Role of the State in the Resolution of Green Finance Development Issues

Elena P. Fedorova ()
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Elena P. Fedorova: Astrakhan State University, Astrakhan 414056, Russian Federation

Finansovyj žhurnal — Financial Journal, 2020, issue 4, 37-51

Abstract: Problems related to green finance exist in all the countries of the world. Those problems are especially acute in the developing countries, whose economic growth depends on recovery of hydrocarbon fossil fuels. To research the history of issues related to green finance and identify the key reasons hampering its development, this article presents a systematic literature review; it applies a systematic analytical approach to researching green finance. The paper considers the key notions and the world expertise gained in the resolution of problems related to green finance; it also presents a statistical analysis of data provided by websites of international institutions and financial organizations. This article analyzes a number of problems that are unique for green finance: disagreement in interpreting the concepts of “green finance” and “green economy sectors”; difficulties related to assessment and evaluation of the external effect exerted by green finance; institutional reasons hampering the development of green finance; information asymmetry; and problems related to estimation of credit and market risks. The paper considers innovations in the financial sector that are typical for long-term investment, such as green bonds, asset-backed security, and yield cos. As a result, the article concludes that cooperation between the government, international institutions, and business companies is necessary to resolve the issues of green finance. The government ought to play the key role in that cooperation — it must inform, coordinate, stimulate, and control activities related to green finance.

Keywords: sustainable development; economic growth; green economy; green finance; green investment; green bond (search for similar items in EconPapers)
JEL-codes: O44 Q32 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:fru:finjrn:200403:p:37-51

DOI: 10.31107/2075-1990-2020-4-37-51

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