| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14012 |
| DP14012 Finance and Green Growth | |
| Ralph De Haas; Alexander Popov | |
| 发表日期 | 2019-09-19 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We study how countries' financial structure affects their transition to low-carbon growth. Using global industry-level data, we document that carbon-intensive industries reduce emissions faster in economies with deeper stock markets. Two channels underpin this stylized fact. First, stock markets reallocate investment towards energy-efficient sectors. Second, in countries with deeper stock markets, carbon-intensive sectors engage in more green innovation, resulting in lower carbon emissions per unit of output. Only one-tenth of these industry-level reductions in domestic emissions are offset by carbon embedded in imports. A firm-level analysis of an exogenous shock to the cost of equity in Belgium confirms our findings. |
| 主题 | Financial Economics |
| 关键词 | Financial development Financial structure Carbon emissions Innovation |
| URL | https://cepr.org/publications/dp14012-1 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542895 |
| 推荐引用方式 GB/T 7714 | Ralph De Haas,Alexander Popov. DP14012 Finance and Green Growth. 2019. |
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