Carbon dioxide emissions, financial development and political institutions
Economic Change and Restructuring(2021)
摘要
The paper empirically examines whether and how political institutions shape the nexus between finance and carbon dioxide (CO 2 ) emissions. In a sample of developing and developed countries, it finds that financial development impedes green technology development and thus raises energy use and CO 2 emissions, the effects that moderate with improvements in institutional quality. Despite so, there are differences between banks and stock markets, banking competition and concentration, and household and firm credit. Specifically, a more concentrated, less competitive bank-based financial system that lends more to households hinders green technology development and exaggerates energy use and CO 2 emissions, and the impacts diminish when institutional quality enhances. Conversely, a more market-oriented financial system with a more competitive and less concentrated banking sector that lends more to private non-financial enterprises promotes green technology development and decreases energy use and CO 2 emissions, the effects that weaken when the quality of political institutions betters.
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关键词
CO2 emissions,Financial development,Financial structure,Bank market power,Political institutions
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