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The Additionality Gap: Evaluating The Synergy Between Green Finance And Macroeconomic Stability In Emerging Economies

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  • Ataxanov Umidbek Olimovich

Abstract

This article examines the structural efficiency and "additionality" of green finance instruments in emergingeconomies. Utilizing a triangulated case-study design, the research analyzes primary data from the 2024–2026 issuancecycles of Uzbekistan (Agrobank), India, and Brazil. By adapting the Ramsey-Cass-Koopmans (RCK) growth model andapplying the Matching Bond Method, the study quantifies the "Financial Greenium" (γ) and its impact on the marginalproduct of green capital (k_g). Results indicate a significant greenium of 5.2–6.0 bps in mature markets like India, whereasUzbekistan exhibits a 62.45% refinancing rate, highlighting a persistent additionality gap. The findings suggest that whilegreen bonds effectively mobilize capital, long-term macroeconomic growth requires a strategic shift toward Greenfieldproject financing and standardized transparency frameworks to stabilize the sustainability multiplier (σ).

Suggested Citation

  • Ataxanov Umidbek Olimovich, 2026. "The Additionality Gap: Evaluating The Synergy Between Green Finance And Macroeconomic Stability In Emerging Economies," GREEN ECONOMY AND DEVELOPMENT, "Ma'rifat-Print-Media" LLC, Tashkent State University of Economics, vol. 4(3), March.
    • Handle: RePEc:teu:ged000:v:4:y:2026:i:3:id:9659
    DOI: 10.5281/zenodo.19239272
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