Green Finance, Institutional Quality, and Environmental Sustainability: Dynamic and Causal Evidence from the Middle East
グリーンファイナンス、制度の質、環境の持続可能性：中東からの動的・因果的証拠 (AI 翻訳)
Sah SP
🤖 gxceed AI 要約
日本語
本論文は、中東14カ国（2000-2022年）を対象に、グリーンファイナンス、制度の質、政策効果と環境持続可能性の双方向関係を分析。第2世代パネル推定法とヨルダンの再エネ法を自然実験としたDIDを採用。結果、グリーンファイナンスの環境効果はガバナンスの質に依存すること、再エネ政策は時間とともに効果を増すことを示す。制度改善とグリーンファイナンスの統合が持続可能性移行に重要と結論。
English
This study analyzes the bidirectional dynamics between green finance, institutional quality, policy effectiveness, and environmental sustainability across 14 Middle Eastern countries from 2000-2022. Using second-generation panel estimators and a difference-in-differences framework based on Jordan's Renewable Energy and Energy Efficiency Law, it finds that green finance's environmental impact depends heavily on governance quality and that renewable energy policy yields increasing environmental gains over time. The findings highlight the importance of strong institutions for effective green finance.
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
日本はグリーンファイナンス推進と制度整備を進めており、本分析は中東事例を通じて、制度の質がグリーンファイナンスの環境効果に与える影響を示す。日本のグリーンボンドやサステナビリティ・リンク・ローン戦略、さらには中東とのエネルギー協力にも示唆を与える。
In the global GX context
This paper provides robust causal evidence on the conditional role of institutional quality in green finance effectiveness, using a quasi-natural experiment from the Middle East. It contributes to the global discourse on designing green finance policies that align with governance capacity, relevant for international frameworks like the Paris Agreement and sustainable development goals.
👥 読者別の含意
🔬研究者:Methodologically rigorous combination of panel estimators and a quasi-experiment offers new evidence on green finance-institution-sustainability nexus, useful for scholars in environmental finance and policy evaluation.
🏢実務担当者:Financial institutions can leverage the finding that green finance effectiveness hinges on governance quality when assessing lending risks and structuring green bonds in emerging markets.
🏛政策担当者:The results underscore that green finance policies must be complemented by strong institutional frameworks to achieve environmental gains, informing regulatory design in both developed and developing countries.
📄 Abstract（原文）
<title>Abstract</title> <p>This study examines the bidirectional dynamics and conditional relationship between green finance, institutional quality, policy effectiveness and environmental sustainability across 14 countries in the Middle East during the period 2000–2022. This analysis fills the void in the scattered literature that pertains to the relationship between financial and institutional aspects and utilizes a series of second generation panel estimators (CCEMG, AMG, CS ARDL, System GMM and a Difference in Differences framework based on Jordan's Renewable Energy and Energy Efficiency Law as a quasi natural experiment. The empirical findings show that green finance has a major effect on environmental sustainability, but that this effect is very much dependent on the quality of governance and institutional capacity. Economic growth has a positive influence on environmental outcomes while foreign direct investment (FDI) has mixed impacts. The CS ARDL results also validate the stable long run equilibrium relationship and a fast error correction process. The DiD and event study results indicate that the renewable energy policy had consistently increasing environmental gains in its impact over time, and the valid pre treatment parallel trend seen in the event study results. Notably, the transmission channels of lagged green finance are positive and significant, pointing to delayed impacts on environmental sustainability, as estimated by System GMM. The results indicate that the institutionalization and policy dependency of environmental benefits of green finance are shown. The study brings together a unified empirical framework that combines financial, institutional and causal aspects, highlighting the importance of improving governance quality, institutional capacity and green financial systems to speed up sustainability transitions in resource-dependent economies in the Middle East.</p>
🔗 Provenance — このレコードを発見したソース
- Research Square https://doi.org/10.21203/rs.3.rs-10322818/v1first seen 2026-07-15 04:37:11
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