Financial Development，Total Factor Productivity and Carbon Emissions: Evidence from G20
Yao Xingyuan
摘要：高质量发展是新时代主题之一，而通过金融发展提升全要素生产率减少碳排放是实现高质量发展的重要路径。本文梳理了金融发展、全要素生产率与人均碳排放之间的内在逻辑关系。基于１９７１－２０１４年Ｇ２０的面板数据，经验研究结果表明，全要素生产率的提升与人均碳排放之间存在“倒 Ｕ 型”曲线关系，金融发展与全要素生产率对减少人均碳排放可能产生正向或者负向的交互关系。发达经济体与新兴经济体的信贷增长并不能与全要素生产率产生正向的协同作用，无助于减少人均碳排放。对于发达经济体而言，资本市场发展能够与全要素生产率产生协同作用，减少人均碳排放量，而这种机制在新兴经济体中并不存在。因此，对于新兴经济体来说，一方面要正视经济转型升级需要经历的过程；另一方面要通过技术进步，尤其是促进科技与金融的良性互动，推动绿色发展和高质量发展。
关键词 ： 金融发展, 金融结构, 全要素生产率, 人均碳排放, 高质量发展
Abstract: High quality development is the theme of the New Era． Improving efficiency through financial development， raising TFP and reducing per capita CO2emissions are important manifestations of achieving high－quality development． This paper sorts out the inherent logical relationship between financial development，TFP and per capita CO2emissions． Based on the panel data of G20 from 1971 to 2014， the empirical results show that there is an inverted U－shaped curve relationship between TFP and per capita CO2 emissions． Further study shows that credit growth in developed and emerging economies does not have a positive synergistic effect with TFP and does not contribute to reducing per capita carbon emissions． For developed economies，the development of capital markets can synergize with TFP to reduce per capita CO2 emissions，which does not exist in emerging economies． Therefore，for emerging economies，on the one hand，we must face up to the process of economic transformation and upgrading． On the other hand，we should promote green development and high－quality development by technological，especially the positive interaction between technology and financial development．
Keywords: Financial Development; Financial Structure; TFP; Per Capita CO2 Emissions; High Quality Development
基金资助:本文系浙江省中国特色社会主义理论体系研究中心基地专项课题“金融创新与高水平全面建成小康社会研究”(２０１６ＺＴＫＴ０１２)、浙江省哲社重点课题“新时代浙江经济高质量发展的测度评价与动力机制研究”(１９ＮＤＪＣ０２６Ｚ)的阶段性成果。
全文：
金融发展、全要素生产率与碳排放_来自Ｇ２０的证据.pdf
DOI：10．19511/j．cnki．jee．2019．01．003