THE IMPACT OF MONETARY POLICY ON GREEN INNOVATION: GLOBAL EVIDENCE

IF 4.8 2区经济学 Q1 ECONOMICS

Technological and Economic Development of Economy Pub Date : 2022-12-15 DOI:10.3846/tede.2022.17020

H. Yin, Chun-ping Chang, Haijie Wang

引用次数: 47

Abstract

This research investigates and robustly verifies the impact of expansionary monetary policy actions on green innovation, conducted on a panel covering 133 countries from 1960 to 2018. Overall, we find that such actions have a significantly positive effect on green innovation performance, no matter in the static or dynamic model. A lower degree of central bank independence and poorer property rights protection in developing countries may hinder monetary policies’ effect to be transmitted to green innovation activities smoothly. Moreover, stringent environmental regulation contributes to magnifying the expansionary monetary policy’s positive effect on green innovation, but such a positive moderating effect should be supported by good national governance quality (including better control over corruption, higher efficiency of governments and a complete law system). Accordingly, several policy suggestions are provided.

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货币政策对绿色创新的影响:全球证据

本研究调查并有力验证了扩张性货币政策行动对绿色创新的影响，该研究在1960年至2018年覆盖133个国家的小组中进行。总体而言，我们发现无论是在静态模型还是动态模型中，这些行为对绿色创新绩效都有显著的正向影响。发展中国家的中央银行独立性较低，产权保护较差，这可能会阻碍货币政策的效果顺利传导到绿色创新活动中。此外，严格的环境监管有助于放大扩张性货币政策对绿色创新的积极作用，但这种积极的调节作用需要良好的国家治理质量(包括更好的腐败控制、更高的政府效率和完善的法律体系)的支持。据此，提出了若干政策建议。

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

Technological and Economic Development of Economy ECONOMICS-

CiteScore

10.00

自引率

8.50%

发文量

审稿时长

15 weeks

期刊介绍： Technological and Economic Development of Economy is a refereed journal that publishes original research and review articles and book reviews. The Journal is designed for publishing articles in the following fields of research: systems for sustainable development, policy on sustainable development, legislation on sustainable development, strategies, approaches and methods for sustainable development, visions and scenarios for the future, education for sustainable development, institutional change and sustainable development, health care and sustainable development, alternative economic paradigms for sustainable development, partnership in the field of sustainable development, industry and sustainable development, sustainable development challenges to business and management, technological changes and sustainable development, social aspects of sustainability, economic dimensions of sustainability, political dimensions of sustainability, innovations, life cycle design and assessment, ethics and sustainability, sustainable design and material selection, assessment of environmental impact, ecology and sustainability, application case studies, best practices, decision making theory, models of operations research, theory and practice of operations research, statistics, optimization, simulation. All papers to be published in Technological and Economic Development of Economy are peer reviewed by two appointed experts. The Journal is published quarterly, in March, June, September and December.