Yeşil büyüme ve finansal gelişme: Gelişmiş ve gelişmekte olan ülkelerin kapsamlı analizi

Year 2025, Issue: 70, 107 - 113, 30.04.2025

Ayhan Kuloğlu

https://doi.org/10.18070/erciyesiibd.1589556

Abstract

Bu çalışma, 1990-2020 dönemi için 16 gelişmiş ve 32 gelişmekte olan ülke üzerinde yeşil büyüme, finansal gelişme, inovasyon ve insani gelişme arasındaki ilişkiyi incelemektedir Bu çalışmada, sabit etkiler modeli ve Driscoll-Kraay standart hataları kullanılarak yapılan analiz, finansal gelişme ve inovasyonun gelişmiş ülkelerde yeşil büyüme üzerinde anlamlı ve pozitif bir etkiye sahip olduğunu ortaya koymaktadır. Buna karşın, gelişmekte olan ülkelerde bu faktörlerin yeşil büyüme üzerindeki etkileri istatistiksel olarak anlamlı bulunmamıştır. Bu bulgu, mevcut literatürdeki çalışmalardan farklı olarak, gelişmiş ve gelişmekte olan ülkelerde yeşil büyümeye etki eden mekanizmaların yalnızca finansal gelişmişlik düzeyi ile açıklanamayacağını, aynı zamanda kurumsal kapasite, düzenleyici yapılar ve finansal araçların etkinliği gibi faktörlerden de etkilendiğini ortaya koymaktadır. Bu durum, yeşil büyümeyi etkileyen faktörlerin ülkelerin ekonomik ve kurumsal yapılarındaki farklılıklara bağlı olduğunu göstermektedir. Ayrıca, insani gelişmenin her iki ülke grubunda da anlamlı bir etkisinin olmaması, çevresel sürdürülebilirlik politikalarının sosyal boyutlarla desteklenmesi gerektiğini ortaya koymaktadır. Çalışma, finansal gelişme-yeşil büyüme ilişkisini gelişmişlik düzeyine göre ayrıştıran ve bu farkın arkasındaki yapısal nedenleri irdeleyen bir analiz sunarak literatüre özgün katkı sağlamaktadır. Ülkelerin gelişmişlik düzeyine uygun yeşil büyüme stratejilerinin geliştirilmesinin önemini vurgulamakta ve politika yapıcılar için sürdürülebilirlik politikalarının tasarımı konusunda yol göstermektedir.

Keywords

Yeşil Büyüme , Finansal Gelişme , İnovasyon

Green growth and financial development: A comprehensive analysis of developed and developing countries

Abstract

This study examines the relationship between green growth, financial development, innovation and human development in 16 developed and 32 developing countries for the period 1990-2020. The analysis using the fixed effects model and Driscoll-Kraay standard errors reveals that financial development and innovation have a significant and positive effect on green growth in developed countries. On the other hand, the effects of these factors on green growth in developing countries were not found to be statistically significant. This finding, unlike previous studies in the literature, demonstrates that the mechanisms influencing green growth in developed and developing countries cannot be explained solely by the level of financial development but are also influenced by factors such as institutional capacity, regulatory structures, and the effectiveness of financial instruments. This highlights that the factors affecting green growth depend on differences in the economic and institutional structures of countries. Additionally, the fact that human development did not have a significant effect in both country groups reveals that environmental sustainability policies should be supported by social dimensions. The study provides a novel contribution to the literature by distinguishing the financial development-green growth relationship based on the level of development and analyzing the structural reasons behind this difference. It emphasizes the importance of developing green growth strategies tailored to the level of development of countries and provides guidance for policymakers in designing sustainability policies.

Keywords

Green Growth , Financial Development , Innovation

References

• Ahmed, F., Kousar, S., Pervaiz, A., & Shabbir, A. (2022). Do institutional quality and financial development affect sustainable economic growth? Evidence from South Asian countries. Borsa Istanbul Review, 22(1), 189-196. https://doi.org/10.1016/j.bir.2021.03.005
• Alaali, F., & Naser, H. (2020). Economic development and environmental sustainability: evidence from Bahrain. Energy, Ecology and Environment, 5(3), 211-219.https://doi.org/10.1007/s40974-019-00143-4
• Aliano, M., Cestari, G., & Madonna, S. (2024). Sustainable finance for SMEs. Springer. https://link.springer.com/content/pdf/10.1007/978-3-031-74193-7.pdf
• Al-Mulali, U., Saboori, B., & Ozturk, I. (2015). Investigating the environmental Kuznets curve hypothesis in Vietnam. Energy Policy, 76, 123–131. https://doi.org/10.1016/j.enpol.2014.11.019
• Baltagi, B. H. (2008). Econometric Analysis of Panel Data (4th ed.). Wiley.
• Chang, S. (2015). Financial development and its environmental effects: A panel data analysis for high-, middle-, and low-income countries. Journal of Cleaner Production, 87, 330–338. https://doi.org/10.1016/j.jclepro.2014.09.045
• De Haas, R., & Popov, A. (2019). Finance and green growth. Journal of Financial Economics, 135(3), 653–677. https://doi.org/10.1016/j.jfineco.2019.07.009
• Desalegn, M. T., & Tangl, A. (2022). Enhancing green finance for inclusive green growth: Insights from emerging economies. Journal of Cleaner Production, 365, 132745. https://doi.org/10.3390/su14127416
• Destek, M. A. (2019). Financial development and environmental degradation in emerging economies. Energy and environmental strategies in the era of globalization,115-132.https://doi.org/10.1007/978-3-030-06001-5_5
• Driscoll, J. C., & Kraay, A. C. (1998). Consistent Covariance Matrix Estimation with Spatially Dependent Panel Data. Review of Economics and Statistics, 80(4), 549–560. https://doi.org/10.1162/003465398557825
• Fernandes, C. I., Veiga, P. M., Ferreira, J. J., & Hughes, M. (2021). Green growth versus economic growth: do sustainable technology transfer and innovations lead to an imperfect choice?. Business Strategy and the Environment, 30(4), 2021-2037. https://doi.org/10.1002/bse.2730
• Hoechle, D. (2007). Robust Standard Errors for Panel Regressions with Cross-Sectional Dependence. Stata Journal, 7(3), 281–312. https://doi.org/10.1177/1536867X0700700301
• Iqbal, M. A., Saheen, W. A., Shabir, S., & Ullah, U. (2025). Towards a green economy: Investigating the impact of sustainable finance, green technologies, and environmental policies on environmental degradation. Journal of Cleaner Production. https://doi.org/10.1016/j.jclepro.2025.00234
• Jalil, A., & Feridun, M. (2011). The impact of growth, energy and financial development on the environment in China: A cointegration analysis. Energy Economics, 33(2), 284–291. https://doi.org/10.1016/j.eneco.2010.10.003
• Jiakui, C., Abbas, J., Najam, H., Liu, J., & Abbas, J. (2023). Green technological innovation, green finance, and financial development and their role in green total factor productivity: Empirical insights from China. Journal of Cleaner Production, 382, 135131. https://doi.org/10.1016/j.jclepro.2022.135131
• Kaur, G., & Kaur, A. (2024). Embracing sustainability: The role of green banking in fostering environmental stewardship. ACTA SCIENTIAE. https://periodicosulbra.org/index.php/acta/article/view/32
• Kharb, R., Shri, C., & Saini, N. (2024). Growth-accelerating factors of green finance for green growth: a study using TISM. Kybernetes. https://doi.org/10.1108/K-07-2023-1202
• King, R. G., & Levine, R. (1993). Finance and growth: Schumpeter might be right. The Quarterly Journal of Economics, 108(3), 717–737. https://doi.org/10.2307/2118406
• Levin, A., Lin, C.-F., & Chu, C.-S. J. (2002). Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties. Journal of Econometrics, 108(1), 1–24. https://doi.org/10.1016/S0304-4076(01)00098-7
• Liu, C., & Liu, X. (2021). Financial development and environmental sustainability: Evidence from China. Journal of Cleaner Production, 289, 125788. https://doi.org/10.1016/j.jclepro.2021.125788
• Liu, X., Zhang, W., Liu, M., & Han, J. (2025). Green finance & carbon neutrality: strategies and policies for a sustainable future. Frontiers in Environmental Science. https://doi.org/10.3389/fenvs.2025.1560927
• M. Song, & Li, C. (2020). The impact of financial development on green productivity in China. Energy Policy, 144, 111663. https://doi.org/10.1016/j.enpol.2020.111663
• Mangla, S. K., Emrouznejad, A., Ai, H., Tan, X., & Liu, F. (2025). Renewable energy transition and sustainable development: Evidence from China. Energy Economics. https://doi.org/10.1016/j.eneco.2025.00556
• Mohtashami, A. (2025). Designing a Conceptual Model for Smart Green Business Management in the Country's Ports. Business Intelligence Management Journal. https://ims.atu.ac.ir/article_18277_7b983b70b5868b668666c3ee35827978.pdf
• Naimoğlu, M., & Shahbaz, M. (2025). Managing Green Growth: A New and Comprehensive Perspective on Productivity, Institutions, Energy, and Policy in Emerging Countries. Energy. https://doi.org/10.1016/j.energy.2025.07467
• Ngo, T., Trinh, H. H., Haouas, I., & Ullah, S. (2022). Examining the bidirectional nexus between financial development and green growth: International evidence through the roles of human capital and education expenditure. Resources Policy, 79, 102964. https://doi.org/10.1016/j.resourpol.2022.102964
• Noh, H. J. (2018). Financial strategy to accelerate green growth (No. 866). ADBI working paper.
• Ntow-Gyamfi, M., Bokpin, G. A., & Ackah, C. (2020). Financial development, institutional quality, and environmental quality: Evidence from Africa. Research in International Business and Finance, 52, 101123. https://doi.org/10.1016/j.ribaf.2019.101123
• Obaida, R. (2024). The impact of natural resource rent, trade openness, and institutional quality on green growth. http://103.109.52.4/handle/52243/3122
• Ouyang, H., Guan, C., & Yu, B. (2023). Green finance, natural resources, and economic growth: Theory analysis and empirical research. Resources Policy, 83, 103604.https://doi.org/10.1016/j.resourpol.2023.103604
• Ozturk, I., & Acaravci, A. (2013). The long-run and causal analysis of energy, growth, openness and financial development on carbon emissions in Turkey. Energy Economics, 36, 262–267. https://doi.org/10.1016/j.eneco.2012.08.025
• Qamri, G. M., Sheng, B., Adeel-Farooq, R. M., & Alam, G. M. (2022). The criticality of FDI in Environmental Degradation through financial development and economic growth: Implications for promoting the green sector. Resources Policy, 78, 102765. https://doi.org/10.1016/j.resourpol.2022.102765
• Ragazou, K., Zopounidis, C., & Garefalakis, A. (2024). Environmental, social, and corporate governance factors toward a green finance framework. Springer. https://doi.org/10.1007/978-3-031-78045-5_3
• Ravallion, M., Chen, S., & Sangraula, P. (2000). Income inequality and environmental quality: A global perspective. World Bank Research Working Paper No. 2520. https://doi.org/10.1596/1813-9450-2520
• Sadiq, M., Amayri, M. A., Paramaiah, C., Mai, N. H., Ngo, T. Q., & Phan, T. T. H. (2022). How green finance and financial development promote green economic growth: deployment of clean energy sources in South Asia. Environmental Science & Pollution Research, 29(43). https://doi.org/10.1007/s11356-022-19947-9
• Sadorsky, P. (2010). The impact of financial development on energy consumption in emerging economies. Energy Policy, 38(5), 2528–2535. https://doi.org/10.1016/j.enpol.2009.12.048
• Samad, G., & Manzoor, R. (2015). Green growth: Important determinants. The Singapore Economic Review, 60(02), 1550014. https://doi.org/10.1142/S0217590815500149
• Song, M., & Li, H. (2020). Green credit, environmental governance, and green development: Evidence from China. Environmental Science and Pollution Research, 27(29), 36737–36751. https://doi.org/10.1007/s11356-020-09955-y
• Tamazian, A., & Bhaskara Rao, B. (2010). Do economic, financial and institutional developments matter for environmental degradation? Evidence from transitional economies. Energy Economics, 32(1), 137–145. https://doi.org/10.1016/j.eneco.2009.05.015
• UNEP. (2011). Towards a green economy: Pathways to sustainable development and poverty eradication. Nairobi: United Nations Environment Programme. Retrieved from https://www.unep.org/resources/green-economy
• Wu, H., Hao, X., Li, Y., Wang, K., & Sun, Q. (2025). Eco-intelligent production: Intelligent manufacturing and industrial green transition. Environment, Development and Sustainability. https://doi.org/10.1007/s10668-024-05935-1
• Zhang, C., Liu, C., & Bae, J. H. (2022). The effect of financial development on environmental quality: Evidence from emerging markets. Journal of Cleaner Production, 345, 131060. https://doi.org/10.1016/j.jclepro.2022.131060
• Zhao, J., Dong, K., Dong, X., Shahbaz, M., & Kyriakou, I. (2022). Is green growth affected by financial risks? New global evidence from asymmetric and heterogeneous analysis. Energy Economics, 113, 106234. https://doi.org/10.1016/j.eneco.2022.106234