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Financial Leverage, Economic Growth and Environmental Degradation: Evidence from 30 Provinces in China

机译：金融杠杆，经济增长和环境退化：来自中国30个省份的证据

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摘要

This study seeks to investigate the endogenous relationship between financial leverage, economic growth and environmental degradation in China by employing a the generalized moments method (GMM) panel vector autoregressive (PVAR) approach with a panel of data from China's 30 provinces over the period 1997-2016. Three key results arise. First, financial leverage can significantly lessen economic growth, while economic growth decreases financial leverage. Second, economic growth provides an important impetus to boost carbon emissions. Finally, carbon emissions have inversely pushed up financial leverage. These results reflect to some extent China's impressive rate of economic growth, which has been attained via continuously supporting inefficient state-owned enterprises and heavy and polluting industries through bank loans. The results are further supported by the variance decomposition. The findings provide valuable policy implications for deepening financial supply-side structure reform to transform and upgrade China's real economy. These policy implications are conductive to developing a low-carbon economy.
机译：这项研究旨在通过采用广义矩方法（GMM）面板向量自回归（PVAR）的方式与数据来自中国30个省在此期间的小组来调查金融杠杆，经济增长与环境退化的中国之间的内生关系1997- 2016年三个关键的结果出现。首先，财务杠杆可以显著减轻经济增长，而经济增长降低财务杠杆。二是经济增长提供了重要的推动促进碳排放。最后，碳排放量成反比推高财务杠杆。这些结果反映了在一定程度上中国的经济增长，对已经通过不断支持效率低下的国有企业又重，通过银行贷款污染行业取得的令人印象深刻的速度。该结果由方差分解进一步支持。调查结果为深化金融供给方面的结构改革，改造和提升中国的实体经济有价值的政策含义。这些政策的影响是利于发展低碳经济。

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