Financial Development and Green Economic Growth: Evidence from ASEAN Countries

(Pages 2086-2092)

Ngoc Toan Bui1, My-Linh Thi Nguyen1, Huy Duc Pham1 and Thu-Trang Thi Doan2,*
1Faculty of Finance and Banking, University of Finance – Marketing (UFM), Ho Chi Minh City, Vietnam.
2Faculty of Finance and Banking, Industrial University of Ho Chi Minh City (IUH), Ho Chi Minh City, Vietnam.


This research is to investigate the impact of financial development on green economic growth, where green economic growth is measured by economic growth coupled with environmental protection. The data were collected in 10 ASEAN countries, including Brunei, Indonesia, Cambodia, Laos, Myanmar, Malaysia, Singapore, Thailand, the Philippines, and Vietnam, from 2002 to 2020. This research utilizes the system Generalized Method of Moments (GMM) estimator to estimate the research model. The results reveal that financial development serves as a significant driver for promoting green economic growth of these countries. More than that, it is significantly affected by the other control variables including population growth, inflation, and control of corruption. These findings provide a reliable basis for these countries to identify appropriate solutions to promote green growth, being an essential foundation for achieving their sustainable development.


ASEAN, financial development, green economic growth, sustainable development.

How to Cite:

Ngoc Toan Bui, My-Linh Thi Nguyen, Huy Duc Pham and Thu-Trang Thi Doan. Financial Development and Green Economic Growth: Evidence from ASEAN Countries . [ref]: vol.21.2023. available at:

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