International Journal of Economic Integration and Regional Competitiveness
Vol. 2 No. 12 (2025): International Journal of Economic Integration and Regional Competitiveness

STUDY OF THE RELATIONSHIP BETWEEN GREEN BONDS, OTHER FINANCIAL ASSETS, AND SUSTAINABLE FINANCE: A SYSTEMATIC LITERATURE REVIEW

Muhammad Irawan Saputra (Muhammadiyah University of Sidoarjo, Indonesia)
Duwi Rahayu (Muhammadiyah University of Sidoarjo, Indonesia)



Article Info

Publish Date
25 Oct 2025

Abstract

Objective: This study aims to map and analyse the relationship between green bonds, sustainable finance, and other financial assets to understand thematic developments, empirical findings, and research gaps in the post-Paris Agreement era. Method: A systematic literature review was conducted using the SPAR-4-SLR protocol combined with bibliometric analysis through VOSviewer and Biblioshiny on 110 peer-reviewed articles published between 2018 and 2025. Results: The analysis reveals an exponential growth in publications with an annual rate of 55.12%, highlighting the rapid expansion of the sustainable finance research ecosystem. Empirical evidence consistently confirms the presence of a greenium—green bonds offering lower yields than conventional bonds—along with diversification benefits and reductions in portfolio volatility. Thematic mapping identifies six dominant clusters: sustainable finance, green finance, ESG/SDGs, renewable energy, portfolio and risk, and green innovation, while investor attention emerges as an under-studied moderating variable in cross-asset dynamics. Novelty: This study contributes by identifying the most influential works, structuring the intellectual landscape of sustainable finance, and proposing a future research agenda focused on deepening cross-asset connectivity and enhancing policy relevance, particularly in emerging markets such as Indonesia.

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Journal Info

Abbrev

IJEIRC

Publisher

Subject

Description

International Journal of Economic Integration and Regional Competitiveness - researches the broad scope of competitiveness policies and practices across destinations and all regions of the world. With emphasis on mechanisms of economic integration, financial development, creation of prosperity and ...