Funding Mechanisms Research Articles

Exploring public attitudes toward implementing green infrastructure for sponge city stormwater management

Sponge city stormwater management (SCSM) strategy in China aims for sustainable stormwater handling. While many studies have examined the technical aspects of sponge city green infrastructure (SCGI), few have explored public perspectives. This study sought to understand public perceptions, the perceived value of SCGI’s ecosystem service benefits, and the potential for diverse financial compensation methods in sponge city construction. A survey conducted in five Northeastern Chinese cities, involving 1,534 participants, was analyzed using descriptive statistics and logistic regression. The findings reveal no significant correlation between socio-demographic factors and understanding of stormwater management, indicating the concept’s broad accessibility. Public valuation of ecosystem services showed clear priorities, and factors like homeownership and flood experiences significantly impacted the valuation of specific services. Moreover, the study identified a generally positive public attitude towards investing in SCSM, particularly through stormwater fees, underscoring the viability of diverse funding mechanisms. These insights are pivotal for policymakers and urban planners in formulating sustainable and resilient urban water management strategies.

The Applicability of The Pecking Order Theory in The Digital Economy

The Peck Order Theory (POT), proposed by Myers and Majluf in 1984, posits that firms prioritize their sources of financing based on the principle of least resistance, starting with internal financing, followed by debt, and ending with equity as a last resort. In the context of the digital economy—which is defined by new finance mechanisms and technical advancements like big data, blockchain, crowdsourcing, and artificial intelligence (AI)—this study investigates the applicability and relevance of POT. This study investigates how these contemporary tools impact conventional financing behaviors and preferences through an extensive literature review.The findings suggest that while POT remains a powerful framework, its application in the digital age needs to be modified to account for the reduced information asymmetry and increased efficiency brought about by digital innovations.

The Impact of Bilateral Currency Swaps on Outward Foreign Direct Investment

The outbreak of the 2008 international financial crisis caused many countries around the world to face exchange rate fluctuations and currency crises. At the same time, China's central bank creatively began to sign central bank currency swap agreements with other countries to stabilize exchange rates and avoid the risk of fluctuations in the US dollar. This article is based on panel data from 90 countries from 2000 to 2021, and uses empirical analysis methods to explore the impact of currency swap agreements on China's outward foreign direct investment. On this basis, the intermediary effect is applied to analyze the financial market mechanism of currency swap policy. Research has found that currency swap agreements have a significant positive impact on the scale of China's outward foreign direct investment (OFDI). Financing constraints are an important influencing mechanism for currency swap agreements to promote China's OFDI. In the context of economic globalization and complex international situations, this study has important reference value for China to further promote deepening cooperation in the financial field between countries and promote the internationalization of the renminbi to facilitate the domestic and international dual circulation.

Green bonds and corporate Environmental social and governance performance: Innovative approaches to identifying greenwashing in green bond markets

AbstractThis study examines the impact of green bond issuance on companies' environmental social and governance (ESG) performances and greenwashing behavior of a sample of Chinese‐listed firms. We find that the issuance of green bonds significantly bolsters corporate ESG performance through the financing and signaling mechanisms. The moderating effect of policy uncertainty proves to have a mutually reinforcing effect on the impact of green bonds on ESG performance. By signaling the commitment to green and low‐carbon transformation, the issuance of green bonds offsets the negative effects of policy uncertainty on firm's ESG performance. Extended analysis on greenwashing discerns no notable differences among firms with different polluting conditions and politically connected levels. The issuance primarily improves environmental (E) and social (S) dimensions, with negligible influence on the governance (G) aspect of ESG. Our findings suggest that a potential propensity of greenwashing in China's green bond market.

Cancer impact on lower-income patients in Malaysian public healthcare: An exploration of out-of-pocket expenses, productivity loss, and financial coping strategies.

Cancer patients often grapple with substantial out-of-pocket (OOP) expenses and productivity loss, with the ramifications being particularly crucial for lower-income households. This study aims to estimate OOP costs incurred by cancer patients, assess their productivity loss, and analyse the financial coping mechanisms employed by individuals within the lower-income bracket. The study employed face-to-face interviews among cancer patients aged 40 years and above, currently undergoing treatment, and belonging to the lower-income group. Participants were recruited from six public cancer referral hospitals. OOP expenses, encompassing medical and non-medical costs, along with productivity loss, were measured. A generalized linear model was applied to identify potential OOP determinants. Additionally, the coping mechanisms employed by individuals to finance their cancer OOP expenses were also determined. Among the 430 participants recruited, predominantly female (63.5%), and aged 60 or older (53.9%). The annual mean total cancer costs per patient were US$ 2,398.28 (±2,168.74), including 15% for medical costs US$ 350.95 (±560.24), 34% for non-medical costs US$820.24 (±818.24), and 51% for productivity loss costs US$1,227.09 (±1,809.09). Transportation, nutritional supplements, outpatient treatment, and medical supplies were notable cost contributors to total OOP expenditures. Ethnicity (β = 1.44; 95%CI = 1.15-1.79), household income (β = 1.40; 95%CI = 1.10-1.78), annual outpatient visits (β = 1.00; 95%CI = 1.00-1.01), age (β = 0.74; 95%CI = 0.56-0.98), and employment status (β = 0.54; 95%CI = 0.72-1.34) were identified as significant predictors of OOP costs among cancer patients. Notably, 91% of participants relied on household salaries and savings, while 15% resorted to interest-free borrowing, 11% sold possessions, and 0.5% borrowed with interest to finance their expenses. This study offers crucial insights into the economic impact of cancer on individuals and their families, providing policymakers with valuable information to tackle challenges faced in their journey. Despite substantial public healthcare subsidies, the study revealed that cancer costs can remain a potential barrier to accessing essential treatment. Therefore, there is a need for reinforced system-level infrastructure to facilitate targeted financial navigation services.

Regulatory Effects of the Combinations of Aggregate and Structural Monetary Policy Instruments: an application of New Keynesian DSGE model to China

This paper selects Chinese macroeconomic data from the first quarter of 2009 to the first quarter of 2020 and employs a New Keynesian dynamic stochastic general equilibrium model that incorporates the financial accelerator mechanism, price stickiness, and invisible government guarantees. The regulatory effects of different combinations of monetary policy instruments are compared from five perspectives: the shock effect of monetary policy, the magnitude of economic volatility of non-monetary policy shocks, the Central Bank loss function, the gap in the distribution of household income, and the heterogeneous firm external financing premium. Our findings indicate that the regulatory effects of the aggregate price-based and structural quantity-based monetary policy instrument combination are optimal, a conclusion that is further supported by the robustness test. It is therefore recommended that the Central Bank consider the potential benefits of a combined approach to aggregate and structural monetary policy instruments, with a view to enhancing credit availability for the real economy. This paper represents a significant contribution to the field, as it is the first to explicitly propose four distinct monetary policy instrument combinations, thereby overcoming the limitations of previous studies that have focused on a single instrument or a narrow range of instruments. The paper also contributes to the theoretical understanding of monetary policy instruments.

Unveiling the synergy: Green finance, technological innovation, green energy, and carbon neutrality.

This study investigates the pivotal role of green strategies in achieving carbon neutrality by exploring the synergistic contributions of green finance, green technological innovation, and green energy adoption. The study has implemented several panel data estimation techniques including second generation panel unit root test commonly known as CADF and CIPS, an error correction-based panel cointegration test, for documenting the elasticities of GF, GTI, and GE on carbon neutrality through Continuously-Update Fully Modified[CUP-FM], Continuously-Update Bias-Corrected [CUP-BC], and Dynamic Seemingly Unrelated Regression [DSUR]. The asymmetric coefficients have exploded with the implementation of a nonlinear framework, which is well known as NARDL. Our findings underscore the significance of green finance mechanisms in mobilizing resources for sustainable initiatives, including renewable energy projects and energy-efficient technologies. Study shed light on the catalytic impact of green Technological innovation in driving technological advancements, reducing emissions, and fostering economic growth. Furthermore, our study delves into the transformative potential of clean energy adoption, elucidating how it can substantially reduce carbon footprints and bolster the transition to a low-carbon economy. This study contributes to the growing body of knowledge on the critical nexus of green strategies and carbon neutrality, offering a roadmap for a more sustainable and environmentally responsible future. In a world grappling with the pressing challenges of climate change, our research offers valuable insights into the strategies that institutions, policymakers, and businesses can employ to facilitate the transition toward carbon neutrality.

The Influence of Fixed and Flexible Funding Mechanisms on Reward-Based Crowdfunding Success

This study examined whether fixed or flexible funding mechanisms influence crowdfunding success. Under the fixed funding mechanism, the pledges contributed to the crowdfunding campaign projects are returned to the backers if the project fails, whereas, under the flexible funding mechanism, the project creator can keep all the raised pledges, irrespective of whether the project succeeds or fails. Secondary data consisted of reward-based crowdfunding projects retrieved from The Crowd Data Centre. Logistic regression was employed to respond to research objectives. The results reveal that the fixed funding mechanism increases the probability of success more than flexible funding. Entrepreneur experience, spelling errors, and project description negatively affect crowdfunding success, and backers positively affect crowdfunding success. The findings guide entrepreneurs seeking financing to design and choose an appropriate funding mechanism that effectively reduces the failure rate. Although many entrepreneurs seek funding in the crowdfunding market, relatively little research has been conducted on the influence of flexible or fixed funding mechanisms on crowdfunding success in Africa. This study provides entrepreneurs with appropriate financing strategies that enhance crowdfunding success. The empirical literature indicates that the flexible funding mechanism creates distrust among backers due to unrealistic target amounts.

Agricultural Financing and Agricultural Output in Nigeria: An ARDL Approach

This study analyzes the impact of agricultural financing on agricultural output in Nigeria from 1991 to 2022. Employing an Autoregressive Distributed Lag (ARDL) model, the research examines the effects of government capital expenditure, commercial bank credit schemes, and the agricultural credit guarantee scheme (ACGS) on agricultural output. The findings indicate that both government capital expenditure and ACGS positively and significantly influence agricultural output in both the short and long run. Commercial bank credit schemes also have a positive and significant impact, although some studies report this effect as positive but not statistically significant. The study highlights the crucial role of financial support in boosting agricultural productivity and offers policy recommendations to improve agricultural financing mechanisms. These include increasing government investment, enhancing credit schemes, and strengthening the ACGS to ensure sustainable agricultural growth and economic development in Nigeria.

Financial Mechanism for Sustainable Development of the Marine Economy with Respect to Technology, Digitalization, and Low Carbonization

This study explores the impact of regional financial development on the sustainable growth of the marine economy across 14 coastal cities in Guangdong Province from 2004 to 2022. To assess this, a comprehensive index system was developed to measure marine economic sustainability, incorporating key factors such as capital investment, production efficiency, and processing and trade. The findings indicate that financial development significantly enhances the sustainable growth of the marine economy. However, the interaction between financial development, technology digitalization, and low-carbon initiatives leads to diminishing returns in terms of sustainability. Through the use of the Moran index and the spatial Durbin model, the analysis reveals a dual outcome: while financial development positively influences a city’s marine economic sustainability, it exerts negative spillover effects on neighboring cities. Previous studies have primarily focused on the relationship between financial development and the marine economy at the national or provincial level, leaving a gap in understanding these dynamics at the city level. Furthermore, the coordination between financial development and marine economic sustainability across cities within the same region remains largely unexplored. This study addresses these gaps by investigating city-level dynamics and examining intercity coordination between financial development and marine economic growth. The results offer a novel perspective for policymakers, highlighting strategies to balance regional financing for the marine economy with targeted investments in science, technology, digitalization, and low-carbon initiatives. This approach seeks to optimize resource allocation and mitigate potential substitution effects. Ultimately, this research contributes to a more nuanced understanding of the complex interplay between financial development and the marine economy at both city and regional levels.

Financing diversified water strategies for megacities: the case of Mexico City and rainwater harvesting

Abstract Megacities are increasingly confronted with water supply challenges, requiring innovative and diversified management strategies to ensure sustainability. This study examines Mexico City’s Cosecha de Lluvia program, a government initiative promoting residential rainwater harvesting (RWH). This case study offers valuable lessons for other megacities facing similar water security issues. The study particularly explores result-based financing (RBF) as a promising strategy to strengthen Mexico City’s RWH sector. Despite its potential, research on RBF for water supply diversification remains limited, especially from the perspective of practitioners. To address this gap, the study employs a systems thinking approach supported by qualitative methods, including a literature review and interviews. Thematic networks analysis revealed that RBF could enhance Cosecha de Lluvia by improving monitoring and results measurement, facilitating information exchange, and increasing transparency—key factors for successful water supply diversification. While these identified benefits do not address all of Cosecha de Lluvia’s challenges and RBF could have implementation challenges, there is a clear opportunity for this financial mechanism to enhance programs like the one studied and have a positive impact on several of its elements. As part of the RBF suitability assessment, three different funding sources were evaluated—public, private, and philanthropic—to determine their effectiveness in overcoming Cosecha de Lluvia’s challenges. The findings suggest that no single source of finance markedly influences the program’s effectiveness alone. Instead, a blended financing approach that integrates all three sources is recommended as a strategy to explore further for implementing RBF in water supply diversification efforts. Overall, the study highlights the necessity of diversifying water supply to build climate resilience in megacities. While programs like Cosecha de Lluvia are crucial, significant room for improvement exists. RBF offers a promising mechanism to enhance such initiatives, and its potential merits further exploration.

How the global VET toolkit weakened local colleges in South Africa

ABSTRACT This paper explores the contrast between the policy vision for public technical and vocational education and training (TVET) colleges in South Africa, and governance and funding models that have shaped institutional forms and functioning over time. Policy aspires for TVET colleges to play a role in social inclusion and local economic development. The paper provides a historical tracing of shifting regulatory and funding models, a local manifestation of the global shift to market-based funding, pseudo-employer-led reforms and accreditation mechanisms introduced through new public management-style public sector reform. The result is complex policy levers with conflicting governance and institutional models, producing bifurcation and weakening institutions. Colleges have been renamed, restructured, given new governance models, and shaped by contradictory and shifting programme, curriculum and qualification policy. Today, they are public institutions required to contribute to public policy goals, but treated by funding mechanisms as providers competing for contracts with for-profit and private non-profit providers. Individualised capacity building and a governance system that has at its core the idea that vocational education should meet the short-term needs of employers have undermined institutional capacity and coherence, and ability to develop institutions that can actively engage with social and economic development and inclusion.

Reflections on the positioning and implementation pathways of adult vaccine prescriptions

The innovation of integrating medical treatment and prevention mechanisms is a key task deployed by the government, aiming to promote the construction of a Healthy China and address the prevalent "treatment over prevention" mindset in healthcare services and society. Vaccination is an effective strategy for preventing and controlling infectious diseases; however, adult vaccination rates in China remain low due to insufficient awareness and enthusiasm among the public and healthcare professionals. In recent years, various regions have begun to explore the model of physicians in medical institutions prescribing vaccines to improve vaccination rates. This article analyzes the positioning, current implementation status, and challenges of vaccine prescriptions, and proposes recommendations advocating policy formulation, improving service models and supporting measures, improving funding mechanisms, and strengthening publicity and education to promote the widespread implementation and effectiveness of vaccine prescriptions.

BCT Crowdfunding: Is It the Bridge of Trust Required for Funding EU’s SMEs?

Small and medium-sized enterprises (SMEs) are the cornerstone of the European eDaconomy, representing 99.8% of all businesses and providing 66% of employment. Despite their critical role, SMEs face significant challenges in accessing traditional financing, particularly in the aftermath of the 2008 financial crisis, which led to a reduction in riskier lending by banks. Crowdfunding has emerged as a viable alternative, offering a decentralized and democratized avenue for raising capital, especially through platforms powered by blockchain technology.This paper explores the potential of blockchain technology (BCT) to revolutionize crowdfunding within the European Union (EU), addressing the critical financial needs of SMEs. BCT enhances transparency, trust, and efficiency in crowdfunding by enabling features such as tokenization, smart contracts, and decentralization. These innovations offer solutions to longstanding issues in traditional finance, such as fraud, information asymmetry, and the reliance on intermediaries.However, the paper also highlights the limitations and challenges of crowdfunding in Europe, particularly the disparities in crowdfunding trends between the UK, Nordic countries, and the rest of the EU. Financial data from 2018 and projections for 2023 reveal that while the number of crowdfunding campaigns in the EU is growing, the per-campaign value remains significantly lower compared to the UK, reflecting a continued focus on smaller-scale investments.The integration of BCT into crowdfunding practices presents both opportunities and obstacles. Although it offers a promising path to more efficient and secure funding mechanisms, the successful implementation of BCT will require coordinated efforts from governments, regulatory bodies, financial institutions, and technology developers to navigate the complex legal and technological landscape.In conclusion, while blockchain-based crowdfunding has the potential to reshape SME financing in Europe, realizing its full benefits will demand proactive engagement with emerging challenges and continuous adaptation to evolving regulatory frameworks.

Normas ambientales voluntarias, acciones de mitigación nacionalmente apropiadas y Pacto Verde

The increased voluntary environmental standards in coffee production have been a relevant issue, especially in sustainability and global value chain behavior. Likewise, measures such as Nationally Appropriate Mitigation Actions (NAMA) and the European Union's Green Deal influence this sector. Through a literature review, this article analyzes the interrelations between voluntary standards, NAMA, and the potential to comply with Green Deal requirements, as well as the impact on the productive sector. Standards can contribute to sustainable development goals and emissions reduction, but they are not the ultimate solution to improve the conditions of primary producers. From a market access perspective, productive organizations that have applied sustainability standards and countries with NAMA strategies for the coffee sector are better prepared to comply with the Green Deal. However, the need for public policies to support the sectors, the generation of adequate financing mechanisms, and prospective studies to improve the positioning in the value chains continue to be necessary elements of action that must be strengthened in the short and medium term. Finally, there is still pending conciliation within the World Trade Organization on how these measures will be incorporated into its operating structure.

Creating financial mechanisms for enacting the monotowns revitalization strategy

The article provides an analysis of a study focused on crafting financial mechanisms to enact the monotown revitalization strategy. Monotowns marginalized within the economic development landscape encounter multifaceted challenges, including demographic decline, elevated unemployment rates, and degradation of social infrastructure. Consequently, the formulation of efficient financial mechanisms emerges as imperative for their resurgence. The objective of this study is to formulate efficient financial mechanisms to facilitate the implementation of monotown revitalization strategies. This entails a comprehensive examination of the existing conditions within monotowns, encompassing the identification of pertinent challenges and potential avenues for development. Additionally, the study aims to devise financial strategies and instruments geared towards fostering both economic advancement and social progress within these locales. Scientifically, the significance of this research resides in the conception of novel financing paradigms tailored specifically for monotowns, thereby fostering their sustainable development. Practically, the research holds relevance in its potential application, as the developed mechanisms stand poised for utilization by governmental and municipal entities in the execution of monotown revival initiatives. Consequently, this investigation contributes substantively to the realm of regional development management and financial planning. Its findings are poised to offer utility to governmental bodies, corporate entities vested in the enhancement of regional infrastructural frameworks and the rejuvenation of monotowns.

Can government-guided funds promote corporate technology innovation? Evidence from the new energy automobile industry

A government-guided fund is a crucial policy instrument for fostering innovation in the new energy automotive industry. This article examines the stimulating impact and underlying mechanisms of government-guided funding on A-share new energy automotive listed firms from 2012 to 2022, using a difference-in-differences (DID) model. The finding suggests that government-guided funds can effectively stimulate corporate technology innovation activities. Mechanism tests reveal that government-guided funds can encourage corporate innovation by alleviating financial constraints and attracting research and development experts. Additionally, government-guided funds have varying effects on the technology innovation of different types of enterprises within the new energy automobile industry chain, including upstream, midstream, and downstream companies. The study's findings have specific policy implications for increasing government-guided fund assistance and optimizing fund investment direction.

Unveiling the Nexus: Carbon finance and climate technology advancements

This study examines the dynamic connections between carbon finance mechanisms such as sustainable bonds and emissions trading systems and their role in advancing climate technology. It also explores direct and indirect contributions of carbon finance mechanisms to the progress of climate technology. It employs a causal mediation analysis and high-dimensional fixed-effects panel regression models to derive complex relationships governing carbon finance and climate technology. The findings highlight not only the direct influence of sustainable finance on climate technology but also the indirect pathways through which carbon finance contributes to technological advancements. The analysis demonstrates that sustainable bonds have a positive and direct influence on the advancement of climate technology, whereas a voluntary carbon market indirectly promotes climate-technology development by influencing the implementation of sustainable bonds.

Promoting sustained access to cognitive behavioral therapy for insomnia in Australia: a system-level implementation program.

Insomnia is a highly prevalent and debilitating disorder. Cognitive behavioral therapy for insomnia (CBTi) is the recommended 'fist line' treatment, but is accessed by a minority of people with insomnia. This paper describes a system-level implementation program to improve access to CBTi in Australia to inform CBTi implementation in other locations. From 2019 to 2023, we conducted a program of work to promote sustained change in access to CBTi in Australia. Three distinct phases included 1) Scoping and mapping barriers to CBTi access, 2) Analysis and synthesis of barriers and facilitators to devise change goals, and 3) Structured promotion and coordination of change. We used a system-level approach, knowledge brokerage, and co-design, and drew on qualitative, quantitative, and implementation science methods. We identified barriers to CBTi access from the perspectives of people with insomnia, primary care clinicians, and the health system. A stakeholder advisory committee was convened to co-design change goals, identify modifiable barriers, devise program logic and drive change strategies. We commenced a program to promote system-level change in CBTi access via; improved awareness and education of insomnia among primary care clinicians, self-guided interventions, and advocating to Government for additional CBTi funding mechanisms. This implementation program made significant progress toward improving access to CBTi in Australia. Ongoing work is required to continue this program, as long-term system-level change requires significant and sustained time, effort and resources from multiple stakeholders. This program may be used to inform CBTi implementation activities in other locations.

Некоторые вопросы финансово-правового регулирования ипотечного жилищного кредитования в современной России

The article examines the problems associated with the financial and legal regulation of mortgage lending in modern Russia. It is indicated that the Russian Federation is developing and implementing new financial and legal mechanisms designed to provide citizens with housing for a long period of time. The author comes to the conclusion: despite the fact that in the field of residential mortgage lending there are a number of laws and regulations that have shown their effectiveness, due to economic and political circumstances, as well as due to the expiration of a number of preferential programs, this the sphere becomes very uncertain and requires legal regulation.