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Examining the bidirectional nexus between financial development and green growth: International evidence through the roles of human capital and education expenditure

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  • Ngo, Thanh
  • Trinh, Hai Hong
  • Haouas, Ilham
  • Ullah, Subhan

Abstract

In the context of the 2030 Agenda for Sustainable Development by the United Nations, the functionality of financial development is undeniable in the wider economy toward Sustainable Development Goals (SDGs). Using novel panel data of 36 countries over the last decades, the study sheds light on the bi-directional nexus between financial development and green growth where human capital and education expenditure present their central roles in sustainable development. The study provides critical findings to the existing literature on climate change, environment, and sustainability. Following the empirical findings, we provide important insights to regulators, policy makers, and organizations in investigating the substantial contributions of financial development including financial markets and financial institutions where their accessibility, depth, and efficiency need a thorough consideration toward SDGs and mitigating climate change impacts worldwide. Apart from using the multidimensional proxies, the empirical findings are validated by a set of econometric approaches.

Suggested Citation

  • Ngo, Thanh & Trinh, Hai Hong & Haouas, Ilham & Ullah, Subhan, 2022. "Examining the bidirectional nexus between financial development and green growth: International evidence through the roles of human capital and education expenditure," Resources Policy, Elsevier, vol. 79(C).
    • Handle: RePEc:eee:jrpoli:v:79:y:2022:i:c:s030142072200407x
    DOI: 10.1016/j.resourpol.2022.102964
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    More about this item

    Keywords

    Financial development; Green growth; Human capital; Generalized method of moment (GMM); Sustainability; Education expenditure;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • O44 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Environment and Growth
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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