Green finance is one of the five major articles in the construction of a financial powerhouse,and strong financial regulation is one of the six key core elements of a financial powerhouse.However,few studies have discussed the impact of financial regulation on green finance and high-quality economic development from the perspective of financial regulation.This paper constructs a dynamic stochastic general equilibrium model(E-DSGE)that includes financial regulation and the ecological environment to explore the impact of differentiated green regulation on capital adequacy ratios on the optimal allocation of resources and high-quality economic development.The study finds that green financial regulation,which combines incentives for green credit and constraints on brown credit,is beneficial for guiding resources towards green production areas in both the long and short term,and promotes high-quality green economic development.In the choice of factors for differentiated green regulation,introducing a green support factor is superior to introducing a brown penalty factor.Numerical simulations also show that when facing short-term external shocks,green financial regulation can to some extent mitigate economic fluctuations and enhance the resilience of the economic system.In practice,adopting the convenient financial regulatory method of introducing a fixed green support factor in capital adequacy ratio regulation can achieve good policy effects.This study contributes valuable references to enhancing the core elements of financial regulation in a financial powerhouse and writing a good article on the construction of a financial powerhouse in green finance.
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