College of Economics and Management, Nanjing University of Aeronautics and Astronautics, Nanjing, 211106, China.
Research Center for Soft Energy Science, Nanjing University of Aeronautics and Astronautics, Nanjing, 211106, China.
Environ Sci Pollut Res Int. 2022 Aug;29(37):55651-55665. doi: 10.1007/s11356-022-19692-z. Epub 2022 Mar 23.
Assessing the environmental effects of financial development has an important theoretical and practical reference for the government to achieve the goal of sustainable development. Financial development is affected dramatically by the real economy and typically shows nonlinear characteristics. This study aims to investigate the nonlinearity between financial development and pollutant emissions while considering the various stages of financial development among regions. Also, the spatial transmission mechanism between financial development and pollutant emissions is analyzed theoretically. Industrial sulfur dioxide ([Formula: see text]) and solid waste (SW) emissions are used to quantify pollutant emissions in China. The results show a positive spatial spillover effect on pollutant emissions across various regions. Moreover, a region's pollutant emissions can be influenced by the financial development of its surrounding regions, suggesting that financial development reduces [Formula: see text] emissions in a particular region, but it significantly increases [Formula: see text] emissions in surrounding regions, indicating a strong spillover effect. However, financial development significantly decreases SW emissions of a particular region but does not exert a significant impact on its surrounding regions, implying a weak spillover effect. Our results reveal that whereas the relationship of financial development with [Formula: see text] and SW emissions shows a significant U-shaped pattern, that of economic growth exhibit a significant inverted U-shaped pattern. The investigation can help in designing appropriate environmental policies for promoting financial development.
评估金融发展对环境的影响对于政府实现可持续发展目标具有重要的理论和实践参考价值。金融发展受实体经济影响显著，通常表现出非线性特征。本研究旨在考察金融发展与污染物排放之间的非线性关系，同时考虑到各地区金融发展的不同阶段。此外，还从理论上分析了金融发展与污染物排放之间的空间传递机制。本研究采用工业二氧化硫 ([Formula: see text]) 和固体废物 (SW) 排放量来量化中国的污染物排放。结果表明，各地区之间的污染物排放存在正向空间溢出效应。此外，一个地区的污染物排放可以受到周边地区金融发展的影响，这表明金融发展降低了特定地区的 [Formula: see text] 排放，但显著增加了周边地区的 [Formula: see text] 排放，表明存在较强的溢出效应。然而，金融发展显著降低了特定地区的 SW 排放，但对周边地区没有显著影响，表明存在较弱的溢出效应。研究结果表明，金融发展与 [Formula: see text] 和 SW 排放之间的关系呈显著的 U 型模式，而经济增长与 [Formula: see text] 和 SW 排放之间的关系呈显著的倒 U 型模式。本研究结果有助于为促进金融发展设计适当的环境政策。
