A new database on Green GDP; 1970-2019: a framework for assessing the green economy

Abstract

Research background: Numerous modern indicators are attempting to integrate better economic, political, social, and environmental ambitions to uncover potential synergy, trade-offs, and future views that center around the notion of a so-called green economy. As long as the various indicators are not bounded in one comprehensive measurement, utilizing knowledge of relevant information and statistics that are crucial for monitoring the progress will not give us answers on the progress towards green growth either. Without an adequate measurement framework and robust statistics, the evaluation of the green economy is open to subjective reasoning. Purpose of the article: This paper aims to offer a strong standpoint for green topics by exploring the concept of Green GDP. The paper introduces a new, updated database on Green GDP for the set of 160 countries from 1970?2019. Methods: This database is distinctive due to its balanced coverage of two components of the green economy: quantitative feature (standard methodological algorithm) and qualitative feature (opportunity costs) within a common Green GDP accounting framework. Findings & value added: Standardizing new methodologies and procedures for estimating environmental costs with a statistical foundation provides added value, which we hope will support the creation of reliable accounting and valuation systems for the green economy on a developing "green platform."

Towards Collaborative Business Intelligent Framework: Crowdsourcing Approach

“…Separate environmental laws and investments in environmental protection in the studied nations are entirely independent; yet, a comprehensive environmental strategy is required to have a distinct economic and environmental effect Our findings show a necessity for environmental policies and strategies on the part of a country's government, but implementing this plan or achieving success needs the collaboration of all economic actors (Stjepanović, Tomić and Škare, 2022). This study has other limitations, such as the number of observed years.…”

“…There is often a high level of aspiration and political support for a green economy and green growth policies, particularly if they can improve social welfare and do not impede economic development (Menegaki, 2021). Global economic growth patterns, sustainability issues, stances on the distribution of wealth, questions on the degradation of environmental capital, and the lack of international environmental negotiations are now fundamental elements for policy actors and the political community to comprehend the green growth perspective (Stjepanović, Tomić and Škare, 2022).…”

“…The findings imply that the implementation of the fundamental features of green accounting will illustrate the role of the environment in the economy, facilitate the study of macroeconomic issues with the aid of an accounting information system, and therefore set the economy on a sound course. Interesting papers on the Green GDP and related topic are systemized by Stjepanović, Tomić and Škare (2022): for example see: Islam and Asad (2021), Kalantaripor and Alamdario (2021), Qi, Huang, and Ji (2021), Wang, Wang, and Wang (2020), Veklych and Shlapak (2013), Rauch and Chi (2010), Jiang (2007), Alfsen et al (2006) and etc.…”

“…Quarterly data on green variables were collected from the World Bank statistics, World Inequality database and database offered by Stjepanović, Tomić and Škare (2022) for the period 1990 -2019 To extract the business cycle component that represents the stationary cycle of the variable, we utilized the conventional value of 100 for the smoothing parameter, which corresponds to yearly frequencies. To test the integration properties we analyzed graphical displays of the variables and conducted three unit root tests; Augmented Dickey Fuller test, Phillips-Perron test…”

Green growth in agriculture―New measurement concept and its empirical verification

“…The concept of green growth is now meaningful in the political discourse of the world economic and development institutions. Stjepanovic et al (2022) highlight that few concepts were incorporated in the political and academic discussions as fast as the term ‘green’ did after the sustainable development strategy. Green growth is defined as an exceptional sustainable development strategy.…”