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Optimizing sustainable high-quality economic development through Green Finance with robust spatial estimation

Hafiz M. Sohail · Hossam Haddad · Mirzat Ullah · Nidal Mahmoud Al-Ramahi · Nazatul Faizah Haron · Ayman Mansour Khalaf Alkhazaleh

22 citations0/0 files storedCogent Economics & Finance

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Sustainable Finance and Green Bonds Energy, Environment, Economic Growth Sustainable Development and Policies

Abstract

Green finance (GF) holds significant potential in fostering high-quality economic development (HED), enhancing societal affluence consistency, and alleviating poverty by promoting sustainable development, innovation, and resilience. This study addresses environmental challenges and the promotion of sustainable economic growth through the pivotal tools of GF. We employ spatial spillover, quantile regression, and regional-wise models to derive four key findings. Firstly, baseline regression analysis reveals a noteworthy positive association between GF and HED, indicating that the adoption and utilization of green financial mechanisms significantly advance economic development while maintaining ecological sustainability. Secondly, using a spatial econometric model, this study identifies the presence of a spillover effect, showing that the positive impact of GF on HED extends beyond individual provinces and contributes to overall economic development on a broader geographical scale. Thirdly, the analysis of regional heterogeneity demonstrates that the correlation between GF and HED varies across different regions of China. Notably, a significant association between GF and HED is observed in the western region, highlighting the importance of considering regional disparities in the implementation and effectiveness of green financial policies. Lastly, through quantile regression analysis, this study uncovers non-linear relationships between GF and HED, emphasizing that the impact of green financial strategies on economic development varies across different quantiles of the economic development distribution. This study provides several practical policy implications for financial institutions and policymakers.

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References

2022How does green finance affect green total factor productivity? Evidence from China 2020Impact of green finance on economic development and environmental quality: a study based on provincial panel data from China 2022Green technological innovation, green finance, and financial development and their role in green total factor productivity: Empirical insights from China 2019A bibliometric analysis on green finance: Current status, development, and future directions 2016The Role of Green Finance in Environmental Protection: Two Aspects of Market Mechanism and Policies 2006Finance as a Driver of Corporate Social Responsibility 2021A review of studies on green finance of banks, research gaps and future directions 2021Nexus between green finance, fintech, and high-quality economic development: Empirical evidence from China

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