Research on the Impact of Financial Development on Green Economic Growth from the Perspective of Government Pressure
The financial system,with its strong resource allocation capacity,has become an important driver for the development of the green economy.When a local government is under fiscal pressure,the industrial orientation of financial resources will change,and the mechanisms and effects of financial development on regional green economic growth will also be affected.The present paper focuses on the role of the local government's fiscal pressure played during the process when financial development has impacts on green economic growth.The benchmark regression model,the mediation effect model,and the moderation effect model for financial development's impact on green economy are constructed and provincial panel data from 2011 to 2021 for empirical research are used in the research.The findings indicate that financial development has a significant positive effect on the development of green economy in China;technological innovation and urbanization both play mediating roles in green economic growth driven by financial development;the government fiscal pressure can inhibit the role of financial development in promoting green economic growth.The heterogeneity analysis further indicates that the increase in government fiscal pressure will inhib-it the effect of financial development on green economic growth in regions with less educational investment and unreasonable energy consumption structures,while it is not significant in regions with high educational investment and reasonable energy consumption structures.Therefore,the local government should strike a balance between economic development and green development by establishing a green performance manage-ment and evaluation system as early as possible.In this way,it can guide financial institutions to strengthen their financial efficiency in serving the green economy,and improve the growth performance of the green economy.
government fiscal pressurefinancial developmentdevelopment of green economyresource allocationperformance management
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