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デジタル金融はグリーン成長と持続可能な開発を促進しうるか？発展段階と危機状況別の118カ国からのエビデンス

Can Digital Finance Drive Green Growth and Sustainable Development? Evidence From 118 Countries Across Development Status and Crisis Contexts (原題)

Sehar Saleem, Zakaria Boulanouar, Shumaila Zeb, Sami Ullah

Sustainable Development📚 査読済 / ジャーナル2026-10-04#気候金融Origin: Global経営インパクト: 資金調達対象セクター: finance
DOI: 10.1002/sd.71745
原典: https://onlinelibrary.wiley.com/doi/pdfdirect/10.1002/sd.71745
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🤖 gxceed AI 要約

日本語

118カ国・2004〜2022年のパネルデータを用い、フィンテック導入(FTA)・金融発展(FD)・デジタル金融リテラシー(DFL)・グリーン成長(GG)のPCA指標を構築。System-GMMと2SLSで動的関係を推定した。FTAとDFLはGGと正に関連し、FDは概ね負。FTAは先進国でU字型、途上国では正の凸関係を示し、DFLは途上国・金融危機時に最も強い効果を持つ。デジタル金融の持続可能性効果は技術成熟度・利用者能力・発展段階・危機曝露に依存すると結論づける。

English

Using 2004–2022 panel data for 118 countries, the study builds PCA indices of fintech adoption (FTA), financial development (FD), digital financial literacy (DFL), and green growth (GG), estimated via System-GMM with 2SLS robustness checks. FTA and DFL correlate positively with GG, while FD is generally negative; FTA shows a U-shape in developed economies and a positive convex pattern in developing ones. DFL matters most in developing countries and during crises, showing that digital finance's sustainability effects depend on maturity, capability, development stage, and crisis exposure.

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

📝 gxceed 編集解説 — Why this matters

日本のGX文脈において

日本ではGX推進法・トランジション・ファイナンスやSSBJ開示の議論が進むが、本稿はデジタル金融とグリーン成長の国際比較であり、日本の金融機関がトランジション金融やESG投融資の設計を検討する際のマクロ的参照材料となる。ただし炭素会計やScope開示との直接接続は弱い。

In the global GX context

Amid TCFD/ISSB/CSRD-driven disclosure and transition-finance debates, this paper offers macro evidence that financial deepening alone may not align with sustainability, while fintech and digital financial literacy can—conditional on maturity and crisis context. It informs how disclosure and finance frameworks might differentiate by development stage, though it does not engage directly with carbon accounting or Scope reporting.

👥 読者別の含意

🔬研究者:デジタル金融とグリーン成長の非線形・条件依存関係を、多理論枠組みとGMMで検証した実証手法が参考になる。

🏢実務担当者:金融機関・企業がデジタル金融サービスを通じたESG投融資やリテラシー支援を設計する際の条件整理に使える。

🏛政策担当者:SDG整合のデジタル金融政策や低炭素移行支援において、技術成熟度と利用者能力に応じた段階的設計の必要性を示唆する。

📄 Abstract（原文）

This study investigates whether and under what conditions digital finance advances green growth (GG) and broader sustainable development (SD) objectives in a financially volatile, climate‐constrained, and developmentally unequal world. Using annual data for 118 developed and developing countries from 2004 to 2022, we construct four Principal Component Analysis (PCA)‐based indices of fintech adoption (FTA), financial development (FD), digital financial literacy (DFL), and GG. The framework distinguishes GG as an operational pathway within wider equity, capability, resilience, and welfare objectives under the SDGs. A multi‐theoretical framework integrating Disruptive Innovation Theory, Financial Development Theory, Capability Theory, and Ecological Modernization Theory informs the analysis. System‐GMM estimates the dynamic relationships, while 2SLS provides an endogeneity‐based robustness check. Results show that FTA and DFL are positively associated with GG, whereas FD has a generally negative relationship. FTA follows a U‐shaped pattern in the full sample and developed economies: early adoption is associated with greater environmental pressures, but its contribution becomes positive beyond a digital‐maturity threshold and is concentrated in stable periods. In developing economies, FTA displays a positive convex relationship with GG. DFL has its strongest association in developing countries and during financial crises, underscoring its role in inclusive and crisis‐adaptive SD. The study provides global evidence that the sustainability effects of digital finance depend on technological maturity, user capability, development conditions, and crisis exposure. It also shows that conventional financial deepening may remain misaligned with sustainability objectives, offering policy guidance for SDG‐aligned digital finance, low‐carbon transitions, and inclusive economic transformation.

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