Climate policy uncertainty and synergistic industrial agglomeration: What role does financial development play?

IF 2.8 2区经济学 Q2 BUSINESS, FINANCE

Journal of International Money and Finance Pub Date : 2025-01-17 DOI:10.1016/j.jimonfin.2025.103282

Qunxi Kong , Ziqi Wang , Peipei Wu , Dan Peng

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Abstract

The intensification of global climate change and the uncertainty surrounding climate policies have significantly impacted economic development, particularly in the optimization of industrial structures. We analyze the relationship between climate policy uncertainty (CPU), financial development, and synergistic industrial agglomeration, utilizing panel data from cities at or above the prefectural level in China from 2003 to 2019. The results indicate that climate policy uncertainty has a significant negative effect on the synergistic agglomeration of manufacturing and productive services, particularly in the economically developed and highly urbanized eastern region. Furthermore, a U-shaped nonlinear relationship exists between climate policy uncertainty and agglomeration. Additionally, the level of financial development significantly mitigates the negative impact of climate policy uncertainty on industrial agglomeration, contributing to its stability and sustainability. We suggest that enhancing the transparency and stability of climate policies, strengthening the financial system, and promoting coordinated regional development can foster synergistic industrial agglomeration and alleviate the adverse effects of climate policy uncertainty.

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来源期刊

Journal of International Money and Finance BUSINESS, FINANCE-

CiteScore

4.20

自引率

4.00%

发文量

141

期刊介绍： Since its launch in 1982, Journal of International Money and Finance has built up a solid reputation as a high quality scholarly journal devoted to theoretical and empirical research in the fields of international monetary economics, international finance, and the rapidly developing overlap area between the two. Researchers in these areas, and financial market professionals too, pay attention to the articles that the journal publishes. Authors published in the journal are in the forefront of scholarly research on exchange rate behaviour, foreign exchange options, international capital markets, international monetary and fiscal policy, international transmission and related questions.