Financial integration and economic growth: impact of renewable energy investments, technology transfer, and climate change on Europe and central Asian economies
Abstract Financial integration plays an important role in fostering global economic growth. Energy demand, technology transfer, sustainable production, and climate change have emerged as key drivers of sustainable development. This study explores the influence of financial integration, bolstered by...
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| Main Authors: | , , , , , |
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| Format: | Article |
| Language: | English |
| Published: |
SpringerOpen
2025-02-01
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| Series: | Financial Innovation |
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| Online Access: | https://doi.org/10.1186/s40854-024-00733-0 |
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| author | Abdelmohsen A. Nassani Muhammad Imran Shiraz Khan Khalid Zaman Haroon ur Rashid Khan Mohamed Haffar |
| author_facet | Abdelmohsen A. Nassani Muhammad Imran Shiraz Khan Khalid Zaman Haroon ur Rashid Khan Mohamed Haffar |
| author_sort | Abdelmohsen A. Nassani |
| collection | DOAJ |
| description | Abstract Financial integration plays an important role in fostering global economic growth. Energy demand, technology transfer, sustainable production, and climate change have emerged as key drivers of sustainable development. This study explores the influence of financial integration, bolstered by renewable energy-induced trade, industry-driven technology, and environmental concerns, on regional economic growth. This study analyzes a panel of 39 high- and upper-middle-income European and Central Asian countries in 2017–2021. Using a panel generalized method of moments estimator, we reveal an inverted U-shaped relationship between regional economic growth and carbon emissions. Moreover, renewable energy-induced trade contributes positively to regional growth while trade openness and technology transfer further enhance this growth. Industry-driven technology negatively impacts regional growth owing to inadequate financial integration. The absence of sustainable energy infrastructure and industrialization also negatively impacts regional growth. Our study underscores the importance of increasing financial integration to promote sustainable energy-driven trade openness and technology transfer in line with the United Nations’ sustainable development agenda. |
| format | Article |
| id | doaj-art-0bc479c99aac4f5ba4d333645ee77cb3 |
| institution | DOAJ |
| issn | 2199-4730 |
| language | English |
| publishDate | 2025-02-01 |
| publisher | SpringerOpen |
| record_format | Article |
| series | Financial Innovation |
| spelling | doaj-art-0bc479c99aac4f5ba4d333645ee77cb32025-08-20T02:48:30ZengSpringerOpenFinancial Innovation2199-47302025-02-0111112410.1186/s40854-024-00733-0Financial integration and economic growth: impact of renewable energy investments, technology transfer, and climate change on Europe and central Asian economiesAbdelmohsen A. Nassani0Muhammad Imran1Shiraz Khan2Khalid Zaman3Haroon ur Rashid Khan4Mohamed Haffar5Department of Management, College of Business Administration, King Saud UniversityDepartment of Economics, The University of HaripurDepartment of Management Sciences, The University of HaripurDepartment of Economics, The University of HaripurFaculty of Business, The University of Wollongong in DubaiDepartment of Management, Birmingham Business School, University of BirminghamAbstract Financial integration plays an important role in fostering global economic growth. Energy demand, technology transfer, sustainable production, and climate change have emerged as key drivers of sustainable development. This study explores the influence of financial integration, bolstered by renewable energy-induced trade, industry-driven technology, and environmental concerns, on regional economic growth. This study analyzes a panel of 39 high- and upper-middle-income European and Central Asian countries in 2017–2021. Using a panel generalized method of moments estimator, we reveal an inverted U-shaped relationship between regional economic growth and carbon emissions. Moreover, renewable energy-induced trade contributes positively to regional growth while trade openness and technology transfer further enhance this growth. Industry-driven technology negatively impacts regional growth owing to inadequate financial integration. The absence of sustainable energy infrastructure and industrialization also negatively impacts regional growth. Our study underscores the importance of increasing financial integration to promote sustainable energy-driven trade openness and technology transfer in line with the United Nations’ sustainable development agenda.https://doi.org/10.1186/s40854-024-00733-0Financial innovationSustainable energy demandTechnology innovationTrade policyIndustrialization |
| spellingShingle | Abdelmohsen A. Nassani Muhammad Imran Shiraz Khan Khalid Zaman Haroon ur Rashid Khan Mohamed Haffar Financial integration and economic growth: impact of renewable energy investments, technology transfer, and climate change on Europe and central Asian economies Financial Innovation Financial innovation Sustainable energy demand Technology innovation Trade policy Industrialization |
| title | Financial integration and economic growth: impact of renewable energy investments, technology transfer, and climate change on Europe and central Asian economies |
| title_full | Financial integration and economic growth: impact of renewable energy investments, technology transfer, and climate change on Europe and central Asian economies |
| title_fullStr | Financial integration and economic growth: impact of renewable energy investments, technology transfer, and climate change on Europe and central Asian economies |
| title_full_unstemmed | Financial integration and economic growth: impact of renewable energy investments, technology transfer, and climate change on Europe and central Asian economies |
| title_short | Financial integration and economic growth: impact of renewable energy investments, technology transfer, and climate change on Europe and central Asian economies |
| title_sort | financial integration and economic growth impact of renewable energy investments technology transfer and climate change on europe and central asian economies |
| topic | Financial innovation Sustainable energy demand Technology innovation Trade policy Industrialization |
| url | https://doi.org/10.1186/s40854-024-00733-0 |
| work_keys_str_mv | AT abdelmohsenanassani financialintegrationandeconomicgrowthimpactofrenewableenergyinvestmentstechnologytransferandclimatechangeoneuropeandcentralasianeconomies AT muhammadimran financialintegrationandeconomicgrowthimpactofrenewableenergyinvestmentstechnologytransferandclimatechangeoneuropeandcentralasianeconomies AT shirazkhan financialintegrationandeconomicgrowthimpactofrenewableenergyinvestmentstechnologytransferandclimatechangeoneuropeandcentralasianeconomies AT khalidzaman financialintegrationandeconomicgrowthimpactofrenewableenergyinvestmentstechnologytransferandclimatechangeoneuropeandcentralasianeconomies AT haroonurrashidkhan financialintegrationandeconomicgrowthimpactofrenewableenergyinvestmentstechnologytransferandclimatechangeoneuropeandcentralasianeconomies AT mohamedhaffar financialintegrationandeconomicgrowthimpactofrenewableenergyinvestmentstechnologytransferandclimatechangeoneuropeandcentralasianeconomies |