绿色增长对金融稳定的影响

IF 2 Q2 BUSINESS, FINANCE

Journal of Financial Regulation and Compliance Pub Date : 2021-07-12 DOI:10.1108/JFRC-01-2021-0006

Imran Abbas Jadoon, Raheel Mumtaz, J. Sheikh, Usman Ayub, M. Tahir

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引用次数: 8

摘要

国际机构、政策制定者和政府正在推动绿色增长作为全球金融稳定(FS)的政策目标，但没有进行合理的实证调查。因此，本研究的目的是调查绿色经济是否会成功实现其主要目标，即稳定世界金融体系，因为这种绿色转型的投资风险太高。本研究采用两步系统广义矩量法(GMM)方法，对90个国家2010 - 2015年6年的面板数据进行分析，考察绿色增长经济对金融服务的影响。研究结果当前的研究结果表明，从短期和长期来看，整体绿色增长都提高了该国的金融服务水平。然而，绿色增长的社会包容性维度与创建金融系统无关。研究的局限性/启示本研究的结果验证了增长主导金融假说，并鼓励决策者加强绿色增长的政策主动性。因为绿色增长减轻了经济和环境风险，创造了稳定的金融环境。然而，社会包容性需要通过与FS相关的替代范式来探索。据作者所知，实证研究绿色增长对金融服务的影响是一项开创性的研究，这将有助于理解绿色增长和金融服务动态。

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The impact of green growth on financial stability

Purpose The international institutions, policymakers and governments are promoting green growth as a policy objective for global financial stability (FS) without sound empirical investigation. Therefore, the purpose of this study is to investigate whether the green economy would be successful in achieving its main objective i.e. stabilizing the world financial system because the investment stakes are too high for this green transition. Design/methodology/approach The study used the two-step system generalized method of moments (GMM) methodology on panel data of 90 countries for 6 years from 2010 to 2015 to investigate the impact of green growth economy on FS. Findings The results of the current study revealed that overall green growth enhanced FS in the country for both the short and long run. However, the social inclusive dimension of green growth was irrelevant in creating FS. Research limitations/implications The results of the current study validate the growth-led finance hypothesis and encourage the policymakers to strengthen the policy initiative for green growth. Because green growth mitigates economic and environmental risk to create a stable financial environment. However, social inclusiveness needs to be explored through alternate paradigm in relevance to FS. Originality/value As per the author’s knowledge, it is a pioneer study to empirically investigate the impact of green growth on FS which would be useful in understanding the green growth and FS dynamics.

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来源期刊

Journal of Financial Regulation and Compliance BUSINESS, FINANCE-

CiteScore

2.60

自引率

11.10%

发文量

期刊介绍： Since its inception in 1992, the Journal of Financial Regulation and Compliance has provided an authoritative and scholarly platform for international research in financial regulation and compliance. The journal is at the intersection between academic research and the practice of financial regulation, with distinguished past authors including senior regulators, central bankers and even a Prime Minister. Financial crises, predatory practices, internationalization and integration, the increased use of technology and financial innovation are just some of the changes and issues that contemporary financial regulators are grappling with. These challenges and changes hold profound implications for regulation and compliance, ranging from macro-prudential to consumer protection policies. The journal seeks to illuminate these issues, is pluralistic in approach and invites scholarly papers using any appropriate methodology. Accordingly, the journal welcomes submissions from finance, law, economics and interdisciplinary perspectives. A broad spectrum of research styles, sources of information and topics (e.g. banking laws and regulations, stock market and cross border regulation, risk assessment and management, training and competence, competition law, case law, compliance and regulatory updates and guidelines) are appropriate. All submissions are double-blind refereed and judged on academic rigour, originality, quality of exposition and relevance to policy and practice. Once accepted, individual articles are typeset, proofed and published online as the Version of Record within an average of 32 days, so that articles can be downloaded and cited earlier.