DOI: 10.32609/j.ruje.10.121967

Authors: Yulia V. Vymyatnina, Aleksandr A. Chernykh

Abstract: In this paper, we study whether the environmental characteristics of assets influence their returns in the case of the Russian bond market. Our main goal for this study was to research this issue for Russia using the same methodology as in studies for developed markets to allow for comparison of results. We use the twin bond methodology and consider expected returns. Our main hypothesis is that brown (i.e., non-green) assets should have a higher yield compared to green ones. Indeed, we find, predictably, that green bonds have a lower yield to maturity. This result is in line with previous results for other markets and suggests that green financing might be cheaper for companies.

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DOI: 10.32609/j.ruje.10.105745

Authors: Tijani Forgor Alhassan, Eugenia Owusu Ansah, Shakizada U. Niyazbekova, Tatiana K. Blokhina

Abstract: This study outlines the features of financing investment development in Sub-Saharan African countries. Using the financial determinants of GDP, a model was developed based on the method of least squares employing data covering 2004–2018. It was revealed that a positive correlation exists between economic growth and bank loans as well as official development assistance. The results of the model indicate that bank loans and remittances significantly increase economic growth. However, both foreign direct investment and official development assistance (ODA) were found to be ineffective in promoting development, and this is attributable to its investment model (resource-seeking) and the conditions under ODA financing, respectively, in the region. Bank loans were found to be the most influential in promoting sustainable growth in the region. Hence, it is instructive that the reforms are needed and incentives are to be developed to improve the level of the region’s financial and banking sector development and facilitate the sustainable socioeconomic development of these economies.

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DOI: 10.32609/j.ruje.9.101612

Authors: Duc Huu Nguyen, Irina P. Khominich

Abstract: The study presents a Green Economy Index that evaluates the quality of green economies in the BRICS countries based on three pillars: environment, economic performance, and quality of green living. Research findings suggest that the BRICS nations are gradually shifting their focus from mere economic growth to encompassing environmental, social welfare, and equality concerns. Russia showcased the best balance among these three pillars from 2011 to 2020, while India and China made notable strides. Nevertheless, Brazil and South Africa face obstacles in improving their economies and increasing social welfare. The indicators highlight specific challenges each country must address, including high unemployment in Brazil and South Africa, low energy intensity in Russia and China, and air pollution and low Human Development Index in India, alongside shared issues like low government transparency. Based on the research significant findings, the study attempts to address whether the BRICS nations should prioritize financing environmental protection, economic growth, or social goals to maintain a balance among all the three pillars and achieve their green economy objectives.

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