金融发展对能源消费的影响研究-基于跨国面板数据
首发时间:2019-05-10
摘要:本文通过对全球53个国家的23年动态面板数据的研究,通过股票市值、买卖股票市值、股市转手率、国内私人部门信贷比和外商直接投资这五个指标来衡量金融发展,利用系统GMM方法进行实证研究。结果表明,用资本市场即股票市场的相关指标和银行业市场即国内信贷指标所衡量的金融发展确实与能源消费量之间存在实证方面的显著相关关系,且估计系数为正,这也就意味着金融发展如我们的预期和推测一样的确会影响能源需求且是促进作用。基于此,我们认为,各国政府在制定碳排放约束和能源政策时,在考虑经济增长和本国需求的同时,不能忽略本国资本市场和国内信贷市场的发展对能源消费潜在的影响,以使制定的能源储备和相关政策具有可行性和现实意义。
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The Research on the Influence between Financial Development and Energy Consumption
Abstract:Through the study of 23 years of dynamic panel data in 53 countries around the world, this paper measures financial development through the five indicators of stock market value, stock market value, stock market turnover, domestic private sector credit ratio and foreign direct investment, using the system GMM method. conduct the empirical research. The results show that there is a significant correlation between the financial market measured by the relevant indicators of the capital market, that is, the stock market and the domestic market, that is, the domestic credit index, and the estimated coefficient is positive, which means Financial development, like our expectations and speculations, does affect energy demand and is a catalyst. Based on this, we believe that when formulating carbon emission constraints and energy policies, governments should consider the economic growth and domestic demand while not neglecting the potential impact of the development of domestic capital markets and domestic credit markets on energy consumption. Energy reserves and related policies are feasible and practical.
Keywords: Financial Development Energy consumption stock market capitalization domestic credit
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金融发展对能源消费的影响研究-基于跨国面板数据
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