Energy-saving effect of financial development and its dynamic heterogeneity: Empirical evidence from the dynamic panel quantile model

The energy-saving effect of financial development is directly related to the formulation and implementation of financial policies. Considering the inertial characteristics of energy consumption, this study tested the energy-saving effect of financial development and examined its heterogeneity in terms of low-carbon cleaning and policy change. The results were as follows: First, when energy consumption was at the lower quantile, as consumption increased, the promoting impact of financial development on energy consumption decreased. When energy consumption was at the upper quantile, as consumption increased, the restraining impact of financial development on energy consumption increased. Second, an increase in the quantile level showed that financial development exerted an increasingly stronger influence on promoting clean energy consumption. When non-clean energy consumption was at the upper quantile, financial development exerted an increasingly strong inhibitory effect on non-clean energy consumption. Third, before green credit policy changed, the energy-saving effect of financial development was not widespread and obvious. After green credit policy changed, the restraining impact of financial development on energy consumption increased with the level of consumption. Fourth, after green credit policy changed, compared with the increase of financial development toward promoting clean energy consumption, the inhibitory effect of financial development on non-clean energy consumption significantly improved relative to the second case.