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Correction to: ‘Finance and Green Growth’

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  • Ralph De Haas
  • Alexander Popov

Abstract

We study how countries’ financial structure affects their transition to low-carbon growth. Using global industry-level data, we document that carbon-intensive industries reduce emissions faster in economies with deeper stock markets. The main channel underpinning this stylised fact is that stock markets facilitate green innovation in carbon-intensive sectors, resulting in lower carbon emissions per unit of output. More tentative evidence indicates that stock markets also help to reallocate investment towards more energy-efficient sectors. Cross-border spillovers are limited: less than 5% of these industry-level reductions in domestic emissions are offset by carbon embedded in imports. A firm-level analysis of an exogenous shock to the cost of equity in Belgium confirms our findings.
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Suggested Citation

  • Ralph De Haas & Alexander Popov, 2025. "Correction to: ‘Finance and Green Growth’," The Economic Journal, Royal Economic Society, vol. 135(667), pages 1030-1030.
    • Handle: RePEc:oup:econjl:v:135:y:2025:i:667:p:1030-1030.
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    File URL: http://hdl.handle.net/10.1093/ej/ueae109
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    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
    • Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics

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