Green Finance and Economic Resilience: Does Institutional Quality Matter? The Mediating Role of Renewable Energy
グリーンファイナンスと経済レジリエンス：制度の質は重要か？再生可能エネルギーの媒介的役割 (AI 翻訳)
Muhammad Nadir Shabbir, Kainat Iftikhar, Dương Thùy Linh
🤖 gxceed AI 要約
日本語
本研究は、78の途上国を対象に、グリーンファイナンスが経済の脆弱性（GDP成長率の変動）を低下させるか、また制度の質がその効果をどう変えるかを実証分析した。固定効果、FGLS、システムGMMを用いた結果、グリーンファイナンスは成長変動を抑制し、制度の質が高いほどその効果が強まることが示された。さらに、再生可能エネルギーへの移行が媒介経路として重要であることも明らかになった。
English
This study empirically examines whether green finance reduces macroeconomic vulnerability in developing economies and the role of institutional quality. Using panel data from 78 developing countries (2009-2024) and methods including fixed effects, FGLS, and system GMM, it finds that green finance lowers growth volatility, with stronger effects in countries with better institutional quality. Renewable energy transition serves as a key transmission channel.
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
日本のGX政策では、途上国へのグリーンファイナンス供給やアジアのエネルギー転換支援が重要課題。本稿の知見は、日本のODAや民間投資の効果を高めるには、受入国の制度整備が鍵となることを示唆し、政策連携の根拠となる。
In the global GX context
This paper contributes to the global literature on climate finance and macroeconomic stability, offering evidence that green finance can stabilize developing economies, especially with strong institutions. It supports the design of international climate finance mechanisms and the integration of governance reforms with green investment strategies.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the macroeconomic stabilization effects of green finance and the moderating role of institutional quality, useful for further research on climate finance and resilience.
🏢実務担当者:Highlights the importance of institutional quality for the effectiveness of green finance, informing corporate investment decisions in developing markets.
🏛政策担当者:Suggests that scaling green financial instruments alongside governance reforms can enhance economic stability in developing nations, relevant for international development and climate policy.
📄 Abstract（原文）
The study examines whether green finance reduces macroeconomic vulnerability in developing economies and whether institutional quality matters. Growth volatility, calculated as the rolling standard deviation of real GDP growth, is used to quantify economic fragility in a balanced panel of 78 developing nations from 2009 to 2024. Fixed-effects estimation is followed by Feasible Generalized Least Squares (FGLS) for heteroskedasticity and autocorrelation, and two-step System GMM for endogeneity and dynamic persistence. Green finance regularly lowers growth volatility, demonstrating that climate-oriented financial flows stabilize macroeconomics. Sustainable finance strengthens resilience, but green finance and institutional quality interact negatively and significantly, suggesting that stronger governance frameworks boost resilience. The mediation study also shows that renewable energy transition is a major transmission route for green finance's direct and indirect effects on macroeconomic vulnerabilities. The findings hold across income sub-samples and dynamic criteria. The analysis shows that financial sustainability and institutional strength are needed to generate resilience dividends, adding to the literature linking sustainable finance and macroeconomic stability. Policy implications include scaling green financial instruments alongside governance reforms to improve long-term economic stability in developing nations and redirect financial resources into efficient renewable energy transition routes. JEL Codes: G21, G28, O16, O43, Q56 Keywords: Green Finance; Growth Volatility; Economic Vulnerability; Institutional Quality; Developing Economies
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.35609/gcbssproceeding.2026.1(13)first seen 2026-08-12 05:24:54 · last seen 2026-08-13 05:34:22
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