This paper aims to propose a financial framework based on mezzanine-type debt for financing Sustainable Infrastructure Systems (SIS). In our analysis, an exploratory-type methodology based on a post-positivist approach for describing the financial eco-innovation in the sustainable infrastructure context is used and consequently, the essential framework’s theory is developed, as well as the characteristics and schemes for its functioning. Moreover, the theoretical foundations of financial eco-innovations are analyzed. It was concluded that researchers could benefit from this framework by acquiring a better knowledge of how a mezzanine-debt type could work together sustainability criteria. This paper is expected to contribute to expanding the existing knowledge and expanding funding knowledge frontiers for SIS, as well as contributes to providing a foundation for new research topics. The originality of the proposed framework is intended to establish new ways in order to close the gap between the development of SIS and financing sources using the incorporation of sustainability criteria in the financing process. Thus, the importance of this work is based on the fact that it can be used as an academic support for producing practical solutions.
Wavelet power spectrum (WPS) and wavelet coherence analyses (WCA) are used to examine the co-movements among oil prices, green bonds, and CO2 emissions on daily data from January 2014 to October 2022. The WPS results show that oil returns exhibit significant volatility at low and medium frequencies, particularly in 2014, 2019–2020, and 2022. Also, the Green Bond Index presents significant volatility at the end of 2019–2020 and the beginning of 2022 at low, medium, and high frequencies. Additionally, CO2 futures’ returns present high volatility at low and medium frequencies, expressly in 2015–2016, 2018, the end of 2019–2020, and 2022. WCA’s empirical findings reveal (i) that oil returns have a negative impact on the Green Bond Index in the medium term. (ii) There is a strong interdependence between oil prices and CO2 futures’ returns, in short, medium, and long terms, as inferred from the time–frequency analysis. (iii) There also is evidence of strong short, medium, and long terms co-movements between the Green Bond Index and CO2 futures’ returns, with the Green Bond Index leading.
In this study, we examined the extant literature on the dynamic association between oil prices and financial assets with special emphasis on the methodologies for measuring the dependence among oil prices, exchange rates, stock prices, energy markets, and assets related to sustainable finance. We performed a scientometric review of the structure and global trends of the dynamic association among oil prices and financial assets, based on research from 1982 to 2022 (September) using techniques such as the analysis of (i) sources, (ii) authors, (iii) documents, and (iv) cluster analysis. A total of 746 bibliographic records from Scopus and Web of Science databases were analyzed to generate the study’s research data through scientometric networks. The findings indicate that the most promising areas for further research in this field are represented by co-movement, copula, wavelet, dynamic correlation, and volatility analysis. Furthermore, energy markets and assets related to sustainable finance emerge as crucial trends in investigating dynamic co-movements with oil prices. They also suggest a research gap in analyzing by means of machine learning, deep learning, big data, and artificial intelligence for measuring dynamic co-movements among oil prices and assets in financial and energy markets, especially in emerging countries. Thus, these methodologies can be implemented in further research because these methods could more robustly quantify the association among such variables. The analysis provides researchers and practitioners with a comprehensive understanding of the existing literature and research trends on the dynamic association among oil prices and financial assets. It also promotes further studies in this domain. The identification of these relations presents benefits in risk diversification, hedges, speculation, and inflation targeting.
89 ResumenEn este artículo de investigación se analizó el proceso de adquisición tecnológica en las instituciones prestadoras de servicios de salud (IPS) en Colombia. Para este propósito se aplicó una metodología de diagnóstico empresarial denominada benchmarking en seis IPS del departamento de Antioquia (tanto del sector público como del sector privado), lo que permitió identificar las principales formas de adquirir tecnología biomédica, la priorización de las necesidades tecnológicas, los métodos empleados por las instituciones hospitalarias para la evaluación del equipamiento médico, las fuentes de identificación de necesidades, los requisitos legales y técnicos exigidos en el momento de la compra, así como la proporción de búsqueda de alertas nacionales e internacionales en bases de datos relacionadas con los dispositivos. De esta manera, se desarrolló un ejercicio de referenciación comparativa y competitiva como herramienta de gestión que promueve la caracterización e incorporación de las posibles mejores prácticas ejercidas por las clínicas y hospitales del país.Palabras clave: adquisición tecnológica; benchmarking; equipamiento biomédico; evaluación de tecnologías en salud; organizaciones en salud; tecnología biomédica AbstractWe analyzed in this research article the process of technology acquisition in Colombian health service provider institutions (IPS). For this purpose we applied a business assessment methodology called benchmarking in six different IPS of the Antioquia department (both in the public and private sectors). This allowed us to identify the main ways to acquire biomedical technology; the prioritization of technological needs; the methods used by hospitals to assess medical equipment; the sources for the identification of needs; the legal and technical requirements requested at the moment of purchase; and also the amount of searches performed regarding national and international alerts in databases related to the devices. In this way, we developed a comparative and competitive referencing work as a management tool promoting characterization and the inclusion of the possible practical improvements carried out by clinics and hospitals across the country.
Many countries require financial mechanisms, leading to increasing coverage through sustainable infrastructure systems (SISs). However, establishing such mechanisms demands innovative approaches and analyses that contribute to the development of financial schemes by providing a new vision for private investors and public entities promoting sustainable development and, therefore, the creation of new eco-financial assets. To address this need, this paper proposes a methodology for analyzing capital structure in sustainable infrastructure systems, which is validated in a case study. Thus, a mathematical model that identifies the impact on the final capital structure according to an investment plan and capital structures per period is developed. Additionally, this proposal integrates a financial framework that involves sustainable financing, capital markets, and public–private sectors. The results of the case study show that debt-service capacity was always higher than 1.0×. Hence, this study provides a better understanding of financing processes for SISs. Additionally, this contributes to the debate on infrastructure financing and its implications for main stakeholders.
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