The impact of green finance on economic growth
Evidence from the green finance reform and innovation pilot zone
Bibliographic Data
| ID | 2807100 |
|---|---|
| Authors | Changfei Nie (0000-0003-0958-2142, School of Economics and Management Nanchang University Nanchang China), Yujie Yao (0000-0001-6630-1007, School of Economics and Management Nanchang University Nanchang China), Yuan Feng (0000-0002-5242-8936, College of City Construction Jiangxi Normal University Nanchang China, corresponding author) |
| Year | 2024 |
| Volume | 83 |
| Issue | 4 |
| Pages | 709-736 |
| Publication date | 2024-09-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | American Journal of Economics and Sociology (JOURNAL) |
| Journal identifiers | ISSN: 0002-9246 • E-ISSN: 1536-7150 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/ajes.12573 |
| OpenAlex | W4394818896 |
| Language | EN |
| Citations received | 4 |
| References cited | 59 |
This study examines the impact and its mechanisms of green finance on economic growth by using the green finance reform and innovation pilot zone (GFRIPZ) as a quasi-natural experiment. Based on the panel data of 30 provinces in China from 2011 to 2019, we employ a difference-in-differences (DID) model and find that the GFRIPZ's construction has a positive effect on economic growth, resulting in real GDP growth of 2.2% in the pilot zones. Mechanism analysis shows that the GFRIPZ policy promotes economic growth by stimulating green technological innovation and increasing green fiscal expenditures. Further, the moderating effect result reveals that the more powerful the environmental regulation, the better the economic growth effect of the GFRIPZ policy. Additionally, heterogeneity analysis indicates that the GFRIPZ policy can contribute more in accelerating economic growth in Zhejiang, Jiangxi and Xinjiang. Our findings provide the latest empirical evidence that green finance promotes economic growth, as well as cross-references for policymakers to scientifically execute green monetary policies and effectively balance green development and economic growth
China · Economic policy · Economics · Green growth · Panel data · Political science · Sustainable development · Energy, Environment, Economic Growth · Environmental Sustainability in Business · Finance · Fiscal Policy and Economic Growth
Impact of green finance on economic development and environmental quality
Fostering green development with green finance
Green finance, fintech and environmental protection
Green technological innovation, green finance, and financial development and their role in green total factor productivity
Green process innovation, green product innovation and its economic performance improvement paths
How does green finance affect green total factor productivity? Evidence from China
Does green financial policy affect debt-financing cost of heavy-polluting enterprises? An empirical evidence based on Chinese pilot zones for green finance reform and innovations
Green innovation effect of pilot zones for green finance reform
Green technology innovation efficiency of energy-intensive industries in China from the perspective of shared resources
The effect of government informatization construction on corporate digital technology innovation
Place-based policy and green innovation
Covid-19 and the politics of sustainable energy transitions
The Impact of the Green Finance Reform and Innovation Pilot Zone on the Green Innovation—Evidence from China
Beyond carbon pricing
Entropy Balancing for Causal Effects
| Unique citing works | 4 |
|---|---|
| Citations per year | 4 |
| Citation span | 2025 - 2026 (2) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 4 |