Reexamining the impact of financial development on ecological footprint: The roles of population aging, per capita GDP, and technological innovation

Existing research results on the impact of financial development on ecological footprint are inconsistent or even opposite. In order to better understand the impact of financial development on ecological footprint, this study explores the relationship between financial development and ecological footprint from the perspectives of population aging, GDP per capita, and technological innovation. The results show that when the population aging level is below the threshold, the coefficient of financial development on ecological footprint is 0.285, but when the aging level exceeds the second threshold, the coefficient of financial development on ecological footprint becomes faint negative. Similarly, after per capita GDP crosses the threshold, the correlation coefficient between financial development and ecological footprint turns from positive to faint negative. Compared to this, when the level of technological innovation is below the threshold, the coefficient of financial development and ecological footprint is 0.155, while when the level of technological innovation is above the threshold, the coefficient of financial development and ecological footprint is −0.597. The above results indicates that the impact of financial development on the ecological footprint is affected by other factors. Compared with changes in population structure (aging) and social wealth (GDP per capita), technological innovation has a greater impact on the relationship between financial development and ecological footprint.