Яшил иқтисодиёт ва тараққиёт 4-tom 3-san (2026)
THE ADDITIONALITY GAP: EVALUATING THE SYNERGY BETWEEN GREEN FINANCE AND MACROECONOMIC STABILITY IN EMERGING ECONOMIES
Ataxanov, Umidbek
Annotaciya
This article examines the structural efficiency and "additionality" of green finance instruments in emergingeconomies. Utilizing a triangulated case-study design, the research analyzes primary data from the 2024–2026 issuancecycles of Uzbekistan (Agrobank), India, and Brazil. By adapting the Ramsey-Cass-Koopmans (RCK) growth model andapplying the Matching Bond Method, the study quantifies the "Financial Greenium" (γ) and its impact on the marginalproduct of green capital (k_g). Results indicate a significant greenium of 5.2–6.0 bps in mature markets like India, whereasUzbekistan exhibits a 62.45% refinancing rate, highlighting a persistent additionality gap. The findings suggest that whilegreen bonds effectively mobilize capital, long-term macroeconomic growth requires a strategic shift toward Greenfieldproject financing and standardized transparency frameworks to stabilize the sustainability multiplier (σ).
Green Finance, Greenium, RCK Model, Additionality, Uzbekistan, Agrobank.
Metadata derekkózi: jurnal OAI-PMH arxivi · Sindex tolıq mátindi saqlamaydı, derekkózge silteme beredi.