Research on the Impact of Green Finance on a Low-Carbon Economy from a Spatial Perspective
The rapid development of green finance has had a certain impact on the development of a low-carbon economy in China,with this impact varying across regions.This study utilizes panel data from 30 provinces in China spanning 2009 to 2020,employing the SBM-DEA model to assess the development level of the low-carbon economy and the spatial Durbin model to investigate the mechanism of action be-tween green finance and the low-carbon economy.The findings indicate that,on a national level,green finance exhibits a spatial spillover effect on the development of the low-carbon economy in neighboring regions,and the relationship between the two is not merely linear but demonstrates a"N-shaped"nonlin-ear effect with two inflection points.In terms of regional heterogeneity,the development level of green fi-nance in the western regions significantly enhances the low-carbon economy and shows spillover effects after exceeding the second inflection point,in contrast to the eastern regions.Regarding threshold ef-fects,the impact of green finance on the low-carbon economy reveals a dual threshold effect based on carbon emission intensity and low-carbon technologies.Consequently,it is recommended to enhance the regional linkage system of green finance,strengthen the targeted development of green finance,and ac-tively adjust carbon emission intensity and advance low-carbon technologies advancements in the west-ern region,offering new insights for green finance to foster the growth of the low-carbon economy.
green financelow-carbon economyspatial spillover effectthreshold effect