From Brown to green: Exploring asymmetric nexus between green finance and carbon footprint in BRICS+6 alliance

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE Borsa Istanbul Review Pub Date : 2024-03-01 DOI:10.1016/j.bir.2024.01.010

Zheng Gong , Liuji Gong , Zeeshan Rasool

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Abstract

Green finance is the beacon of hope in a world striving for sustainability, where financial growth and environmental responsibility go hand in hand. The BRICS, containing five emerging economies (Brazil, Russia, India, China, and South Africa), recently announced Iran, Egypt, Argentina, Ethiopia, Saudi Arabia, and the UAE as six potential new members. This expansion offers promising prospects for advancing environmental sustainability through green finance, which can be an excellent tool. In this respect, this research examines how green finance affects the carbon footprint in BRICS+6 economies. Earlier studies used panel data techniques to probe the association between these variables but overlooked that certain countries still needed to possess such a link separately. Hence, this research adopts the Quantile-on-Quantile approach, which provides a holistic universal view and customized findings for each country. The outcomes display that green finance improves environmental quality by diminishing carbon footprint at distinct quantiles of data distribution.

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从棕色到绿色：探索金砖五国+6 联盟中绿色金融与碳足迹之间的不对称关系

绿色金融是世界努力实现可持续发展的希望灯塔，在这个世界里，金融增长与环境责任齐头并进。包含五个新兴经济体（巴西、俄罗斯、印度、中国和南非）的金砖国家最近宣布伊朗、埃及、阿根廷、埃塞俄比亚、沙特阿拉伯和阿联酋为六个潜在新成员。这一扩展为通过绿色金融推进环境可持续发展提供了广阔的前景，而绿色金融可以成为一种绝佳的工具。为此，本研究探讨了绿色金融如何影响 "金砖+6 "经济体的碳足迹。先前的研究使用面板数据技术来探究这些变量之间的关联，但忽略了某些国家仍需单独拥有这种关联。因此，本研究采用了 "量化对量化"（Quantile-on-Quantile）方法，既提供了整体的普遍视角，又为每个国家提供了定制的研究结果。研究结果表明，绿色金融通过减少数据分布中不同数量级的碳足迹来改善环境质量。

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来源期刊

Borsa Istanbul Review Multiple-

CiteScore

7.60

自引率

3.80%

发文量

130

审稿时长

26 days

期刊介绍： Peer Review under the responsibility of Borsa İstanbul Anonim Sirketi. Borsa İstanbul Review provides a scholarly platform for empirical financial studies including but not limited to financial markets and institutions, financial economics, investor behavior, financial centers and market structures, corporate finance, recent economic and financial trends. Micro and macro data applications and comparative studies are welcome. Country coverage includes advanced, emerging and developing economies. In particular, we would like to publish empirical papers with significant policy implications and encourage submissions in the following areas: Research Topics: • Investments and Portfolio Management • Behavioral Finance • Financial Markets and Institutions • Market Microstructure • Islamic Finance • Financial Risk Management • Valuation • Capital Markets Governance • Financial Regulations