Covid-19 impact on financial growth and guidelines for green recovery in BRICS: fresh insights from econometric analysis

Xiaodong Huang () and Chang Lei ()
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Xiaodong Huang: Shanghai University of Political Science and Law
Chang Lei: Peking University

Economic Change and Restructuring, 2023, vol. 56, issue 2, No 22, 1243-1261

Abstract: Abstract Sustainable development and socioeconomic growth are balanced through green economic recovery post pandemic. To statistically examine the coordinated development of green economic growth, foreign direct investment, stock market return and financial development, this paper constructs a complete indicator system for green economic recovery and financial development, by using a VAR model for the BRICS over the period of 2000–2020. Our results demonstrate that FDI significantly improves environmental quality by lowering pollution levels and improve the green economic growth in the region (BRICS). Stock market also has a significant positive effect on green economic growth. On the other side, FDI has a significant detrimental effect on financial development. Finally, financial development has a considerable detrimental impact on environmental deterioration. Our analysis recommends that besides the initiatives in financial growth, FDI and stock market be given priority in order to improve sustainable development.

Keywords: Financial growth; Green recovery; BRICS; Foreign direct investment; Stock market return (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/s10644-022-09460-x

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