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Does financial inclusion achieve the dual dividends of narrowing carbon inequality within cities and between cities? Empirical evidence from China

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  • Zhao, Congyu
  • Jia, Rongwen
  • Dong, Kangyin

Abstract

Narrowing carbon inequality is crucial for coordinated and sustainable development. Based on a dataset of 283 Chinese cities for the period 2011–2017, and by employing the instrumental variable-generalized method of moments (IV-GMM) model, we test whether financial inclusion can achieve the dual dividends of inhibiting carbon inequality not only within cities, but also between cities. Further, this paper pays attention to the heterogeneous, direct, and indirect impacts of financial inclusion on carbon inequality. (1) The first finding is that financial inclusion achieves the dual dividends of narrowing carbon inequality within and between cities. (2) The mitigation effect of financial inclusion on carbon inequality is heterogeneous in terms of cities' administrative hierarchy, geographical location, and economic scale. (3) Six aspects of financial inclusion lead directly to the mitigation of carbon inequality. (4) The inhibitory effect of financial inclusion on carbon inequality is caused mainly by reduced intensity of carbon emissions and income inequality, which are two effective mediators. These findings help us devise solutions for eradicating carbon inequality by designing policies related to financial inclusion.

Suggested Citation

  • Zhao, Congyu & Jia, Rongwen & Dong, Kangyin, 2023. "Does financial inclusion achieve the dual dividends of narrowing carbon inequality within cities and between cities? Empirical evidence from China," Technological Forecasting and Social Change, Elsevier, vol. 195(C).
    • Handle: RePEc:eee:tefoso:v:195:y:2023:i:c:s0040162523004596
    DOI: 10.1016/j.techfore.2023.122774
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    Keywords

    Carbon inequality; Financial inclusion; Heterogenous impact; Mediation effect; China;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • P28 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Natural Resources; Environment

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