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How do financial spatial structure and economic agglomeration affect carbon emission intensity? Theory extension and evidence from China

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  • Yan, Bin
  • Wang, Feng
  • Dong, Mingru
  • Ren, Jing
  • Liu, Juan
  • Shan, Jing

Abstract

This study investigates the mechanism of a financial spatial structure and economic agglomeration on carbon emission intensity by combining a reconstructed financial spatial structure indicator that integrates spatiality, industrial affiliation, and competition with a theoretical model of financial spatial structure and economic agglomeration impacts on carbon emission intensity under increasing returns to scale assumption. We employ a dynamic spatial Durbin panel model with data from provinces in China during 2005–2017 to validate the theoretical mechanism. The results indicate that both short- and long-term financial spatial structures can mitigate carbon emission intensity, thereby demonstrating spatial and temporal lock-in effects. However, economic agglomeration and energy intensity promote carbon emission intensity with only temporal lock-in effects. Moreover, the financial spatial structure tends to have a smaller but more far-ranging, long-term impact. The analysis implies that promoting financial spatial restructuring through strategic credit allocation, industrial linkage, and competition and mitigating economic agglomeration are crucial to expedite the process of “carbon peak and neutrality.”

Suggested Citation

  • Yan, Bin & Wang, Feng & Dong, Mingru & Ren, Jing & Liu, Juan & Shan, Jing, 2022. "How do financial spatial structure and economic agglomeration affect carbon emission intensity? Theory extension and evidence from China," Economic Modelling, Elsevier, vol. 108(C).
    • Handle: RePEc:eee:ecmode:v:108:y:2022:i:c:s0264999321003345
    DOI: 10.1016/j.econmod.2021.105745
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    More about this item

    Keywords

    Carbon emission intensity; Financial spatial structure; Economic agglomeration; Dynamic spatial durbin model;
    All these keywords.

    JEL classification:

    • C31 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models
    • F12 - International Economics - - Trade - - - Models of Trade with Imperfect Competition and Scale Economies; Fragmentation
    • R12 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)

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