The Role of Green Finance and Research and Development in Economic Resilience
DOI:
https://doi.org/10.32662/golder.v9i2.4696Abstract
This study aims to conduct an in-depth analysis of the impact of green finance and research and development (R&D) activities on the level of economic resilience in 24 countries. Economic resilience is defined as a nation’s capacity to withstand, adapt to, and recover from various economic pressures or shocks, whether internal or external in nature. The independent variables employed include the Green Growth Index as an indicator of green finance, the number of Research and Development R&D expenditure, Adjusted Net Savings (ANS), and Gross Domestic Product (GDP) per capita. The study utilizes secondary data from 2021 obtained from international institutions such as the World Bank and applies a binary logistic regression approach for analysis. The results reveal that ANS, which accounts for environmental damage caused by carbon emissions, has a positive and statistically significant effect on economic resilience. Conversely, GDP demonstrates a significant negative effect. Meanwhile, the variables representing green finance and R&D do not exert a statistically significant influence in the final model. These findings underscore that environmental sustainability constitutes a key determinant in strengthening economic resilience, whereas traditional economic growth may not necessarily reflect long-term resilience unless accompanied by the principles of inclusivity, resource efficiency, and environmental sustainability.
References
Arianto, B. (2022). Dampak Pandemi COVID-19 terhadap Perekonomian Dunia. JURNAL EKONOMI PERJUANGAN, 2(2), 106–126. https://doi.org/10.36423/jumper.v2i2.665
Azzahra, H., Syakirah, S., Maulida, T., & Hidayat, R. A. L. (2025). Pembangunan Ekonomi dan Konservasi Lingkungan dalam Kebijakan Pembangunan berkelanjutan: Studi Tinjauan Literatur. Indonesia Economic Jurnal, 1(2), 635–664. https://doi.org/10.63822/aa4pwy60
Ciptawan, C., & Melina, M. (2023). Dampak Resesi Dunia Di Indonesia Tahun 2023. Jurnal Bangun Manajemen, 2(2), 153–158. https://doi.org/10.56854/jbm.v2i2.233
Fazaalloh, A. M., Prestianawati, S. A., Asyrof, R. A., & Fawwaz, M. (2024). Apakah Wabah Covid-19 Mempengaruhi Pariwisata Internasional di Indonesia? Jurnal Akuntansi Profesi, 15(01), 24–37. https://doi.org/10.23887/jap.v15i01.76598
Judijanto, L., & Al-Amin. (2025). PENERAPAN EKONOMI HIJAU DALAM PEMBANGUNAN BERKELANJUTAN: ANALISIS LITERATUR TEORITIS DAN EMPIRIS. Journal of Community Dedication, 5(1), 52–60.
Kusumawardhani, A. (2020). Ini 10 Negara yang Rugi Besar Akibat Covid-19. Bisnis.Com. https://ekonomi.bisnis.com/read/20200823/12/1282003/ini-10-negara-yang-rugi-besar-akibat-covid-19?utm_source
Maritha, D. (2021). INOVASI INKLUSIF DEMI PERCEPATAN PENCAPAIAN TUJUAN PEMBANGUNAN BERKELANJUTAN. Jurnal Transformasi Administrasi, 11(02). https://doi.org/10.56196/jta.v11i02.197
OECD Science, Technology and Innovation Outlook 2023. (2023). OECD Publishing. https://doi.org/10.1787/0b55736e-en
Purba, B., Sitanggang, B. E., Vitaloka, L., Naibaho, N., & Batu, S. L. (2024). Dampak Ekonomi Hijau Terhadap Pertumbuhan Ekonomi. Jurnal Akuntansi, Keuangan Dan Auditing, 5(2), 81–88. https://publikasi.dinus.ac.id/index.php/jaka
Putra, T. S. A. (2022). Dengan Ketahanan Ekonomi Kuat, Indonesia Siap Menghadapi Tekanan Ekonomi Global. Direktorat Jenderal Kekayaan Negara (DJKN) – Kementerian Keuangan Republik Indonesia. https://www.djkn.kemenkeu.go.id/kanwil-kalbar/baca-artikel/15226/Dengan-Ketahanan-Ekonomi-Kuat-Indonesia-Siap-Menghadapi-Tekanan-Ekonomi-Global.html
Putri, A. A., Titaley, J., & Salaki, D. T. (2022). Model regresi logistik biner kecenderungan gejala maag pada mahasiswa Jurusan Matematika FMIPA UNSRAT. D’Cartesian: Jurnal Matematika Dan Aplikasi, 11(1), 38–43. https://ejournal.unsrat.ac.id/v3/index.php/decartesian/article/view/37847
Rangkuty, D. M., Rusiadi, & Zuraidah. (2023). Analisis Green Finance terhadap Pertumbuhan Ekonomi. Journal of Analytical Research, Statistics and Computation (JARSIC), 2. https://doi.org/10.4590/jarsic.v2i2.25
Rosadi, F. D., ZEBUA, A., Ridhani, R., & RUSIADI, R. (2025). MODEL PERTUMBUHAN HIJAU: PERAN KEUANGAN HIJAU DALAM MENDUKUNG PEMBANGUNAN BERKELANJUTAN DI BRICS. Warta Dharmawangsa, 19(1). https://doi.org/10.46576/wdw.v19i1.6011
Said, A. O. La. (2025). Dinamika Kebijakan Ekonomi Politik Indonesia Pasca Pandemi Covid-19: Analisis Implementasi Dan Efektivitas Kebijakan Pemulihan Ekonomi. Musamus Journal of Public Administration, 8(1), 2025.
Shen, J., Yu, J., & Khoso, W. M. (2024). Green finance as a driver for environmental and economic resilience post-COVID-19: A focus on China’s strategy. Heliyon, 10(15), e35519. https://doi.org/10.1016/j.heliyon.2024.e35519
Wang, X., & Wang, S. (2020). The Impact of Green Finance on Inclusive Economic Growth<br/>—Empirical Analysis Based on Spatial Panel. Open Journal of Business and Management, 08(05), 2093–2112. https://doi.org/10.4236/ojbm.2020.85128
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Maria Immaculata Dyah Hita Widowati, Danella Citra Aldarena
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Authors retain copyright and grant the journal right of first publication with the work under licensed under a Creative Commons Attribution 4.0 International License (CC-BY 4.0) that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
