绿色金融影响宏观经济增长的机制与路径分析

Analysis on Mechanism and Path of Green Finance Affecting Macroeconomic Growth

文章基于消费和投资的双重视角分析绿色金融影响宏观经济增长的具体机制和路径。研究发现,无论是消费还是投资对宏观经济增长的影响均依赖绿色金融的发展水平。一方面,在绿色金融发展程度较低时,消费对于宏观增长的影响不显著,而随着其进一步发展,消费的影响开始显著为负,只有当绿色金融发展到一定程度时,消费对于宏观增长的显著促进作用才能够发挥出来。另一方面,绿色金融的发展水平对于投资与宏观经济增长之间的关系具有单门限效应,只有当绿色金融发展到一定水平,投资对于宏观经济增长的拉动作用才能凸显出来。并且投资促进作用的显现对于绿色金融发展的要求要低于消费,这说明绿色金融先通过投资而后才通过消费对宏观经济增长产生促进作用。

This paper analyzes the concrete mechanism and path of green finance affecting macroeconomic growth from the perspectives of consumption and investment. It is found that both consumption and investment＇s effect on macroeconomic growth depends on the development of green finance. When green finance＇s development level is low, consumption＇s effect on growth is not significant. With its further development, the effect becomes negative significantly. Only if the development of green finance arrives at a certain level, the positive effect begins to appear. On the other hand, the effect of investment on growth has single threshold effect. Only when green finance develops to certain level, the pulling effect begins to appear. What＇s more, the level of finance development that investment requires is lower than consumption, which means green finance＇s positive effect on growth will come into being first through investment then through consumption.