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基于1988-2007年的跨国非平衡面板数据,以不同的变量作为衡量金融发展的代理变量,首先利用整体样本研究金融发展对CO2排放的整体影响,然后将样本按收入水平和金融开放程度分组,分析收入水平和金融开放程度的变化对金融发展和CO2排放的关系的影响,最后利用实证估计结果计算CO2排放对金融发展的短期弹性和长期弹性。结果显示:整体而言,仅上市公司的市值占GDP的比重和私营部门的国内信贷占GDP的比重对人均CO2排放有影响;金融发展对CO2排放的影响与经济发展水平和金融开放程度有关,且收入水平和金融开放程度的提高均会增加金融发展对CO2排放的负向影响;长期弹性不会改变弹性的符号,但长期弹性会放大金融发展对人均CO2排放的影响大小。
Based on the cross-border unbalanced panel data from 1988 to 2007 and using different variables as the proxy variables for financial development, we first use the overall sample to study the overall impact of financial development on CO2 emissions, and then group the sample by income level and financial openness. Analyze the impact of the changes of income level and financial openness on the relationship between financial development and CO2 emissions. Finally, we use the empirical results to calculate the short-term and long-term elasticity of CO2 emissions to financial development. The results show that overall, the ratio of market capitalization of listed companies only to GDP and that of private sector in domestic credit to GDP have an impact on per capita CO2 emissions; the impact of financial development on CO2 emissions is related to the level of economic development and the degree of financial openness, The increase of income level and financial openness will increase the negative impact of financial development on CO2 emissions. Long-term flexibility will not change the symbol of flexibility, but long-term flexibility will amplify the impact of financial development on per capita CO2 emissions.