Resumo Neste artigo, investiga-se a financeirização da economia brasileira em escala macroeconômica. Para isso, cinco indicadores de financeirização são analisados. Posteriormente, constrói-se um modelo econométrico com base no índice de financeirização de Bruno et al (2009), abrangendo os anos 1996 a 2017, para relacionar a financeirização com variáveis macroeconômicas. Com a utilização do VEC, por meio de relações de longo prazo (cointegração) e Funções Impulso Resposta, observa-se que a financeirização impacta de forma negativa o crescimento econômico. Resultados secundários também apontam nessa direção, com a financeirização atingindo de forma desfavorável a oferta e a demanda agregada.

Organisms in nature and humans in socioeconomic systems alike face tradeoffs between selfish consumption of resources and investment in the welfare of their offspring. Previous work across the disciplines of biology and economics has sought to elucidate this process, develop a theoretical framework to solve for the optimal life history strategy, and deduce implications of these microscopic interactions for the distribution of resources at the macroscopic level. Such theory, however, has failed to account for heterogeneous conditions that various individuals and groupings of kin enjoy, like growth rate advantages for those with greater resource abundance. Furthermore, such emergent trends at the macroeconomic scale lack reconciliation with observations of power law distributions of wealth and income in vivo. We modify and extend an analytical framework here to allow for heterogeneity, and consider the long-term consequences for resource distributions with Pareto initial values. We find that power law phenomena are robust to such processes and, due to sensitivity to the form of the utility curve, higher-order uncertainty may not affect the optimal tradeoff. This stresses the impact of mechanistic choices when translating sociological findings to ecological and economic theory, and suggests future work must consider how social norms and other microscopic complexity can explain emergent patterns or disrupt trends of inequality at the macrolevel.

This study examines the determinants of profitability in Islamic banking across five Association of Southeast Asian Nations (ASEAN) countries, including Indonesia, Malaysia, Brunei Darussalam, the Philippines, and Thailand, from 2018 to 2022. Using panel data regression, the study examines both Return on Assets (ROA) and Return on Equity (ROE) as measures of profitability. The population consists of all Islamic banks operating in the ASEAN region. Through purposive sampling, the study selected 127 data observations from banks with complete and consistent financial data. The models were estimated using Fixed Effect Models (FEM) with robust standard errors to correct for heteroskedasticity. The findings reveal that efficiency, Market Concentration (HHI), and inflation consistently have a positive and significant impact on both ROA and ROE. Financing to Deposit Ratio (FDR) positively affects only ROE, while Gross Domestic Product (GDP) unexpectedly shows a negative relationship with ROE. Other variables such as bank size, market share, and the Sharia Supervisory Board (SSB) are statistically insignificant. These results suggest that internal efficiency and market structure are more critical to Islamic bank profitability than macroeconomic scale or governance mechanisms. This study fills the empirical gap in the literature by offering comparative insight into Islamic bank performance across the ASEAN region.

This study examines the relationship between interest rates, inflation, and investment, as well as their impact on economic growth. High interest rates tend to hinder investment by increasing capital costs, while uncontrolled inflation can create economic uncertainty that negatively affects investment decisions. Based on the Fisher Effect concept, the nominal interest rate is the sum of the real interest rate and the expected inflation rate, indicating that changes in inflation directly influence central bank interest rate policies. An analysis of various journals reveals that interest rates have a negative relationship with investment, while inflation can have both positive and negative effects depending on its level. If inflation remains stable, investment tends to increase; however, if inflation is too high, purchasing power declines, and investors seek safer assets. On a macroeconomic scale, healthy investment is a key factor in driving economic growth, as it contributes to job creation and increased production. Therefore, a balanced monetary policy is essential to maintaining inflation stability, interest rates, and investment growth to ensure sustainable economic development.

Background: Rapid population growth and the depletion of natural resources pose significant global challenges. These issues are further exacerbated by unethical corporate practices, such as accounting fraud and financial scandals, which contribute to economic downturns. This study investigates the role of Environmental, Social, and Governance (ESG) performance in fostering sustainable economic growth in Asia. Methods: This study adopts an explanatory research design, utilizing panel data collected from the World Bank for 46 Asian countries spanning the period from 1990 to 2022. The causality was determined using a robust panel regression model to examine the long-term and short-term effects of ESG performance on economic growth. Results: The findings reveal a strong positive long-term relationship between ESG performance and GDP per capita, suggesting that sustainable practices enhance productivity, attract investment, and contribute to human capital development. However, short-term effects are largely insignificant, except in specific Asian countries where targeted policies and rapid transitions yield immediate benefits. Conclusion: The study underscores the critical role of ESG performance in driving long-term sustainable economic growth in Asia. It highlights clear long-term benefits, including increased productivity, investment, and human capital development, despite limited short-term effects in certain regions. These findings emphasize the need for policymakers and stakeholders to integrate ESG criteria alongside financial metrics, enabling them to enhance economic resilience, drive innovation, improve financial performance, and address environmental and social challenges. Novelty: This research creates novelty by contributing in three ways. First, it develops a unique ESG index in the absence of a standardized ESG index for Asian countries. Second, while most existing studies focus on the impact of ESG adoption on firm-level performance, this study shifts the perspective to a macroeconomic scale, examining how ESG performance influences overall economic growth. Thirdly, it provides empirical evidence on the impact of ESG performance on economic growth in the region, offering valuable insights for sustainable development policies.

The purpose of the work is to analyze and improve financial instruments and models of sustainable development of economic entities. The object of research is economic entities. Research methods: general scientific methods of information analysis and synthesis, comparison. The article analyzes past research on the topic of ensuring financial stability and sustainable development of economic entities. Models, tools and methods of sustainable development and financial stability of economic entities are considered. It is concluded that there is no single model or concept of sustainable development for different levels of economic entities. Two groups of methods are identified: the institutional approach (sustainable development is ensured through the development of state institutions), and the innovative approach (sustainable development is ensured through innovation, social, environmental, and managerial components). The scientific novelty of the research consists in complementing models and methods of sustainable development by including economic entities of various scales. The content of the concepts of “sustainable development” and “financial stability” has been supplemented in relation to economic entities of different scales. Three levels of economic entities of sustainable development are proposed: microeconomic (individual companies, multinational corporations), mesoeconomic (industrial clusters, special economic zones (SEZs), and macroeconomic scale (national economy, associations of states). Sustainable development tools are defined as a set of models, techniques, and application practices that ensure the sustainable development of an economic entity over a certain planning horizon. The main instruments include: lending, investment, public-private partnership (PPP), subsidies and benefits, free customs zones, the creation of a single trading space, and a single currency. The scale of economic entities is illustrated by the example of real industrial clusters, special economic zones and state associations. The interaction of economic entities at different levels in achieving the goals of sustainable development within a single model is substantiated. The interaction of economic actors within the framework of a common model makes it possible to achieve global sustainable development goals. Thus, sustainable development is a factor in the globalization of modern economic entities at various levels.

The article considers the forms of industrial labor organization in the Middle Volga provinces in the early 20th century, which were not directly related to work in factory enterprises. Although the trend of growing concentration of labor force in the Russian industry was determinant on a macroeconomic scale, the picture was somewhat different at the micro level. In particular, in the industrial provinces of the Middle Volga region in the early 20th century, decentralized forms of labor organization typical for the proto-industrial stage of economic modernization were preserved. First of all, they manifested themselves in the work of distribution offices, which acted as customers for the production of industrial items as well as in the activities of factories and plants, outside of which some production processes and even entire stages of manufacturing of the finished product were taken out. The study revealed that the use of decentralized forms of labor organization in the Russian industry of the early 20th century remained quite a widespread and sustainable practice. In the Middle Volga region it was localized within the framework of the manufacture of felted shoes, tailoring of uniforms for the army (Kazan province), as well as flax spinning (Samara province), cotton (Saratov province), matchmaking (Penza province) and some other industries. The main reasons for the persistence of this phenomenon are the following: the slow pace of depeasantization and the underdevelopment of hired labor market; the possibility of additional profit for entrepreneurs due to cost reduction and minimization of expenditures on fixed capital; a smaller share of responsibility of employers to home-based workers compared to factory workers in accordance with the existing norms of labor legislation, etc.

In today’s industrial landscape, adhering to lean manufacturing principles and achieving operational excellence is increasingly vital due to rising competition. Eliminating waste, or Muda is essential for attaining a high level of lean manufacturing. One significant area for improvement is space optimization, which can be applied to production areas and logistic warehouses on a macroeconomic scale, or to trucks and pallets on a microeconomic scale. This study focuses on optimising truck space for the transportation of raw materials. An in-depth analysis of heuristics and metaheuristics methods was conducted to select the most suitable approach for this context. The chosen metaheuristic was then tailored in terms of parameters and design for this specific application. Simulation results indicate the optimal number of trucks required to meet demand and provide a 3D layout for storing raw material-filled boxes on pallets and pallets in trucks. The proposed solution is versatile and can be adapted for various storage optimization challenges within a given space.

This study examines the intricate relationship between financial development (FD) and international trade within the G20 from 1980 to 2021. A composite FD index, derived using Principal Component Analysis (PCA) from World Bank and IMF data, serves as the primary metric for analysis. Employing Panel Autoregressive Distributed Lag (ARDL) modeling, the study identifies a strong long-term positive correlation between FD and international trade, addressing a critical gap in the literature by integrating FD and trade dynamics at a macroeconomic scale. The findings reveal that FD negatively impacts trade and exports in the short run, but this relationship reverses in the long term, with FD positively influencing trade and exports while reducing imports. The bidirectional causality between FD and trade components highlights their reciprocal dependence, indicating that fluctuations in imports or exports can predict changes in FD and vice versa. These dynamics reflect the influence of G20 policies promoting financial stability and trade liberalization. This research underscores the pivotal role of advanced financial systems in fostering trade-driven economic growth. It offers policymakers critical insights for leveraging FD and trade integration as tools for sustainable development, providing a strategic framework to enhance global economic progress within the G20 context.

The building sector has emerged as a crucial driver of innovation in the transition towards sustainability, gaining increased recognition at multiple levels of society. This shift is not occurring in isolation; it is being accelerated by mounting pressures from both governmental bodies and non-governmental organizations. These external forces are pushing the building industry to adopt more sustainable practices, leading to significant changes not only within individual organizations but also on a broader macroeconomic scale. Policies, regulations, and market demands are converging to create a landscape where sustainability is no longer optional but imperative. Considering these developments, this study set out to investigate the impact of Green Building Certificates (GBCs) on innovation processes within the construction industry. The research specifically focused on how GBCs influence both the technological advancements introduced in building projects and the collaborative dynamics among the various stakeholders involved. By employing a multiple case study approach, the study was able to capture real-world examples and offer a comparative analysis against established academic frameworks. One of the standout findings was the pivotal role played by the green project champion; a leadership figure whose influence extends across all stages of project development. This role is not merely administrative; it is strategic, as the green project champion helps to navigate the complexities of sustainable practices, fostering collaboration among architects, engineers, developers, and consultants. Their leadership is instrumental in ensuring that sustainability goals are integrated into the project’s objectives, while also managing the tensions that arise between the various actors involved. This study highlights the importance of effective leadership and collaboration in driving the successful implementation of GBCs, emphasizing the green project champion’s role as a key facilitator of innovation in the sustainable building sector.

This study presents an analysis of the relationship between the servitization process and energy sustainability in the years 2015–2020. The research refers to 164 selected countries, also divided into two regimes: developed and developing. The transformation of the manufacturing process, and as a result, the economy’s structure, towards servitization, is observed in most countries worldwide. The positive influence of the servitization of production by individual manufacturers on sustainability is widely known. In this research, this relationship is considered on a macroeconomic scale, which is one of the novelties of the study. Particularly, sustainability in the energy sector, indicated as an achievement of the 7th goal of Sustainable Development, is discussed. Energy sustainability is evaluated using a synthetic measure by Perkal. This part of the research shows the problem of the low level of energy sustainability in developing countries (particularly in Africa) compared with developed ones. Moreover, spatio-temporal sensitivity models are estimated and verified. The sensitivity parameter in these models shows the impact of the progress in the servitization process on energy sustainability. The models have been enriched with the effects of spatial dependence between countries, taking into account two types of proximity matrices based on (1) the common border criterion and (2) the similarity of the development levels measured by the Human Development Index. Additionally, the differences in sensitivity between developed and developing countries are considered. The results of the study show that in both cases, the economic servitization positively influences energy sustainability, but the strength of the relationship is stronger in the group of developed countries. This can be, for example, the result of the individual characteristics of the given countries, where African countries mainly benefit from agricultural development. Only after reaching a certain level of economic growth will they be able to obtain sustainability faster through economic servitization.

Abstract This research presents an analysis of the influence of changes in the economy structure on social sustainability in developing countries. In this paper, this relationship is considered on a macroeconomic scale. The research utilises data from 98 selected developing countries located in Europe, Asia, Americas, and Africa from 2013 to 2020. The social conditions in developing countries, particularly located in Africa (due to health and hunger problems), are extensively discussed. The main goal of the study is to compare whether the economy servitisation in Africa affects same on the social sustainability as in the countries situated on other continents. This study describes social sustainability using selected determinants outlined in the first, second, and third goals of sustainable development (SD) formulated by the United Nations—SDG1 (no poverty), SDG2 (zero hunger), and SDG3 (good health and well‐being). The level of social sustainability is evaluated using a synthetic measure by Perkal. Moreover, spatio‐temporal sensitivity models are estimated and verified. The sensitivity parameter in these models demonstrates the impact of progress in the servitisation process on social sustainability. Furthermore, this connection is considered within separate groups of countries that are divided into four clusters depending on the continent on which they are located. The analysis presents that in the African countries the social conditions are the worst, but focus on the economy servitisation there can rapidly improve this situation. This results from the most sensitive social sustainability in the African countries caused by the economy servitisation.

Sustainability transitions in the agri-food system: Evaluating mitigation potentials, economy-wide effects, co-benefits and trade-offs for the case of Austria

Factors causing inflation in the economy can be divided into two categories: long-term and short-term factors. The leading cause of inflation in the long term, which has led to higher average inflation in Iran compared to other countries, is the high liquidity growth over production growth. Income-expenditure disparity in the macroeconomic scale means increased expenses over national income growth. On the other hand, the cause of inflation fluctuations around the long-term trend in the economy in the short term depends on the anchor of inflation expectations (which is dependent on the unofficial exchange rate in Iran's economy) and the reaction of the monetary policy maker to these fluctuations. According to the distinction, the solutions to control inflation can be expressed in the short-term and long-term. In particular, measures that have an impact on inflation control in the short term include minimizing exchange rate fluctuations around the long-term trend of the real exchange rate, IRR governance and strengthening monetary policy by the central bank, and measures with a long-term impact in cases of quantity control and monitoring The quality of liquidity, reforming the banking system and unhealthy banks, reforming the budget structure and improving the operating balance, not using a pricing strategy to curb inflation, correcting the imbalance of pension funds, reducing the amount of available liquidity and changing the nominal anchor are summarized.

Целью статьи является оценка взаимосвязи между теоретическими предпосылками идеи устойчивого развития и социальной ответственности бизнеса и предприятия, а также выявление преимуществ и барьеров, связанных с реализацией теории в деловой практике, вытекающих из принятой стратегии конкурентоспособности предприятия. Концепция устойчивого развития, формирующая идею устойчивости управления как в макроэкономическом масштабе, так и в развитии предприятия, является следствием динамичного экономического развития. Предприятие должно устойчиво работать по всей цепочке зависимостей, формируя правильные отношения с поставщиками и собственным человеческим капиталом, который на самом деле создает наиболее сложную для имитации добавленную стоимость. Рост значимости нематериальных факторов в процессе создания устойчивого конкурентного преимущества и социальный характер его построения указывает на новое место концепции социально ответственного предприятия. The purpose of the article is to assess the relationship between the theoretical prerequisites of the idea of sustainable development and social responsibility of business and enterprise, as well as to identify the advantages and barriers associated with the implementation of the theory in business practice, arising from the adopted strategy of competitiveness of the enterprise. The concept of sustainable development, which forms the idea of sustainable management both on a macroeconomic scale and in the development of an enterprise, is a consequence of the uncontrolled consequences of dynamic economic development. Environmental degradation occurred as a result of the cumulative effects of economic activity, guided by the criterion of short-term profit maximization, while not caring about the correct course of environmental functions. The company must work steadily along the entire chain of dependencies, forming the right relationships with suppliers and its own human capital, which in fact creates the most difficult value added to simulate. The growing importance of intangible factors in the process of creating a sustainable competitive advantage and the social nature of its construction indicates a new place for the concept of a socially responsible enterprise.

The aimed of the research at presenting the volume and the diversification of the consumption of fruit and vegetables (F&V) in the 27 European Union (EU-27) countries during the 2010-2021 period, and was prepared the typology of countries, based on the consumption pattern of those products. The data on the F&V consumption volume in the EU-27 countries were taken from the food balances of FAO. The analysis shows that the F&V consumption volume in the analysed period was different. The annual F&V consumption in the 2019-2021 period in Poland was 200.1 kg/per capita and was by 5% higher than in the 2010-2021 period. Some huge disproportions in the F&V consumption volume were noticed among such countries as: Croatia, the Netherlands, Belgium and Luxembourg, as well as Czech Republic, Latvia, Cyprus, Hungary, Bulgaria, Slovakia and Lithuania. The significant changes in the F&V consumption volume that took place in the 2019-2021 period, compared to the 2010-2012 period, can be noticed in such countries as Croatia, Belgium, Bulgaria, Czech Republic, as well as Hungary, Slovenia and Germany. In the 2019-2021 period, in 6 of the EU-27 countries, the consumption of fruit decreased: it happened in Luxembourg, Italy, Croatia, Sweden, Denmark and Malta. The same thing happened to the consumption of vegetables in 8 countries: Greece, Italy, Portugal, Malta, Spain, Romania, Cyprus and Lithuania. Currently, the F&V consumption volume in the EU-27 countries corresponds to the recommendations of WHO. The Polish society, in terms of its F&V consumption volume in the macro-economic scale, was most similar to many societies of the Central Europe (i.e. Latvia, Czech Republic, Lithuania, Hungary, Slovakia and Bulgaria), as well as to the society of Cyprus (in those countries, in the 2019-2021 period, the F&V consumption volume was 180.9 kg/per capita/year).

Introduction. In recent years, the need to secure financial stability has become increasingly critical, spanning from the broader macroeconomic scale down to businesses and individual households. This concern remains a major and highly relevant issue, especially in the context of Ukraine's currently unstable economic climate.Purpose. The article aims at identifying the main threats to the financial security of enterprises and developing recommendations for their elimination. Methods. The article uses the methods of analysis and synthesis to determine the main parameters of external and internal threats to the financial security of enterprises, and abstract methods to make theoretical generalizations and conclusions of the study. Results. The article summarizes a research study on the primary threats to a business's financial security. It delves into the various components and structural elements that constitute an enterprise's financial security. The study also outlines strategies to mitigate these threats, focusing on the integration of key subsystems that collectively form a comprehensive approach to managing financial security. This integrated system encompasses strategic management of financial security, financial analysis and control, optimization of financial processes, investment policy, and the management of liquidity and risks. Conclusion. Analyzing and categorizing threats to financial security based on their functional components offers a pathway to develop targeted strategies that enhance both the specific components and the overall financial security of an enterprise. It's crucial to recognize that the array of threats can differ greatly between different enterprises. To safeguard a company's financial security in today's economic climate, it's essential to classify these threats based on various factors: their origin, area of impact, likelihood of occurrence, duration of effect, and severity. This detailed identification is a critical step in making informed decisions to mitigate the adverse effects on the financial health and ongoing economic stability of the business.

The article aims to determine the efficiency of organic crop production and the potential of organic animal production on a macroeconomic scale in selected European Union (EU) countries. Synthetic indicators were constructed and calculated using Principal Component Analysis based on Eurostat data from 2012-2020. The results allowed us to compare the economic situation of organic farming in different countries and to determine their rankings. The discussion is complemented by an analysis of key variables relating to crop and animal production. This helped to explain the reasons for changes in the ranking of individual countries and to characterise the evolution of individual types of production. In organic crop and animal production, the clear leaders were the Netherlands, Belgium and Denmark (only in animal production), i.e., countries with well-developed, modern organic farming systems. Poland is characterised by relatively low crop production efficiency and one of the lowest animal production potentials. The results of the research can be used to improve the operation of agricultural policy in order to increase the efficiency of organic production.

<em><span lang="EN-ID">Islamic economic thinking offers unique concepts that influence the way production is carried out, contributes to a fair economy, and is environmentally conscious. In the context of sustainable development, a deeper understanding of how Islamic economic principles can be applied to production processes and their impact on sustainable economic development in Indonesia is essential. The study uses a qualitative analytical approach by analyzing literature related to Islamic economic thinking and production concepts in Islamic macroeconomics. In addition, the research also involves studying production policies and practices based on Islamic economic principles as well as evaluating their impact on economic development and sustainability in Indonesia. The results of the analysis show that Islamic economic thinking emphasizes ethical principles in production, such as justice, social responsibility, and environmental sustainability. These concepts inspire a justice-based production approach and give attention to social and environmental aspects. These principles provide the basis for creating a fair production system, reducing social disparities, and promoting sustainable economic growth. The implications of this study are the importance of considering Islamic economic principles in managing production on a macroeconomic scale.</span></em>

Purpose: Human well-being is a necessary prerequisite for achieving sustainable development. This assumption aligns with the basis of Maslow´s pyramid of needs and the Kuznets curve in its ecological presentation. Therefore, the presented paper aims to clarify what impact specific indicators of human well-being have on the reported level of sustainability achieved on a macroeconomic scale in the Visegrad group in the years 2005-2021 and verify whether the author´s assumptions are correct. Methodology/Approach: Following the correlation analysis of selected variables, there is a linear regression model used to examine the relationship between the overall result of the V4 countries and the selected variables. Findings: People in V4 countries need to have their basic personal needs fulfilled to promote sustainability. Within the analyzed variables, the most significant influence on the country´s sustainability has the Employment rate, the Gender wage gap, and perceived Health. Research Limitation/implication: This study examines the situation within the Visegrad Group, and only 13 variables are selected for the analysis. Originality/Value of paper: The paper deals with the macroeconomic perception of sustainability and sustainable development connected to human well-being in V4 countries. The potential linkage between overall sustainable countries´ performance based on SDGs fulfilment and human well-being presented by OECD Social and Welfare Statistics is analyzed.