金融开放对能源安全影响的空间效应与作用机制——基于跨国数据的实证分析

The Spatial Effect and Mechanism of Financial Opening on Energy Security——Empirical Analysis Based on Cross-country Data

本文基于1996~2021年跨国面板数据,采用空间计量方法分析金融开放水平对能源安全的影响。结果发现:金融开放水平与能源安全呈现显著负相关关系。基于空间效应的分解检验发现,金融开放水平的提高会显著增加邻国的能源安全指数从而形成邻国示范效应,但由于会在更大程度上显著降低本国的能源安全水平,所以总体效果是提升金融开放水平会显著降低能源安全。此外,本文还探讨了贸易开放程度对金融开放水平和能源安全指数的调节效应,以及金融风险指数和经济风险指数发挥的中介效应,结果发现贸易开放程度会降低由金融开放引起的能源风险,金融开放通过经济风险和金融风险影响能源安全。本文为金融开放背景下保障能源安全与防范能源风险提供了有益的政策启示。

Based on cross-country panel data from 1996 to 2021,this paper analyzes the impact of financial openness on energy security by using spatial metrology.The results show that there is a significant negative correlation between the level of financial openness and energy security.Based on the decomposition test of spatial effect,it is found that the improvement of financial openness will significantly increase the energy security index of neighboring countries,thus forming the demonstration effect of neighboring countries.However,because the energy security level of a country will be significantly reduced to a greater extent,the overall effect is that the improvement of financial openness will significantly reduce energy security.In addition,this paper also discusses the moderating effect of trade openness on financial openness and energy security index,as well as the mediating effect of financial risk index and economic risk index.The results show that trade openness can reduce energy risks caused by financial openness,and financial openness affects energy security through economic risks and financial risks.It can realize the dual goals of energy security and economic efficiency simultaneously,and realize the compatible development of economy and energy。