From Regulatory Risk to Systemic Risk: The Role of Green FinTech in Financial Stability
規制リスクからシステムリスクへ：グリーンフィンテックが金融安定性に果たす役割 (AI 翻訳)
János Kálmán
🤖 gxceed AI 要約
日本語
本稿は、グリーンフィンテックが金融安定性に与える影響を、規制リスクがシステムリスクに転換するメカニズムを通じて分析する。3つの規制次元（規制の明確性・範囲、監督の一貫性、イノベーション促進）と5つのシステムリスク伝達経路（市場集中、データ・モデルリスク、規制裁定、グリーンウォッシュ増幅、金融相互連関性）を接続する概念フレームワークを提示。EUのSFDR、タクソノミー規則、DORA、ESG格付け規則を参照し、デジタルインフラが急速に拡大する際に規制の不確実性がシステムリスク化しうると論じる。
English
This article develops a conceptual framework linking regulatory dimensions (clarity, supervisory consistency, innovation facilitation) with systemic risk transmission channels (market concentration, data/model risk, regulatory arbitrage, greenwashing amplification, financial interconnectedness) in green fintech. It argues that regulatory uncertainty embedded in scalable digital infrastructures can transform local regulatory weaknesses into systemic risks. Drawing on EU regulations such as SFDR, Taxonomy Regulation, DORA, and ESG Ratings Regulation, it shifts the discourse from compliance-level risk to mechanisms affecting financial stability.
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SSBJや有報でのサステナビリティ開示が進む中、グリーンフィンテックの役割が注目される。本稿のフレームワークは、日本の金融規制当局やフィンテック企業がシステムリスクを予防するための示唆を与える。
In the global GX context
With the EU leading on green fintech regulation (SFDR, Taxonomy, DORA), this paper offers a systemic risk lens that is globally relevant. It underscores how regulatory gaps in digital green finance could scale into financial stability concerns, a lesson for jurisdictions like the US, UK, and Japan as they develop their own frameworks.
👥 読者別の含意
🔬研究者:Scholars in sustainable finance and financial stability will find a novel mechanism-based framework connecting regulatory risk to systemic risk in green fintech.
🏢実務担当者:Fintech firms and financial institutions can use the framework to assess how their digital green products might contribute to systemic vulnerabilities.
🏛政策担当者:Regulators designing green fintech oversight should consider the transmission channels identified to prevent regulatory uncertainty from becoming systemic.
📄 Abstract（原文）
Green fintech operates at the intersection of sustainable finance, digital innovation, and financial-sector risk governance. It promises to improve the allocation of capital toward environmentally sustainable activities by lowering information costs, scaling disclosure tools, automating environmental verification, and widening access to green investment products. Yet the same digital features that make green fintech attractive—speed, scalability, data intensity, platform intermediation, cross-border distribution, and algorithmic decision-making—can also transform apparently local regulatory weaknesses into broader financial-stability concerns. This article examines how regulatory risk associated with green fintech may evolve into systemic risk under conditions of market concentration, weak data governance, regulatory fragmentation, greenwashing amplification, and financial interconnectedness. It develops a mechanism-based conceptual framework rather than an econometric test. The framework connects three regulatory dimensions—regulatory clarity and scope, supervisory consistency, and innovation facilitation—with five systemic-risk transmission channels: market concentration, data and model risk, regulatory arbitrage, greenwashing amplification, and financial interconnectedness. The article draws on sustainable-finance regulation, the financial-stability literature, fintech scholarship, and official supervisory documents, including the EU Sustainable Finance Disclosure Regulation, the EU Taxonomy Regulation, the Digital Operational Resilience Act, and the ESG Ratings Regulation. The central argument is cautious but policy-relevant: green fintech does not automatically create systemic risk, but regulatory uncertainty and supervisory gaps may become systemic when they are embedded in digital infrastructures that scale quickly and are relied upon by multiple financial institutions. The article contributes to risk scholarship by shifting the analysis from compliance-level regulatory risk to transmission mechanisms through which green-finance innovation may affect market integrity and financial stability.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://www.mdpi.com/2227-9091/14/6/142/pdf?version=1782129824first seen 2026-07-18 08:28:02
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