Impact of Financial Ecology on Green Development——Empirical Analysis Based on the Countries Involved in the Belt and Road
Green development is the main carrier of high-quality development of the Belt and Road,and a sound financial ecology is an important support for the green development of the BRI.Based on the perspective of financial ecology,this article investigates the effect of financial ecology on the construction of green BRI and its path of action by using a high-dimensional panel fixed-effects model.The empirical results indicate that the improvement of the financial ecology has a positive effect on the green development of the countries involved in the Belt and Road Initiative.It means that with the overall improvement of the financial environment,it can play a role in promoting the construction of the green Belt and Road Initiative.Heterogeneity analyses reveal that the improvement of the financial ecology of the Silk Road Economic Belt countries has a higher impact on the green development than the 21st Century Maritime Silk Road countries.Mechanism tests suggest that the financial ecology of the countries involved in the BRI can play a mediating role in the construction of the green BRI through the mechanisms of innovation,industrial structure and human capital.
Green BRIGTFPFinancial ecologyHigh-quality development
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