Sustainable Finance and Policy Frameworks in Emerging Markets

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Sustainability and Finance".

Deadline for manuscript submissions: 30 November 2026 | Viewed by 1150

Special Issue Editors


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Guest Editor
Institute of European Studies, 11000 Belgrade, Serbia
Interests: international economics and finance; macroeconomic stability; green investment dynamics; sustainable finance and development; economic policy analysis; emerging markets; EU economic integration; economic growth

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Guest Editor
Research School of Economics, Australian National University, Canberra, ACT 0200, Australia
Interests: economic development and growth; international economics; macroeconomics; political economy
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

Emerging markets face a complex combination of structural economic transitions, climate-related pressures, institutional reforms, and rapid financial innovation. This Special Issue examines how sustainable finance interacts with policy frameworks to shape long-term development paths, financial resilience, and investment dynamics in these economies. The aim is to provide an integrated platform for theoretical and empirical contributions that investigate how sustainable financial instruments, regulatory strategies, and institutional arrangements support competitiveness, stability, and inclusive growth.

We welcome research exploring the design, implementation, and effectiveness of policy frameworks that guide sustainable finance, ranging from regulatory governance and supervisory mechanisms to incentive structures, risk mitigation strategies, and market-building measures. Within this context, topics may include climate-aligned financial instruments, transition pathways, cross-border capital flows, institutional performance, macro-prudential sustainability policies, and the evolving role of digital financial ecosystems.

This Special Issue also encourages studies that analyze the interaction between financial market development and broader socio-economic transformation processes. This includes the role of governance quality, policy credibility, investor behavior, and international policy coordination in shaping sustainable investment decisions. Interdisciplinary approaches that connect finance, public policy, institutional economics, and sustainability science are particularly welcome.

By bringing together diverse perspectives, this issue aims to deepen the understanding of how emerging markets can design effective policy frameworks that mobilize sustainable finance, strengthen resilience, and support their transition toward low-carbon, adaptive, and globally integrated economies.

Dr. Vladimir Ristanović
Prof. Dr. Markus Brueckner
Guest Editors

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Keywords

  • sustainable finance
  • policy frameworks
  • climate-aligned investment
  • financial resilience
  • regulatory governance
  • institutional performance
  • green policy design
  • emerging market transitions policy (transformation by sectors)
  • capital allocation efficiency
  • education, skills and workforce development for sustainable economies
  • adaptive financial systems
  • climate-related financial risks
  • investor behavior in emerging markets
  • policy credibility and stability
  • governance effectiveness in emerging markets.

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Published Papers (1 paper)

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Research

16 pages, 594 KB  
Article
A Conceptual Framework for Risk-Adjusted Investment Attractiveness Assessment of Manufacturing Companies
by George Abuselidze, Adina Zharlikenova and Beibit Korabayev
J. Risk Financial Manag. 2026, 19(3), 201; https://doi.org/10.3390/jrfm19030201 - 9 Mar 2026
Viewed by 746
Abstract
Assessing the investment attractiveness of companies is essential for effective capital allocation under conditions of uncertainty and heterogeneous risk–return profiles. Investors typically face multiple financing alternatives, making comparative evaluation impossible without robust and specialized assessment methodologies. This study proposes a refined conceptual model [...] Read more.
Assessing the investment attractiveness of companies is essential for effective capital allocation under conditions of uncertainty and heterogeneous risk–return profiles. Investors typically face multiple financing alternatives, making comparative evaluation impossible without robust and specialized assessment methodologies. This study proposes a refined conceptual model for assessing the investment attractiveness of production companies, with a specific focus on the manufacturing sector of Kazakhstan. The research is based on a modeling-oriented methodological framework that integrates a modified discounted cash flow (DCF) approach with elements of environmental controlling. The proposed model incorporates sector-specific characteristics, including resource utilization patterns, regulatory requirements and the potential “green” premium observed in capital markets. To capture investment-related uncertainty and risk, the study employs material flow cost accounting, scenario-based modeling and probabilistic decision tree analysis. Particular attention is given to improving the determination of the discount rate, recognizing its critical influence on present value-based investment assessments. The model accounts for macroeconomic and sectoral factors specific to Kazakhstan’s production industry and offers alternative discount rate estimation scenarios under different initial conditions. The study contributes to the literature on investment attractiveness assessment by integrating financial, environmental and risk dimensions into a unified framework. The proposed model enhances transparency in investment decision-making and provides new insights into investment evaluation practices in emerging industrial economies. Full article
(This article belongs to the Special Issue Sustainable Finance and Policy Frameworks in Emerging Markets)
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