CONCEPTUAL MODEL OF SUSTAINABLE FINANCIAL INSTRUMENTS FOR ENSURING ENVIRONMENTAL-ECONOMIC RESILIENCE UNDER DIGITALIZATION AND GLOBALIZATION

This paper aims to develop a comprehensive conceptual model for the functioning of sustainable financial instruments to ensure the environmental-economic resilience of national economies under digitalization and globalization. It empirically evaluates the complex time-lagged effects of green bond issuances and investigates the moderating role of institutional, technological, and socio-economic context determinants. The empirical findings reveal a distinct two-phase, time-delayed impact of green bond issuances on macro-resilience. In the short term, green bond issuances induce a statistically significant temporary reduction in environmental-economic resilience due to initial capital deployment costs and increased debt service burdens. In the long term, absolute green bond issuance exerts a significant positive effect, proving their efficacy for structural ecological transition. Conversely, an increasing ratio of green bonds to GDP causes persistent short-term negative pressures, highlighting debt sustainability risks if green debt scales too rapidly. Furthermore, Network Readiness acts as a robust inhibitor of resilience across all time horizons, indicating the negative ecological footprint of digital infrastructure and AI-driven greenwashing risks. Globalization demonstrates a protective buffering capacity against short-term debt shocks, while standard institutional metrics show no direct statistical significance. The study’s primary outcome is the development of a multidimensional conceptual model of sustainable financial instruments functioning. It integrates digital technologies and a two-tier system for preventing greenwashing to effectively transform sustainable finance into macroeconomic resilience. Given that empirical analysis has demonstrated the existence of a time lag and short-term risks of debt overhang, policy recommendations advocate a systemic shift from aggressive volume expansion to the measured, regulated issuance of green bonds. The state strategy should combine rigorous digital monitoring of the targeted use of funds raised through sustainable financial instruments with the development of environmental safeguards for digital infrastructure, thereby minimizing financial shocks and ensuring the long-term growth of eco-economic resilience.