The September 2026 issue of the Financial and Economic Review is now published
The studies published in the September issue of our scientific journal analyse the relationship between monetary stability and national security in Poland, inflation and structural factors in India, and green finance and the environmentally conscious consumer behaviour. An essay reviews international financial centres in a changing world order.
The study by Harold James and Marzenna James examines Poland’s monetary history over the past century to show how closely financial stability and national security are intertwined. Wars, occupations, political transitions and economic crises demonstrate that financial fragility can undermine national security, while geopolitical uncertainty can erode confidence in the currency. Against this background, gold has remained a persistent store of security and public trust. Its enduring role in Poland therefore reflects not nostalgia, but a rational response to the country’s long-standing monetary and strategic vulnerabilities.
The study by C. M. Denny investigates the structural drivers of persistent inflation in India using quarterly data covering more than six decades, from 1955 to 2024. The findings identify fiscal deficits, distortions in agricultural markets – particularly minimum support price policies – and entrenched inflation expectations as key sources of persistence. The adoption of inflation targeting in 2014 marked a statistically significant shift in both the level and volatility of inflation. Sustaining price level stability will require continued fiscal consolidation alongside deeper agricultural reforms.
The study by T. D. Aswani examines 173 Scopus-indexed articles published between 1997 and 2025 on the relationship between environmentally conscious consumer behaviour and green finance in a bibliometric analysis. The findings highlight willingness to pay, the gap between environmental attitudes and actual behaviour, and climate-finance literacy as key challenges. Research in the field has accelerated markedly since 2019, with China leading in publication volume, the United Kingdom in citation impact, and Hungary ranking eighth in citation impact. The article also identifies emerging research directions for financial institutions, regulators and central banks.
According to the essay by János Müller and Réka Hámori, in a rapidly changing world order burdened with geopolitical tensions, international financial centres have become key elements of the world economy. The influence of financial centres is growing dynamically in the multipolar global financial system. The authors review the assessment of the weight of centres using different methods. The globalisation of the economies has been characterised by the significant strengthening of finance that permeates the world. At the beginning of the 21st century, due to international, economic, financial and geopolitical developments, global, regional, and city-based international financial centres became even more significant in the world economy.
The feature article by Balázs Sárvári, Izabella Kuncz and Petra Németh systematises the conceptual development and research periods of sustainable finance. The authors clarify the relations between carbon, climate, green, environmental and sustainable finance, and then, based on an analysis of 4,436 publications, determine the independent developmental phases of research in the field from its beginnings to the present day.
In addition to the above, the September issue of the Financial and Economic Review includes also a book review.
The publication can be viewed on the website of our Journal:
The Financial and Economic Review
We wish you a very pleasant reading.
The Editorial Staff of the Financial and Economic Review/Magyar Nemzeti Bank