Title: Interplay of green bonds and macroeconomic dynamics in Middle East and North Africa: comprehensive literature review and bibliometric analysis (2006-2023)

Authors: Shikhar Dua; Ela Tuli

Addresses: Indian Institute of Management Ranchi, Prabandhan Nagar, Nayasarai Rd., Ranchi, Jharkhand, 834004, India ' Indian Institute of Management Ranchi, Prabandhan Nagar, Nayasarai Rd., Ranchi, Jharkhand, 834004, India

Abstract: This research aimed to conduct a systematic literature review of the existing scientific literature on green bonds and macroeconomic dynamics in Middle East and North African (MENA) countries. The rationale for undertaking a comprehensive literature review on the relationship between green bonds, macroeconomic variables, and their consequences for the Middle East and North Africa (MENA) region arises from the urgent necessity to tackle the intertwined issues of sustainable development and economic expansion. Firstly, a quantitative study with tables, graphs, and maps summarises the state of the green bonds and macroeconomics dynamics in MENA, focusing on the key performance indicators of article output. A total of 654 items were located by the results. Secondly, an inductive analysis of secondary literature that includes 95 articles was done, and relevant macroeconomic theories/principals for understanding the impact of green bonds, various green bond initiatives and challenges in integrating green bonds into the MENA financial landscape were identified. Finally, a literature gap was identified and exploring the impact of green bonds on promoting environmental consciousness and influencing the investment and consumption patterns of individuals was concluded as novel opportunities for scholarly inquiry.

Keywords: green bonds; macroeconomics; theories; systematic literature review; Middle East and North Africa; MENA.

DOI: 10.1504/IJGE.2023.137701

International Journal of Green Economics, 2023 Vol.17 No.4, pp.384 - 412

Received: 03 Sep 2023
Accepted: 16 Nov 2023
Published online: 02 Apr 2024 *

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