Research on the spatio-temporal evolution of coupling coordination in the national economic system from the perspective of green finance

With the growing awareness of the ecological environment, green finance plays an irreplaceable role in the process of sustainable development of productivity. Our work aims to investigate the efficiency of work coordination among various sectors of the economic system. By using kernel density estimation and the Markov chain model, this study constructs a coupled coordination model among government, society, and financial institutions from the perspective of green finance. It explores the spatio-temporal evolution of the degree of coupled coordination in 31 Chinese provinces and regions. Besides, by using a two-way fixed-effects model and analyzing regional heterogeneity, this context also explores the role of the degree of coupling coordination among various sectors of the economic system on economic and social development based on the perspective of green finance. The empirical results show that: (1) The coupling coordination degree across provinces has shown an overall upward trend year by year. The four major economic regions exhibit a clear pattern of synchronous development, although regional disparities have gradually widened. Specifically, the eastern region maintains the highest average coupling coordination degree, while the western region demonstrates significant polarization. (2) In the short term, China's provinces display a "club convergence" effect in their coupling coordination degrees, predominantly clustering at intermediate levels and maintaining this status quo. However, from a long term perspective, an upward trend is anticipated. (3) By improving the level of new quality productive forces and digital economy levels in the provinces, the coupling coordination degree can significantly facilitate the process of quality improvement and efficiency enhancement. These findings hold substantial implications for fostering green finance coordination among different regions from governmental, societal, and financial institutional perspectives.