Pathways to Green Growth: The Role of Green Finance in Developed and Developing Countries
グリーン成長への道筋：先進国と発展途上国におけるグリーンファイナンスの役割 (AI 翻訳)
Tuyet Nguyen Thi Bach
🤖 gxceed AI 要約
日本語
この研究は、2005年から2022年までの11の先進国と41の発展途上国におけるグリーンファイナンスとグリーン成長の動的関係を分析した。グリーンファイナンスは農業向け融資、再生可能エネルギー向け融資、再生可能エネルギーへの公的R&D支出、環境保護への公的R&D支出の4指標で測定され、グリーン成長は調整純貯蓄を用いて測定された。PVARモデルによる分析の結果、先進国ではグリーンファイナンスが安定した正の効果を持つ一方、発展途上国では効果が不安定で時に負となることが示された。これにより、国ごとに異なる政策対応の必要性が示唆される。
English
This study analyzes the dynamic relationship between green finance and green growth across 11 developed and 41 developing countries from 2005 to 2022. Green finance is measured by four indicators: credit for agriculture, credit for renewable energy, public R&D spending on renewable energy, and public R&D spending on environmental protection. Green growth is proxied by adjusted net savings. Using a PVAR model, the results show a positive and stable impact in developed countries, but a volatile and sometimes negative effect in developing countries. The findings emphasize the need for differentiated policy responses, including strengthening institutional capacity and regulatory frameworks in developing countries, and enhancing carbon pricing and subsidies reform in developed countries.
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
本論文は、グリーンファイナンスが経済成長に与える影響を先進国と発展途上国で比較した点が日本にとって重要である。日本は先進国として、カーボンプライシングの強化や再生可能エネルギー投資の促進が求められる一方、アジアの発展途上国へのグリーンファイナンス支援の参考にもなる。日本のGX政策（例えばGXリーグやグリーンボンド発行）の有効性を評価する上で、国際比較の視点を提供する。
In the global GX context
This paper provides a comparative perspective on green finance effectiveness across development levels, which is valuable for global climate finance discussions. It highlights that developing countries face challenges in translating green finance into green growth due to institutional weaknesses, while developed countries can benefit from stronger policy frameworks. The findings support the need for tailored transition finance strategies and enhanced environmental disclosure requirements.
👥 読者別の含意
🔬研究者:The PVAR methodology and the divergence between developed and developing countries offer insights for empirical research on green finance and growth.
🏢実務担当者:The results underscore the importance of robust institutional frameworks (e.g., green taxonomies, disclosure standards) to attract sustainable investment, relevant for corporate sustainability teams in both contexts.
🏛政策担当者:The paper provides evidence that green finance policies must be context-specific, with developing countries needing foundational regulatory reforms and developed countries focusing on carbon pricing and subsidy removal.
📄 Abstract（原文）
This study examines the dynamic relationship between green finance and green growth across 11 developed and 41 developing countries from 2005 to 2022. Green finance is measured using four key indicators: credit for agriculture, credit for renewable energy, public R&D spending on renewable energy, and public R&D spending on environmental protection. Green growth is represented by green GDP, which is proxied through adjusted net savings—calculated by combining net national savings and education expenditure, while subtracting energy, mineral, and forest depletion, as well as carbon dioxide emissions. Using a panel vector autoregression (PVAR) model, the study investigates how green finance affects green growth over time. The results show a clear divergence between country groups: in developed countries, green finance has a positive and stable impact on green growth. In contrast, in developing countries, the effect is more volatile and sometimes negative, likely due to weaker institutional capacity, inadequate policy frameworks, or inefficient allocation of green finance. These findings highlight the need for differentiated policy responses. Developing countries should focus on building robust legal and institutional foundations—such as implementing green taxonomies, enforcing mandatory environmental disclosures, and establishing standardized green bond regulations—to improve transparency and attract sustainable investment. Meanwhile, developed countries are encouraged to strengthen carbon pricing mechanisms, phase out fossil fuel subsidies, and provide stronger incentives for investments in renewable energy and clean technologies. Tailoring green finance policies to each country's context is crucial for supporting long-term sustainable development and environmental resilience.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.36956/rwae.v7i2.2076first seen 2026-06-29 04:55:11 · last seen 2026-06-29 04:55:18
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