نقش توسعه مالی در گسترش یا کنترل آلودگی محیط‌زیست

نوع مقاله : مقاله پژوهشی

نویسندگان

1 دانش ‏آموخته کارشناسی ارشد اقتصاد، دانشگاه یزد، یزد، ایران

2 دانشیار دانشکده اقتصاد، مدیریت و حسابداری، دانشگاه یزد، یزد، ایران

3 استادیار دانشکده اقتصاد، مدیریت و حسابداری، دانشگاه یزد، یزد، ایران

10.22075/jem.2025.36130.1957

چکیده

یکی از چالش‏های جدی بشر آلودگی و تغییرات اقلیم ناشی از فعالیت‌های انسانی است. نقش توسعه مالی در گسترش یا کنترل این چالش دوگانه و مبهم است. برخی معتقدند توسعه مالی با افزایش مصرف و تولید و در نتیجه مصرف بیشتر انرژی موجب آلودگی بیشتر می‏شود؛ در حالی که گروهی دیگر ادعا می‏کنند توسعه مالی از کانال‏هایی مانند تامین مالی پروژه‏های سبز و فناوری‏های پاک امکان رشد اقتصادی بدون آلایندگی را فراهم می‏کند. بر همین اساس، پژوهش حاضر با تعریف مناسبی از ابعاد توسعه مالی به بررسی تاثیر توسعه مالی بر آلودگی محیط‌زیست پرداخته است. داده‏های 106 کشور توسعه‌یافته، درحال‌توسعه و کمتر توسعه‏یافته طی دوره زمانی 1990 تا 2021 جمع‏آوری شدند. توسعه مالی برای این کشورها با چهار شاخص جداگانه در دو بعد و دو سطح محاسبه شده است (بخش بانکی و بازار سهام در دو سطح جریان و ذخیره). سپس با روش داده‏های ترکیبیِ نامتوازن یک مدل پایه برآورد و پس از اطمینان از همخوانیِ ضرایب مدل پایه با مبانی نظری و پژوهش‏های پیشین، مدل‏های نهایی با لحاظ شاخص‏های توسعه مالی برآورد شدند. برآوردها نشان داد شاخص‌های توسعه بخش بانکی تاثیر مثبت بر آلودگی محیط‌زیست دارند و توسعه این بخش موجب تخریب محیط‌زیست شده است. در مقابل، تاثیر شاخص‌های توسعه بازار سهام بر آلودگی محیط‌زیست منفی بدست آمده که نقش مهم شرکت‏های بورسی در کاهش آلودگی را نشان می‏دهد. این نتایج اهمیت توسعه مالی را برای کنترل آلودگی محیط‌زیست، دستیابی به انتشار صفر خالص و مقابله با بحران تغییرات اقلیم نشان می‏دهد. اصلاح و وضع قوانین، ابزارها و نهادهای بخش مالی متناسب با نیازهای توسعه­ای و مسائل محیط‏زیستی اهمیت بسیاری دارد. در همین راستا، تخصیص بهینه منابع مالی به صنایع مسئولیت‌پذیر اجتماعی، شرکت‌های دارای تولید سبز (کم‌کربن) و پروژه‌های دوستدار محیط‌زیست و همچنین ایجاد محدودیت در تامین مالی صنایع و پروژه‌های آلاینده ضروری است.

کلیدواژه‌ها


عنوان مقاله [English]

The role of financial development in expanding or controlling environmental pollution

نویسندگان [English]

  • Zohreh Nasiri 1
  • Mehdi Hajamini 2
  • Mohammad Hassan Zare 3
1 MA Student of Economics, Department of Economics, Yazd University, Yazd, Iran
2 Associate Professor in Economics, Department of Economics, Yazd University Yazd, Iran
3 Assistant Professor in Economics, Department of Economics, Yazd University Yazd, Iran.
چکیده [English]

Today, pollution and climate change, stemming from human activities, present themselves as significant challenges. The dual and ambiguous nature of the role of financial development in either exacerbating or mitigating this challenge is a topic of debate. Some argue that financial development, through the increase in consumption and production leading to higher energy usage, contributes to heightened pollution levels. Conversely, others posit that financial development, by means such as funding environmentally friendly projects and adopting clean technologies, offers the potential for economic growth devoid of pollution. The current study delves into exploring the influence of financial development on environmental pollution. Data from 106 developed, developing, and least developed nations were gathered between 1990 and 2021. The financial development index was computed with four separate indicators across two dimensions (banking sector and stock market) and two stages (flow and stock). Subsequently, a benchmark model was estimated and its alignment with theoretical and empirical research was examined. Ultimately, the financial development indicators were integrated into the initial model. The findings indicated that the influence of the banking industry contributes positively to environmental pollution and has led to environmental degradation. Conversely, the effect of the stock market on environmental pollution is adverse, underscoring the significant responsibility of stock corporations in mitigating pollution. The results suggest the significance of financial development in managing environmental degradation, attaining carbon neutrality, and addressing the climate change challenge. It is imperative to amend and establish legislation, tools, and organizations tailored to environmental concerns. Consequently, it is essential to efficiently distribute financial capital towards socially conscious sectors, eco-friendly businesses, and sustainable initiatives while restricting funding for polluting enterprises and projects.

کلیدواژه‌ها [English]

  • banking sector
  • financial development
  • panel data
  • pollution
  • stock market
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