金融发展对二氧化碳（CO2）排放的影响——基于跨国数据的实证研究

摘要

Based on cross-country unbalance panel data from 1980 to 2007,using different variables as proxy for financial devel- opment, first, we use all the samples to study the overall impact of financial on CO2 emissions; Then, .dividing the samples by income levels and financial openness levels, we analyze if the relationship between financial development and CO2 emissions are affected ; Finally, we use the empirical results to estimate the short-run elasticity and long-run elasticity of CO2 emissions on financial development. The results show that： Overall, only the market capitalization of listed companies to GDP and the pri- vate sector domestic credit to GDP influence per capita CO2 emissions. The impact of financial development on CO2 emissions is related with the level of economic development and financial openness, and a higher level of income or financial openness increase the negative effects of financial development on CO2 emissions; Long-run elasticity does not change the sign of elasticity, but long-run elasticity enlarges the size of financial development on CO2 emissions.%基于1988—2007年的跨国非平衡面板数据，以不同的变量作为衡量金融发展的代理变量，首先利用整体样本研究金融发展对CO2排放的整体影响，然后将样本按收入水平和金融开放程度分组，分析收入水平和金融开放程度的变化对金融发展和CO2排放的关系的影响，最后利用实证估计结果计算CO2排放对金融发展的短期弹性和长期弹性。结果显示：整体而言，仅上市公司的市值占GDP的比重和私营部门的国内信贷占GDP的比重对人均CO2排放有影响；金融发展对CO2排放的影响与经济发展水平和金融开放程度有关，且收入水平和金融开放程度的提高均会增加金融发展对CO2排放的负向影响；长期弹性不会改变弹性的符号，但长期弹性会放大金融发展对人均CO2排放的影响大小。