ISSN 2096-2533

CN 42-1881/F



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发布时间:2023-09-28作者:窦伟 李婷婷 张文卿浏览次数:82



Financial Development and Carbon Emission Intensity:A Test Based on the Appropriate Level Perspective
Dou Wei, Li Tingting, Zhang Wenqing


Abstract: The existing literatures focuse on the static impact of financial development on carbon emissions, but do not provide a dynamic portrayal of the relationship between the two based on the perspective of appropriate level of financial development. This paper constructs a spatial Durbin model to empirically study the impact of financial development on carbon emission intensity using country data of 175 countries from 2003 to 2019 to test the existence of an objective appropriate level of financial development most conducive to carbon emission reduction. The study finds that financial development has a non-linear effect on carbon emission intensity that is first suppressed and then promoted, suggesting that there is an appropriate level of financial development that is most favourable to carbon emission reduction. Notably, financial development also manifests a pronounced spatial spillover on carbon emission intensity. Harnessing the appropriate level of financial development can notably drive down carbon emissions in economically intertwined areas. Moreover, the suitability of financial development varies across countries, contingent on their economic status. Specifically, while low-income countries display a positive linkage between financial development and carbon intensity, the relationship turns negative for lower-middle-income countries. Meanwhile, upper-middle and high-income nations experience a nuanced, non-linear relationship, initially restraining but later endorsing carbon intensity. Delving deeper with the panel threshold model, we discern that the optimal financial development gradient for a country is intricately molded by the synergy between its financial and economic growth stages. Countries should promote the steady reduction of carbon emission intensity based on the integration of financial development and economic development. This paper provides empirical evidence and policy insights from the perspective of financial development appropriateness for countries worldwide to accelerate the achievement of carbon emission reduction targets.
Keywords: Financial Development; Appropriate Level; Carbon Emissions Intensity; Spatial Spillover Effect; Threshold Effect



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