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Conceptual Framework for Understanding Green Banking in Emerging Economies: The Case of Uzbekistan

Author

Listed:
  • A K M Kamrul Hasan

    (Westminster International University in Tashkent)

  • Omonjon Ganiev

    (Westminster International University in Tashkent)

  • Dildora Ibragimova

    (Westminster International University in Tashkent)

  • Feruza Yodgorova

    (Westminster International University in Tashkent)

  • Indira Khadjieva

    (Westminster International University in Tashkent)

  • Gulhayo Nusratova

    (Westminster International University in Tashkent)

Abstract

Green banking appears on the contemporary agenda of academic scholars and practitioners. However, despite the availability of empirical evidence relating to green banking, serious discussion about the issues from an institutional economics perspective remains under-researched. This paper sheds light on green banking in Uzbekistan. Through in-depth interviews and surveys of Uzbek entrepreneurs, financial institutions, and regulators, the study adopts a saturation approach and develops propositions related to green banking in Uzbekistan. A total of 17 interviews were conducted using a flexible approach to explore participants’ experiences, opinions, and perspectives regarding green banking practices in Uzbekistan. Each participant completed a survey and took part in an in-depth interview. The interviews were conducted between July 2024 and October 2024. The evidence suggests that three core components (perceptions, incentives, and monitoring costs) are crucial to the development of green banking in Uzbekistan. The novelty of the study is two-fold. First, it provides empirical evidence from different perspectives on the supply side (financial institutions) and the demand side (entrepreneurs) regarding green banking development in Uzbekistan. Second, the research contributes to existing theories in institutional economics and provides new evidence and a framework to the contemporary banking and finance literature on green banking, particularly in the context of emerging economies.

Suggested Citation

  • A K M Kamrul Hasan & Omonjon Ganiev & Dildora Ibragimova & Feruza Yodgorova & Indira Khadjieva & Gulhayo Nusratova, 2025. "Conceptual Framework for Understanding Green Banking in Emerging Economies: The Case of Uzbekistan," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 31(3), pages 197-216, August.
    • Handle: RePEc:kap:iaecre:v:31:y:2025:i:3:d:10.1007_s11294-025-09935-3
    DOI: 10.1007/s11294-025-09935-3
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    Keywords

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    JEL classification:

    • F49 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Other
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy

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