Department of Economics, Shiraz University, Shiraz, Iran.
Environ Sci Pollut Res Int. 2023 Jun;30(29):73372-73392. doi: 10.1007/s11356-023-27429-9. Epub 2023 May 15.
Evidence shows that the European Union (EU) is a leader in using financial innovation to overcome environmental challenges and ensure sustainable development. This study explores the heterogeneous effects of financial innovations on carbon dioxide emissions (CO2) due to their destructive effects in the context of the EU, by employing the novel Method of Moments Quantile Regression (MM-QR). The study also evaluates the environmental Kuznets hypothesis during the period of 2000-2020. We used four proxies for financial innovation; the ratio of the aggregate money supply to narrow money (M3/M1), the ratio of broad to narrow money (M2/M1), the percentage change in domestic credit to the private sector (% of GDP) and a composite index of these indices using the Principal Component Analysis technique. The findings indicate that raising three financial innovation proxies can effectively raise environmental quality. It should be noted that while M3/M1 has a stronger and negative effect on CO2 emissions in low quantiles, M2/M1 has a stronger and negative effect on CO2 emissions in high quantiles. Therefore, it is recommended that a larger amount of M2 and M3 resources be directed towards green projects for financing in countries with both high and low levels of CO2 emissions, respectively.
有证据表明，欧盟（EU）在利用金融创新克服环境挑战和确保可持续发展方面处于领先地位。本研究通过采用新颖的矩分位数回归（MM-QR）方法，探讨了金融创新对二氧化碳排放（CO2）的异质影响，因为它们在欧盟背景下具有破坏性。本研究还评估了 2000-2020 年期间的环境库兹涅茨假说。我们使用了四种金融创新的代理指标：广义货币供应量与狭义货币供应量之比（M3/M1）、广义货币供应量与狭义货币供应量之比（M2/M1）、国内信贷对私营部门的百分比变化（占 GDP 的百分比）以及使用主成分分析技术的这些指数的综合指数。研究结果表明，提高三种金融创新代理指标可以有效地提高环境质量。值得注意的是，虽然 M3/M1 在低分位数对 CO2 排放有更强的负向影响，但 M2/M1 在高分位数对 CO2 排放有更强的负向影响。因此，建议在高排放和低排放国家，将更多的 M2 和 M3 资源用于为绿色项目融资。
