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Impact of Green Finance on High-Quality Economic Development: A Panel Data Regression

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  • Zhao Liang
  • Ellisha Nasruddin

Abstract

Green finance aims to achieve a balance between economic performance and sustainable economic development. This study examines the effect of green finance on sustainable eco- nomic development at the national level by spotlighting countries that are at the forefront of green bond issuance. Employing balanced panel data and utilizing a mediation model with fixed effects, the results demonstrate a significant ability of green finance to mitigate carbon emissions and promote high-quality economic development. The robustness of the findings is confirmed by a series of statistical tests. Furthermore, the renewable energy consumption structure enhances the suppressive effect of green finance on carbon emissions, highlighting its crucial role as a channel for mitigating carbon emissions. Overall, increasing green bond investment and structuring renewable energy consumption are crucial for carbon emission reduction, and this paper contributes new evidence regarding the emission reduction effects of green finance. It also offers several policy implications: by prioritizing green finance, R&D, and renewable energy consumption, the policymakers can achieve high quality economic development and lower carbon emissions.

Suggested Citation

  • Zhao Liang & Ellisha Nasruddin, 2024. "Impact of Green Finance on High-Quality Economic Development: A Panel Data Regression," Prague Economic Papers, Prague University of Economics and Business, vol. 2024(5), pages 543-564.
    • Handle: RePEc:prg:jnlpep:v:2024:y:2024:i:5:id:876:p:543-564
    DOI: 10.18267/j.pep.876
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    References listed on IDEAS

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    1. Onder, Harun, 2012. "Trade and Climate Change: An Analytical Review of Key Issues," World Bank - Economic Premise, The World Bank, issue 86, pages 1-8, August.
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    More about this item

    Keywords

    carbon emission; green finance; renewable energy consumption; mediation model;
    All these keywords.

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
    • 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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