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Is green growth affected by financial risks? New global evidence from asymmetric and heterogeneous analysis

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  • Zhao, Jun
  • Dong, Kangyin
  • Dong, Xiucheng
  • Shahbaz, Muhammad
  • Kyriakou, Ioannis

Abstract

In this paper, we aim to detect whether the instability of financial industry will restrict the global green evolution. To this end, by applying a sample dataset of 47 countries for the period 1996–2018, this study empirically examines the financial risk-green growth nexus, and also checks their regional heterogeneity as well as the impact of the financial crisis. We find that: (i) increased financial risks play an important role in restricting green growth across the globe; by implication, the instability of financial markets is an effective determinant hindering the global green evolution; (ii) significant regional heterogeneity exists in the financial risk-green growth nexus; only in regions with low green growth and high financial risks can financial risks affect green growth negatively; and (iii) the outbreak of the financial crisis in 2008 becomes a watershed in the impact of financial risks on green growth; after the crisis, the effective control of financial risks can facilitate the green economic recovery. Accordingly, some policy implications are put forward concerning the reform of the financial system and the establishment of early warning mechanism.

Suggested Citation

  • Zhao, Jun & Dong, Kangyin & Dong, Xiucheng & Shahbaz, Muhammad & Kyriakou, Ioannis, 2022. "Is green growth affected by financial risks? New global evidence from asymmetric and heterogeneous analysis," Energy Economics, Elsevier, vol. 113(C).
    • Handle: RePEc:eee:eneeco:v:113:y:2022:i:c:s0140988322003784
    DOI: 10.1016/j.eneco.2022.106234
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    More about this item

    Keywords

    Green growth; Financial risks; SYS-GMM technique; Heterogeneous and asymmetric analysis; Globe;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • 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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