Sustainable finance emerged as a policy priority across the ASEAN+3 region, driven by the urgent need to achieve climate and development goals. Despite growing momentum, however, moving from mere rhetoric to action remains uneven. This paper investigates the factors enabling sustainable finance in ASEAN+3. Drawing on country-level experiences and a rich set of indicators, the study employs a fixed effects panel regression model using data from 2016 to 2024 across nine ASEAN+3 economies, with a multi-stage robustness strategy – including a Random Forest algorithm across a broader set of indicators – used to cross-check the panel regression results against a model-free, non-linear alternative.
Source: www.amro-asia.org
