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Role of the State in the Resolution of Green Finance Development Issues

Author

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  • Elena P. Fedorova

    (Astrakhan State University, Astrakhan 414056, Russian Federation)

Abstract

Problems related to green finance exist in all the countries of the world. Those problems are especially acute in the developing countries, whose economic growth depends on recovery of hydrocarbon fossil fuels. To research the history of issues related to green finance and identify the key reasons hampering its development, this article presents a systematic literature review; it applies a systematic analytical approach to researching green finance. The paper considers the key notions and the world expertise gained in the resolution of problems related to green finance; it also presents a statistical analysis of data provided by websites of international institutions and financial organizations. This article analyzes a number of problems that are unique for green finance: disagreement in interpreting the concepts of “green finance” and “green economy sectors”; difficulties related to assessment and evaluation of the external effect exerted by green finance; institutional reasons hampering the development of green finance; information asymmetry; and problems related to estimation of credit and market risks. The paper considers innovations in the financial sector that are typical for long-term investment, such as green bonds, asset-backed security, and yield cos. As a result, the article concludes that cooperation between the government, international institutions, and business companies is necessary to resolve the issues of green finance. The government ought to play the key role in that cooperation — it must inform, coordinate, stimulate, and control activities related to green finance.

Suggested Citation

  • Elena P. Fedorova, 2020. "Role of the State in the Resolution of Green Finance Development Issues," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 4, pages 37-51, August.
    • Handle: RePEc:fru:finjrn:200403:p:37-51
    DOI: 10.31107/2075-1990-2020-4-37-51
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    References listed on IDEAS

    as
    1. Romain Berrou & Nicola Ciampoli & Vladimiro Marini, 2019. "Defining Green Finance: Existing Standards and Main Challenges," Palgrave Studies in Impact Finance, in: Marco Migliorelli & Philippe Dessertine (ed.), The Rise of Green Finance in Europe, chapter 0, pages 31-51, Palgrave Macmillan.
    2. Igor A. Yakovlev & Lyudmila S. Kabir & Svetlana I. Nikulina & Ivan D. Rakov, 2017. "Financing Green Economic Growth: Conceptions, Problems, Approaches," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 3, pages 9-21, June.
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    Cited by:

    1. Guang-Wen Zheng & Abu Bakkar Siddik & Mohammad Masukujjaman & Nazneen Fatema & Syed Shah Alam, 2021. "Green Finance Development in Bangladesh: The Role of Private Commercial Banks (PCBs)," Sustainability, MDPI, vol. 13(2), pages 1-17, January.
    2. Natalya A. Khutorova, 2021. "Global Catastrophe Bond Market and the Prospects of Its Formation in the Russian Federation," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 1, pages 75-92, February.
    3. Zhao Chen & Ling Hu & Xin He & Ziming Liu & Danni Chen & Weirui Wang, 2022. "Green Financial Reform and Corporate ESG Performance in China: Empirical Evidence from the Green Financial Reform and Innovation Pilot Zone," IJERPH, MDPI, vol. 19(22), pages 1-17, November.
    4. Guang-Wen Zheng & Abu Bakkar Siddik & Mohammad Masukujjaman & Nazneen Fatema, 2021. "Factors Affecting the Sustainability Performance of Financial Institutions in Bangladesh: The Role of Green Finance," Sustainability, MDPI, vol. 13(18), pages 1-27, September.

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    More about this item

    Keywords

    sustainable development; economic growth; green economy; green finance; green investment; green bond;
    All these keywords.

    JEL classification:

    • O44 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Environment and Growth
    • Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development

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