Global Trade Flows and the Role of Bank Financing: Policy Path for Mitigating Associated Environmental Impacts in Import-Oriented Economies

Chinazaekpere Nwani
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Abstract

International trade and investment flows provide a mechanism for geographical separation between production and consumption processes. In this study, countries that rely heavily on international trade to supply home demand and have reported positive net CO2 emissions from trade (TrdCO2) over the period 1991–2018 were identified. Accounting for possible distributional heterogeneity, this study examined whether the structural composition of bank credit allocation explains TrdCO2 in these countries. With the growing competition for bank credit resources, the impact of a credit allocation system that prioritizes credit demands of government and state-owned enterprises (GSEs) is modeled and compared to another scenario where the credit allocation decisions of banks rather prioritize financing needs of the private sector. The results showed that the structure of bank credit allocation significantly shapes the exposure of these countries to embodied CO2 emissions in the global trade flows. Specifically, restructuring bank credit allocation towards private sector-focused reduces TrdCO2 while a credit allocation system that allocates more credit to GSEs increases TrdCO2. By implication, bank financing of private sector activities encourages cleaner consumption and can help in mitigating trade-related environmental concerns in developing import-oriented economies.
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全球贸易流动和银行融资的作用:减轻进口导向型经济体相关环境影响的政策路径
国际贸易和投资流动为生产过程和消费过程之间的地理分离提供了一种机制。在本研究中,确定了在1991年至2018年期间严重依赖国际贸易来满足国内需求并报告贸易净二氧化碳排放量(TrdCO2)为正的国家。考虑到可能的分布异质性,本研究考察了银行信贷配置的结构构成是否解释了这些国家的TrdCO2。随着对银行信贷资源的竞争日益激烈,对优先考虑政府和国有企业(gse)信贷需求的信贷分配制度的影响进行了建模,并与银行优先考虑私营部门融资需求的信贷分配决策的另一种情况进行了比较。结果表明,银行信贷配置结构显著影响了这些国家在全球贸易流动中对隐含二氧化碳排放的暴露程度。具体而言,将银行信贷分配结构调整为以私营部门为重点可以减少TrdCO2,而将更多信贷分配给gse的信贷分配制度则会增加TrdCO2。由此可见,银行为私营部门活动提供资金鼓励更清洁的消费,并有助于减轻发展中进口导向型经济体中与贸易有关的环境问题。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
1.50
自引率
0.00%
发文量
18
期刊介绍: Journal of International Commerce, Economics and Policy (JICEP) is a peer-reviewed journal that seeks to publish high-quality research papers that explore important dimensions of the global economic system (including trade, finance, investment and labor flows). JICEP is particularly interested in potentially influential research that is analytical or empirical but with heavy emphasis on international dimensions of economics, business and related public policy. Papers must aim to be thought-provoking and combine rigor with readability so as to be of interest to both researchers as well as policymakers. JICEP is not region-specific and especially welcomes research exploring the growing economic interdependence between countries and regions.
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