Great Green Transition and Finance

Kemfert, Claudia; Schäfer, Dorothea; Semmler, Willi

doi:10.1007/s10272-020-0896-y

Cited by 37 publications

(12 citation statements)

References 12 publications

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“…The COVID-19 outbreak has adversely impacted the world's economy as the highly contagious pandemic affects the public's health and distorts the fluency in social and economic activities (Caldecott, 2020). It imposes serious threats to the global economic growth regardless of the geographical boundary (Kemfert et al ., 2020). Such adverse situation thus prompts the attention and effort of governments and economic entities to overcome the economical and societal impact of the pandemic by restoring sustainability in the economic development.…”

Section: Introductionmentioning

confidence: 99%

The impact of green finance and Covid-19 on economic development: capital formation and educational expenditure of ASEAN economies

Ngo

Tran

2021

CFRI

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PurposeThe purpose of this study is to examine the impact of green finance (i.e. green investment, green security and green credit) along with capital formation and government educational expenditures on the economic development of (ASEAN) countries.Design/methodology/approachThe data were gathered from the central banks of all ASEAN countries and the World Bank Indicators between 2008 and 2019. The fixed-effect model and generalized method of moments were used to check the nexus between the constructs.FindingsThe results revealed that green finance along with capital formation and government educational expenditures have a positive association with the economic development of ASEAN countries.Research limitations/implicationsThe study carries some limitations, even though it addresses the underlying variables comprehensively. These limitations provide opportunities to future researchers and authors to expand the scope and accuracy of their study. This research investigation has been supported by the data collected from a single source. Though data collection is maintained correctly, it is still recommended to the upcoming scholars to acquire data to reconfirm the same findings using multiple data sources. The data collected from using some specific data source may be limited in scope and may hinder the comprehensive elaboration of the underlying variables and their mutual relationship. Therefore, the utilization of multiple sources of data collection gives data sufficient to meet the requirement of an okay quality research study. The study is about the economies of ASEAN countries. It checks the influences of green finance development on economic activities and the country's economic growth in ASEAN countries' economies. Thus, its results are valid only in the economies of these countries, and this research investigation lacks generalizability. For generalizability, the authors must consider the underlying variables in the world's vast economies. They must adopt a standard scale to judge the impacts of green financial development on economic development. Besides, the study analyzes the economic factors, economic conditions and their effects on the country's position in the world economy in the face of a severe epidemic like COVID-19. Thus, the results may be different in the case of the normal situation. So, a general standardized study is recommended to be conducted in the upcoming days.Originality/valueGreen finance has significant capability to improve the global economy, especially amidst the COVID-19 pandemic. This study is beneficial for policymakers to develop policies related to economic development with reference to green finance and also helps future research on a similar topic.

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Section: Introductionmentioning

confidence: 99%

The impact of green finance and Covid-19 on economic development: capital formation and educational expenditure of ASEAN economies

Ngo

Tran

2021

CFRI

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“…At the height of its steel overcapacity crisis in 2002, China's government segregated nonperforming assets into dedicated entities to be wound down. This approach, since adopted by German utility RWE, may be an option for supervisors willing and able to use public "bad banks" to digest devalued assets (158). Banco do Brasil applied sectoral credit policies and issued a series of industry-specific and thematic green banking regulations to canalize and prioritize investment to certain sectors.…”

Section: Supervisory Responsesmentioning

confidence: 99%

Stranded Assets: Environmental Drivers, Societal Challenges, and Supervisory Responses

Caldecott

Clark

Koskelo

et al. 2021

Annu. Rev. Environ. Resour.

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Environment factors, particularly those related to climate change, are stranding or could strand assets across different sectors and geographies with significant implications for economies, companies, financial institutions, communities, and workers. In this review, we focus on physical climate change, biodiversity loss, and litigation related to environmental factors as causes of stranded assets. We also review the emerging literature on the consequences of asset stranding for society before turning to some of the key supervisory responses that are emerging to ensure that stranded assets are measured and managed, particularly by financial institutions. These are among the areas of the stranded assets literature that have been growing most rapidly since 2015, and we focus on the literature produced since then. Expected final online publication date for the Annual Review of Environment and Resources, Volume 46 is October 2021. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.

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“…Some economists argue that the spending should be more concentrated on investments, in particular toward a medium-run European climate program to be part of the Recovery Program. The recovery from the current Pandemic crisis should avoid creating the next crisis, the climate crisis, see Kemfert, Schaefer, and Semmler (2020). Thus, it would make more economic sense to focus the recovery program toward more European investments projects, in particular, toward climate-oriented investments and infrastructure.…”

Section: Covid-19 Pandemic Crisis and The European Recovery Planmentioning

confidence: 99%

European economic, fiscal, and social policy at the crossroads

2020

Self Cite

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In the last decade or more, the European Union has faced a number of challenges, such as the divergence of per capita income after the global financial crisis and the ensuing great recession of 2007-9, the sovereign debt crisis of 2010-12, banking failures, and the creation of an incomplete banking union, a long period of a "near-debt deflation," divisive euro-wide reactions to the immigration crisis (2015/6), the challenges to enact proper policies against climate change, the divergent political trends since the great recession of 2007/9, and now the Covid-19 pandemic-driven recession and its long-run economic and health impacts. Already before and after the great recession many plans for reforms, institutions, and policies were suggested to overcome and manage those challenges. We will focus on plans to reform the fiscal architecture of the EMU, but we will also argue that the chosen institutional arrangements will have a significant impact on a sustainable Social Europe. Yet, how a sustainable Social Europe will arise depends also on how the pandemic recession will be managed on a Euro-wide level. Some of the aspects discussed here are echoed by political parties having competed with European platforms for the European election. Fiscal governance reform, Social Europe, climate concerns, and immigration issues have been essential core parts of most political party platforms. We will discuss and evaluate recent proposals, in particular, on fiscal reforms as well as some aspects of new pillars for a Social Europe. We will try to assess which of these comes closer to attaining the triple objective of (a) helping to dampen cyclical divergence, (b) providing fiscal and social buffers, and (c) avoiding national self-interests and promoting joint European goals. Designing a proper monetary, fiscal and social policy may provide the opportunity for a sustainable EU recovery from the current pandemic-driven downturn. Yet the challenges and road blocks are still numerous. 2 MAJOR RECENT CHALLENGES If one thinks about the major structural fiscal challenges facing the EU that need to be managed through policy responses or reforms a major one is fiscal reform. The EU is a monetary union, but not a fiscal and (complete) banking

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Great Green Transition and Finance

Cited by 37 publications

References 12 publications

The impact of green finance and Covid-19 on economic development: capital formation and educational expenditure of ASEAN economies

The impact of green finance and Covid-19 on economic development: capital formation and educational expenditure of ASEAN economies

Stranded Assets: Environmental Drivers, Societal Challenges, and Supervisory Responses

European economic, fiscal, and social policy at the crossroads

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