内生增长模型下的环境质量问题研究——基于财政金融的联合视角

Research on Environmental Quality Under Endogenous Growth Model:Based on the Joint Perspective of Fiscal and Finance

财政与金融的交织在环境质量的变化中扮演着重要的角色,这与"中国式分权"下财政金融体制安排密不可分.从财政分权与金融发展的关联视角出发探究环境污染问题具有重大意义.首先,构建了一个包含两级政府的内生增长框架,引入环境质量和金融发展,讨论财政分权与金融发展的联合项与环境质量的动态关系,通过建立Hamiltonian函数推导出联合项与环境质量呈正U型关系.其次,以水污染为例,运用中国2009-2019年30个省市的面板数据进行实证检验,结果表明财政分权与金融发展的联合项与水污染排放呈现倒U型关系,这一结论与理论结果互相契合.最后,根据联合项与环境质量之间的非线性关系提出政策建议.

Fiscal decentralization and financial development play an important role in the change of environmental quality.This is inseparable from the fiscal and financial system arrangement under the“Chinese-style decentralization”.This article explores environmental pollution issues from the perspective of the correlation between fiscal decentralization and financial development.First,we construct an endogenous growth framework that includes two levels of government.Introduce environmental quality and financial development to the model and discuss the dynamic relationship between the joint item of fiscal decentralization and financial development and environmental quality.The Hamiltonian function was used to derive the positive U-shaped relationship between the joint item and the environmental quality.Then,taking water pollution as an example,empirical tests are conducted using panel data from 30 provinces and cities in China from 2008 to 2018.The results show that the joint item of fiscal decentralization and financial development has an inverse U-shaped relationship with water pollution emissions.The empirical results and theoretical results agree with each other.Finally,we propose corresponding policy recommendations based on the nonlinear relationship between joint item and environmental quality.