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Scientific News

Azer Dilanchiev’s article published in Journal of Environmental Assessment Policy and Management


An article by Azer Dilanchiev, IBSU BA Economics Program Head, was published in the Journal of Environmental Assessment Policy and Management, Scopus Q1.

The article titled “Unraveling The Nexus Between Financial Openness and Environmental Quality: Green Finance as The Catalyst in CEE Countries” investigates the relationship between financial openness and environmental quality in Central and Eastern European (CEE) countries from 2015 to 2020, focusing on the moderating role of green finance. The use of fossil fuels, which increases carbon emissions and contributes to greenhouse gases, is a significant environmental concern. While previous studies have often explored the impact of production volume and energy use on carbon emissions, this research examines how financial assets influence environmental degradation.

Key findings indicate that CO2 emissions in CEE countries are still growing and that financial openness is a significant positive indicator of CO2 emissions. However, green finance, including investments in renewable energy and green technology innovation, mitigates the positive impact of financial openness on CO2 emissions.

The study employs fixed effect models and system GMM techniques to analyze data. It highlights that policies promoting green finance can help reduce environmental degradation and CO2 emissions, emphasizing the importance of renewable energy investment and green technology innovation in achieving environmental sustainability.

In conclusion, the findings suggest that integrating green finance into financial systems is crucial for mitigating the adverse environmental impacts of financial openness in CEE countries. This study provides valuable insights for policymakers and stakeholders aiming to promote sustainable development and environmental quality through financial openness and green finance initiatives.