Financial globalization and tropical deforestation
研究发现金融全球化是导致热带国家森林砍伐的关键因素，金融全球化指数翻倍会使森林砍伐率上升15个百分点，但制度质量、气候立法和环境意识可缓解这一影响。
Previous studies in the growing literature on globalization and environmental degradation primarily focus on overall or economic globalization, mostly in advanced economies. These studies often fail to specify which dimensions of globalization policymakers should target to mitigate its environmental impacts and rarely address the global south. Building on research examining the environmental effects of financial crises, this paper fills these gaps by demonstrating that financial globalization is the key aspect driving environmental degradation, particularly deforestation in tropical countries. Unlike trade, political, cultural, interpersonal, and informational dimensions, financial dimension has a significant impact, with a doubling of the financial globalization index associated with a 15 percentage points increase in deforestation rates. However, institutional quality, pro-climate legislation, and environmental awareness can mitigate these effects. The paper also underlines the potential of international agreements, such as the Paris Agreement, in reducing deforestation linked to financial globalization. International capital inflows, especially in sectors such as infrastructure, agriculture, forestry, and mining, are identified as the main transmission channel.