The impact of green finance on economic growth: Evidence from the green finance reform and innovation pilot zone

IF 0.9 4区经济学 Q3 ECONOMICS

American Journal of Economics and Sociology Pub Date : 2024-04-15 DOI:10.1111/ajes.12573

Changfei Nie, Yujie Yao, Yuan Feng

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引用次数: 0

Abstract

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.

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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

本研究以绿色金融改革创新试验区（GFRIPZ）为准自然实验，研究绿色金融对经济增长的影响及其机制。基于 2011 年至 2019 年中国 30 个省份的面板数据，我们采用差分（DID）模型，发现绿色金融改革创新试验区的建设对经济增长有积极影响，使试验区的实际 GDP 增长 2.2%。机制分析表明，试验区政策通过刺激绿色技术创新和增加绿色财政支出来促进经济增长。此外，调节效应结果显示，环境监管力度越大，试验区政策的经济增长效果越好。此外，异质性分析表明，GFRIPZ 政策对浙江、江西和新疆经济增长的促进作用更大。我们的研究结果为绿色金融促进经济增长提供了最新的实证证据，也为政策制定者科学执行绿色货币政策、有效平衡绿色发展与经济增长提供了交叉参考。

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

American Journal of Economics and Sociology Multiple-

CiteScore

1.90

自引率

12.50%

发文量

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.