Green finance policy and green economic transformation

Sanchuan Wang, Wanwu Shu and Lianbiao Cui

International Review of Financial Analysis, 2024, vol. 96, issue PB

Abstract: Green finance policies seek to promote sustainable development, but their effectiveness in driving urban green economic transformation remains underexplored. Using a difference-in-differences approach, this study investigates the impact of China's green finance innovation and reform pilot zones (GFIR) policy on green economic transformation. We examine the mediating effects of technological innovation, carbon emission efficiency, and economic agglomeration. Our findings reveal that the GFIR policy significantly promotes green economic transformation, with mediating factors playing crucial roles. Heterogeneity analysis reveals variations in policy effectiveness across different city types. These results contribute to the literature on green finance and sustainable development, providing policymakers with valuable insights into designing targeted interventions to accelerate the transition to a greener urban economy.

Keywords: Green finance; Green economic transformation; Technology innovation; Carbon emission; Economic agglomeration (search for similar items in EconPapers)
JEL-codes: G28 O44 Q56 R11 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:96:y:2024:i:pb:s1057521924007178

DOI: 10.1016/j.irfa.2024.103785

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