Public spending and green economic growth in BRI region: Mediating role of green finance

Generally, public spending on education, research, and development (R&D) is perceived to impact the economy and sustainability positively; however, such notion lacks evidence, particularly in Belt and Road Initiative (BRI) member countries. In this study, panel data of BRI member countries from...

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Veröffentlicht in:Energy policy Jg. 153; S. 112256
Hauptverfasser: Zhang, Dongyang, Mohsin, Muhammad, Rasheed, Abdul Khaliq, Chang, Youngho, Taghizadeh-Hesary, Farhad
Format: Journal Article
Sprache:Englisch
Veröffentlicht: Kidlington Elsevier Ltd 01.06.2021
Elsevier Science Ltd
Schlagworte:
Belt and road initiative
Clean energy
Composition effects
Economic development
Economic growth
Economic impact
economic sustainability
Economics
education
Energy
Energy efficiency
Energy policy
Energy technology
Finance
Generalized method of moments
Government spending
Green economy
Green energy
Green public finance
Human resources
humans
Impact analysis
labor
Method of moments
Panel data
Public finance
Public policy
R&D
Radial direction distance function
renewable energy sources
Research & development
Sustainability
Sustainable development
Sustainable green finance
Technology
Radial direction distance function
Q43
Q56
Q48
Green public finance
H54
Sustainable green finance
Generalized method of moments
Belt and road initiative
ISSN:0301-4215, 1873-6777
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Zusammenfassung:Generally, public spending on education, research, and development (R&D) is perceived to impact the economy and sustainability positively; however, such notion lacks evidence, particularly in Belt and Road Initiative (BRI) member countries. In this study, panel data of BRI member countries from 2008 to 2018 is analysed using the generalized method of moments (GMM) method and data envelopement analysis (DEA) to assess the relationship between public spending on R&D and green economic growth and energy efficiency. The study found a fluctuating green economic growth indicator during the research period attributed to the non-serious nature of government policies. The findings reveal that the GMM method confirms both composition and technique effects in the entire sample. Nonetheless, the result of the sub-sample showed a heterogeneous effect on high GDP per capita countries. Moreover, the study shows that public spending on human resources and R&D of green energy technologies prompts a sustainable green economy through labour and technology-oriented production activities and different effects in different countries. •Generalized method of moments used to assess the determinants of green growth.•The non-serious nature of government policies fluctuates the green growth indicators.•Public green finance promotes green economic growth.•Spending on human resources and R&D of green technologies promotes green growth.•The proliferation of human resource and innovations are essential to green growth.
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ISSN:0301-4215
1873-6777
DOI:10.1016/j.enpol.2021.112256