a positive effect on the investment attractiveness of the company and its competitiveness, and allows for a permanent increase in operational efficiency.

Contingent Convertible Bonds (CoCo bonds) and their market development in Albania

Convertible Contingent Bonds are important financial instruments for the stability of the banking and financial system in general. The role of innovative financial instruments is crucial to help address the challenges posed by these critical situations. One of these reintroduced instruments with ambitions to enhance the stability of the banking sector is the “Contingent Convertible Bond,” abbreviated as “CoCo.” This paper aims to explore the impact of the use of Convertible Contingent Bonds (CoCo) in financial crisis situations and their effect on avoiding the domino effect of a bank failure. Starting from the critical factor of the stability of the financial system, this analysis aims to shed light on the potential of these innovative instruments in improving the stability of the banking sector as well as the need for their modeling in the Albanian banking sector, considering the lack of treatment particular of these instruments in the current legislation. The analysis of the possibilities for their application in the Albanian banking system shows that, if implemented successfully, they can increase the regulatory capital of banks, strengthen financial stability and reduce the risk of government intervention in cases of crises. In conclusion, the use of CoCo bonds in Albania should be accompanied by the improvement of legislation and the encouragement of financial institutions’ investments in these instruments, to create a safer and more stable environment in the country’s banking sector. Keywords: Contingent Convertible Bonds (CoCo bonds), Basel III, resolution, financial crisis.

ВИДИ ТА КЛАСИФІКАЦІЙНІ ОЗНАКИ ДЕРИВАТИВНИХ КОНТРАКТІВ

The article reveals the importance of derivative contracts in the economic system. It was established that the prerequisites for the formation of exchange trading in derivative contracts had a long evolution and development. The views of domestic and international scientists regarding the use of derivative contracts in international practice are considered. It was established that exchange trading in derivative contracts, with its inherent modern features, has been actively taking place on international commodity and stock exchanges for the past two centuries. During this time, a large number of various derivative contracts arose on demand and to meet the needs of participants in market relations. The available classification features of derivative contracts are determined and their systematization and refinement are given. Classification groups of derivative contracts based on various classification features are considered. It was found that scientific and legislative sources contain a large number of classification features for derivative contracts, which contributes to the formation of their functional purpose in stock trading. The available classification features in international and domestic sources are summarized, namely according to: types of basic assets; economic purpose; sphere of circulation; method of execution; method of use; innovative purpose. Based on the generalization of foreign and domestic scientific sources, we have systematized the classification features of derivative contracts, and also taking into account the dynamic development of international exchange trading, we have clarified and proposed a classification feature – "by innovative purpose". In this case, derivative contracts can be divided into: traditional and innovative instruments. Traditional types include classic types of derivative contracts, while innovative types include hybrid types of derivative contracts and new types of underlying assets, such as cryptocurrencies.

Magnetic nanoparticles for magnetic particle imaging (MPI): design and applications.

Recent advancements in medical imaging have brought forth various techniques such as magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET), and ultrasound, each contributing to improved diagnostic capabilities. Most recently, magnetic particle imaging (MPI) has become a rapidly advancing imaging modality with profound implications for medical diagnostics and therapeutics. By directly detecting the magnetization response of magnetic tracers, MPI surpasses conventional imaging modalities in sensitivity and quantifiability, particularly in stem cell tracking applications. Herein, this comprehensive review explores the fundamental principles, instrumentation, magnetic nanoparticle tracer design, and applications of MPI, offering insights into recent advancements and future directions. Novel tracer designs, such as zinc-doped iron oxide nanoparticles (Zn-IONPs), exhibit enhanced performance, broadening MPI's utility. Spatial encoding strategies, scanning trajectories, and instrumentation innovations are elucidated, illuminating the technical underpinnings of MPI's evolution. Moreover, integrating machine learning and deep learning methods enhances MPI's image processing capabilities, paving the way for more efficient segmentation, quantification, and reconstruction. The potential of superferromagnetic iron oxide nanoparticle chains (SFMIOs) as new MPI tracers further advanced the imaging quality and expanded clinical applications, underscoring the promising future of this emerging imaging modality.