Econ Papers Daily / 期刊论文
通过绿色信贷与环境政策协调促进绿色转型：一个DSGE分析
Promoting the Green Transition through Green Credit and Environmental Policy Coordination: A DSGE Analysis
摘要
How environmental and financial policies interact to foster firms’ participation in emissions abatement is a critical question for green transition. This study constructs a two-sector environmental dynamic stochastic general equilibrium model that incorporates heterogeneous firms. Based on this framework, we systematically examine the standalone and synergistic effects of three environmental policies—environmental tax, subsidy for clean equipment and capital subsidy—as well as the green credit policy. Our analysis yields three key insights. First, the environmental tax imposed on brown projects can promote green transition but tends to deteriorate the macroeconomy, and the tax’s spillover effects on green projects further exacerbate this outcome. Second, introducing green credit into environmental policies’ implementation can enhance their effectiveness in terms of output performance and emissions reduction by expanding the intensive margin of green projects. Third, coordinated environmental policies and green credit improve social welfare, demonstrating a positive correlation between green credit support intensity and welfare gains. These results emphasize the importance of coordinated and balanced green policy frameworks.
中文摘要
环境政策与金融政策如何相互作用以促进企业参与减排，是绿色转型中的一个关键问题。本研究构建了一个包含异质性企业的两部门环境动态随机一般均衡模型。基于该框架，我们系统考察了三种环境政策——环境税、清洁设备补贴和资本补贴——以及绿色信贷政策的独立效应与协同效应。我们的分析得出三个关键洞见。第一，对棕色项目征收环境税能够促进绿色转型，但往往会恶化宏观经济，而环境税对绿色项目的溢出效应进一步加剧了这一结果。第二，在环境政策实施中引入绿色信贷，能够通过扩大绿色项目的集约边际，提升其在产出表现和减排方面的有效性。第三，环境政策与绿色信贷的协调配合改善了社会福利，表明绿色信贷支持强度与福利收益之间存在正相关关系。这些结果凸显了协调且平衡的绿色政策框架的重要性。