THE IMPACT OF MONETARY POLICY ON GREEN INNOVATION: GLOBAL EVIDENCE
研究了1960-2018年133个国家的面板数据，发现扩张性货币政策显著促进绿色创新，但该效果在发展中国家受央行独立性和产权保护不足的制约，且需良好治理质量支撑环境规制的正向调节作用。
This research investigates and robustly verifies the impact of expansionary monetary policy actions on green innovation, conducted on a panel covering 133 countries from 1960 to 2018. Overall, we find that such actions have a significantly positive effect on green innovation performance, no matter in the static or dynamic model. A lower degree of central bank independence and poorer property rights protection in developing countries may hinder monetary policies’ effect to be transmitted to green innovation activities smoothly. Moreover, stringent environmental regulation contributes to magnifying the expansionary monetary policy’s positive effect on green innovation, but such a positive moderating effect should be supported by good national governance quality (including better control over corruption, higher efficiency of governments and a complete law system). Accordingly, several policy suggestions are provided.