The Antecedent Configuration of Green Finance Development and Its Low-carbon Effect:New Structural Economic Perspective
In response to the challenge of climate change,the international community has reached consensus on developing low-carbon economy.President Xi Jinping made the Chinese commitment of"we aim to have CO2 emissions peak before 2030 and achieve carbon neutrality before 2060"at the General Debate of the 75th Session of The United Nations General Assembly on 22 September 2020.Green finance plays an important role in promoting the realization of dual-carbon strategic goal.How to achieve high-level green finance development and promote low-carbon urban develop-ment is an important issue to be solved in both academic and practical fields.Based on the comparative advantage theory of new structural economics,we propose that the potential comparative advantage of green finance is determined by endowment structure,and becomes the real comparative advantage under the guidance of efficient market and competent government.We use NCA,QCA and PSM methods to analyze the top 100 cities in China,explore the synergistic effect of endowment structure,efficient market,and competent government on high-level green finance development,and try to figure out whether high-level green finance realized under different paths can equally promote the low-carbon urban development.In this research,we firstly employ the NCA method to test whether each antecedent constitutes a necessary condition for promoting urban green finance development.Secondly,the fsQCA method is hired to explore the synergistic influence of antecedents including endowment structure,effective market,and competent government on urban green finance develop-ment.Notably,endowment structure contains four factors,they are natural endowment,economic level,technical level,and open level.Finally,we use the PSM method to further investigate whether each form of high-level green finance,that is,de-veloped under different paths,can promote urban low-carbon development.The results show that(1)A single antecedent condition does not constitute a necessary and sufficient condition for the development of high-level green finance,yet the technical level plays an important role in influencing high-level green fi-nance.(2)Endowment structure,efficient market,and competent government are synergistically matched to form three con-figurations for urban high-level green financial development,presenting the feature of"same destination by different paths".The three configurations are"high-level green financial driven by technology in endowment structure under market guidance","high-level green financial driven by endowment structure under market guidance",and"high-level green finan-cial driven by endowment structure under government guidance".(3)When the antecedents such as economic level,techni-cal level and efficient market are absent,four types of configuration for non-high-level urban green financial development are generated.(4)The high-level green finance formed under three paths have differentiated impacts on urban low-carbon development,showing the feature of"different paths lead to different effects".The reason is that competent government play an essential role in guiding green finance to effectively promote low-carbon urban development.This paper applies the new structural economics model to the study of the antecedents and consequences of urban green finance development.On the basis of the configurational perspective,the antecedents of green finance are systematically in-tegrated,the synergistic matching effect among antecedents factors is discussed,the distinct low-carbon effects of three con-figurations of high-level green finance are identified.Overall,we enrich the comparative advantage theory of new structural economics by underlying the deep logic of the development of urban green finance development as well as its low-carbon outcomes.
green financelow-carbon developmenttop 100 citiesnew structural economicsqualitative comparative analysis of fuzzy sets
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