The characteristics and mechanisms of carbon finance development on green economic efficiency: an empirical analysis based on endogenous economic growth model
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Abstract
The purpose of this paper is to examine whether the development of carbon finance can promote sustainable economic growth in China through spatial spillover effects. On the basis of a theoretical analysis of this mechanism, this paper takes 30 provincial-level administrative regions in China as the research object and uses a variety of spatial econometric analysis techniques to empirically test them. It assesses sustainable economic development measured by green total factor productivity (GTFP). This study documents a significant and positive impact of province-level carbon finance improvement on sustainable economic growth through improving technological progress and increasing technological market turnover. The economic influence of carbon finance on sustainable economic growth is still positive after considering possible endogeneity concerns. Results reveal heterogeneity and spatial spillover effects of carbon finance on GTFP, notably stronger in eastern regions compared to central and western ones. We find that the technological progress and technological market turnover have significant and positive promotional effects on GTFP with increasing levels of carbon finance. This paper provides policy implications for improving sustainable economic development.
期刊介绍：
Our natural world is experiencing a state of rapid change unprecedented in the presence of humans. The changes affect virtually all physical, chemical and biological systems on Earth. The interaction of these systems leads to tipping points, feedbacks and amplification of effects. In virtually all cases, the causes of environmental change can be traced to human activity through either direct interventions as a consequence of pollution, or through global warming from greenhouse case emissions. Well-formulated and internationally-relevant policies to mitigate the change, or adapt to the consequences, that will ensure our ability to thrive in the coming decades are badly needed. Without proper understanding of the processes involved, and deep understanding of the likely impacts of bad decisions or inaction, the security of food, water and energy is a risk. Left unchecked shortages of these basic commodities will lead to migration, global geopolitical tension and conflict. This represents the major challenge of our time. We are the first generation to appreciate the problem and we will be judged in future by our ability to determine and take the action necessary. Appropriate knowledge of the condition of our natural world, appreciation of the changes occurring, and predictions of how the future will develop are requisite to the definition and implementation of solutions.
Frontiers in Environmental Science publishes research at the cutting edge of knowledge of our natural world and its various intersections with society. It bridges between the identification and measurement of change, comprehension of the processes responsible, and the measures needed to reduce their impact. Its aim is to assist the formulation of policies, by offering sound scientific evidence on environmental science, that will lead to a more inhabitable and sustainable world for the generations to come.
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