Is CO2 emission a side effect of financial development? An empirical analysis for China
Is CO2 emission a side effect of financial development? An empirical analysis for China
复制标题
二氧化碳排放是金融发展的副作用吗？
DOI：
10.1007/s11356-016-7315-8
复制
发表时间：
2016-10-01
影响因子：
5.8
通讯作者：
Wang, Shuo
中科院分区：
文献类型：
--
作者：
Hao, Yu;Zhang, Zong-Yong;Wang, Shuo
本文利用1995年至2012年中国29个省市的面板数据，对中国的金融发展与环境质量之间的关系进行了实证研究。通过一个精心设计的两阶段回归模型，利用一个综合的框架来估计金融发展对中国二氧化碳排放的直接和间接影响。利用一阶差分和正交偏差广义矩方法(GMM)控制潜在内生性和引入动力学。为了确保估计的稳健性，使用了衡量金融发展的两个指标--金融深度和金融效率。实证结果表明，金融深度和金融效率对环境质量的直接影响分别为正向和负向。两个指标的间接效应均呈U型，并在总体效应中占据主导地位。这些发现表明，金融发展对环境的影响取决于经济发展水平。在经济增长的早期阶段，金融发展是环保的。当经济高度发达时，较高的金融发展水平对环境质量是有害的。
Based on panel data for 29 Chinese provinces from 1995 to 2012, this paper explores the relationship between financial development and environmental quality in China. A comprehensive framework is utilized to estimate both the direct and indirect effects of financial development on CO2emissions in China using a carefully designed two-stage regression model. The first-difference and orthogonal-deviation Generalized Method of Moments (GMM) methods are used to control for potential endogeneity and introduce dynamics. To ensure the robustness of the estimations, two indicators measuring financial development-financial depth and financial efficiency-are used. The empirical results indicate that the direct effects of financial depth and financial efficiency on environmental quality are positive and negative, respectively. The indirect effects of both indicators are U shaped and dominate the shape of the total effects. These findings suggest that the influences of the financial development on environment depend on the level of economic development. At the early stage of economic growth, financial development is environmentally friendly. When the economy is highly developed, a higher level of financial development is harmful to the environmental quality.