REVISITING SUSTAINABLE DEVELOPMENT THROUGH FINANCIAL INCLUSION AND GREEN FINANCE: INSIGHTS FROM BAYESIAN REGRESSION
DOI:
https://doi.org/10.18623/rvd.v22.n6.3996Palavras-chave:
Financial Inclusion. Green Finance. Sustainable DevelopmentResumo
This study investigates the combined effects of financial inclusion and green finance on sustainable development across countries with different levels of financial development during the period 2005 to 2023. Composite indices of financial inclusion and green finance are constructed using principal component analysis, while countries are classified based on the International Monetary Fund Financial Development Index. A Bayesian regression approach is employed to account for parameter uncertainty and ensure robust inference. The results indicate that financial inclusion positively influences sustainable development in both financially developed and financially less developed countries, with a stronger effect in the latter group. Moreover, the interaction between financial inclusion and green finance further enhances sustainable development, particularly in financially less developed economies. These findings suggest that integrating inclusive finance with green financial policies is crucial for achieving sustainable development, especially in countries with shallow financial systems.
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