金融发展是合理估计碳排放需求,制定和实施碳减排政策需要考虑的重要因素。利用状态空间模型,实证研究了北京市金融发展对碳排放量的动态影响。结果发现:首先,北京市金融发展与碳排放量之间存在显著的长期均衡比例随时间变化的协整关系;其次,北京市金融发展对碳排放量的影响具有典型的时变特征,在样本区间内,其影响程度可能为正也可能为负;另外,北京市金融发展对碳排放量的贡献显著小于经济发展的贡献,具体而言,稳定状态时它们对碳排放的贡献分别为7%和78%左右。
Financial development has been considered as one of the key factors to estimate carbon emissions demand and set related policies. This paper employs the state-space model to empirically study the dynamic impact of financial development on carbon emissions. The results indicate that:first,there exists a significant long-run equilibrium relationship with time-varying coefficients among carbon emissions, financial development and economic development; second, the impact of financial development on carbon emissions has evident time-varying features;and during the sample period, it may be positive or negative across time; in addition, the contribution of financial development to carbon emissions during the sample period appears much less than that to economic development;specifically,their contributions are around 7% versus 78%.