| Abstract [eng] |
The primary purpose of this master thesis is to assess how fintech, represented by the fintech index, contributes to the development of green financial instruments, such as green bonds. The work consists of three main parts: the analysis of literature, the research and its results, conclusions and recommendations. The literature review examines the development of green finance and fintech concepts, highlighting their integration, the benefits of fintech for sustainable finance, and previous research findings. It explores key concepts, such as green bonds, green loans, ESG indices, and blockchain-based fintech solutions, and highlights previous studies showing the potential of fintech to increase efficiency, transparency, and accessibility in green finance. The empirical study investigates the relationship between fintech development and green finance using econometric methods. The fintech index price and trading volume are used as independent variables, while the volume of green bonds issued serves as the dependent variable. The analysis applies VAR and VECM to capture both short-term dynamics and long-term equilibrium relationships. Stationarity is tested using ADF and KPSS tests, while cointegration is assessed using Johansen and Engle-Granger tests. The results show a significant positive relationship between fintech development and green bond issuance in the short term. Increases in fintech index prices and trading volumes correlate with higher issuance of green bonds. However, the findings also indicate that, in the long term, the rapid growth of fintech may decelerate the expansion of green finance, suggesting a need for strategic alignment between fintech innovations and green finance policies. The conclusions and recommendations highlight the importance of leveraging fintech to enhance green finance initiatives. The study provides insights for policymakers, financial institutions, and investors on how fintech solutions can be integrated to achieve sustainability goals, ensuring the continued growth of green financial markets. |
