This paper explores the interconnected dynamics between governance, public debt, and domestic investment (also known as gross fixed capital formation (GFCF) in South Africa). It also highlights domestic investment as a key driver of economic growth, noting a consistent decline in investment since the country’s democratic transition in 1994. Moreover, this downward trend is exacerbated by excessive public debt, poor governance, and increased economic risks, discouraging domestic and foreign investments. The analysis incorporates two theoretical perspectives: endogenous growth theory, which stresses the significance of local capital investment and innovation, and institutional governance theory, which focuses on the role of governance in promoting economic development. The study reveals that poor governance, rising debt, and high economic risks have impeded GFCF and economic stability. By utilizing quantitative data from 1995 to 2023, the research concludes that reducing public debt, improving governance, and minimizing economic risk are critical to revitalizing domestic investment in South Africa. These findings suggest that policy reforms centered on good governance, effective debt management, and economic stabilization can stimulate investment, promote growth, and address the country’s economic challenges. This study offers insights into how governance and fiscal policies shape investment and capital formation in a developing nation, providing valuable guidance for policymakers and stakeholders working towards sustainable economic growth in South Africa.

This study aims to analyze how public debt influences economic growth in Kosovo, using quarterly data from Q1 2008 to Q4 2022 and employing the generalized method of moments (GMM). The research reveals that there is a negative relationship between public debt and economic growth when other factors such as trade openness, total investment, current account balance, and primary balance are considered. Furthermore, the findings confirm an inverted “U-shaped” relationship between public debt and economic growth, indicating that the optimal debt level is between 27.75% and 36.2% of GDP.

Amid the relentless grip of the COVID-19 pandemic, sustainability has emerged as a paramount concern across global economies. As businesses grapple with unprecedented challenges, the imperative for sustainable practices in corporate finance becomes increasingly evident. Throughout this crisis, companies have faced staggering financial strains, with diminished turnovers and escalating operational costs pushing many to the brink of collapse. In response, governments worldwide have provided vital support, albeit often insufficient, underscoring the necessity for sustainable mechanisms of intervention. Central to this discourse is an examination of how companies have adapted their financing policies amidst the pandemic’s tumult. Government-backed credit facilities have served as a critical lifeline for numerous businesses, emphasizing the need for sustainable financial instruments readily deployable in times of crisis. Concurrently, moratoriums on existing credit obligations have offered temporary relief, albeit with looming concerns regarding heightened corporate indebtedness. Moreover, the pandemic’s aftermath has witnessed a pronounced uptick in corporate borrowing, compounded by surging interest rates. This confluence underscores the exigency for companies to adopt sustainable financial strategies, mindful not only of short-term exigencies but also the enduring ramifications on financial stability. In navigating these challenges, a holistic approach to sustainability is imperative. Governments must ensure robust support mechanisms, while companies must proactively seek sustainable financing solutions. Concurrently, stakeholders must meticulously weigh the long-term repercussions of financial policy adjustments, thereby fortifying corporate resilience against future crises while safeguarding the stability of the global economy. In essence, the COVID-19 pandemic has underscored the critical imperative for sustainability in corporate finance. By heeding this call and embracing sustainable practices, businesses can navigate crises with greater resilience, ensuring not only their survival but also the enduring stability of the economic landscape.

The article presents a study of the connectivity and integration of sovereign bond and stock markets in 10 BRICS+ countries in the context of crisis instabilities in 2019−2024. Financial markets are becoming more integrated, and an increasing share of public investments are carried out across borders, which increases not only the opportunities for participants, but also the risks of a new crisis. The work used data on central bank rates of the considered countries, yield indices of 10-year government bonds, gold and Brent oil prices. The methods include the analysis of exchange rate dynamics, connectivity estimates based on the multivariate concordance coefficient and two-factor Friedman rank variance analysis, VAR models, Granger predictability and cointegration. The objective of this study is to analyze the interrelationship and cointegration between the sovereign bond and equity markets of selected BRICS+ countries during crisis periods. Our findings indicate that market interrelationship intensifies during crises, which in turn amplifies volatility. Additionally, we observed that none of the economies within the BRICS+ group can be classified as fully integrated or entirely isolated markets. The disruption of the interrelationship in the sovereign bond markets of the group is primarily reflected in the inconsistency of dynamic changes between Russia, China, and India. During the global shock of 2019–2020, the crisis spread from China, followed by Indonesia, and later to the other countries of the group. The financial and debt markets of the sampled countries were able to quickly cope with the severe shocks of the COVID-2019 period. The 2022–2024 crisis, which lasted significantly longer, began in Russia before spreading to countries across Asia and Africa. By 2024, Russia’s sovereign bond yields showed a marked decline. The increased market volatility following 2022 disrupted the integration and interrelationship of the stock and debt markets within the BRICS+ countries.

During his 22-year rule, Turkey’s populist leader Erdoğan not only ensured his control of mainstream media ownership, but he also aligned the language and style of these media with his own populist politics. This investigation presents a unique perspective by highlighting the AKP’s establishment of a network of loyal media outlets and business individuals through crony capitalism while also demonstrating that the party garnered loyalty from religious foundations, and the urban poor due to the aid and financial support provided by AKP municipalities. The primary objective of this research is to offer a distinct scholarly contribution by analyzing the influence of crony capitalism and welfare policies within the context of populist politics. This study employed a methodology centered around network graphs designed to reveal connections between the AKP, various media outlets, and associations and foundations, thereby highlighting the AKP’s association with key actors involved in the establishment of a neoliberal-conservative hegemony.

This study explores the impact of environmental degradation on public debt in the largest Southeast Asian (ASEAN-5) countries. Prior research has not examined environmental degradation as a possible determinant of public debt in the ASEAN region. As such, the primary objective is to examine key determinants of public debt, notably economic growth, trade openness, investment, and environmental degradation. Utilizing the Fully Modified Ordinary Least Squares (FMOLS) method and data from 1996 to 2021, the study reveals a negative correlation between investment and public debt. Conversely, a positive relationship exists between economic growth, environmental degradation, and public debt levels. These findings hold significant implications for policymakers seeking to craft effective economic and environmental strategies to ensure sustainable development in the ASEAN-5 region. Stronger economic growth can drive up public debt. Importantly, the study highlights the importance of tailored approaches, considering each country’s unique fiscal and developmental characteristics. Applying the Two-Gap Model enhances the understanding of these complex dynamics in shaping public debt and its relationship with environmental factors.