{"title":"货币政策对环境保护真的重要吗？通货膨胀目标的情况","authors":"Christophe Martial MBASSI , Suzanne Edwige Clarisse HYOBA , Muhammad SHAHBAZ","doi":"10.1016/j.rie.2023.06.004","DOIUrl":null,"url":null,"abstract":"<div><p><span>Empirical work examining the role of monetary policy on environmental issues are rather scarce. This study examines how inflation targeting (IT) relates to environmental pollution in samples of 22 Developed Market Economies (DMEs) and 25 Emerging Market Economies (EMEs) over the period 1980–2017. Using a parametric approach (two-step system-generalized method of moments), we find that IT significantly reduces emissions of polluting gases, specifically carbon dioxide (CO</span><sub>2</sub>), nitrous oxide (N<sub>2</sub>O), methane (CH<sub>4</sub><span>), and total greenhouse gases (GHG) in DMEs and EMEs. In order to take into account, the existence of a potential self-selection bias in the adoption of IT, we subsequently resorted to a non-parametric approach, namely propensity score matching<span>. The results confirm those obtained in the parametric approach. Then, using structural equation modeling, we find that IT reduces environmental pollution mainly through the financial instability channel. In addition, based on the insights from the recent literature, we test the moderating role of financial development and financial stability. The results indicate that these variables reduce the “green effect” of IT. Ultimately, our findings provide an interesting empirical basis for policymakers to help them build a sound macroeconomic and financial framework that promotes more environmentally friendly financial behaviors.</span></span></p></div>","PeriodicalId":46094,"journal":{"name":"Research in Economics","volume":"77 3","pages":"Pages 427-452"},"PeriodicalIF":1.2000,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Does monetary policy really matter for environmental protection? The case of inflation targeting\",\"authors\":\"Christophe Martial MBASSI , Suzanne Edwige Clarisse HYOBA , Muhammad SHAHBAZ\",\"doi\":\"10.1016/j.rie.2023.06.004\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p><span>Empirical work examining the role of monetary policy on environmental issues are rather scarce. This study examines how inflation targeting (IT) relates to environmental pollution in samples of 22 Developed Market Economies (DMEs) and 25 Emerging Market Economies (EMEs) over the period 1980–2017. Using a parametric approach (two-step system-generalized method of moments), we find that IT significantly reduces emissions of polluting gases, specifically carbon dioxide (CO</span><sub>2</sub>), nitrous oxide (N<sub>2</sub>O), methane (CH<sub>4</sub><span>), and total greenhouse gases (GHG) in DMEs and EMEs. In order to take into account, the existence of a potential self-selection bias in the adoption of IT, we subsequently resorted to a non-parametric approach, namely propensity score matching<span>. The results confirm those obtained in the parametric approach. Then, using structural equation modeling, we find that IT reduces environmental pollution mainly through the financial instability channel. In addition, based on the insights from the recent literature, we test the moderating role of financial development and financial stability. The results indicate that these variables reduce the “green effect” of IT. Ultimately, our findings provide an interesting empirical basis for policymakers to help them build a sound macroeconomic and financial framework that promotes more environmentally friendly financial behaviors.</span></span></p></div>\",\"PeriodicalId\":46094,\"journal\":{\"name\":\"Research in Economics\",\"volume\":\"77 3\",\"pages\":\"Pages 427-452\"},\"PeriodicalIF\":1.2000,\"publicationDate\":\"2023-09-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Research in Economics\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1090944323000431\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Research in Economics","FirstCategoryId":"1085","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1090944323000431","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
Does monetary policy really matter for environmental protection? The case of inflation targeting
Empirical work examining the role of monetary policy on environmental issues are rather scarce. This study examines how inflation targeting (IT) relates to environmental pollution in samples of 22 Developed Market Economies (DMEs) and 25 Emerging Market Economies (EMEs) over the period 1980–2017. Using a parametric approach (two-step system-generalized method of moments), we find that IT significantly reduces emissions of polluting gases, specifically carbon dioxide (CO2), nitrous oxide (N2O), methane (CH4), and total greenhouse gases (GHG) in DMEs and EMEs. In order to take into account, the existence of a potential self-selection bias in the adoption of IT, we subsequently resorted to a non-parametric approach, namely propensity score matching. The results confirm those obtained in the parametric approach. Then, using structural equation modeling, we find that IT reduces environmental pollution mainly through the financial instability channel. In addition, based on the insights from the recent literature, we test the moderating role of financial development and financial stability. The results indicate that these variables reduce the “green effect” of IT. Ultimately, our findings provide an interesting empirical basis for policymakers to help them build a sound macroeconomic and financial framework that promotes more environmentally friendly financial behaviors.
期刊介绍：
Established in 1947, Research in Economics is one of the oldest general-interest economics journals in the world and the main one among those based in Italy. The purpose of the journal is to select original theoretical and empirical articles that will have high impact on the debate in the social sciences; since 1947, it has published important research contributions on a wide range of topics. A summary of our editorial policy is this: the editors make a preliminary assessment of whether the results of a paper, if correct, are worth publishing. If so one of the associate editors reviews the paper: from the reviewer we expect to learn if the paper is understandable and coherent and - within reasonable bounds - the results are correct. We believe that long lags in publication and multiple demands for revision simply slow scientific progress. Our goal is to provide you a definitive answer within one month of submission. We give the editors one week to judge the overall contribution and if acceptable send your paper to an associate editor. We expect the associate editor to provide a more detailed evaluation within three weeks so that the editors can make a final decision before the month expires. In the (rare) case of a revision we allow four months and in the case of conditional acceptance we allow two months to submit the final version. In both cases we expect a cover letter explaining how you met the requirements. For conditional acceptance the editors will verify that the requirements were met. In the case of revision the original associate editor will do so. If the revision cannot be at least conditionally accepted it is rejected: there is no second revision.
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