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Delima Citra, Amelia
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Religion Economics, Econometrics & Finance Education Social Sciences

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The Impact of Technology Adoption, Monetary Policy, and Carbon Emissions an Green Finance in Asean-5 Adenan, Mohammad; Gema Qori’ah, Ciplis; Delima Citra, Amelia
Journal of Islamic Economics Perspectives Vol. 7 (2025): Journal of Islamic Economics Perspectives - Special Issue
Publisher : Faculty of Islamic Economics and Business, State Islamic University of  Kiai Haji Achmad Siddiq Jember, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35719/fy55h677

Abstract

The purpose of this research is to analyze the influence of AI adoption, monetary policy (represented by interest rates), and carbon emissions on green finance, specifically green bonds, in ASEAN-5 countries. The focus of the research is on mapping the trends and measuring the causal impact of Government AI Readiness Index, policy interest rate, and carbon emissions per capita on the value of outstanding green bonds in Indonesia, Malaysia, Thailand, Philippines, and Singapore. This research uses panel data covering quarterly periods from Q1 2019 to Q4 2024. The variables consist of Government AI Readiness Index (as a proxy of technology readiness), policy interest rates from IMF, carbon emissions per capita from Our World in Data, and green bond value data from the Asian Development Bank. The method applied is Panel Least Square (PLS). The results show that all three independent variables significantly affect the development of green bonds. First, higher AI readiness positively drives green bond issuance by improving efficiency, accuracy, and transparency in financing green projects. Second, lower policy interest rates have a positive effect on green bond growth, as cheaper borrowing costs make sustainable projects more financially feasible. Third, higher carbon emissions correlate positively with increased issuance of green bonds, as countries respond to environmental pressures and emission reduction demands.
Co-Authors Adenan, Mohammad Gema Qori’ah, Ciplis