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On Sovereign Sustainability Assessment: A Multiple Criteria Decision Aiding Approach. European Journal of Operational Research, 331(2), 570–586. Online: https://doi.org/10.1016/j.ejor.2025.09.023 Zenios, S. A., Consiglio, A., Athanasopoulou, M., Moshammer, E., Gavilan, A. & Erce, A. (2021). Risk Management for Sustainable Sovereign Debt Financing. Operations Research, 69(3), 755–773. Online: https://doi.org/10.1287/opre.2020.2055" ["copyrightYear"]=> int(2026) ["issueId"]=> int(675) ["licenseUrl"]=> string(43) "https://creativecommons.org/licenses/by/4.0" ["pub-id::doi"]=> string(20) "10.53116/pgaflr.8955" ["abstract"]=> array(1) { ["en_US"]=> string(1366) "

Public financing instruments play a vital role in supporting fiscal stability, yet the main problem lies in the lack of comprehensive evaluation frameworks that integrate legal risk with financial performance. Existing practices often focus on cost-based indicators, while critical factors such as legal certainty, contingent liabilities, and institutional capacity are not systematically analysed. The literature also shows a significant gap in identifying and prioritising these multidimensional criteria within a unified decision-making structure. This study aims to develop a robust model that evaluates public financing strategies by incorporating both financial and legal dimensions. To address this gap, a novel decision-making model is proposed by integrating CRITIC and RAWEC techniques with Fermatean fuzzy sets to better capture uncertainty in expert judgments. The findings indicate that corporate and administrative applicability and contingent liability risk are the most critical criteria, while public–private partnership-supported instruments are the most suitable strategies. The proposed model contributes to the literature by offering a more flexible and realistic analytical framework. It is recommended that policymakers prioritise risk sharing mechanisms and strengthen institutional capacity for more sustainable financing decisions.

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Cryptocurrency adoption in Latin America has accelerated in recent years. Given that Colombia ranks second in the region in terms of transaction value received between 2023 and 2025, this study explores the drivers of total cryptocurrency transaction volume and how effective anti-money laundering (AML) policies in Colombia are under institutional weakness conditions. Using a heteroskedasticity- and autocorrelation consistent generalised method of moments (HAC‑GMM) framework on quarterly time series data (2019–2024), the study models the short- and long-run elasticities of cryptocurrency transaction volume (VTCI). Instead of measuring isolated illicit flows, VTCI serves as a proxy for total market exposure, which reflects the financial institutions’ capacity to absorb and obfuscate illicit capital. The empirical results show that institutional quality, measured by control of corruption (CC) and the rule of law (ROL), is the main deterrent for the use of Digital assets for capital diversion. Nevertheless, while state enforcement (lnAML) exerts a significant deterrent effect, its capacity is partially limited by macroeconomic growth (GDPG) and global cryptocurrency adoption (CADOP). Hansen’s J-test (p = 0.5018) and relevant diagnostics confirm the validity of the instruments. Considering the Colombian sociopolitical and economic conditions marked by a long history of civil war and drug trafficking, we conclude that Colombia requires structural institutional reinforcement for effective AML governance rather than reactive judicial tracking.

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All municipalities in the Slovak Republic are legally required to audit their financial statements. This study examines the auditing of financial statements in small municipalities over a five-year period, between 2020 and 2024. We inquired whether there are municipalities that fail to fulfil their statutory audit obligation and whether municipalities publish annual reports and auditors’ reports. Furthermore, we examined whether the municipalities’ financial statements provide a true and fair view, whether there are any gender-based differences in attitudes towards audited financial statements, and the varying approaches of individual auditors and auditing firms in the opinion sections of audit reports. The analysis utilises audit report data from small municipalities in all eight self-governing regions of the Slovak Republic, based on a statistically significant sample, and the hypotheses were tested through Pearson’s chi-square test of independence. The overall rating of municipalities regarding compliance with their obligations was conducted using Min-Max normalisation, and we found that there are statistically significant differences between regions in all the areas examined.

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This study was supported by grant No. 1/0366/23 “Value for money in public procurement” of the “VEGA”.

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Assistant Professor, Department of Finance, Faculty of Economics, Technical University of Košice, Košice, Slovakia

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Assistant Professor, Department of Finance, Faculty of Economics, Technical University of Košice, Košice, Slovakia

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