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PALGRAVE STUDIES IN IMPACT FINANCE

Financing
Sustainable Development
Key Challenges and Prospects
Edited by
Magdalena Ziolo · Bruno S. Sergi
Palgrave Studies in Impact Finance

Series Editor
Mario La Torre
Sapienza University of Rome
Rome, Italy
The Palgrave Studies in Impact Finance series provides a valuable scientific
‘hub’ for researchers, professionals and policy makers involved in Impact
finance and related topics. It includes studies in the social, political,
­environmental and ethical impact of finance, exploring all aspects of impact
finance and socially responsible investment, including policy issues,
financial instruments, markets and clients, standards, regulations and
­
financial management, with a particular focus on impact investments and
microfinance.
Titles feature the most recent empirical analysis with a theoretical
approach, including up to date and innovative studies that cover issues
which impact finance and society globally.

More information about this series at

http://www.palgrave.com/gp/series/14621
 Magdalena Ziolo • Bruno S. Sergi
Editors

Financing Sustainable
Development
Key Challenges and Prospects
Editors
Magdalena Ziolo Bruno S. Sergi
Faculty of Economics and Davis Center for Russian and
Management Eurasian Studies
University of Szczecin Harvard University
Szczecin, Poland Cambridge, MA, USA

Palgrave Studies in Impact Finance

ISBN 978-3-030-16521-5    ISBN 978-3-030-16522-2 (eBook)
https://doi.org/10.1007/978-3-030-16522-2

© The Editor(s) (if applicable) and The Author(s), under exclusive licence to Springer
Nature Switzerland AG 2019
This work is subject to copyright. All rights are solely and exclusively licensed by the
Publisher, whether the whole or part of the material is concerned, specifically the rights of
translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on
microfilms or in any other physical way, and transmission or information storage and retrieval,
electronic adaptation, computer software, or by similar or dissimilar methodology now
known or hereafter developed.
The use of general descriptive names, registered names, trademarks, service marks, etc. in this
publication does not imply, even in the absence of a specific statement, that such names are
exempt from the relevant protective laws and regulations and therefore free for general use.
The publisher, the authors and the editors are safe to assume that the advice and information
in this book are believed to be true and accurate at the date of publication. Neither the
­publisher nor the authors or the editors give a warranty, express or implied, with respect to
the material contained herein or for any errors or omissions that may have been made. The
publisher remains neutral with regard to jurisdictional claims in published maps and
­institutional affiliations.

Cover illustration: © AlexSava / iStock / Getty Images Plus

This Palgrave Macmillan imprint is published by the registered company Springer Nature
Switzerland AG
The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
 Acknowledgements

Research results presented in this book are an element of the research

project implemented by the National Science Center Poland under the
grant OPUS13 no UMO-2017/25/B/HS4/02172.

v
 Praise for Financing Sustainable Development

“This book provides a significant insight into new methodologies of researching

effective resources of sustaining development while boosting global economy that
is also relevant to The Americas’ economy.”
—Dr. Abel Adekola, Dean and Professor of International Management,
Jay S. Sidhu School of Business & Leadership, Wilkes University, USA

“This is a valuable book that discusses and elaborates on contemporary challenges

and prospects of sustainable development with particular emphasis on the finance
aspects. Financing Sustainable Development presents relevant theoretical and the
latest empirical studies in the scope of financing sustainable development. It pro-
vides a comprehensive understanding of financing sustainable development, par-
ticularly in the emerging Asian markets.”
—Professor Jamal Wiwoho, Rector, Universitas Sebelas Maret, Indonesia

vii
 Contents

1 Introduction  1
Bruno S. Sergi and Magdalena Ziolo

2 Sustainability in Finance and Economics  9

Diana-Mihaela T‚îrcă, Anis‚oara-Niculina Apetri, and
Mirela Ionela Aceleanu

3 Sustainable Development Versus Green Banking:

Where Is the Link? 53
Magdalena Ziolo, Marta Pawlaczyk, and Przemysław Sawicki

4 Sustainability, Innovation, and Efficiency: A Key

Relationship 83
Daniele Schilirò

5 Socially Responsible Financial Markets103

Dejan Jednak and Sandra Jednak

6 Institutional Investments and Responsible Investing127

Ria Sinha and Manipadma Datta

7 Patronage in the Financing of Social and Sustainable

Projects169
Manuel Nieto-Mengotti and Carmen Gago-Cortés

ix
x Contents

8 Sustainable Capital Market193

Andreea Stoian and Filip Iorgulescu

9 Sustainable Public Finance and Debt Management227

Isabel Novo-Corti and Xose Picatoste

10 Environmental, Social and Governance Risk versus

Company Performance249
Türker Şimşek, Halil İbrahim Aydın, and Bartosz Oliwa

11 Sustainable Financial Systems269

Stanisław Flejterski

12 Green Finance Concept: Framework and Consumerism299

Marwa Ben Ghoul

13 Public–Private Partnerships as a Mechanism of Financing

Sustainable Development313
Bruno S. Sergi, Elena G. Popkova, Kseniya V. Borzenko, and
Natalia V. Przhedetskaya

14 Social Reporting of Egyptian Islamic Banks: Insights

from the Post-Revolution Era341
Mohamed Nagy Osman

Index371
 Notes on Contributors

Mirela Ionela Aceleanu is PhD Professor in the Department of Economics

and Economic Policies and Director of the Doctoral School of Economics
I, Bucharest University of Economic Studies, Romania. She has partici-
pated in research internships at the University of Reading (UK), University
of Gothenburg (Sweden) and University of Barcelona (Spain). Her exten-
sive research experience consists of the publication of numerous economic
studies and participation in conferences and in research projects. She is
Assistant Editor of the Theoretical and Applied Economics Journal and a
reviewer for many other journals. Research interests include the labour
market, employment policies, green jobs, environmental policies, sustain-
able development, the rural and green economies, and education.
Anis‚oara-Niculina Apetri is PhD Assistant Professor in the Department
of Accounting, Finance and Audit, Stefan cel Mare University of Suceava,
Romania. She has participated in Erasmus training at the University of
Parma (Italy). Her research experience consists of the publication of numer-
ous economic studies and participation in conferences and in research proj-
ects. She is Assistant Editor of the Accounting, Finance and Business
Economics Journal and a reviewer for several conferences and journals.
Research interests include finance, corporate finance, public finance, sus-
tainable finance and banking.
.
Halil Ibrahim Aydın is Associate Professor at the department of econom-
ics, Faculty of Economics and Administrative Sciences at Batman University.
He also serves as Vice Dean of the Faculty of Economics and Administrative
Sciences and on the Faculty Board of Directors. His teaching areas are

xi
xii NOTES ON CONTRIBUTORS

Macroeconomics, Economic Development and Growth, Social Capital,

Turkish Economy, International Economics, and Energy Economics. The
author has many national and international publications on multidisci-
plinary issues to his name. In addition to academic papers, articles and
projects he has been the editor of numerous other publications. His works
include “Para-Banka ve Finans (2016)”, “İktisadi Krizler ve Türkiye
Ekonomisi (2015)”, “Bölgesel Kalkınma Üzerine Yazılar (2014)”,
“Kalkınma Üzerine Ekonomi Politik Yazılar (2016)”, “Sosyal Sermaye ve
Kalkınma (2016)”, “Economic Development: Global & Regional Studies
(2017)”, “Economic Development: Social & Political Interactions (2016).”
Marwa Ben Ghoul is a Tunisian PhD fellow in the Faculty of Science
Department of Statistics, Anadolu University, Turkey. She graduated as a
Statistician from the School of Statistics in Tunisia and has an MA in
Econometrics and Economic Modelling from Tunisian Polytechnic
School. She worked as a professional statistician and a project leader at
datametrix (CRO Company) for almost six years. Her main research inter-
ests include econometrics, biostatistics, data analysis and modelling.
Kseniya V. Borzenko is a postgraduate and assistant in the Chair of
Economic Theory at Rostov State University of Economics, Russia. She is
the author and co-author of several dozen scientific papers and she has
participated in Russian and European conferences.
Manipadma Datta is a Professor in Business and Sustainability at the
TERI School of Advanced Studies, New Delhi, the pioneer in sustainability
research. He has been involved in management teaching, training and
research for more than three decades in India and abroad. His areas of
expertise include sustainable development, climate finance, responsible
investments, integrated reporting, circular economy finance, weather
derivative, public management, corporate social responsibility, strategic
management, sustainability and creativity, and valuation of intangibles. He
has served in many institutions including University of Calcutta, Vidyasagar
University, Nirma University, Institute of Management Technology
Ghaziabad, Indian Institute of Management Lucknow, International
Institute of Management Delhi and Vrije University Brussels. He is a regu-
lar contributor to national and international refereed journals and is on
several editorial boards. He has co-authored two books and authored an
audio-visual book on strategic finance. He is on the PhD adjudicator boards
of several universities in India and abroad. A regular consultant to
 NOTES ON CONTRIBUTORS xiii

International Finance Corporation (IFC), World Bank and Government of

India sponsored research projects, he has developed housing finance mod-
els for the poor in Bangladesh and Nepal and a business model for utilizing
biodiversity of the Cooperative Republic of Guyana, South America. He
holds an MA and a PhD from the University of Calcutta; he is also a Fellow
of the Institute of Company Secretaries of India.
Stanisław Flejterski is Ordinary Professor, PhD (habil.) at the Economic
Faculty, WSB University of Szczecin, Poland. He worked for nine years as a
manager in the banking sector. His teaching and research fields of interest
are comparative economics, finance and banking. He has published as
author, co-author or co-editor many books and articles in professional jour-
nals. He has cooperated with foreign organizations and universities on
scholarships, scientific stays, study visits and guest lectures in Germany
(Berlin, Heilbronn), Switzerland (Zurich), Holland (Amsterdam), Italy
(Rome, Florence), the United States (New York, Philadelphia), Mexico
(Celaya) and Turkey (Istanbul). Since 2007 he has been a member of the
Committee of Finance Sciences at the Polish Academy of Sciences and of
SUERF (the European Money and Finance Forum Vienna). He has received
many prizes and awards for his scientific and teaching activity.
Carmen Gago-Cortés received a PhD in Economics from the University
of A Coruna (UDC), Spain in 2017. In 2015, she was appointed Assistant
Professor in the Business Department of the Faculty of Economics at
UDC. Her research is in the field of sustainable development. She is the
author of scientific publications of international impact in this area. She has
received several awards for her work, including the First Prize for Research
in the Faculty of Economics (2010), the secondary prize Valentín Paz
Andrade for Research in Galician economy and the Outstanding Paper in
the 2016 Emerald Literati Network Awards for Excellence. In 2013 she
obtained a research grant from the Provincial Council of A Coruña. In
2018, she was given an Extraordinary Doctorate Award. She has presented
her research at international conferences such as the prestigious International
Conference on Applied Business & Economics, the International Conference
Sustainable Energy Use and Management, the International Scientific
Conference Economy and Social Development in the Open Society or the
III Iberoamerican Socioeconomic Meeting. She was the coordinator of dif-
ferent types of rental housing programmes of the regional government of
Galicia (Spain) from 2006 to 2012.
xiv NOTES ON CONTRIBUTORS

Filip Iorgulescu is Lecturer at the Bucharest University of Economic

Studies, works as a senior economist for the Romanian Fiscal Council and
is a researcher associated with the Center of Financial and Monetary
Research. He holds a PhD in Finance from the Bucharest University of
Economic Studies and between 2014–2015 he received a post-­doctoral
scholarship to study risk transmission in financial markets. His main
research interests and teaching areas are sustainable public finance, fiscal
policy, financial markets and risk management. He has been a visiting
researcher at Universidad Complutense de Madrid (2014) and an
Erasmus+ teacher at Université d’Orléans (2016), Tashkent Financial
Institute (2017) and Université de Poitiers (2018).
Dejan Jednak holds a PhD in Finance from the Faculty of Organizational
Sciences, University of Belgrade, and MSc and BSc degrees from the
Faculty of Economics, University of Belgrade. He is employed as chief
financial officer at Belgrade City Markets, Serbia. Previously he worked in
the banking sector and in academia as a lecturer in various finance courses.
He has published papers in international and national journals, conference
proceedings and a textbook, Financial Markets (2011).
Sandra Jednak is an Associate Professor in the Faculty of Organizational
Sciences, University of Belgrade. She has published scientific research
papers in international and national monographs, journals and conference
proceedings. Her teaching areas include introduction to economics, mac-
roeconomics, microeconomics, economic development and the European
Union. Her research focus is on the economic growth and development of
South-eastern European countries. Other research interests include knowl-
edge-(based) economy, energy economics, international economics and
higher education.
Manuel Nieto-Mengotti received a PhD in Economics from the University
of A Coruña (UDC) in 2015. He has worked at Movistar telecommunica-
tions company since 1999, where he has developed his professional career
in the commercial area of the company, including management of business
intelligence and head of the internal training department, actively promot-
ing knowledge about the ICT sector and the latest technological trends.
He is currently a Professor in the area of Fundamentals of Economic
Analysis in the Faculty of Economics and Business of UDC, where he
teaches macroeconomics and European sectoral economics. He is also the
author or co-author of several scientific publications in journals such as
 NOTES ON CONTRIBUTORS xv

Telematics and Computing and Computers in Human Behavior. He is cur-

rently assigned to the EDaSS research group on Economic Development
and Social Sustainability at UDC.
Isabel Novo-Corti is Associate Professor of Economic Analysis at the
Universidade da Coruña (UDC–Spain) and Tutor at the Associate Centre
of A Coruña (UDC) at the Spanish National Open University, She has a
PhD in Economics. She is coordinator of the EDaSS research group on
Economic Development and Social Sustainability, a member of the
University Institute of Maritime Studies and was Head of the Department
of Economic Analysis and Business Administration at the UDC. She is the
director of the Atlantic Review of Economics. Her research focuses on public
policies and sustainability in the framework of the knowledge society. She
has published in prestigious academic journals such as the Journal of Cleaner
Production, Ocean & Coastal Management, Sustainability, Marine Pollution
Bulletin, Computers in Human Behavior, Progress in Industrial Ecology and
Management of Environmental Quality. She has been a visiting scholar at
Washington University (Missouri, USA), Reading University (United
Kingdom), Harvard University (Massachusetts, USA) and University of
Oxford (United Kingdom). She has been honoured with international
awards such as the best work on ethical economy, at the International
Conference XXII Hispanic-Portuguese Scientific Management Conference
in Vila Real (Portugal, 2012) and the award for best research paper of 2015
published in the journal Management of Environmental Quality. She has
been invited as keynote speaker at international conferences, such as the IV
Conference on ethics economics in Bogotá (University S. Tomás–Colombia)
and the 2016 international conference “Information Society and Sustainable
Development”—ISSD in Pologravi and ECOTREND, 2018 (University
Targu-Jiu–Romania).
Bartosz Oliwa is a PhD student at the University of Szczecin, Poland. He
obtained MA degrees in the faculties of Finance and Accounting and
European Studies—European Project Management. He is co-author of a
number of European projects in the financial perspective for 2007–2013
implemented in public administration, educational units and third sector
organizations. Currently, he is involved in research on the Szczecin real
estate market and the assessment of the local enterprise sector, in particular
of SMEs. His main research interest is the role of financial markets in creat-
ing sustainable development.
xvi NOTES ON CONTRIBUTORS

Mohamed Nagy Osman holds a PhD in Accountancy from Queen

Mary, University of London (UK), and an MSc in Accounting and Finance
from Dundee University (UK). His main research interests are corporate
social responsibility, sustainability and governance reporting practices. He
is a lecturer in accountancy at Aberdeen University (UK). He has received
funding from the Ministry of Higher Education, Egypt and the British
Accounting Association, UK to pursue his research.
Marta Pawlaczyk is a graduate in Finance and Accounting at the State
University of Applied Sciences in Konin and a student of Management at
the University of Economics and Business in Poznanˊ. She works at the head-
quarters of the French chain of supermarkets and hypermarkets, food and
industrial E.Leclerc. Her interests are sustainable development, business
psychology, corporate social responsibility, product and brand management,
green banking and green innovations.
Xose Picatoste graduated in Economics and has an MA in International
Migration: Research, Migration Policies and Intercultural Mediation from
the Universidade da Coruña (UDC)–Spain as well as an MA in Teaching
Secondary Education from the International University of Valencia, Spain.
He is currently a PhD student and teaching and research staff in training at
the Universidad Autónoma de Madrid–Spain. His research is focused on
public economics, particularly the labour market, knowledge society and
sustainability. He was awarded first prize in sociological research for MA
students in the Faculty of Sociology–UDC in 2015 and was a finalist at the
COTEC innovative programme in 2018. He has published books (Aranzadi-
Thomson Reuters) and articles in the journals such as the Journal of Cleaner
Production, Telematics and Informatics and Economic Computation and
Economic Cybernetics Studies and Research. He has been guest editor of the
Central European Review of Economics and Management and International
Journal of Innovation and Sustainable Development. He is a member of
organizing committees of various international conferences, such as ISSD–
Romania, and EDaSS International Conference on Economic Development
and Social Sustainability, from 2012 and 2013, respectively, to the present.
He has attended and presented papers at numerous international confer-
ences, such as the Society for the Advancement of Socio-Economics SASE
(Berkeley, USA and Lyon, France) and the Iberoamerican International
Conference RISE–SASE (Porto Alegre, Brazil and Cartagena de Indias,
Colombia). He was a visiting researcher at Constantin Brancusi University
 NOTES ON CONTRIBUTORS xvii

of Targu-Jiu (Romania) in 2016 and, in 2018, he was a recognized student

at the Latin American Centre (Oxford University) under the supervision of
Diego Sánchez-Ancochea.
Elena G. Popkova is a Professor of Economics and President of the
Institute of Scientific Communications, Volgograd, Russia. Her research
interests are economic growth, sustainable development, globalization,
humanization of economic growth, developing countries, institutionaliza-
tion of social development, development planning and strategic planning.
She has more than 200 publications in Russian and foreign peer-­reviewed
journals and books.
Natalia V. Przhedetskaya is Professor in the Chair of Economic Theory
at Rostov State University of Economics, with 20 years’ experience of
lecturing in universities in Rostov-on-Don, Russia. Her research interests
include marketing of non-profit organizations and socio-economic rela-
tions in non-profit organizations. She is the author of more than 50 aca-
demic works and six monographs.
Przemysław Sawicki holds an MA in Finance from the University of
Szczecin, Poland. He has been a professional with the banking industry for
25 years. He has worked for domestic and foreign financial institutions,
including the brokerage office of Pomorski Bank Kredytowy SA and for
several banks, including ING SA and Deutsche Bank SA. Currently, he is a
Branch Director of PKO Bank Polski SA in Szczecin. In the subordinate
organizational structure he manages several smaller bank branches. He is
the author of studies and economic thematic publications.
Daniele Schilirò is Associate Professor of Economics in the Department
of Economics, University of Messina, Italy. He holds a BA (Laurea) in
Economics from the Catholic University of Milan (1979) and an MPhil in
Political Economy from the University of Cambridge (UK) (1979/1980).
He was also a Special Graduate Student at Yale University (USA) in 1980.
He was the winner of the scholarship “Bonaldo Stringher” from the Bank
of Italy, Rome, in 1980. He is a Researcher and Member of the Scientific
Committee of the Centre of Research in Economic Analysis (CRANEC),
Catholic University of Milan. He has researched macroeconomics, eco-
nomics of structural change and history of economic analysis at Cambridge
University (Selwyn College, 1985 and Sidney Sussex College, 2002) and
Oxford University (Brasenose College, 1986) (UK), and the University of
xviii NOTES ON CONTRIBUTORS

Twente (NL) (2006). He was a visiting professor at the University of Dubai

in 2014, and University of Valencia in 2016 and 2017. He has spoken at
several international conferences. He is a Member of the Editorial Board of
Frontiers in Management Research, Economics and Journal of Mathematical
Economics and Finance. Current research interests include growth, innova-
tion, SMEs, green economy, EMU governance, gulf economies and behav-
ioural economics.
Bruno S. Sergi is an Instructor at Harvard University, and an Associate of
the Harvard University Davis Center for Russian and Eurasian Studies and
Harvard Ukrainian Research Institute. He is the Series Editor of the
Cambridge Elements in the Economics of Emerging Markets and an associate
editor of The American Economist. Concurrently, he teaches International
Economics at the University of Messina and is a co-­founder and Scientific
Director of the International Center for Emerging Markets Research at
RUDN University in Moscow. He has published over 150 articles in pro-
fessional journals and 21 books as author, co-author, editor or co-editor.
Türker Şimşek is Associate Professor of Economics in the Faculty of
Economics and Administrative Sciences at Tokat Gaziosmanpaşa
University, Turkey. He also carries out administrative duties including
Vice Dean of the Faculty of Economics and Administrative Sciences,
Member of the Faculty Board of Directors, University Internal Control
System Evaluation Board Member and Head of the Economic History
Department. His teaching areas include macroeconomics, political eco-
nomics, history of economic thought, history of economy, Turkish econ-
omy, international economics, energy economics and policies, and
Turkey–EU relations. He has many national and international publica-
tions on multidisciplinary issues.
Ria Sinha is a Senior Fellow at the Centre for Responsible Business, New
Delhi and a visiting faculty in the Department of Business and Sustainability,
TERI School of Advanced Studies (TERI SAS), New Delhi. She holds a
PhD in Business Sustainability from TERI SAS and an MA in Economics
from University of Calcutta. She has nearly eight years of experience in
industry and academia and is an expert in the areas of climate finance, vol-
untary sustainability standards (VSS) and business sustainability. She was an
HSBC Scholar in TERI SAS. As a DAAD–German Indian Climate Change
Dialogue Fellow, she spent time in Germany and presented her research at
conferences held in Vienna, Berlin and Boston MA. She was also invited as
 NOTES ON CONTRIBUTORS xix

an ICRIER Young Scholar by the National Bureau of Economic Research

Summer Institute in Massachusetts. At present she is conducting a research
project with the University of Szczecin, Poland.
Andreea Stoian is a Professor of Finance in the Department of Finance in
the Faculty of Finance and Banking at the Bucharest University of Economic
Studies–BUES (Romania). She holds a PhD in Finance from BUES. Since
2012 she has been the head of the Center for Financial and Monetary
Research at BUES. She has been a visiting scholar at Universite Paris 1
Pantheon-Sorbonne, Université Libre de Bruxelles and Universidade do
Porto and an Erasmus guest lecturer at University of Poitiers, University of
Bordeaux and University of Orleans. She is the First Vice-Chair of the
International Network for Economic Research, co-founder of the Romanian
Association of Finance and Banking and fellow of the Monetary Research
Center at the University of National and World Economy (Bulgaria). She is
also the Executive Editor of the Romanian Journal for Fiscal Policy. Her
main research interests are in fiscal policy, mainly focused on fiscal sustain-
ability and vulnerability, public debt and budget deficit, but also on financial
markets. She has published articles in the journals Eastern European
Economics, Empirica. Journal of European Economics, Applied Economics
Quarterly, Czech Journal of Economics and Finance and Managerial Finance.
Diana-Mihaela Țîrcă is PhD Professor of Economy in the Faculty of
Economics, Department of Management and Business Administration at
the Constantin Brancusi University of Targu-Jiu. Her research area is sus-
tainable development, green economy, labour market and green jobs. She is
director of the Center for Fundamental and Applied Economic Studies. She
has been a visiting professor at the University of Szczecin, Poland and held
research internships at the University of A Coruña, Spain. She has many
publications in sustainability issues. She is guest editor of the Special Issue
on Sustainability Energy Use and Management (Progress in Industrial
Ecology, An International Journal, 2015), Special Issue on Innovation for
Sustainable Development (Journal for Cleaner Production, 2018) and Special
Issue on Information Society and Sustainable Development—Selected Papers
from the 5th International Conference ISSD 2018 (Sustainability, 2019).
Magdalena Ziolo is Associate Professor, PhD at the University of
Szczecin, Poland. Her research and teaching focus on finance and banking,
especially sustainable finance, green banking, sustainable development and
public finance. She has received scholarships from the Dekaban-Liddle
xx NOTES ON CONTRIBUTORS

Foundation (University of Glasgow, Scotland, 2013), Impakt Erasmus +

(Ulan Bator, Mongolia, 2017) and CEEPUS (University of Prishtina,
Kosovo, 2015, 2016, 2017, 2018). She is a member of the State Quality
Council, Kosovo Accreditation Agency. She carries out research supported
by the National Science Centre Poland in the area of financing sustainable
development. Her achievements encompass more than 120 reviewed
papers and academic books.
 List of Figures

Fig. 2.1 Distribution of EIB bonds by region of investors. Source:

https://www.worldfinance.com/banking-guide-2017/
sustainable-banks18
Fig. 2.2 Structure of Romanian financial system (weight of assets in
total assets) during the period 2010–2018. Source: Drawn up
by the authors based on data from www.bnr.ro 27
Fig. 2.3 Weight of assets of banking sector in GDP during the period
2008–2017. Source: Drawn up by the authors based on the
data from www.bnr.ro, RSF 2018, p. 68 29
Fig. 2.4 Evolution of prudential, financial and structural indicators in
the banking sector during 2008–2018. Source: Drawn up by
the authors based on data from www.bnr.ro, RSF 2018, p. 68 30
Fig. 2.5 Structure of bank assets and liabilities. Source: Drawn up by
the authors based on data available on www.bnr.ro, RSF 2018 31
Fig. 2.6 Placements of investment funds. Source: Drawn up by the
authors based on data available on www.bnr.ro, RSF 2018 32
Fig. 2.7 Density of insurances (EUR/inhabitant), quarter I 2018.
Source: Drawn up by the authors based on data available on
www.bnr.ro, RSF 2018 33
Fig. 2.8 Structure of investments in Pillar II and Pillar III. Source:
Drawn up by the authors based on data available on www.bnr.
ro, RSF 2018 33
Fig. 2.9 Structure of stock of loans accessed from IFN. Source: Drawn up
by the authors based on data available on www.bnr.ro, RSF 2018 34
Fig. 2.10 Volume of investments in FinTech companies globally.
Source: Drawn up by the authors based on data RSF, BNR,
2017, www.bnr.ro 44

xxi
xxii List of Figures

Fig. 2.11 Number of persons who resorted to online trade services

(% of total population) (2007–2016). Source: Drawn up by
the authors based on data RSF, BNR, 2017, www.bnr.ro 45
Fig. 2.12 Number of active credit or debit cards. Source: Drawn up by
the author based on data www.bnr.ro 46
Fig. 2.13 Internet access on mobile phone (%)—EU average and
Romania—2016. Source: Drawn up by the authors based on
data RSF, BNR, 2017, www.bnr.ro 47
Fig. 2.14 Number of persons who conducted at least one financial
activity on the Internet (2016). Source: Drawn up by the
authors based on data from RSF, BNR, 2017, www.bnr.ro 48
Fig. 6.1 The prevailing types of ESG integration techniques. Source:
Sustainalytics and IRRC Institute 2017 141
Fig. 6.2 Different phases of ESG integration in assets. Source:
UNPRI 2016 143
Fig. 6.3 Climate aligned bonds by region. Source: Bonds and climate
change: The State of the Market, Climate Bonds Initiative,
2018148
Fig. 6.4 Sectors financed by climate aligned bonds. Source: Bonds and
climate change: The State of the Market, Climate Bonds
Initiative, 2018 149
Fig. 6.5 Process of ESG integration in PE. Source: Integrating ESG in
Private Equity, UNPRI 2014 150
Fig. 7.1 Percentage of projects according to innovation criteria.
Information extracted from https://top100desafio.
fundaciontelefonica.com/. Self-made graph 186
Fig. 7.2 Category projects. Information extracted from https://
top100desafio.fundaciontelefonica.com/. Self-made graph 186
Fig. 7.3 Diagram of interactions within the ecosystem generated by
the platform to support innovation and entrepreneurship
projects around the world. Self-made graph 189
Fig. 8.1 Sustainable and Responsible Investments in Europe (thousand
euros). Source: Data extracted by the authors from Eurosif
(2018)204
Fig. 8.2 Issuance of green bonds between 2007 and 2018. Source:
Data compiled by the authors from CBI annual reports on the
green bonds market available at https://www.climatebonds.
net/resources/reports213
Fig. 8.3 Green bonds—total outstanding amount and number of
issuers by the end of June 2018. Source: Data compiled by
the authors from “Bonds and Climate Change: The State of
the Market 2018”, CBI, available at https://www.
climatebonds.net/resources/reports/bonds-and-climate-
change-state-market-2018215
 List of Figures  xxiii

Fig. 8.4 Yield to maturity between 2010 and 2018: green versus
sovereign and corporate bonds. Source: Daily data series of
S&P Dow Jones indices for green bonds, US treasury bonds,
non-US sovereign bonds (developed countries) and non-US
corporate bonds (developed countries) obtained from
https://us.spindices.com/index-family/global-fixed-income/
global-sovereign217
Fig. 9.1 Integral sustainability and sustainable finances. Source:
authors’ own elaboration 228
Fig. 9.2 Main environmental and social aspects related to sustainable
finances. Source: authors’ own elaboration 230
Fig. 9.3 Relation between public revenue and inequality. Source:
authors’ own elaboration 242
Fig. 9.4 Relation between public revenue and inequality. Source:
authors’ own elaboration 242
Fig. 11.1 Relations between financial sector and growth and
development of the national economy. Source: own
elaboration272
Fig. 11.2 Irregular deregulation/reregulation cycle (heuristic
approach). A—prosperity—underregulation (regulatory
mildness). B—recession—the risk of overregulation as a result
of the financial crisis and an element of post-crisis enterprises.
Source: own elaboration 279
Fig. 11.3 Relations between direct and market-based regulation
(heuristic approach). Point O—mixed regulation
(hypothetical optimum). Point A—the predominance of
direct regulation. Point B—the predominance of self-
regulation. Source: own elaboration 282
Fig. 11.4 Choice between full regulation and full deregulation of the
financial sector. Source: own study 289
Fig. 11.5 Choice between individualized supervision and integrated
supervision of the financial market. Source: own study 289
Fig. 11.6 Choice between national and supranational (European)
supervision of the financial sector. Source: own study 290
Fig. 12.1 Awareness of global problems 307
Fig. 12.2 Hearing about the term green finance 308
Fig. 12.3 Does your bank use green products and services? 308
 List of Tables

Table 2.1 Evolution of number of credit institutions and branches of

foreign banks 28
Table 2.2 Dimensions of financial inclusion (2017) 37
Table 2.3 Intermediary objectives and macro-prudential instruments 39
Table 2.4 Methodology of calculation of the capital buffer level for
systemic risk 40
Table 2.5 Capital buffers applicable to credit institutions in Romania 41
Table 2.6 Benefits and risks of Fintech 48
Table 6.1 Types of responsible investing 132
Table 6.2 ESG integration in hedge fund strategies 153
Table 6.3 Potential benefits of climate-related disclosures 155
Table 6.4 Studies exploring the relationship between responsible
investing and financial performance 157
Table 9.1 HLEG challenges and areas for action 233
Table 9.2 Actions to reduce deficit bias 243
Table 10.1 ESG risk categories 250
Table 10.2 Relation of ESG to CFP (general and in various regions) 259
Table 10.3 SRI strategies overview in Europe 260
Table 11.1 The 4 × 2 Matrix of financial system characteristics (with
examples of candidate variables in each ‘bin’) 274
Table 11.2 Bank business models in the EU 293
Table 12.1 Definition of green finance 302
Table 12.2 Green finance products and services 305
Table 12.3 Frequency of project preferences 309
Table 13.1 Comparative analysis of the existing methods of evaluation
of the effectiveness of financing measures in the sphere of
sustainable development 315

xxv
xxvi List of Tables

Table 13.2 Scale for qualitative treatment of effectiveness of financing

sustainable development 319
Table 13.3 The efficiency of financing of sustainable development in
developed countries, 2017–2018 321
Table 13.4 On the efficiency of financing of sustainable development
in developing countries, 2017–2018 322
Table 13.5 Statistical data on the financing of sustainable development in
developed countries in 2016–2017, USD thousand per capita 323
Table 13.6 On the financing of sustainable development in developing
countries, 2016–2017 (USD thousands per capita) 323
Table 13.7 Evaluation of the effectiveness of financing sustainable
development in developed countries in 2018 324
Table 13.8 Evaluation of the effectiveness of financing of sustainable
development in developing countries, 2018 325
Table 13.9 The volume of investments in public–private partnership
and the index of sustainable development of developed and
developing countries in 2018 326
Table 13.10 The dependence of sustainability of development in 2018
on the volume of investments in public–private
partnerships in 2017 326
Table 13.11 SWOT analysis of financing of sustainable development by
the mechanism of public–private partnership, developing
countries328
Table 13.12 Legal regulation, effectiveness of financing of sustainable
development in 2018, and volume of attracted investments
within PPP in 2017 330
Table 13.13 Regression dependence of effectiveness of financing of
sustainable development in 2017 on legal regulation in 2018 331
Table 13.14 Regression dependence of volume of investments within
public–private partnership in 2017 on legal regulation in
2018331
Table 14.1 Social reporting in Egyptian Islamic banks’ annual reports
and websites in the post-revolution era 351
Table 14.2 Contextual information on the study population 363
Table 14.3 Stakeholders of Egyptian Islamic banks 363
 CHAPTER 1

Introduction

Bruno S. Sergi and Magdalena Ziolo

Current extensive and in-depth challenges are shaping the way modern eco-
nomic systems work and establishing a novel approach to the analysis of
economic phenomena. Environmental and social risks in assessing general
transaction risk are growing because of the impact and the role of such fac-
tors as increasing climate change, aging of societies, social exclusion and
polarization, changes in the model of consumption, and globalization, as
well as the automation of industrial processes. The criteria for assessing the
risk of transactions change under the influence of economic changes. This is
clear in the conditions of “greening” the economy and social inclusion.
These two phenomena, referring to the environmental and social pillars of
sustainable development, strongly weigh on the necessity of extending the
risk assessment criteria used by financial institutions for ESG risk (environ-
mental, social, corporate governance). The demand for extending the risk

B. S. Sergi (*)
Davis Center for Russian and Eurasian Studies, Harvard University,
Cambridge, MA, USA
e-mail: bsergi@fas.harvard.edu
M. Ziolo
Faculty of Economics and Management, University of Szczecin, Szczecin, Poland
e-mail: magdalena.ziolo@usz.edu.pl

© The Author(s) 2019 1

M. Ziolo, B. S. Sergi (eds.), Financing Sustainable
Development, Palgrave Studies in Impact Finance,
https://doi.org/10.1007/978-3-030-16522-2_1
2 B. S. SERGI AND M. ZIOLO

assessment methodology with ESG components is emphasized by the

Environmental Program Financial Initiative (UNEP FI), and the state of
implementation of this postulate by financial institutions, depending on
the country and institutions, is still at various levels of development.
Investigating the economy moving on a greener path, the sharing econ-
omy, industry 4.0, and banking 3.0 are just preferred contexts of these
changes that are setting the stage for a fresh look at the economy and the
ways it is financed, broadly considered. In the context of environmental
and social challenges that are continuously affecting modern states, the
sustainability concept is receiving increasing recognition as a means to
counter the effects of negative externalities.
One of the conditions necessary for successful implementation of sus-
tainable development is adequate financing. Thus, financial markets face
challenges in matching financial products and services to the needs of sus-
tainable development. An active financial sector, distributing capital and
managing associated risk, is essential for a well-functioning economy. The
conventional motivation of the financial sector is the one-­dimensional goal
of maximizing profits. The neoclassical approach to finance, based on pri-
vate property theory, discounts environmental and social considerations. A
strict neoclassical finance perspective holds that social responsibility is out-
side the duties of directors of corporations and should be solely the con-
cern of the government. The approach to finance based on the efficient
market hypothesis and the maximization of cash-flow generating processes
neglects the interface between the field and sustainable development. Yet
there is a desire and an expectation expressed by people, governments and
financial markets that contemporary companies are human agents satisfy-
ing economic, environmental and social needs.
The concept of sustainable finance addresses the need for a pioneering
approach to financing sustainable development. Sustainable finance
includes among other factors: development finance, environmental finance,
carbon finance, socially responsible finance, green finance, ethical finance,
and microfinance. Moreover, contemporary changes in the financial land-
scape are not limited to the nature and availability of financial capital,
because finance is, in fact, the key to solving social and environmental
problems. Therefore, representatives of both classical and neoclassical
schools of economic thought are now considering factors such as value for
money and “smart” finance that transcends the parameters of conventional
finance. The recent global financial crisis that resulted from the credit
crunch in 2007 forced financial markets and companies to rethink systemic
risk exposure. As a result, the importance of the integration of ESG factors
 1 INTRODUCTION 3

and sustainable development with corporate and investment decisions is

even more critical today—this is not a future matter. Companies, financial
market entities, and regulators are asking new questions, looking for new
threats, and searching for new opportunities in the markets of the future.
There are innovative approaches to creating sustainable shareholder value
that require companies and investors to adopt a systemic and long-term
vision and to understand the financial significance of ESG factors within
the full spectrum of threats and opportunities.
Sustainable finance is characterized by a different approach to tradi-
tional finance—the role and function of finance, profit, and risk—as well
as a different approach to the awareness of economic value and benefits.
Novel economic, social, and environmental perspectives that currently
characterize sustainable finance allow for adequate adaptation of financial
systems and the financial sphere to new challenges. The financial sphere
reacts by responding to new dilemmas and challenges with a time lag in
the real sphere. The financial changes that concern the macro, mezzo, and
micro scale in the functional, instrumental, and institutional dimensions
are considered. The transformation processes are carried out in all sub-­
disciplines of finance. In the area of ​​banking, the sustainability concept has
found expression in green and responsible banking. The offer of green
banking services supports the process of adaptation and transformation
towards the green economy, and responsible banking also implements the
assumptions of the concept of social inclusion and respects and promotes
ethical standards. The perspective of public finance concerns primarily the
impact on pro-social and pro-market attitudes of market participants
through tax policy instruments (green taxes) and, more broadly, fiscal
policy. However, the redistributive function of public finances should not
be overlooked here in the context of the impact on the social inclusion
process and the leveling of income inequalities. Sustainable finances are
also perceptible in the finances of enterprises, in entrepreneurs making
decisions about socially responsible investments or pro-environmental
investments and implementing specific consumption patterns. At the
micro level, the demands of newly sustainable finances are reshaping the
concept of microfinance as well as personal and behavioral finance.
Dissemination of the sustainable finance concept takes place through
institutions and instruments used within the financial market. Therefore,
respecting the demands of sustainable finance is also a challenge from an
institutional economics perspective. The organization of the financial sphere,
including the financial system, to enable it to adapt to the requirements of
4 B. S. SERGI AND M. ZIOLO

sustainable finance necessitates a systematic and ongoing process of change

and of structural and organizational quality; this may involve extensive
changes in institutional culture and a rethink of operational mission. The
execution of these changes should be orderly and controlled, which is
effected by strict regulation. Regulations are essential primarily for the shap-
ing and supervision of the supply of financial products and services, and the
security and stability of the banking and financial sector, depending on the
quality of risk management (including the ESG risk approach). The ESG
risk has relevance to financial institutions. Finansinspektionen’s report high-
lights the importance of banks being more open so that their customers,
investors, counterparts, and other stakeholders can form a more definite
opinion of how the banking sector takes account of environmental and sus-
tainability issues in its lending procedures. Apart from the environmental
factors, social and corporate governance issues also impose considerable
risks and opportunities for the business sector across the world.
Expectations of the financial sphere and its role are changing over time.
The process of adjusting to the sustainable finance paradigm is long-­lasting
and requires compromise. A proper understanding of the need for change
by all market participants and cooperation between the public, private,
and third sectors is key to its smooth implementation, as each of these sec-
tors has a significant impact on the success and dissemination of the rules
and principles of sustainable finance. Sustainable finance, in turn, is an
essential element in the implementation of postulates of development and
sustainable growth, and in this context, they act on the indicators of goal
achievement in these two areas. The interdependence and adequacy of the
real sphere and the financial sphere molding development and sustainable
growth is, therefore, a critical factor for the success of both concepts and
a strategically crucial factor from the perspective of ensuring the quality of
states, economies, and societies on a global scale.
Considering contemporary development trends in finance and challenges
facing financial markets in the conditions of sustainable growth and
development, we have tried to comprehensively present phenomena and
problems focusing on sustainable finances, including markets and financial
systems. The next thirteen chapters address the questions driving a growing
body of literature to elaborate theoretical and practical achievements
showing the relationship between the financial market and the processes of
growth and development, with an emphasis on growth and sustainable
development. The concept of green, sustainable, responsible finances in
terms of supply and demand is approximated and reviewed. The institutional
 1 INTRODUCTION 5

and legal dimensions of sustainable finances is defined, identifying essential

initiatives and institutions supporting the concept of sustainable finance.
The chapters analyze the role of finances in financing environmental
protection measures, the importance of socially responsible investments in
the economy, and the role of sustainable finances in minimizing the
phenomenon of financial and social exclusion. The increasing demand for
green and responsible banking in the context of environmental risk
management and shaping the offer of banking products supporting
sustainable development are discussed. Attention is paid to the category of
the ecological, financial market, with emphasis on the instruments of this
market. The importance of public finances in stimulating the processes of
sustainable development, especially with the use of tax policy instruments, is
discussed.
The book covers the cognitive gap concerning the financing of sustain-
able development and shows trends in sustainable finance and sustainable
financial markets. Each chapter begins with a brief summary and ends with
a conclusion. Chapter 1 includes an introduction. Chapter 2 aims to draw
attention to the significant gap in the existing research, along with the
issues of sustainable development. The concept of sustainable develop-
ment, if placed in an economic category, needs much attention, but seeing
from the perspective of the discipline of finance, the latter is unsatisfactory,
with questions left unanswered. The ranking problem, its strategic dimen-
sion, and the amount of financial resources distributed and disbursed to
focus on sustainable development, and the identification of financial phe-
nomena included in this category, is seen as a priority. Chapter 3 considers
the role that banks play in society and points out that they can significantly
influence sustainable development goals. Many banks in the United States
and Europe have begun to adapt their financial policies for investments in
environmentally sustainable businesses. The authors analyze the role of
green banking in the implementation of environmental sustainability,
identify green financial products, and point out the role of green banking
networks. Chapter 4 aims at highlighting the key relationships between
sustainability, innovation, and efficiency. First, it examines the concept of
sustainability, looking at the neoclassical literature on sustainability and its
relationship with innovation. Then, it analyzes different theoretical
approaches and discusses the policy issues for sustainability where innova-
tion, natural capital, human capital, population, and institutions are fun-
damental factors. Chapter 5 aims to describe socially responsible financial
markets. A socially responsible financial market should influence business,
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