Does financial development stimulate environmental sustainability? Evidence from a panel study of 115 countries
研究了115个国家1990-2016年数据，发现金融发展对经济增长与二氧化碳排放的关系有正向调节，但对GDP平方项与排放的关系为负向，支持环境库兹涅茨曲线，且金融发展可减少环境退化而不损害增长。
Abstract This paper investigates the moderation effect of financial development (FD) on the environmental Kuznets curve (EKC). Using comprehensive panel data of 115 countries spanning the 1990–2016 period and dividing the countries into different income groups, the researcher found systematic differences in the relationship between significant indicators of environmental degradation and economic growth. More specifically, the interaction effect of FD on the relationship between gross domestic product (GDP) growth and CO 2 emissions are positive; nevertheless, the interaction effect of FD on the relationship between GDP squared and CO 2 emissions become negative for all income groups and therefore supports the EKC. Moreover, the interaction effect of FD is negative on the relationship of GDP with both CH 4 and PM 2.5 emissions in the middle‐income groups, whereas the interaction effect of FD on the relationship between GDP squared and PM 2.5 emissions are negative for the high‐income group. Our results suggest that FD can reduce environmental degradation without adversely impacting on growth.