Sustainable development: Driving force from the relationship between finance inclusion, green finance and green growth

Oanh, Tran Thi Kim

doi:10.1002/sd.2808

Cited by 7 publications

(1 citation statement)

References 61 publications

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“…As an essential tool for regulating the financial market and ecological environment, green finance has become the glue for economic development and environmental protection (Oanh, 2023). Green finance aims to utilize green financial tools to solve the economic and ecological problems faced in forestry development, improve the forestry carbon model (Qin et al, 2023), continue to promote the innovation of forestry financial products (Zhang, 2023), improve the ecological environment of forestry, form a benign cycle of environmental protection and green development, and promote the green and sustainable development of forestry economy.…”

Section: Introductionmentioning

confidence: 99%

Study on the impact of green finance on green total factor productivity in forestry—evidence from China

Gong,

Wang

2024

Front. Environ. Sci.

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China's forestry industry's ecological, economic, and social benefits have improved significantly. However, practical problems remain, such as irrational industrial structure, serious resource consumption, and low environmental transformation efficiency. The green total factor productivity is an important index to measure the transformation of economic development mode, and improving the green total factor productivity in forestry is of great significance in guiding the transformation of forestry economy, improving the structure of agricultural economy, and realizing the green development of forestry economy. Based on the panel data of 30 provinces and cities in China from 2006 to 2021, this article adopts the entropy value method and the Global Malmquist–Luenberger index based on the SBM directional distance function to construct the index system of green finance and forestry green total factor productivity and empirically analyzes the impact and mechanism of green finance on forestry green total factor productivity. It was found that 1) green finance can improve local forestry green total factor productivity and influence the neighboring regions to improve forestry green total factor productivity through economic spillover effect, and the coefficient of spatial spillover effect was 0.1041. 2) There were regional differences in the impact of green finance on forestry green total factor productivity, which was explicitly presented as a gradual decrease from east to west “ladder-like”. 3) There was a 30.46% intermediary effect of forestry industry structure in the influence of green finance on forestry green total factor productivity. 4) There was a double-threshold effect of human capital in the influence of green finance on forestry green total factor productivity, and there was a non-linear effect of marginal increment in the influence of green finance on forestry green total factor productivity after the threshold of 5.87 human capital. Based on China's ecological and economic development background, it was significant to utilize green finance to solve forestry economic development problems and promote China's green and sustainable development, and therefore put forward policy recommendations.

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Section: Introductionmentioning

confidence: 99%

Study on the impact of green finance on green total factor productivity in forestry—evidence from China

Gong,

Wang

2024

Front. Environ. Sci.

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Financial stability and sustainable development: Perspectives from fiscal and monetary policy

Dinh,

Oanh,

2024

Int. J Fin Econ

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This paper studies the relationship between financial stability and sustainable development from the fiscal and monetary policy perspective in 33 developing countries and 7 developed countries in the period 2005–2020. Bayesian regression results show that financial stability positively affects sustainable development in both groups of countries with a low probability of impact. This probability is above 79.3% in developed countries and above 81.5% in developing ones. When considering the role of monetary policy, the direction of impact and probability is different. Specifically, financial stability in the environment of high inflation and increased money supply (ZscoreInf and ZscoreM2) negatively affects sustainable development in both country groups with high probabilities. In contrast, when considering the monetary policy with the foreign exchange reserves tool (ZscoreER), financial stability positively impacts sustainable development with the probability of 89.6% in developed countries and 92.5% in developing one. When considering the role of fiscal policy, financial stability with government spending (ZscoreGE) positively affects sustainable development with a probability of over 99.7% in the two groups of countries. Meanwhile, tax income in a financially stable environment increases the probability of a positive effect at 100% in developed countries, and a negative effect with a probability of 60.9% in developing countries. From the above results, we propose that central banks in both developed and developing countries should aim to stabilize prices and aim to maintain a low inflation rate to help limit shocks to sudden interest rate changes that cause market volatility. This is a premise to help stabilize finance and promote sustainable development. Furthermore, these countries should maintain an adequate foreign exchange reserve to withstand external shocks and ensure they have enough foreign currency to meet macroeconomic needs, which can boost confidence.

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Moving up toward sustainable development: Digital finance and income mobility

Yan,

Xiao,

Sun

2024

Sustainable Development

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The fact that financial exclusion leads to income inequality is detrimental to sustainable economic growth. Digital finance facilitates the provision of financial services to poor people and has the potential to promote income mobility so that to reduce income inequality. This study uses the Digital Financial Inclusion Index and household data from the China Household Finance Survey to examine the association between digital finance and households’ income mobility. Results show a significantly positive association between digital finance and upward income mobility. Underlying mechanism analyses suggest that digital finance is positively associated with upward mobility through the channels of equal opportunity and financial capability. Further heterogeneous analyses find that asset, education, and age can be moderators in the relationship between digital finance and income mobility. The findings demonstrate the importance of digital finance in promoting the income mobility of disadvantaged people and achieving the goal of inclusive and sustainable development.

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Sustainable development: Driving force from the relationship between finance inclusion, green finance and green growth

Cited by 7 publications

References 61 publications

Study on the impact of green finance on green total factor productivity in forestry—evidence from China

Study on the impact of green finance on green total factor productivity in forestry—evidence from China

Financial stability and sustainable development: Perspectives from fiscal and monetary policy

Moving up toward sustainable development: Digital finance and income mobility

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