“…A recent study of Fernandes et al (2021) using data from 32 countries between 1990 and 2013 has found that green growth can further promote economic growth. Additionally, there is evidence that the country's stock market, foreign direct investment and trade are good IVs for its financial development, because there is a direct and strong relationship between them and the financial sector (Hadad, Hall, Kenjegalieva, Santoso, & Simper, 2011;Herwartz & Walle, 2014;Ngo & Le, 2019;Odugbesan, Ike, Olowu, & Adeleye, 2020;Siddikee & Rahman, 2020;Suliman & Elian, 2014;Temiz Dinç, Gökmen, Nakip, & Azari, 2017). All in all, market size and human capital are also considered as important factors that can affect the financial sector, according to Hatemi-J and Shamsuddin (2016), Ibrahim and Sare (2018) and Zaidi et al (2019), among others.…”