{"title":"绿色金融对经济增长的影响：来自绿色金融改革创新试验区的证据","authors":"Changfei Nie, Yujie Yao, Yuan Feng","doi":"10.1111/ajes.12573","DOIUrl":null,"url":null,"abstract":"<p>This study examines the impact and its mechanisms of green finance on economic growth by using the green finance reform and innovation pilot zone (GFRIPZ) as a quasi-natural experiment. Based on the panel data of 30 provinces in China from 2011 to 2019, we employ a difference-in-differences (DID) model and find that the GFRIPZ's construction has a positive effect on economic growth, resulting in real GDP growth of 2.2% in the pilot zones. Mechanism analysis shows that the GFRIPZ policy promotes economic growth by stimulating green technological innovation and increasing green fiscal expenditures. Further, the moderating effect result reveals that the more powerful the environmental regulation, the better the economic growth effect of the GFRIPZ policy. Additionally, heterogeneity analysis indicates that the GFRIPZ policy can contribute more in accelerating economic growth in Zhejiang, Jiangxi and Xinjiang. Our findings provide the latest empirical evidence that green finance promotes economic growth, as well as cross-references for policymakers to scientifically execute green monetary policies and effectively balance green development and economic growth.</p>","PeriodicalId":47133,"journal":{"name":"American Journal of Economics and Sociology","volume":"83 4","pages":"709-736"},"PeriodicalIF":0.9000,"publicationDate":"2024-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The impact of green finance on economic growth: Evidence from the green finance reform and innovation pilot zone\",\"authors\":\"Changfei Nie, Yujie Yao, Yuan Feng\",\"doi\":\"10.1111/ajes.12573\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>This study examines the impact and its mechanisms of green finance on economic growth by using the green finance reform and innovation pilot zone (GFRIPZ) as a quasi-natural experiment. Based on the panel data of 30 provinces in China from 2011 to 2019, we employ a difference-in-differences (DID) model and find that the GFRIPZ's construction has a positive effect on economic growth, resulting in real GDP growth of 2.2% in the pilot zones. Mechanism analysis shows that the GFRIPZ policy promotes economic growth by stimulating green technological innovation and increasing green fiscal expenditures. Further, the moderating effect result reveals that the more powerful the environmental regulation, the better the economic growth effect of the GFRIPZ policy. Additionally, heterogeneity analysis indicates that the GFRIPZ policy can contribute more in accelerating economic growth in Zhejiang, Jiangxi and Xinjiang. Our findings provide the latest empirical evidence that green finance promotes economic growth, as well as cross-references for policymakers to scientifically execute green monetary policies and effectively balance green development and economic growth.</p>\",\"PeriodicalId\":47133,\"journal\":{\"name\":\"American Journal of Economics and Sociology\",\"volume\":\"83 4\",\"pages\":\"709-736\"},\"PeriodicalIF\":0.9000,\"publicationDate\":\"2024-04-15\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"American Journal of Economics and Sociology\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/ajes.12573\",\"RegionNum\":4,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"American Journal of Economics and Sociology","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/ajes.12573","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
The impact of green finance on economic growth: Evidence from the green finance reform and innovation pilot zone
This study examines the impact and its mechanisms of green finance on economic growth by using the green finance reform and innovation pilot zone (GFRIPZ) as a quasi-natural experiment. Based on the panel data of 30 provinces in China from 2011 to 2019, we employ a difference-in-differences (DID) model and find that the GFRIPZ's construction has a positive effect on economic growth, resulting in real GDP growth of 2.2% in the pilot zones. Mechanism analysis shows that the GFRIPZ policy promotes economic growth by stimulating green technological innovation and increasing green fiscal expenditures. Further, the moderating effect result reveals that the more powerful the environmental regulation, the better the economic growth effect of the GFRIPZ policy. Additionally, heterogeneity analysis indicates that the GFRIPZ policy can contribute more in accelerating economic growth in Zhejiang, Jiangxi and Xinjiang. Our findings provide the latest empirical evidence that green finance promotes economic growth, as well as cross-references for policymakers to scientifically execute green monetary policies and effectively balance green development and economic growth.
期刊介绍：
The American Journal of Economics and Sociology (AJES) was founded in 1941, with support from the Robert Schalkenbach Foundation, to encourage the development of transdisciplinary solutions to social problems. In the introduction to the first issue, John Dewey observed that “the hostile state of the world and the intellectual division that has been built up in so-called ‘social science,’ are … reflections and expressions of the same fundamental causes.” Dewey commended this journal for its intention to promote “synthesis in the social field.” Dewey wrote those words almost six decades after the social science associations split off from the American Historical Association in pursuit of value-free knowledge derived from specialized disciplines. Since he wrote them, academic or disciplinary specialization has become even more pronounced. Multi-disciplinary work is superficially extolled in major universities, but practices and incentives still favor highly specialized work. The result is that academia has become a bastion of analytic excellence, breaking phenomena into components for intensive investigation, but it contributes little synthetic or holistic understanding that can aid society in finding solutions to contemporary problems. Analytic work remains important, but in response to the current lop-sided emphasis on specialization, the board of AJES has decided to return to its roots by emphasizing a more integrated and practical approach to knowledge.
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