Making Finance Work for Africa (MFW4A) Secretariat, African Development Bank (AfDB), Abidjan, Cote d'Ivoire; Institute of Business Research, University of Economics Ho Chi Minh City, 59C Nguyen Dinh Chieu Street, District 3, Ho Chi Minh City, Viet Nam.
Institute of Business Research, University of Economics Ho Chi Minh City, 59C Nguyen Dinh Chieu Street, District 3, Ho Chi Minh City, Viet Nam; CFVG, University of Economics Ho Chi Minh City 59C Nguyen Dinh Chieu Street, Ho Chi Minh City, Viet Nam.
J Environ Manage. 2021 Apr 15;284:112057. doi: 10.1016/j.jenvman.2021.112057. Epub 2021 Feb 10.
The Paris Climate Conference commits countries to contribute to reducing global warming through a Nationally Determined Contributions (NDCs) which implore on countries to reduce emissions for improved environmental quality. Recognizing the importance of innovation and financial sector development to environmental quality, several countries have embarked on identifying ways to improve environmental quality. However, studies on the tripartite linkages among innovation, financial development and pollution relationships have produced mixed findings. Furthermore, a plethora of the existing studies have relied on only carbon dioxide (CO) emissions thus neglecting other anthropogenic activities which impact on the environment. More tellingly, how countries' levels of innovation moderate financial development-pollution link is yet to be studied. By relying on data from 27 selected industrialized countries spanning 1991-2014 in examining the tripartite relationships, we find that, while innovation lowers environmental pollution, beyond a certain threshold level, higher innovation exacerbates environmental degradation. Furthermore, while improved financial development increases pollution, higher innovation dampens the environmental quality-reducing effect of finance. Results from our panel causality tests also reveal a feedback causal linkage between innovation and ecological footprint, and a one-way causality from CO emissions to innovations. However, irrespective of the indicator of environmental pollution, financial development and pollution evolve independently, albeit differences at the country levels.
巴黎气候大会促使各国通过国家自主贡献（NDCs）来减少全球变暖，呼吁各国减少排放以提高环境质量。认识到创新和金融部门发展对环境质量的重要性，一些国家已经开始寻找改善环境质量的方法。然而，关于创新、金融发展和污染关系的三方联系的研究得出的结果喜忧参半。此外，现有的大量研究仅依赖于二氧化碳（CO）排放，从而忽略了对环境有影响的其他人为活动。更重要的是，各国的创新水平如何调节金融发展-污染关系仍有待研究。我们依靠 1991 年至 2014 年期间来自 27 个选定工业化国家的数据来检验三方关系，结果发现，虽然创新降低了环境污染，但在一定的阈值水平之上，更高的创新会加剧环境恶化。此外，虽然金融发展的改善会增加污染，但更高的创新会减轻金融对环境质量的负面影响。我们的面板因果关系检验结果还揭示了创新和生态足迹之间的反馈因果关系，以及从 CO 排放到创新的单向因果关系。然而，无论环境污染的指标如何，金融发展和污染都在独立演变，尽管在国家层面上存在差异。
