IDEAS home Printed from https://ideas.repec.org/a/eco/journ2/2022-06-53.html
   My bibliography  Save this article

The Impact Covid-19 Outbreak, Green Finance, Creativity and Sustainable Economic Development on the Economic Recovery in G20 Countries

Author

Listed:
  • Miar

    (Department of Economic Development, Faculty of Economics and Business, University of Palangka Raya, Palangka Raya, Indonesia,)

  • Sunaryo Neneng

    (Department of Economic Development, Faculty of Economics and Business, University of Palangka Raya, Palangka Raya, Indonesia,)

  • Jeky Melkianus Sui

    (Deparment of Statistic, Faculty of Mathematics and Natural Sciences, University of San Pedro, Indonesia.)

Abstract

Economic growth has become a global issue, especially after Covid-19, and attain the focus of recent studies and policymakers. A question that repeatedly arises when compulsion of sustainability is sought in a system and economies are obligated to strive for creative outcomes in order to increase economic efficiency. Meanwhile, green financing and sustainable economic development are also expected to be a part of the requirement as they are directly or indirectly indicators of economic growth. Thus, the current research examines the role of the Covid-19 outbreak along with green finance, sustainable economic development and creativity on the economic recovery in the context of G20 economies. This study has used the World Development Indicators (WDI) to extract the data of the selected countries from 2016 to 2020. The present study has also executed the robust standard error along with the fixed-effect model (FEM) to examine the nexus among the variables. The results revealed that green finance (green credit and renewable energy production), sustainable economic development environmental dimension (GHG emissions) and creativity have a positive association with economic growth in G20 countries. These outcomes are suitable for the new researchers while studying this area in the future and helpful for the regulators while developing the regulation related to the economic recovery.

Suggested Citation

  • Miar & Sunaryo Neneng & Jeky Melkianus Sui, 2022. "The Impact Covid-19 Outbreak, Green Finance, Creativity and Sustainable Economic Development on the Economic Recovery in G20 Countries," International Journal of Energy Economics and Policy, Econjournals, vol. 12(6), pages 432-440, November.
    • Handle: RePEc:eco:journ2:2022-06-53
    as

    Download full text from publisher

    File URL: https://www.econjournals.com/index.php/ijeep/article/download/13833/7047
    Download Restriction: no
    File URL: https://www.econjournals.com/index.php/ijeep/article/view/13833
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Chien, FengSheng, 2022. "How renewable energy and non-renewable energy affect environmental excellence in N-11 economies?," Renewable Energy, Elsevier, vol. 196(C), pages 526-534.
    2. Chien, Fengsheng & Ngo, Quang-Thanh & Hsu, Ching-Chi & Chau, Ka Yin & Iram, Robina, 2021. "Assessing the mechanism of barriers towards green finance and public spending in small and medium enterprises from developed countries," MPRA Paper 109668, University Library of Munich, Germany.
    3. Zhang, Dongyang & Mohsin, Muhammad & Rasheed, Abdul Khaliq & Chang, Youngho & Taghizadeh-Hesary, Farhad, 2021. "Public spending and green economic growth in BRI region: Mediating role of green finance," Energy Policy, Elsevier, vol. 153(C).
    4. Dervis Kirikkaleli & Tomiwa Sunday Adebayo, 2021. "Do renewable energy consumption and financial development matter for environmental sustainability? New global evidence," Sustainable Development, John Wiley & Sons, Ltd., vol. 29(4), pages 583-594, July.
    5. Destek, Mehmet & Sinha, Avik, 2020. "Renewable, non-renewable energy consumption, economic growth, trade openness and ecological footprint: Evidence from organisation for economic Co-operation and development countries," MPRA Paper 104246, University Library of Munich, Germany, revised 2020.
    6. Michael König & Adalbert Winkler, 2020. "COVID-19 and Economic Growth: Does Good Government Performance Pay Off?," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 55(4), pages 224-231, July.
    7. Kuckertz, Andreas & Brändle, Leif & Gaudig, Anja & Hinderer, Sebastian & Morales Reyes, Carlos Arturo & Prochotta, Alicia & Steinbrink, Kathrin M. & Berger, Elisabeth S.C., 2020. "Startups in times of crisis – A rapid response to the COVID-19 pandemic," Journal of Business Venturing Insights, Elsevier, vol. 13(C).
    8. Mohsin Ali & Mansor H. Ibrahim & Mohamed Eskandar Shah, 2022. "Impact Of Non-Intermediation Activities Of Banks On Economic Growth And Volatility: An Evidence From Oic," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 67(01), pages 333-348, March.
    9. Bai, Xiao & Wang, Kuan-Ting & Tran, Trung Kien & Sadiq, Muhammad & Trung, Lam Minh & Khudoykulov, Khurshid, 2022. "Measuring China’s green economic recovery and energy environment sustainability: Econometric analysis of sustainable development goals," Economic Analysis and Policy, Elsevier, vol. 75(C), pages 768-779.
    10. Hsu, Ching-Chi & Ngo, Quang-Thanh & Chien, FengSheng & Li, Li & Mohsin, Muhammad, 2021. "Evaluating green innovation and performance of financial development: mediating concerns of environmental regulation," MPRA Paper 109671, University Library of Munich, Germany.
    11. Castillo-Vergara, Mauricio & Alvarez-Marin, Alejandro & Placencio-Hidalgo, Dario, 2018. "A bibliometric analysis of creativity in the field of business economics," Journal of Business Research, Elsevier, vol. 85(C), pages 1-9.
    12. Gorus, Muhammed Sehid & Aydin, Mucahit, 2019. "The relationship between energy consumption, economic growth, and CO2 emission in MENA countries: Causality analysis in the frequency domain," Energy, Elsevier, vol. 168(C), pages 815-822.
    13. Shi-Zheng Huang & Ka Yin Chau & Fengsheng Chien & Huawen Shen, 2020. "The Impact of Startups’ Dual Learning on Their Green Innovation Capability: The Effects of Business Executives’ Environmental Awareness and Environmental Regulations," Sustainability, MDPI, vol. 12(16), pages 1-17, August.
    14. Alessandra Faggian & Mark Partridge & Edward J. Malecki, 2017. "Creating an Environment for Economic Growth: Creativity, Entrepreneurship or Human Capital?," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 41(6), pages 997-1009, November.
    15. Chang, Yu-Yu & Chen, Ming-Huei, 2020. "Creative entrepreneurs’ creativity, opportunity recognition, and career success: Is resource availability a double-edged sword?," European Management Journal, Elsevier, vol. 38(5), pages 750-762.
    16. Muhammad, Bashir, 2019. "Energy consumption, CO2 emissions and economic growth in developed, emerging and Middle East and North Africa countries," Energy, Elsevier, vol. 179(C), pages 232-245.
    17. Li, Weiqing & Chien, Fengsheng & Hsu, Ching-Chi & Zhang, YunQian & Nawaz, Muhammad Atif & Iqbal, Sajid & Mohsin, Muhammad, 2021. "Nexus between energy poverty and energy efficiency: Estimating the long-run dynamics," Resources Policy, Elsevier, vol. 72(C).
    18. Zhen Liu & Tong Yin & Ahmad Romadhoni Surya Putra & Muhammad Sadiq, 2022. "Public Spending As A New Determinate Of Sustainable Development Goal And Green Economic Recovery: Policy Perspective Analysis In The Post-Covid Era," Climate Change Economics (CCE), World Scientific Publishing Co. Pte. Ltd., vol. 13(03), pages 1-26, August.
    19. Scholtens, Bert & Dam, Lammertjan, 2007. "Banking on the Equator. Are Banks that Adopted the Equator Principles Different from Non-Adopters?," World Development, Elsevier, vol. 35(8), pages 1307-1328, August.
    20. Bowen Da & Chuanzhe Liu & Nana Liu & Yufei Xia & Fangming Xie, 2019. "Coal-Electric Power Supply Chain Reduction and Operation Strategy under the Cap-and-Trade Model and Green Financial Background," Sustainability, MDPI, vol. 11(11), pages 1-17, May.
    21. Kasman, Adnan & Duman, Yavuz Selman, 2015. "CO2 emissions, economic growth, energy consumption, trade and urbanization in new EU member and candidate countries: A panel data analysis," Economic Modelling, Elsevier, vol. 44(C), pages 97-103.
    22. Salahuddin, Mohammad & Gow, Jeff, 2014. "Economic growth, energy consumption and CO2 emissions in Gulf Cooperation Council countries," Energy, Elsevier, vol. 73(C), pages 44-58.
    23. Lan, Jing & Khan, Sufyan Ullah & Sadiq, Muhammad & Chien, Fengsheng & Baloch, Zulfiqar Ali, 2022. "Evaluating energy poverty and its effects using multi-dimensional based DEA-like mathematical composite indicator approach: Findings from Asia," Energy Policy, Elsevier, vol. 165(C).
    24. Lv, Chengchao & Bian, Baocheng & Lee, Chien-Chiang & He, Zhiwen, 2021. "Regional gap and the trend of green finance development in China," Energy Economics, Elsevier, vol. 102(C).
    25. Liu, Zhen & Tang, Yuk Ming & Chau, Ka Yin & Chien, Fengsheng & Iqbal, Wasim & Sadiq, Muhammad, 2021. "Incorporating strategic petroleum reserve and welfare losses: A way forward for the policy development of crude oil resources in South Asia," Resources Policy, Elsevier, vol. 74(C).
    26. Acheampong, Alex O., 2018. "Economic growth, CO2 emissions and energy consumption: What causes what and where?," Energy Economics, Elsevier, vol. 74(C), pages 677-692.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ade Banani & Bambang Sunarko, 2022. "Nexus between Green Finance, Creativity, Energy Accounting and Financial Performance: Banks Sustainability Analysis from Developing Country," International Journal of Energy Economics and Policy, Econjournals, vol. 12(6), pages 447-455, November.
    2. Li, Li, 2023. "Commodity prices volatility and economic growth: Empirical evidence from natural resources industries of China," Resources Policy, Elsevier, vol. 80(C).
    3. Chien, FengSheng & Paramaiah, Ch & joseph, Robinson & Pham, Hong Chuong & Phan, Thi Thu Hien & Ngo, Thanh Quang, 2023. "The impact of eco-innovation, trade openness, financial development, green energy and government governance on sustainable development in ASEAN countries," Renewable Energy, Elsevier, vol. 211(C), pages 259-268.
    4. Harin Tiawon & Miar Miar, 2023. "The Role of Renewable Energy Production, Energy Efficiency and Green Finance in Achieving Sustainable Economic Development: Evidence from Indonesia," International Journal of Energy Economics and Policy, Econjournals, vol. 13(1), pages 250-260, January.
    5. Hsu, Ching-Chi, 2023. "Influence of climate finance and natural resource consumption on the mitigation of climate change in developed countries in the Pre-COP26 era," Resources Policy, Elsevier, vol. 83(C).
    6. Armeanu, Daniel Stefan & Joldes, Camelia Catalina & Gherghina, Stefan Cristian & Andrei, Jean Vasile, 2021. "Understanding the multidimensional linkages among renewable energy, pollution, economic growth and urbanization in contemporary economies: Quantitative assessments across different income countries’ g," Renewable and Sustainable Energy Reviews, Elsevier, vol. 142(C).
    7. Maximillian M. J. Kapa & Agus A. Nalle & Paul G. Tamelan & Worakamol Wisetsri, 2022. "The Impact of Green Finance, Agriculture Growth and Creativity on Carbon Emissions of High Carbon Emissions Producing Countries," International Journal of Energy Economics and Policy, Econjournals, vol. 12(5), pages 432-440, September.
    8. Nguyen, Tran Thai Ha & Tu, Yu-Te & Diep, Gia Luat & Tran, Trung Kien & Tien, Nguyen Hoang & Chien, FengSheng, 2023. "Impact of natural resources extraction and energy consumption on the environmental sustainability in ASEAN countries," Resources Policy, Elsevier, vol. 85(PA).
    9. Fang, Ming & Chang, Chiu-Lan, 2023. "The role of COP26 commitment and technological innovation in depletion of natural resources: Evidence from BRICS countries," Resources Policy, Elsevier, vol. 81(C).
    10. Olimpia Neagu, 2020. "Economic Complexity and Ecological Footprint: Evidence from the Most Complex Economies in the World," Sustainability, MDPI, vol. 12(21), pages 1-18, October.
    11. Nanang Dwi Wahyono & Niswatin Hasanah & Rita Parmawati, 2022. "The Role of Socio-economic Conditions, Energy Consumption, and Environmental Conditions on the Livestock Production in Indonesia," International Journal of Energy Economics and Policy, Econjournals, vol. 12(6), pages 486-494, November.
    12. Chien, FengSheng & Vu, Trong Lam & Hien Phan, Thi Thu & Van Nguyen, Sang & Viet Anh, Nguyen Ho & Ngo, Thanh Quang, 2023. "Zero-carbon energy transition in ASEAN countries: The role of carbon finance, carbon taxes, and sustainable energy technologies," Renewable Energy, Elsevier, vol. 212(C), pages 561-569.
    13. Chien, Fengsheng & Ananzeh, Mohammed & Mirza, Farhan & Bakar, Abou & Vu, Hieu Minh & Ngo, Thanh Quang, 2021. "The effects of green growth, environmental-related tax, and eco-innovation towards carbon neutrality target in the US economy," MPRA Paper 109664, University Library of Munich, Germany.
    14. xin, Liu & Vu, Trong Lam & Phan, Thi Thu Hien & Sadiq, Muhammad & Xuyen, Nguyen Thi My & Ngo, Thanh Quang, 2023. "Nexus of natural resources, urbanization and economic recovery in Asia: The moderating role of innovation," Resources Policy, Elsevier, vol. 81(C).
    15. Vu Minh Hieu, 2022. "Influence of Green Investment, Environmental Tax and Sustainable Environment: Evidence from ASEAN Countries," International Journal of Energy Economics and Policy, Econjournals, vol. 12(3), pages 227-235, May.
    16. Lukman Yunus & Marsuki Iswandi & La Baco & Munirwan Zani & Muhammad Aswar Limi & Sujono Sujono, 2023. "How Does Sustainable Energy System, Creativity, and Green Finance affect Environment Efficiency and Sustainable Economic Growth: Evidence from Highest Emitting Economies," International Journal of Energy Economics and Policy, Econjournals, vol. 13(1), pages 261-270, January.
    17. Chien, FengSheng & Chau, Ka Yin & Sadiq, Muhammad, 2023. "Impact of climate mitigation technology and natural resource management on climate change in China," Resources Policy, Elsevier, vol. 81(C).
    18. Ma, Cong & Cheok, Mui Yee, 2022. "The impact of financing role and organizational culture in small and medium enterprises: Developing business strategies for economic recovery," Economic Analysis and Policy, Elsevier, vol. 75(C), pages 26-38.
    19. Cai, Yurong & Zhou, Pengfei & Zhang, Yiting & Shen, Yang, 2023. "Natural resources extraction and sustainable environment: COP26 perspective for China," Resources Policy, Elsevier, vol. 82(C).
    20. Huang, Shi-Zheng, 2022. "The effect of natural resources and economic factors on energy transition: New evidence from China," Resources Policy, Elsevier, vol. 76(C).

    More about this item

    Keywords

    Covid-19; Green finance; Creativity; economic recovery; sustainable economic development; G20 countries;
    All these keywords.

    JEL classification:

    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • 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
    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eco:journ2:2022-06-53. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Ilhan Ozturk (email available below). General contact details of provider: http://www.econjournals.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.