Purpose

The international institutions, policymakers and governments are promoting green growth as a policy objective for global financial stability (FS) without sound empirical investigation. Therefore, the purpose of this study is to investigate whether the green economy would be successful in achieving its main objective i.e. stabilizing the world financial system because the investment stakes are too high for this green transition.

Design/methodology/approach

The study used the two-step system generalized method of moments (GMM) methodology on panel data of 90 countries for 6 years from 2010 to 2015 to investigate the impact of green growth economy on FS.

Findings

The results of the current study revealed that overall green growth enhanced FS in the country for both the short and long run. However, the social inclusive dimension of green growth was irrelevant in creating FS.

Research limitations/implications

The results of the current study validate the growth-led finance hypothesis and encourage the policymakers to strengthen the policy initiative for green growth. Because green growth mitigates economic and environmental risk to create a stable financial environment. However, social inclusiveness needs to be explored through alternate paradigm in relevance to FS.

Originality/value

As per the author’s knowledge, it is a pioneer study to empirically investigate the impact of green growth on FS which would be useful in understanding the green growth and FS dynamics.

中文翻译：

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绿色增长对金融稳定的影响

目的

国际机构、政策制定者和政府正在推动绿色增长，将其作为全球金融稳定 (FS) 的政策目标，而没有进行可靠的实证调查。因此，本研究的目的是调查绿色经济是否会成功实现其主要目标，即稳定世界金融体系，因为这种绿色转型的投资风险太高。

设计/方法/方法

本研究采用两步系统广义矩量法（GMM）方法对2010-2015年6年90个国家的面板数据进行研究，考察绿色增长经济对FS的影响。

发现

当前研究的结果表明，无论是从短期还是长期来看，整体绿色增长都增强了该国的金融服务。然而，绿色增长的社会包容性维度与创造金融服务无关。

研究限制/影响

当前研究的结果验证了增长主导的金融假说，并鼓励政策制定者加强绿色增长的政策举措。因为绿色增长降低了经济和环境风险，创造了一个稳定的金融环境。然而，需要通过与 FS 相关的替代范式来探索社会包容性。

原创性/价值

根据作者的知识，实证研究绿色增长对 FS 的影响是一项开创性研究，这将有助于理解绿色增长和 FS 动态。