Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2021.2024081
Green finance and sustainable development in Europe
Ayesha Afzal
Ehsan Rasoulinezhad
Zaki Malik
Sažetak
This study provides a comprehensive analysis of whether financial
development impacts environmental degradation, over time. It
highlights how financial development, institutional frameworks,
and foreign investment dictate the extent of green development.
The sample includes 40 countries in Europe and data is collected
on a large set of variables, for the years from 1990 to 2019.
Financial development is measured through domestic credit to
the private sector, bank credit to the private sector and foreign
direct investment (FDI). Environmental degradation is measured
through energy use, CO2 emissions, greenhouse emissions and
natural resource depletion. The model controls for income levels,
institutional quality, technology, education, population, and
urbanization. Regression analysis is conducted to analyze the
data. The results suggest that financial development has a negative relationship with four different measures of environmental
degradation, while FDI and institutional quality appear to worsen
the environmental measures. Recommendations for policy makers
include development of green finance policies and strong institutions, to lower environmental degradation in the long run.
Ključne riječi
Financial development; environment degradation; CO2 emissions; economic development; foreign direct investment
Hrčak ID:
302793
URI
Datum izdavanja:
31.3.2023.
Posjeta: 1.689 *