Impact Of Green Bonds, Green Loans And Green Risk Insurance On Nigeria’s Economic Growth Using An ARDL Bounds Testing Approach
グリーンボンド、グリーンローン、グリーンリスク保険がナイジェリアの経済成長に与える影響：ARDL境界検定アプローチ (AI 翻訳)
Abdullahi Ya’u Usman, Ikyaator Mnyimanga
🤖 gxceed AI 要約
日本語
本研究は、2005年から2022年のナイジェリアを対象に、グリーンボンド、グリーンローン、グリーンリスク保険が経済成長に与える影響をARDLモデルで分析。長期ではグリーンボンドとグリーンローンがGDPに有意な正の効果（弾力性0.23、0.17）を示し、グリーンリスク保険も正の効果（0.09）を持つ。短期ではグリーンボンドが即効性を持つ一方、ローンと保険は効果が緩やか。政策シミュレーションでは、グリーンボンド10%増加で5年間にGDPが約2.3%成長すると試算。
English
This study evaluates the impact of green bonds, green loans, and green risk insurance on Nigeria's economic growth from 2005 to 2022 using ARDL bounds testing. Long-run results show green bonds and green loans have significant positive effects on GDP (elasticities 0.23 and 0.17), while green risk insurance also contributes positively (0.09). In the short run, green bonds stimulate growth immediately, while loans and insurance have gradual effects. Policy simulations suggest a 10% increase in green bond volumes could boost GDP by about 2.3% over five years.
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
ナイジェリアのグリーンファイナンスと経済成長の関係を実証した研究。日本ではグリーンボンド市場が拡大中であり、新興国におけるグリーンファイナンスの効果を理解する参考になるが、直接的な政策連動は限定的。
In the global GX context
This paper provides empirical evidence on green finance instruments in an African emerging economy, contributing to the global literature on climate finance and economic growth. While not directly applicable to developed markets, it offers insights for international investors and policymakers interested in green finance effectiveness in developing countries.
👥 読者別の含意
🔬研究者:Provides empirical evidence on green finance-growth nexus in an African context using ARDL methodology.
🏢実務担当者:Offers insights for financial institutions designing green products in emerging markets, though Nigeria-specific.
🏛政策担当者:Highlights potential of green bonds and loans for economic growth, relevant for developing country regulators.
📄 Abstract（原文）
This study evaluates the contributions of green bonds, green loans and green risk insurance to economic growth in Nigeria over the period 2005–2022. Building on the environmental finance literature, we employ the autoregressive distributed lag (ARDL) bounds testing procedure to capture both short-run dynamics and longrun equilibrium relationships among the selected green finance instruments and real gross domestic product. Diagnostic tests confirm the absence of serial correlation, heteroskedasticity and functional misspecification, while stability of the estimated coefficients is established via cumulative sum (CUSUM) tests. Empirical findings reveal that in the long run, green bond issuance and green loan disbursements exert a positive and statistically significant effect on GDP growth, with elasticities of 0.23 and 0.17, respectively. Green risk insurance contributions also display a positive long-run association, albeit at a lower magnitude (elasticity of 0.09). In the short run, adjustments toward equilibrium occur at a speed of 42 percent per annum, and green bonds immediately stimulate growth, whereas green loans and insurance manifest more gradual effects. Policy simulations underscore that a 10 percent increase in green bond volumes can accelerate GDP growth by approximately 2.3 percent over a five-year horizon. The study concludes that strengthening Nigeria’s green finance architecture—through regulatory incentives for bond market development, enhanced credit guarantees for environmentally sustainable projects and the expansion of risk insurance schemes—can foster a more resilient and inclusive growth trajectory. Implications for policymakers and financial regulators center on the design of tailored fiscal and monetary instruments to mobilize private capital toward a low-carbon transition
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.9790/5933-1603051628first seen 2026-05-05 19:07:16
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