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August 20, 2025
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Abstract
A green economy is a sustainable and environmentally friendly development model. The green economy is expected to improve people's welfare without compromising the quality of the environment and natural resources. The purpose of this study is to determine the long-term and short-term relationship between monetary variables, namely interest rates, broad money, and central bank transparency, on the green economy in Indonesia. This study uses ARDL analysis with a sample period of 1999Q1 to 2019Q4. The results of short-term ARDL research show that green innovation is significantly influenced by innovation in the previous period, interest rates, and central bank transparency. Green innovation tends to increase when influenced by past performance and accommodative monetary policy, although some factors show the opposite impact in specific periods. Meanwhile, the effect of money supply on green innovation is dynamic, initially showing a significant positive impact in the short term but becoming negative in the subsequent period. Central bank transparency is also significant, with a positive direction in lag one and a negative in lag 2.
Keywords
green economy; interest rate; central bank transparency; Indonesia
Article Details
How to Cite
Alim, M. B., Setiyantono, A. P., & Maqfiroh, S. (2025). Central bank transparency and green innovation policy in Indonesia. Jurnal Ekonomi Indonesia, 14(2), 162–176. https://doi.org/10.52813/jei.v14i2.557
References
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[1] Aghion, P., Boneva, L., Breckenfelder, J., Laeven, L. A., Olovsson, C., Popov, A. A., & Rancoita, E. (2022). Financial Markets and Green Innovation. SSRN Electronic Journal, 26. https://doi.org/10.2139/ssrn.4173682
[2] Aghion, P., & Howitt, P. W. (1997). Endogenous growth theory. The MIT Press.
[3] Ahmad, M., & Satrovic, E. (2023). How does monetary policy moderate the influence of economic complexity and technological innovation on environmental sustainability? The role of green central banking. International Journal of Finance & Economics. https://api.semanticscholar.org/CorpusID:260749877
[4] Bilal, A., Li, X., Zhu, N., Sharma, R., & Jahanger, A. (2022). Green technology innovation, globalization, and CO2 emissions: Recent insights from the OBOR economies. Sustainability (Switzerland), 14(1), 1–17. https://doi.org/10.3390/su14010236
[5] Cai, X., Zhu, B., Zhang, H., Li, L., & Xie, M. (2020). Can direct environmental regulation promote green technology innovation in heavily polluting industries? Evidence from Chinese listed companies. Science of the Total Environment, 746, 140810. https://doi.org/10.1016/j.scitotenv.2020.140810
[6] Campiglio, E. (2016). Beyond carbon pricing: The role of banking and monetary policy in financing the transition to a low-carbon economy. Ecological Economics, 121, 220–230. https://doi.org/10.1016/j.ecolecon.2015.03.020
[7] Cerutti, E., Blagrave, P., Agarwal, R., Balasundharam, V., Gudmundsson, R., & Mousa, R. (2021). Climate Change in South Asia: Further Need for Mitigation and Adaptation. IMF Working Papers, 2021(217), 1. https://doi.org/10.5089/9781513590677.001
[8] Dafermos, Y., Nikolaidi, M., & Galanis, G. (2018). Climate Change, Financial Stability and Monetary Policy. Ecological Economics, 152, 219–234. https://doi.org/10.1016/j.ecolecon.2018.05.011
[9] Desalegn, G., Fekete-Farkas, M., & Tangl, A. (2022). The Effect of Monetary Policy and Private Investment on Green Finance: Evidence from Hungary. Journal of Risk and Financial Management, 15(3). https://doi.org/10.3390/jrfm15030117
[10] Dikau, S., & Volz, U. (2021). Central bank mandates, sustainability objectives and the promotion of green finance. Ecological Economics, 184, 107022. https://doi.org/10.1016/j.ecolecon.2021.107022
[11] Fischer, M. M., & Nijkamp, P. (2014). Handbook of regional science. https://doi.org/10.1007/978-3-642-23430-9
[12] Hu, J., & Wang, D. (2022). Study on the impact of finance leasing on corporate green innovation. Information Systems and Economics, 3(5), 6–9. https://doi.org/10.23977/infse.2022.030502
[13] Jiang, S., Liu, X., Liu, Z., Shi, H., & Xu, H. (2022). Does green finance promote enterprises’ green technology innovation in China? Frontiers in Environmental Science, 10, 1–18. https://doi.org/10.3389/fenvs.2022.981013
[14] Juhro, S., & Trisnanto, B. (2018). Paradigma dan Model Pertumbuhan Ekonomi Endogen Indonesia. Publication-Bi, 1–40. http://publication-bi.org/repec/idn/wpaper/WP112018.pdf
[15] Khezri, M., Heshmati, A., & Khodaei, M. (2022). Environmental implications of economic complexity and its role in determining how renewable energies affect CO2 emissions. Applied Energy, 306(PB), 117948. https://doi.org/10.1016/j.apenergy.2021.117948
[16] Liang, Z., Chen, J., Jiang, D., & Sun, Y. (2022). Assessment of the spatial association network of green innovation: Role of energy resources in green recovery. Resources Policy, 79, 103072. https://doi.org/https://doi.org/10.1016/j.resourpol.2022.103072
[17] Lucas, R. (1998). On the mechanisc of economic development. Journal Monetary Economic, 22(1), 3–42.
[18] Ma, Y., Hou, G., & Xin, B. (2017). Green process innovation and innovation benefit: The mediating effect of firm image. Sustainability (Switzerland), 9(10), 22–24. https://doi.org/10.3390/su9101778
[19] Mughal, N., Kashif, M., Arif, A., Guerrero, J. W., Nabua, W. C., & Niedbała, G. (2021). Dynamic effects of fiscal and monetary policy instruments on environmental pollution in ASEAN. Environmental Science and Pollution Research, 28, 65116–65126. https://doi.org/10.1007/s11356-021-15114-8
[20] Prakash, A. (2018). Boiling Point: One of the most vulnerable regions to climate change is witnessing the world’s biggest jump in greenhouse gas emissions. Finance and Development, 55(3), 22–26. https://doi.org/10.1201/9781420026283-6
[21] Qori’ah, C. G. (2016). The Elusive Quest for Inclusive Growth in ASEAN 5: Poverty, Inequality, and Economic Growth. Abstract of Economic, Finance and Management Outlook, 5, 1–17.
[22] Romer, P. (1990). Endogenous technological change. Journal Politic and Economic, 98(5), 71–102.
[23] Sahin, G., & Ayyildiz, F. V. (2022). An Investigation of Climate Change Within the Framework of a Schumpeterian Economic Growth Model. In Business and Policy Solutions to Climate Change: From Mitigation to Adaptation (pp. 185–213).
[24] Schumpeter, J. A. (1943). Capitalism, Socialism and Democracy. Routledge.
[25] Spyromitros, E. (2023). Determinants of Green Innovation: The Role of Monetary Policy and Central Bank Characteristics. Sustainability (Switzerland), 15(10). https://doi.org/10.3390/su15107907
[26] Tan, W., & Cao, T. (2022). Do Green Technology Innovation, Renewable Energy Consumption and Renewable Energy Investment Improve Environmental Quality? Journal of Environmental Assessment Policy and Management, 24(3), 1–21. https://doi.org/10.1142/S1464333222500314
[27] UNDESA. (2012). Green economy, Green growth, and Low-carbon development–history, definitions, and a guide to recent publications. (Issue 1). United Nations, Division for Sustainable Development, Department of Economic and Social Affairs. https://doi.org/10.18356/9789210573713
[28] Wang, N., Yu, H., Shu, Y., Chen, Z., & Li, T. (2022). Can green patents reduce carbon emission intensity?—An empirical analysis based on China’s experience. Frontiers in Environmental Science, 10, 1–12. https://doi.org/10.3389/fenvs.2022.1084977
[29] Wardhono, A., Indrawati, Y., & Qori’ah, C. G. (2018). Inklusi Keuangan dalam Persimpangan Kohesi Sosial dan Pembangunan Ekonomi Berkelanjutan. Pustaka Abadi. https://books.google.co.id/books?id=E97YDwAAQBAJ
[30] Wardhono, A., Putra, P. T. N., & Nasir, M. A. (2016). Causal study of macroeconomic indicators on carbon dioxide emission in ASEAN 5. Economics and Policy of Energy and the Environment, 2, 15–31.
[31] Wei, S., Jiandong, W., & Saleem, H. (2023). The impact of renewable energy transition, green growth, green trade and green innovation on environmental quality: Evidence from top 10 green future countries. Frontiers in Environmental Science, 10, 1–18. https://doi.org/10.3389/fenvs.2022.1076859
[32] Wen, J., Zhao, X., Fu, Q., & Chang, C.-P. (2023). The impact of financial risk on green innovation: Global evidence. Pacific-Basin Finance Journal, 77, 101896. https://doi.org/10.1016/j.pacfin.2022.101896
[33] Yay, T. (2021). Method and scope in Joseph A. Schumpeter’s economics: a pluralist perspective. The Journal of Philosophical Economics: Reflections on Economic and Social Issues, XIV.
[34] Yay, T., & Yay, G. G. (2022). Joseph A. Schumpeter and Schumpeterian Paradigm on the Dynamics of Capitalism: Entrepreneur, Innovation, Growth, and Trade. Panoeconomicus, 69(4), 579–607. https://doi.org/10.2298/PAN200913001Y
[35] Yilmaz, E., & Sensoy, F. (2022). The relationship between growth and exports: what if the impact is negative Evidence form Turkey. Pressacademia, 9, 104–112. https://doi.org/10.17261/pressacademia.2022.1619
[36] Yin, H.-T., Chang, C.-P., & Wang, H. (2022). The impact of financial risk on green innovation: Global evidence. Technological and Economic Development of Economy, 28(6), 1933–1953. https://doi.org/10.1016/j.pacfin.2022.101896
[37] Yu, H., Jiang, Y., Zhang, Z., Shang, W. L., Han, C., & Zhao, Y. (2022). The impact of carbon emission trading policy on firms’ green innovation in China. Financial Innovation, 8(1). https://doi.org/10.1186/s40854-022-00359-0
[38] Zhao, L., & Wang, Y. (2022). Financial Ecological Environment, Financing Constraints, and Green Innovation of Manufacturing Enterprises: Empirical Evidence From China. Frontiers in Environmental Science, 10, 1–10. https://doi.org/10.3389/fenvs.2022.891830
[39] Ziaei, S. M. (2018). US interest rate spread and energy consumption by sector (Evidence of pre and post implementation of the Fed’s LSAPs policy). Energy Reports, 4, 288–302. https://doi.org/10.1016/j.egyr.2018.03.004
References
[1] Aghion, P., Boneva, L., Breckenfelder, J., Laeven, L. A., Olovsson, C., Popov, A. A., & Rancoita, E. (2022). Financial Markets and Green Innovation. SSRN Electronic Journal, 26. https://doi.org/10.2139/ssrn.4173682
[2] Aghion, P., & Howitt, P. W. (1997). Endogenous growth theory. The MIT Press.
[3] Ahmad, M., & Satrovic, E. (2023). How does monetary policy moderate the influence of economic complexity and technological innovation on environmental sustainability? The role of green central banking. International Journal of Finance & Economics. https://api.semanticscholar.org/CorpusID:260749877
[4] Bilal, A., Li, X., Zhu, N., Sharma, R., & Jahanger, A. (2022). Green technology innovation, globalization, and CO2 emissions: Recent insights from the OBOR economies. Sustainability (Switzerland), 14(1), 1–17. https://doi.org/10.3390/su14010236
[5] Cai, X., Zhu, B., Zhang, H., Li, L., & Xie, M. (2020). Can direct environmental regulation promote green technology innovation in heavily polluting industries? Evidence from Chinese listed companies. Science of the Total Environment, 746, 140810. https://doi.org/10.1016/j.scitotenv.2020.140810
[6] Campiglio, E. (2016). Beyond carbon pricing: The role of banking and monetary policy in financing the transition to a low-carbon economy. Ecological Economics, 121, 220–230. https://doi.org/10.1016/j.ecolecon.2015.03.020
[7] Cerutti, E., Blagrave, P., Agarwal, R., Balasundharam, V., Gudmundsson, R., & Mousa, R. (2021). Climate Change in South Asia: Further Need for Mitigation and Adaptation. IMF Working Papers, 2021(217), 1. https://doi.org/10.5089/9781513590677.001
[8] Dafermos, Y., Nikolaidi, M., & Galanis, G. (2018). Climate Change, Financial Stability and Monetary Policy. Ecological Economics, 152, 219–234. https://doi.org/10.1016/j.ecolecon.2018.05.011
[9] Desalegn, G., Fekete-Farkas, M., & Tangl, A. (2022). The Effect of Monetary Policy and Private Investment on Green Finance: Evidence from Hungary. Journal of Risk and Financial Management, 15(3). https://doi.org/10.3390/jrfm15030117
[10] Dikau, S., & Volz, U. (2021). Central bank mandates, sustainability objectives and the promotion of green finance. Ecological Economics, 184, 107022. https://doi.org/10.1016/j.ecolecon.2021.107022
[11] Fischer, M. M., & Nijkamp, P. (2014). Handbook of regional science. https://doi.org/10.1007/978-3-642-23430-9
[12] Hu, J., & Wang, D. (2022). Study on the impact of finance leasing on corporate green innovation. Information Systems and Economics, 3(5), 6–9. https://doi.org/10.23977/infse.2022.030502
[13] Jiang, S., Liu, X., Liu, Z., Shi, H., & Xu, H. (2022). Does green finance promote enterprises’ green technology innovation in China? Frontiers in Environmental Science, 10, 1–18. https://doi.org/10.3389/fenvs.2022.981013
[14] Juhro, S., & Trisnanto, B. (2018). Paradigma dan Model Pertumbuhan Ekonomi Endogen Indonesia. Publication-Bi, 1–40. http://publication-bi.org/repec/idn/wpaper/WP112018.pdf
[15] Khezri, M., Heshmati, A., & Khodaei, M. (2022). Environmental implications of economic complexity and its role in determining how renewable energies affect CO2 emissions. Applied Energy, 306(PB), 117948. https://doi.org/10.1016/j.apenergy.2021.117948
[16] Liang, Z., Chen, J., Jiang, D., & Sun, Y. (2022). Assessment of the spatial association network of green innovation: Role of energy resources in green recovery. Resources Policy, 79, 103072. https://doi.org/https://doi.org/10.1016/j.resourpol.2022.103072
[17] Lucas, R. (1998). On the mechanisc of economic development. Journal Monetary Economic, 22(1), 3–42.
[18] Ma, Y., Hou, G., & Xin, B. (2017). Green process innovation and innovation benefit: The mediating effect of firm image. Sustainability (Switzerland), 9(10), 22–24. https://doi.org/10.3390/su9101778
[19] Mughal, N., Kashif, M., Arif, A., Guerrero, J. W., Nabua, W. C., & Niedbała, G. (2021). Dynamic effects of fiscal and monetary policy instruments on environmental pollution in ASEAN. Environmental Science and Pollution Research, 28, 65116–65126. https://doi.org/10.1007/s11356-021-15114-8
[20] Prakash, A. (2018). Boiling Point: One of the most vulnerable regions to climate change is witnessing the world’s biggest jump in greenhouse gas emissions. Finance and Development, 55(3), 22–26. https://doi.org/10.1201/9781420026283-6
[21] Qori’ah, C. G. (2016). The Elusive Quest for Inclusive Growth in ASEAN 5: Poverty, Inequality, and Economic Growth. Abstract of Economic, Finance and Management Outlook, 5, 1–17.
[22] Romer, P. (1990). Endogenous technological change. Journal Politic and Economic, 98(5), 71–102.
[23] Sahin, G., & Ayyildiz, F. V. (2022). An Investigation of Climate Change Within the Framework of a Schumpeterian Economic Growth Model. In Business and Policy Solutions to Climate Change: From Mitigation to Adaptation (pp. 185–213).
[24] Schumpeter, J. A. (1943). Capitalism, Socialism and Democracy. Routledge.
[25] Spyromitros, E. (2023). Determinants of Green Innovation: The Role of Monetary Policy and Central Bank Characteristics. Sustainability (Switzerland), 15(10). https://doi.org/10.3390/su15107907
[26] Tan, W., & Cao, T. (2022). Do Green Technology Innovation, Renewable Energy Consumption and Renewable Energy Investment Improve Environmental Quality? Journal of Environmental Assessment Policy and Management, 24(3), 1–21. https://doi.org/10.1142/S1464333222500314
[27] UNDESA. (2012). Green economy, Green growth, and Low-carbon development–history, definitions, and a guide to recent publications. (Issue 1). United Nations, Division for Sustainable Development, Department of Economic and Social Affairs. https://doi.org/10.18356/9789210573713
[28] Wang, N., Yu, H., Shu, Y., Chen, Z., & Li, T. (2022). Can green patents reduce carbon emission intensity?—An empirical analysis based on China’s experience. Frontiers in Environmental Science, 10, 1–12. https://doi.org/10.3389/fenvs.2022.1084977
[29] Wardhono, A., Indrawati, Y., & Qori’ah, C. G. (2018). Inklusi Keuangan dalam Persimpangan Kohesi Sosial dan Pembangunan Ekonomi Berkelanjutan. Pustaka Abadi. https://books.google.co.id/books?id=E97YDwAAQBAJ
[30] Wardhono, A., Putra, P. T. N., & Nasir, M. A. (2016). Causal study of macroeconomic indicators on carbon dioxide emission in ASEAN 5. Economics and Policy of Energy and the Environment, 2, 15–31.
[31] Wei, S., Jiandong, W., & Saleem, H. (2023). The impact of renewable energy transition, green growth, green trade and green innovation on environmental quality: Evidence from top 10 green future countries. Frontiers in Environmental Science, 10, 1–18. https://doi.org/10.3389/fenvs.2022.1076859
[32] Wen, J., Zhao, X., Fu, Q., & Chang, C.-P. (2023). The impact of financial risk on green innovation: Global evidence. Pacific-Basin Finance Journal, 77, 101896. https://doi.org/10.1016/j.pacfin.2022.101896
[33] Yay, T. (2021). Method and scope in Joseph A. Schumpeter’s economics: a pluralist perspective. The Journal of Philosophical Economics: Reflections on Economic and Social Issues, XIV.
[34] Yay, T., & Yay, G. G. (2022). Joseph A. Schumpeter and Schumpeterian Paradigm on the Dynamics of Capitalism: Entrepreneur, Innovation, Growth, and Trade. Panoeconomicus, 69(4), 579–607. https://doi.org/10.2298/PAN200913001Y
[35] Yilmaz, E., & Sensoy, F. (2022). The relationship between growth and exports: what if the impact is negative Evidence form Turkey. Pressacademia, 9, 104–112. https://doi.org/10.17261/pressacademia.2022.1619
[36] Yin, H.-T., Chang, C.-P., & Wang, H. (2022). The impact of financial risk on green innovation: Global evidence. Technological and Economic Development of Economy, 28(6), 1933–1953. https://doi.org/10.1016/j.pacfin.2022.101896
[37] Yu, H., Jiang, Y., Zhang, Z., Shang, W. L., Han, C., & Zhao, Y. (2022). The impact of carbon emission trading policy on firms’ green innovation in China. Financial Innovation, 8(1). https://doi.org/10.1186/s40854-022-00359-0
[38] Zhao, L., & Wang, Y. (2022). Financial Ecological Environment, Financing Constraints, and Green Innovation of Manufacturing Enterprises: Empirical Evidence From China. Frontiers in Environmental Science, 10, 1–10. https://doi.org/10.3389/fenvs.2022.891830
[39] Ziaei, S. M. (2018). US interest rate spread and energy consumption by sector (Evidence of pre and post implementation of the Fed’s LSAPs policy). Energy Reports, 4, 288–302. https://doi.org/10.1016/j.egyr.2018.03.004
[2] Aghion, P., & Howitt, P. W. (1997). Endogenous growth theory. The MIT Press.
[3] Ahmad, M., & Satrovic, E. (2023). How does monetary policy moderate the influence of economic complexity and technological innovation on environmental sustainability? The role of green central banking. International Journal of Finance & Economics. https://api.semanticscholar.org/CorpusID:260749877
[4] Bilal, A., Li, X., Zhu, N., Sharma, R., & Jahanger, A. (2022). Green technology innovation, globalization, and CO2 emissions: Recent insights from the OBOR economies. Sustainability (Switzerland), 14(1), 1–17. https://doi.org/10.3390/su14010236
[5] Cai, X., Zhu, B., Zhang, H., Li, L., & Xie, M. (2020). Can direct environmental regulation promote green technology innovation in heavily polluting industries? Evidence from Chinese listed companies. Science of the Total Environment, 746, 140810. https://doi.org/10.1016/j.scitotenv.2020.140810
[6] Campiglio, E. (2016). Beyond carbon pricing: The role of banking and monetary policy in financing the transition to a low-carbon economy. Ecological Economics, 121, 220–230. https://doi.org/10.1016/j.ecolecon.2015.03.020
[7] Cerutti, E., Blagrave, P., Agarwal, R., Balasundharam, V., Gudmundsson, R., & Mousa, R. (2021). Climate Change in South Asia: Further Need for Mitigation and Adaptation. IMF Working Papers, 2021(217), 1. https://doi.org/10.5089/9781513590677.001
[8] Dafermos, Y., Nikolaidi, M., & Galanis, G. (2018). Climate Change, Financial Stability and Monetary Policy. Ecological Economics, 152, 219–234. https://doi.org/10.1016/j.ecolecon.2018.05.011
[9] Desalegn, G., Fekete-Farkas, M., & Tangl, A. (2022). The Effect of Monetary Policy and Private Investment on Green Finance: Evidence from Hungary. Journal of Risk and Financial Management, 15(3). https://doi.org/10.3390/jrfm15030117
[10] Dikau, S., & Volz, U. (2021). Central bank mandates, sustainability objectives and the promotion of green finance. Ecological Economics, 184, 107022. https://doi.org/10.1016/j.ecolecon.2021.107022
[11] Fischer, M. M., & Nijkamp, P. (2014). Handbook of regional science. https://doi.org/10.1007/978-3-642-23430-9
[12] Hu, J., & Wang, D. (2022). Study on the impact of finance leasing on corporate green innovation. Information Systems and Economics, 3(5), 6–9. https://doi.org/10.23977/infse.2022.030502
[13] Jiang, S., Liu, X., Liu, Z., Shi, H., & Xu, H. (2022). Does green finance promote enterprises’ green technology innovation in China? Frontiers in Environmental Science, 10, 1–18. https://doi.org/10.3389/fenvs.2022.981013
[14] Juhro, S., & Trisnanto, B. (2018). Paradigma dan Model Pertumbuhan Ekonomi Endogen Indonesia. Publication-Bi, 1–40. http://publication-bi.org/repec/idn/wpaper/WP112018.pdf
[15] Khezri, M., Heshmati, A., & Khodaei, M. (2022). Environmental implications of economic complexity and its role in determining how renewable energies affect CO2 emissions. Applied Energy, 306(PB), 117948. https://doi.org/10.1016/j.apenergy.2021.117948
[16] Liang, Z., Chen, J., Jiang, D., & Sun, Y. (2022). Assessment of the spatial association network of green innovation: Role of energy resources in green recovery. Resources Policy, 79, 103072. https://doi.org/https://doi.org/10.1016/j.resourpol.2022.103072
[17] Lucas, R. (1998). On the mechanisc of economic development. Journal Monetary Economic, 22(1), 3–42.
[18] Ma, Y., Hou, G., & Xin, B. (2017). Green process innovation and innovation benefit: The mediating effect of firm image. Sustainability (Switzerland), 9(10), 22–24. https://doi.org/10.3390/su9101778
[19] Mughal, N., Kashif, M., Arif, A., Guerrero, J. W., Nabua, W. C., & Niedbała, G. (2021). Dynamic effects of fiscal and monetary policy instruments on environmental pollution in ASEAN. Environmental Science and Pollution Research, 28, 65116–65126. https://doi.org/10.1007/s11356-021-15114-8
[20] Prakash, A. (2018). Boiling Point: One of the most vulnerable regions to climate change is witnessing the world’s biggest jump in greenhouse gas emissions. Finance and Development, 55(3), 22–26. https://doi.org/10.1201/9781420026283-6
[21] Qori’ah, C. G. (2016). The Elusive Quest for Inclusive Growth in ASEAN 5: Poverty, Inequality, and Economic Growth. Abstract of Economic, Finance and Management Outlook, 5, 1–17.
[22] Romer, P. (1990). Endogenous technological change. Journal Politic and Economic, 98(5), 71–102.
[23] Sahin, G., & Ayyildiz, F. V. (2022). An Investigation of Climate Change Within the Framework of a Schumpeterian Economic Growth Model. In Business and Policy Solutions to Climate Change: From Mitigation to Adaptation (pp. 185–213).
[24] Schumpeter, J. A. (1943). Capitalism, Socialism and Democracy. Routledge.
[25] Spyromitros, E. (2023). Determinants of Green Innovation: The Role of Monetary Policy and Central Bank Characteristics. Sustainability (Switzerland), 15(10). https://doi.org/10.3390/su15107907
[26] Tan, W., & Cao, T. (2022). Do Green Technology Innovation, Renewable Energy Consumption and Renewable Energy Investment Improve Environmental Quality? Journal of Environmental Assessment Policy and Management, 24(3), 1–21. https://doi.org/10.1142/S1464333222500314
[27] UNDESA. (2012). Green economy, Green growth, and Low-carbon development–history, definitions, and a guide to recent publications. (Issue 1). United Nations, Division for Sustainable Development, Department of Economic and Social Affairs. https://doi.org/10.18356/9789210573713
[28] Wang, N., Yu, H., Shu, Y., Chen, Z., & Li, T. (2022). Can green patents reduce carbon emission intensity?—An empirical analysis based on China’s experience. Frontiers in Environmental Science, 10, 1–12. https://doi.org/10.3389/fenvs.2022.1084977
[29] Wardhono, A., Indrawati, Y., & Qori’ah, C. G. (2018). Inklusi Keuangan dalam Persimpangan Kohesi Sosial dan Pembangunan Ekonomi Berkelanjutan. Pustaka Abadi. https://books.google.co.id/books?id=E97YDwAAQBAJ
[30] Wardhono, A., Putra, P. T. N., & Nasir, M. A. (2016). Causal study of macroeconomic indicators on carbon dioxide emission in ASEAN 5. Economics and Policy of Energy and the Environment, 2, 15–31.
[31] Wei, S., Jiandong, W., & Saleem, H. (2023). The impact of renewable energy transition, green growth, green trade and green innovation on environmental quality: Evidence from top 10 green future countries. Frontiers in Environmental Science, 10, 1–18. https://doi.org/10.3389/fenvs.2022.1076859
[32] Wen, J., Zhao, X., Fu, Q., & Chang, C.-P. (2023). The impact of financial risk on green innovation: Global evidence. Pacific-Basin Finance Journal, 77, 101896. https://doi.org/10.1016/j.pacfin.2022.101896
[33] Yay, T. (2021). Method and scope in Joseph A. Schumpeter’s economics: a pluralist perspective. The Journal of Philosophical Economics: Reflections on Economic and Social Issues, XIV.
[34] Yay, T., & Yay, G. G. (2022). Joseph A. Schumpeter and Schumpeterian Paradigm on the Dynamics of Capitalism: Entrepreneur, Innovation, Growth, and Trade. Panoeconomicus, 69(4), 579–607. https://doi.org/10.2298/PAN200913001Y
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