Is there any recovery power for economic growth from green finance? Evidence from OECD member countries

Leping Huang (), Yuning Cao () and Yingfu Zhu ()
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Leping Huang: Tianjin University of Commerce
Yuning Cao: Tianjin University of Commerce
Yingfu Zhu: Tianjin University of Commerce

Economic Change and Restructuring, 2023, vol. 56, issue 6, No 8, 3909-3926

Abstract: Abstract This paper investigates the dynamic interactions between green finance, economic growth, and green energy consumption for the Organization of Economic Cooperation and Development (OECD) members. The econometric analysis is conducted on annual data gathered throughout 2010–2020 using different estimation techniques of the Vector Autoregressive model, causality, and co-integration approaches. The main results confirmed a positive bi-directional relationship between GDP and green energy consumption. In addition, there is a two-way relationship between the volume of green bond issuance and the use of green energy in OECD countries. The recommended practical policy recommendations are establishing a unified green bonds market among OECD member states, prioritizing green projects to support the issued green bonds, improving the financial system, and financing rural electrification and electric vehicle transition by green bonds.

Keywords: Green recovery; Decarbonization economic policy; COVID-19; Causality approach; Green finance (search for similar items in EconPapers)
JEL-codes: C32 K31 Q41 (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/s10644-022-09458-5

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