Characteristics and Influencing Factors of Green Finance Development in the Yangtze River Delta of China: Analysis Based on the Spatial Durbin Model

Hualin Xie, Zhenyi Ouyang and Yongrok Choi
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Hualin Xie: Institute of Ecological Civilization, Jiangxi University of Finance and Economics, Nanchang 330013, China
Zhenyi Ouyang: Institute of Ecological Civilization, Jiangxi University of Finance and Economics, Nanchang 330013, China
Yongrok Choi: Department of International Trade, Inha University, 100 Inha-ro, Nam-gu, Incheon 22212, Korea

Sustainability, 2020, vol. 12, issue 22, 1-15

Abstract: Based on urban economic data in the Yangtze River Delta region of China from 2011 to 2017, this study empirically explores the characteristics of green finance development and its influencing factors through the establishment of a time fixed effects Durbin model. The empirical results are as follows: (1) The development of green finance in the Yangtze River Delta has a clear spatial cluster effect, and there are large regional differences. (2) The regional GDP, regional innovation level, and air quality are the most important influencing factors, and the degree of financial development and the optimization of the industrial structure are not significant. (3) Regional GDP is positively correlated with the development of green finance, and regional innovation level and air quality are negatively correlated with the development of green finance. (4) Regional GDP, regional innovation level, and air quality are associated with the development level of green finance mainly through direct effects. The degree of financial development and the optimization of industrial structure are associated with the development level of green finance mainly through spillover effects. The degree of financial development has a positive spillover effect; in contrast, the optimization of the industrial structure has a negative spillover effect. Finally, according to the conclusions, countermeasures and suggestions for improving the level of green finance development in the Yangtze River Delta are proposed.

Keywords: green finance; spatial Durbin model; spillover effect; urban agglomerations; Yangtze River Delta (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (16)

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