Utilizing mutual learning in literature and cultural industry finance in order to realise green economic recovery and sustainability

Abstract

The paper aims to evaluate the impact of cultural and creative industries (CCI) finance on green economic flourishing for 16 European Union countries from 2012 to 2021. The coefficients estimated by the Arellano-Bond dynamic GMM technique confirmed that the market size coefficient of the cultural and creative industries is positive. In the case of green innovation, this variable has a positive coefficient. In addition, a 1% increase in the index of openness of the financial markets improves the green economy index of the European Union countries by 0.015%. With a 1% increase in the volume of cultural goods trade in the studied countries, the green economy index increases by 0.184%. The primary policy implications are developing green financing tools, using green cryptocurrencies in the cultural industry, developing the policy of trade multilateralism in cultural goods, promoting mutual learning of civilizations and cross-cultural literary exchange and innovation, and green government support for small and medium enterprises active in the culture industry.