In-depth impact of natural capital on China's economic growth and its mechanisms
As a fundamental factor driving economic growth,natural capital plays a key role in sustainable development.This paper in-corporates various economic growth proxy variables into the MRW model and uses the BMA method to tackle the uncertainty issue of the model.Based on China's provincial-level panel data,this paper examines the impact of renewable natural capital and non-renew-able natural capital on the country's economic growth and then carries out multiple mechanism analysis with the CART algorithm.The main findings are:① Natural capital has a significant deep impact on China's economic growth in models incorporating proximate and fundamental theories,and the direction of natural capital's impact varies with proxy indicators,which shows a significant'Curse'effect of dependence and a'Blessing'effect of abundance.This panoramic perspective can reconcile the serious disagreement on'Resource Curse'among the literature.② The effects of renewable natural capital are in line with the'Resource neutral'hypothesis,while non-renewable natural capital has a stronger impact on economic growth in terms of both the'Curse'effect of dependence and the'Bless-ing'effect of abundance,and the overall effect on economic growth depends on patterns of resource use.③ Under high physical capital accumulation,natural capital has a more fundamental impact on economic growth,and the'Blessing'effect of abundance has been sig-nificantly enhanced.Based on their resource endowments and economic development levels,all provinces should reinvest natural re-source rents in national wealth to mitigate the'Resource Curse'through effective protection of natural capital and compensation from reinvestment.This is a reasonable way to embark on a win-win sustainable development path of economic development and ecological civilization.
natural capitaleconomic growthfundamental theoriesBayesian model averagingmultiple growth regimes
万方数据
维普
