气候变化领域集成服务门户(CCPortal): Identification and causal analysis of the influence channels of financial development on CO2 emissions

CCPortal

DOI	10.1016/j.enpol.2021.112277
	Identification and causal analysis of the influence channels of financial development on CO2 emissions
	Xu X.; Huang S.; An H.
发表日期	2021
ISSN	03014215
卷号	153
英文摘要	Understanding the influence channels of financial development on CO2 emissions and their causal relationships are necessary for policy makers to reduce CO2 emissions using financial means. These points have not been systematically discussed in previous studies. This paper dynamically identifies five main channels of influence—economic growth, industrialization, foreign direct investment (FDI), technological innovation, and energy consumption—and examines their causal relationships. By adopting a functional-coefficient approach and the Granger causality test based on panel data for 42 countries during 1990–2018, we find that financial development clearly affects CO2 emissions through three channels: industrialization, economic growth, and energy consumption. However, the other channels have only weak influences, and we further confirm the causal relationships among these five channels. Specifically, we confirm three relationships. (1) The impact of financial development on CO2 emissions changes from negative to positive as industrialization and energy consumption increase. (2) Financial development has a positive impact on CO2 emissions when per-capita income is between $1100 and $8100 but a negative impact when per-capita income is less than $1100 or greater than $8100. (3) The economic growth channel is the Granger cause of the energy consumption and technological progress channels, and vice versa. Finally, we discuss the policy implications for reducing CO2 emissions from the perspective of these channels of influence of financial development. © 2021
关键词	Causal relationships CO2 emissions Financial development Functional-coefficients model Influence channels
英文关键词	Economic analysis; Economic and social effects; Energy utilization; Industrial economics; Investments; Public policy; Causal analysis; Causal relationships; CO$-2$/ emission; Economic growths; Energy-consumption; Financial development; Functional-coefficient models; Industrialisation; Influence channel; Per capita income; Carbon dioxide; carbon dioxide; carbon emission; economic growth; emission control; financial system; foreign direct investment; Granger causality test; industrialization; innovation
语种	英语
来源期刊	Energy Policy
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/205416
作者单位	School of Economics and Management, China University of Geosciences (Beijing), Beijing, 100083, China; Key Laboratory of Carrying Capacity Assessment for Resource and Environment, Ministry of Natural Resources, Beijing, 100083, China
推荐引用方式 GB/T 7714	Xu X.,Huang S.,An H.. Identification and causal analysis of the influence channels of financial development on CO2 emissions[J],2021,153.
APA	Xu X.,Huang S.,&An H..(2021).Identification and causal analysis of the influence channels of financial development on CO2 emissions.Energy Policy,153.
MLA	Xu X.,et al."Identification and causal analysis of the influence channels of financial development on CO2 emissions".Energy Policy 153(2021).