Financial Institutions, Globalization, and Trade Openness on Green Growth in G20 Countries

Meidiana Azzahrah, Azwardi, Anna Yulianita, Imam Asngari, Abdul Bashir

Sriwijaya University, Prabumulih, Indonesia

Abstract

The transition to sustainable development has been a major challenge for G20 countries amid increasing environmental degradation, climate change pressures, and global commitments to achieve low-carbon economic growth. Therefore, understanding the economic mechanisms that support green growth is relevant to formulate effective and integrated development policies. The study hypothesizes that financial institutions, globalization, and trade openness contribute positively to environmentally sustainable economic growth in G20 countries. The study uses panel data from 11 G20 countries and covers the period 2001–2021. Panel data regression analysis was applied to empirically investigate the relationship between financial institutions, globalization, trade openness, and green growth. Empirical findings reveal that financial institutions, globalization, and trade openness have a positive and significant effect on green growth in G20 countries. Well-developed financial institutions support green growth through the provision of green financial instruments, including green bonds, green taxonomy, and sustainable investment mechanisms. Globalization promotes green growth by accelerating green technology transfer, increasing cross-border investment, and facilitating international cooperation. Trade openness further contributes by expanding market access for green products, driving higher environmental standards, and stimulating industrial efficiency and environmental innovation. Theoretically, this research strengthens the integration of the theories of financial development, globalization, and trade within the framework of green growth. In practical terms, the results emphasize the need for coordinated policies that strengthen the green financial system, optimize globalization for the diffusion of clean technologies, and align trade liberalization with environmental sustainability goals. These strategies collectively support inclusive growth while reducing significant emissions, environmental risks and long-term development uncertainty.

Keywords

financial institutions; globalization; trade openness; green growth.

JEL classification

References

1. Kogan, F. (2022). The IPCC Reports on Global Warming and Land Changes. In: Remote Sensing Land Surface Changes: The 1981-2020 Intensive Global Warming in Earth and Environmental Science. Springer, 67–79. doi.org/10.1007/978-3-030-96810-6_3

         2. Teeli, A., Koshy, A., Francis, M. (2026). Assessing the Impact of Climate Change on Global Economies. In: Gender and Global Economic Stability, Vol. I: Insights and Strategies for Women's Financial Resilience. Edited by A. Javed, F.A. Malik, H. Adam. Palgrave Macmillan Cham, 3–19. doi.org/10.1007/978-3-032-00343-0_1

         3. Azwardi, Andaiyani, S., Pertiwi, R (2024). Renewable Energy Consumption, Trade Openess, and Climate Change in Asia Emerging Market Countries. Journal of Renewable Energy and Environment, Vol. 11, No. 2, 132–137. doi.10.30501/jree.2024.407959.1636

         4. Ozkan, O., Popescu, I., Destek, M., Balsalobre-lorente, D. (2024). Time-Quantile Impact of Foreign Direct Investment, Financial Development, and Financial Globalisation on Green Growth in BRICS Economies. Journal of Environmental Management, Vol. 371, 123145. doi.org/10.1016/j.jenvman.2024.123145

         5. Shao, Y., Syed, Q., Zafar, R. (2024). The Dynamic Relationship Between Education and Green Growth in BRICS Countries. Journal of the Knowledge Economy, Vol. 16, Issue 1, 1109–1128. doi.10.1007/s13132-024-01948-3

         6. Khan, H. (2022). Bank Competition, Financial Development and Macroeconomic Stability: Empirical Evidence From Emerging Economies. Economic Systems, Vol. 46, Issue 4, 101022. doi.org/10.1016/j.ecosys.2022.101022

         7. Jha, J., Srinivasan, P. (2023). What Drives the Quality of Growth? An Empirical Analysis. In: Axes of Sustainable Development and Growth in India: Essays in Honour of Professor Jyoti K. Parikh. Edited by P. Tiwari, K. Parikh. Palgrave Macmillan Singapore, 275–293. doi.org/10.1007/978-981-19-9756-3_13

         8. Roy, L. (2024). Role of G20 In Attaining Sustainable Development Goals: A Review. Edumania-An International Multidisciplinary Journal, Vol. 2, Issue 1, 60–76. doi.org/10.59231/edumania/9019

         9. UNEP. (2023). Emissions Gap Report 2023: Broken Record – Temperatures Hit New Highs, yet World Fails to Cut Emissions (again). doi.org/10.59117/20.500.11822/43922

         10. Twum, A., Agyemang, A., Sare, Y. (2022). Revisiting Credit Risk and Banks Performance of China’s Commercial Banks Before and after Covid 19 Pandemic. The Journal of Corporate Accounting and Finance, Vol. 33, Issue 3, 16–30. doi.org/10.1002/jcaf.22539

         11. Ağan, B. (2023). Exploring The Role of Financial Development on Green Growth: An Empirical Analysis of Causal Factors in OECD Economies. Proceedings of International Congress On Eurasian Economies, 363–369. doi.org/10.36880/c15.02778

         12. Bose, P., Mahapatra, B. (2024). Does Development In Financial Markets And Institutions Affect Green Growth ? Empirical Evidence From India. Clean Energy, Vol. 8, Issue 6, 50–62. doi.org/10.1093/ce/zkae073

         13. Citil, M. (2024). Innovation And Green Development Is Green Fi Nance A Prerequisite For Green Growth Of G-20 Economies. Innovation and Green Development, Vol. 3, Issue 4, 100170. doi.org/10.1016/j.igd.2024.100170

         14. Chen, H., Zhang, L., Pinzon, S., Chen, H., Chen, B. (2025). Decarbonizing The G7 : Renewable Energy, Economic Growth, Globalization, And Policy Pathways To Sustainability. Renewable Energy, Vol. 244, 122671. doi.org/10.1016/j.renene.2025.122671

         15. Piñeiro-chousa, J., Vizcaíno-gonzález, M., Caby, J.(2019). Financial Development And Standardized Reporting : A Comparison Among Developed Emerging, And Frontier Markets. Journal of Business Research, Vol. 101, 797–802. doi.org/10.1016/j.jbusres.2018.12.012

         16. Akadiri, S., Adebayo, S. (2022). Symmetric Nexus Among Financial Globalization, Non-Renewable Energy, Renewable Energy Use, Economic Growth, and Carbon Emissions: Impact on Environmental Sustainability Targets in India. Environmental Science and Pollution Research, Vol. 29, 16311–16323. doi.org/10.1007/s11356-021-16849-0

         17. Zaman, M., Pinglu, C., Hussain, S., Ullah, A., Qian, N. (2021). Does Regional Integration Matter for Sustainable Economic Growth? Fostering the Role Of FDI, Trade Openness, IT Exports, And Capital Formation In BRI Countries. Heliyon, Vol. 7, Issue 12, e08559. doi.org/10.1016/j.heliyon.2021.e08559

         18. Halim, A., Moudud-ul-huq, S. (2024). Green Economic Growth In BRIC And CIVETS Countries: The Effects Of Trade Openness And Sustainable Development Goals. Heliyon, Vol. 10, Issue 9, e30148. doi.org/10.1016/j.heliyon.2024.e30148

         19. Lee, C., Olasehinde-Williams, G., Gyamfi, B. (2022). The Synergistic Effect of Green Trade and Economic Complexity on Sustainable Environment: A New Perspective on the Economic aAnd Ecological Components of Sustainable Development. Sustainable Development, Vol. 31, Issue 2, 976–989. doi.org/10.1002/sd.2433

         20. Xu, J., Zhao, J., She, S., Liu, W. (2022). Green Growth, Natural Resources and Sustainable Development: Evidence from BRICS Economies. Resources Policy, Vol. 79, 103032. doi.org/10.1016/j.resourpol.2022.103032

         21. Huang, J. (2024). Geoscience Frontiers Resources, Innovation, Globalization, and Green Growth: The BRICS Financial Development Strategy. Geoscience Frontiers, Vol. 15, Issue 2, 101741. doi.org/10.1016/j.gsf.2023.101741

         22. Gu, X., Shen, X., Zhong, X., Wu, T., Rahim, S. (2023). Natural Resources and Undesired Productions of Environmental Outputs as Green Growth: EKC in the Perspective of Green Finance And Green Growth in the G7 Region. Resources Policy, Vol. 82, 103552. doi.org.10.1016/j.resourpol.2023.103552

         23. Zuo, L., Luo, S. (2024). Resource dependency and green growth paradigm: Exploring interstice mechanism using financial resource availability and FDI in EAP region. Resources Policy, Vol. 92, 104941. doi.org.10.1016/j.resourpol.2024.104941

         24. Leal, P.H., Marques, C. (2022). The Evolution Of The Environmental Kuznets Curve Hypothesis Assessment: A Literature Review Under A Critical Analysis Perspective. Heliyon, Vol. 8, Issue 11, e11521. doi.org.10.1016/j.heliyon.2022.e11521

         25. Jadoon, I., Mumtaz, R., Sheikh, J., Ayub, U., Tahir, M. (2021). The Impact of Green Growth on Financial Stability. Journal of Financial Regulation and Compliance, Vol. 29, Issue 5, 533–560. doi.org/10.1108/JFRC-01-2021-0006

         26. Zhao, J., Taghizadeh-hesary, F., Dong, K., Dong, X. (2023). How Green Growth Affects Carbon Emissions in China: The Role Of Green Finance. Economic Research-Ekonomska Istraživanja, Vol. 36, Issue 1, 2090–2111. doi.org/10.1080/1331677X.2022.2095522

         27. Deng, X., Yang, J., Ahmed, Z., Hafeez, M., Salem, S. (2023). Green Growth and Environmental Quality in Top Polluted Economies: The Evolving Role of Financial Institutions and Markets. Environmental Science and Pollution Research, Vol. 30, Issue 7, 17888–17898. doi.org/10.1007/s11356-022-23421-x

         28. Mo, Y., Ullah, S., Ozturk, I. (2023). Green Investment and its Influence on Green Growth in High Polluted Asian Economies: Do Financial Markets and Institutions Matter ? Economic Research-Ekonomska Istraživanja, Vol. 36, Issue 2, 2140302. doi.org/10.1080/1331677X.2022.2140302

         29. Cao, J., Law, S.H., Samad, A.R.B.A., Mohamad, W.N.B., Wang, J., Yang, X. (2021). Impact of financial development and technological innovation on the volatility of green growth evidence from China. Environmental Science and Pollution Research, Vol. 28, 48053–48069. doi.org/10.1007/s11356-021-13828-3

         30. Shabbir, M., Linh, D. (2025). Globalizing Green Innovation: Impact On Green GDP and Pathways to Sustainability. Research in Economics, Vol. 79, Issue 1, 101042. doi.org/10.1016/j.rie.2025.101042

         31. Ofori, I., Figari, F. (2022). Economic Globalisation and Inclusive Green Growth in Africa: Contingencies and Policy-Relevant Thresholds of Governance. Sustainable Development, Vol. 31, Issue 1, 452–482. doi.org/10.1002/sd.2403

         32. Suleman, S., Thaker, M., Ariff, M., Cheong, C. (2023). Relevancy And Drivers of Trade Openness: A Study Of GIPSI Countries. Journal of Economic and Administrative Sciences, Vol. 41, Issue 4, 1527–1547. doi.org.10.1108/JEAS-01-2023-0014

         33. Were, M. (2015). Differential Effects of Trade on Economic Growth and Investment: A Cross-Country Empirical Investigation. Journal of African Trade, Vol. 2, Issue 1–2, 71–85. doi.org/10.1016/j.joat.2015.08.002

         34. Hu, Y,. Jiang, M., Sun, S., Dai, Y. (2022). Does Trade Facilitation Promote Export Technological Sophistication ? Evidence From The European Transition Countries. Sage Open, Vol. 12, Issue 2, 1–20. doi.org/10.1177/21582440221106675

         35. Feng, M., Zou, D., Hafeez, M. (2023). Mineral Resource Volatility And Green Growth: The Role Of Technological Development, Environmental Policy Stringency, And Trade Openness. Resources Policy, Vol. 89, 104630. doi.org/10.1016/j.resourpol.2023.104630

         36. Otse, E., Abubakar, A. (2025). Linear Regression Approach to Solving Multicollinearity and Overfitting in Predictive Analysis. Journal of Science Research and Reviews, Vol. 2, No. 1, 108–117. doi.org/10.70882/josrar.2025.v2i1.35

         37. Li, J., Dong, X., Dong, K. (2022). Is China ’ S Green Growth Possible ? The Roles Of Green Trade And Green Energy. Economic Research-Ekonomska Istraživanja, Vol. 35, Issue 1, 7084–7108. doi.org/10.1080/1331677X.2022.2058978

         38. Chih, C. (2024). Comparative Impacts of Energy Sources on Environmental Quality : A Five-Decade Analysis of Germany’s Energiewende. Energy Reports, Vol. 11, 3550–3561. doi.org/10.1016/j.egyr.2024.03.027

         39. Navaneeth, M., Siddiqui, S., Sahu, S. (2024). Green Growth Index for India : Drivers, Disparities, and Ramifications. Green and Low-Carbon Economy, Vol. 4, No. 1, 115–128. doi.org/10.47852/bonviewGLCE42023925

         40. Naimoğlu, M., Şahin, S., Özbek, S. (2025). Governance, Corruption, Trade Openness, and Innovation: Key Drivers of Green Growth and Sustainable Development in Türkiye. Sustainable Development, Vol. 33, Issue 3, 4147–4162. doi.org/10.1002/sd.3346

         41. Wang, D., He, Y. (2024). Re-Imagining Trade Policy and Energy Efficiency : Groundbreaking Pathways to Strengthen Environmental Sustainability in South Korea. Applied Sciences, Vol. 14, Issue 20, 9443. doi.org/10.3390/app14209443

         42. Chen, Y., Lubabu, M. (2026). Investigating the Interrelationship among Renewable Energy Consumption, Green Finance, Agriculture, Green Technology, Industry, And Urbanization on CO2 Emissions: Evidence from BRICS-M-A Countries. Renewable Energy, Vol. 256, 124052. doi.org/10.1016/j.renene.2025.124052

         43. Almulhim, T. (2024). Assessment Of Green Development Level Performance In G20 Countries: A Dynamic Evaluation Framework. Heliyon, Vol. 10, Issue 18, e37622. doi.org/10.1016/j.heliyon.2024.e37622

         44. Morgan, P. (2022). Fintech and Financial Inclusion in Southeast Asia and India. Asian Economic Policy Review, Vol. 17, Issue 2, 183–208. doi.org/10.1111/aepr.12379

         45. Kotwal, A., Ramaswami, B., Wadhwa, W. (2011). Economic Liberalization and Indian Economic Growth : What ’ s the Evidence ? Journal of Economic Literature, Vol. 49, No. 4, 1152–1199. doi.org.10.1257/jel.49.4.1152

         46. Dzienis, A., Mccaleb, A. (2025). Digital and Green Transitions and Automotive Industry Reconfiguration : Evidence from Japan and China. Journal of Contemporary Asia, Vol. 55, Issue 4, 618–644. doi.org/10.1080/00472336.2024.2384704

         47. Păunică, M., Manole, A., Motofei, C., Tănase, G.L. (2018). The Globalization in the actual Context of the European Union Economy. Proceedings of the 12th International Conference on Business Excellence, 739–750 doi.org/10.2478/picbe-2018-0066

         48. OECD. (2025). OECD Economic Surveys: Türkiye. Paris, OECD Publishing. doi.org/10.1787/d01c660f-en

         49. Astrov, V., Ghodsi, M., Grieveson, R. et al. (2022). Russia’s Invasion Of Ukraine: Assessment Of The Humanitarian, Economic, And Financial Impact In The Short And Medium Term. International Economics and Economic Policy, Vol. 19, Issue 2, 331–381. doi.org/10.1007/s10368-022-00546-5

         50. Nurunnabi, M. (2017). Transformation from an Oil-based Economy to a Knowledge-based Economy in Saudi Arabia: the Direction of Saudi Vision 2030. Journal of the Knowledge Economy, Vol. 8, Issue 2, 536–564. doi.org/10.1007/s13132-017-0479-8

         51. Sandee, H. (2026). Improving Connectivity in Indonesia : The Challenges of Better Infrastructure, Better Regulations, and Better Coordination. Asian Economic Policy Review, Vol. 11, Issue 2, 222–238. doi.org/10.1111/aepr.12138

         52. De Vries, C., Bakker, B., Hobolt, S., Arceneaux, K. (2021). Crisis Signaling: How Italy’s Coronavirus Lockdown Affected Incumbent Support In Other European Countries. Political Science Research and Methods, Vol. 9, Issue 3, 451–467. doi.org/10.1017/psrm.2021.6

         53. Becker, S., Muendler, M. (2015). Trade And Tasks: An Exploration Over Three Decades In Germany. Economic Policy, Vol. 30, Issue 84, 589–641. doi.org/10.1093/epolic/eiv014

         54. Sun, M., Cao, X., Liu, X., Cao, T., Zhu, Q. (2024). The Russia-Ukraine Conflict, Soaring International Energy Prices , And Implications For Global Economic Policies. Heliyon, Vol. 10, Issue 16, e34712. doi.org/10.1016/j.heliyon.2024.e34712

         55. Purnomo, H., Okarda, B., Dermawan, A., Ilham, Q., Pacheco, P,. Nurfatriani, F., Suhendang, E. (2020). Reconciling Oil Palm Economic Development And Environmental Conservation In Indonesia : A Value Chain Dynamic Approach. Forest Policy and Economics, Vol. 111, 102089. doi.org/10.1016/j.forpol.2020.102089

         56. Juust, M., Vahter, P., Varblane, U. (2020). Trade Effects of the EU–South Korea Free Trade Agreement in the Automotive Industry. Journal of East-West Business, Vol. 27, Issue 1, 1–29. doi.org/10.1080/10669868.2020.1732511

         57. Islam, S., Alsaif, S., Alsaif. T. (2022). Trade Openness, Government Consumption, and Economic Growth Nexus in Saudi Arabia: ARDL Cointegration Approach. Sage Open, Vol. 12, Issue 2, 1–11. doi.org/10.1177/21582440221096661

         58. Pesaran, M. (2007). A Simple Panel Unit Root Test In The Presence Of Cross-Section Dependence. Journal of Applied Econometrics, Vol. 22, Issue 2, 265–312. doi.org/10.1002/jae.951

         59. Kao, C., Chiang, M. (1999). International R & D Spillovers : An Application Of Estimation And Inference In Panel Cointegration. Oxford Bulletin of Economics and Statistics, Vol. 61, Issue S1, 691–709. doi.org/10.1111/1468-0084.0610s1691

         60. Hidayat, A., Manurung, A., Liliana., Rohima, S., Pertiwi, R., Andaiyani, S., Shodrokova, X. (2024). Green bonds and the Sustainable Development Index in Asian countries: Panel data evidence. Argumenta Oeconomica, Vol. 53, No. 2, 107–119. doi.org/10.15611/aoe.2024.2.07

         61. Iheanacho, E., Okere, K.i., Onoh, J.O. (2023). Nexus between financial integration, capital market development and economic performance: Does institutional structure matters? Heliyon, Vol. 9, Issue 1, e12827. doi.org/10.1016/j.heliyon.2023.e12827

         62. Ma, M., Zhu, X., Liu, M.,  Huang, X. (2023). Combining The Role Of Green Finance And Environmental Sustainability On Green Economic Growth : Evidence from G-20 economies. Renewable Energy, Vol. 207, 128–136. doi.org/10.1016/j.renene.2023.02.046

         63. Arimura, T., Hibiki, A. (2024). Introduction to Environmental Economics and Policy in Japan. Springer Singapore, 145 p. doi.org/10.1007/978-981-97-2187-0

         64. Islam, M., Ali, A. (2024). Sustainable Green Energy Transition In Saudi Arabia: Characterizing Policy Framework, Interrelations And Future Research Directions. Next Energy, Vol. 5, 100161. doi.org/10.1016/j.nxener.2024.100161

         65. Schäfer, H. (2017). Germany: The ‘Greenhorn’ in the Green Finance Revolution. Environment: Science and Policy for Policy Sustainable Development, Vol. 60, Issue 1, 18–27. doi.org/10.1080/00139157.2018.1397472

         66. Malecki, C. (2021). Corporate Social Responsibility in France. Sustainable Finance, Climate Finance: The French and European Impetus for Sustainable Growth. In: Current Global Practices of Corporate Social Responsibility in the Era of Sustainable Development Goals. Edited by S.O. Idowu. Springer Cham, 121–147. doi.org/10.1007/978-3-030-68386-3_7

         67. Özbek, A. (2024). Sustainability and Green Finance: Banking System in Turkey. Ahi Evran Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, Vol. 10, Issue 2, 295–313. doi.org/10.31592/aeusbed.1426965

         68. Anser, M., Usman, M., Godil, D. (2021). Does globalization affect the green economy and environment? The relationship between energy consumption, carbon dioxide emissions, and economic growth. Environmental Science and Pollution Research, Vol. 28, Issue 37, 51105–51118. doi.org/10.1007/s11356-021-14243-4

         69. Chen, R., Ramzan, M., Hafeez, M., Ullah, S. (2023). Green Innovation-Green Growth Nexus In BRICS: Does Financial Globalization Matter? Journal of Innovation and Knowledge, Vol. 8, Issue 1, 100286. doi.org/10.1016/j.jik.2022.100286

         70. Li, C., Umair, M. (2023). Does Green Finance Development Goals Affects Renewable Energy in China. Renewable Energy, Vol. 203, 898–905. doi.org/10.1016/j.renene.2022.12.066

         71. Bhatnagar, S., Sharma, D. (2022). Green Investment in Renewable Energy Projects: A Path to Cleaner Revival in Post-pandemic India. Vision: The Journal of Business Perspective. doi.org/10.1177/09722629221132066

         72. Berdysheva, S., Ikonnikova, S. (2021). The Energy Transition and Shifts in Fossil Fuel Use : Security Dynamics. Energies, Vol. 14, Issue 17, 5396. doi.org/10.3390/en14175396

         73. Aydin, M., Sogut, Y., Erdem, A. (2024). The Role Of Environmental Technologies, Institutional Quality, and Globalization on Environmental Sustainability in European Union Countries: New Evidence From Advanced Panel Data Estimations. Environmental Science and Pollution Research, Vol. 31, Issue 7,. 10460–10472. doi.org/10.1007/s11356-024-31860-x

         74. Pei, M., Tabish, R. (2025). Forging A Sustainable Future In G20 Economies: The Transformative Role of Technological Innovation, Green Finance and Higher Education Amid Globalization And Entrepreneurial Growth. Sustainability, Vol. 17, Issue 8, 3321. doi.org/10.3390/su17083321

         75. Abedalrhman, K., Alzaydi, A. (2024). Saudi Arabia’s Strategic Leap towards a Diversified Economy and Technological Innovation. Asian Journal of Advanced Research and Reports, Vol. 18, Issue 12, 111–125. doi.org/10.9734/ajarr/2024/v18i12810

         76. Khan, H., Weili, L., Khan, I. (2021). Environmental Innovation, Trade Openness and Quality Institutions: An Integrated Investigation About Environmental Sustainability. Environmental, Development and Sustainability, Vol. 24, Issue 3, 3832–3862. doi.org/10.1007/s10668-021-01590-y

         77. Ji, X., Dong, F., Zheng, C., Bu, N. (2022). The Influences of International Trade on Sustainable Economic Growth: An Economic Policy Perspective. Sustainability, Vol. 14, Issue 5, 2781. doi.org/10.3390/su14052781

         78. Halim, M., Moudud-Ul-Huq, S. (2024). Green Economic Growth in BRIC and CIVETS Countries: The Effects Of Trade Openness And Sustainable Development Goals. Heliyon, Vol. 10, Issue 9, e30148. doi.org/10.1016/j.heliyon.2024.e30148

         79. Zhu, Z., Luo, J., Dong, Q., Zhao, Y., Wang, Yu., Wang, Yo. (2021). Green technology innovation efficiency of energy-intensive industries in China from the perspective of shared resources: Dynamic change and improvement path. Technological Forecasting and Social Change, Vol. 170, 120890. doi.org/10.1016/j.techfore.2021.120890

About Authors

Meidiana Azzahrah

S.E, Master of Economics Student, Faculty of Economics, Sriwijaya University, Prabumulih, Indonesia (Jl. Palembang, Ogan Ilir Regency, Indralaya Indah, Kec. Indralaya, Prabumulih City, South Sumatra 30862, Indonesia); ORCID orcid.org/0009-0000-3104-6464 e-mail: meidianaazzahrah2@gmail.com

Azwardi

Professor, Dr. S.E., M.Si, Lecturer and Dean Faculty of Economics, Sriwijaya University, Prabumulih, Indonesia (Jl. Palembang, Ogan Ilir Regency, Indralaya Indah, Kec. Indralaya, Prabumulih City, South Sumatra 30862, Indonesia); ORCID orcid.org/0000-0002-0103-9893 e-mail: azwardi_unsri@yahoo.com

Anna Yulianita

Dr. S.E., M.Si, Lecturer and Head of Department of Development Economics Department, Faculty of Economics, Sriwijaya University, Prabumulih, Indonesia (Jl. Palembang, Ogan Ilir Regency, Indralaya Indah, Kec. Indralaya, Prabumulih City, South Sumatra 30862, Indonesia); ORCID orcid.org/0000-0001-8744-3274 e-mail: annayulia@unsri.ac.id

Imam Asngari

Dr. S.E., M.Si, Lecturer and Coordinator of the Master of Economics Study Program, Faculty of Economics, Sriwijaya University, Prabumulih, Indonesia (Jl. Palembang, Ogan Ilir Regency, Indralaya Indah, Kec. Indralaya, Prabumulih City, South Sumatra 30862, Indonesia); ORCID orcid.org/0000-0003-1052-6359 e-mail: imam.asngari@unsri.ac.id

Abdul Bashir

Dr. S.E., M.Si, Lecturer in Development Economics, Faculty of Economics, Sriwijaya University, Prabumulih, Indonesia (Jl. Palembang, Ogan Ilir Regency, Indralaya Indah, Kec. Indralaya, Prabumulih City, South Sumatra 30862, Indonesia); ORCID orcid.org/0000-0002-4771-1366 e-mail: abd.bashir@unsri.ac.id

For citation

Azzahrah, M., Azwardi, Yulianita, A., Asngari, I., Bashir, A. (2026). Financial Institutions, Globalization, and Trade Openness on Green Growth in G20 Countries. Journal of Applied Economic Research, Vol. 25, No. 3, 754-786. https://doi.org/10.15826/vestnik.2026.25.3.025

Article info

Received January 30, 2026; Revised February 18, 2026; Accepted June 16, 2026.

DOI: http://dx.doi.org/10.15826/vestnik.2026.25.3.025

Download full text article: