@misc{Karapetyan_Liana_Green,
 author={Karapetyan, Liana},
 address={Երևան},
 howpublished={online},
 publisher={«Տնտեսագետ» հրատ․},
 language={en},
 abstract={The article explores the challenges of developing green finance in Armenia within the context of global sustainable finance trends. The study is based on the hypothesis that the transition to a green economy and its financing cannot be achieved only through market mechanisms without the proactive role of the state as a “green entrepreneur” and the involvement of the central bank as a strategic actor. Drawing on best practices from the EU, China, and the UK, the paper highlights governance models where the state functions not only as a regulator but also as an active participant in shaping financial markets and directing capital flows toward sustainability. The research identifies several challenges specific to the Armenian financial system: the absence of clear criteria for defining “sustainability” and a unified taxonomy of financial instruments, insufficient mechanisms for coordinating green capital flows, and the limited integration of climate-related risks into financial risk management frameworks. These issues are further complicated by Armenia’s dependence on external financing and its dual task of aligning with international benchmarks while simultaneously building domestic institutional capacity. To model the role of the state in the green transition process, it is first necessary to form an institutional structure, ensure its effective management and control, which will become the basis for creating a new sustainable financing structure. By examining three fundamentally different models of green finance management: regulatory (EU), market-based (UK), and state-centered (China), we have identified the regulatory and institutional mechanisms that, when combined, can help develop and implement a hybrid model of green finance management in Armenia to promote a sustainable and resilient green finance ecosystem. Ultimately, Armenia’s successful transition to a green financial system depends on a balance between global integration and endogenous capacity development.},
 title={Green Finance and the Entrepreneurial State: Pathways to Sustainable Financial Transition in the Republic of Armenia},
 type={Հոդված},
 keywords={Business and Entrepreneurship},
}