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Exploring the Role of Green Finance and Energy Development towards High-Quality Economic Development: Application of Spatial Durbin Model and Intermediary Effect Model

Author

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  • Rong Wang

    (Business School, Nanjing Xiaozhuang University, Nanjing 211171, China)

  • Fayuan Wang

    (School of Economics and Management, Yangtze University, Jinzhou 434023, China)

Abstract

Finance is the blood of the economy, and energy is the foundation and source of power for economic and social development. It is crucial to the prosperity and development of the country, the improvement of people’s lives and the long-term stability of society. It is a booster for the implementation of the concept of green development and the realization of high-quality economic development (HQED). Based on the panel data of 11 provinces and cities in the Yangtze River Economic Belt from 2007 to 2019, this paper selects green investment and carbon emission intensity as green financial values and calculates energy development indicators from the three dimensions of energy supply, energy consumption and energy efficiency. The three dimensions of development capability, high-quality development structure and high-quality development benefit are used to construct an indicator system for high-quality economic development, and the spatial Durbin model is selected to study the spatial effects of green finance and energy development on high-quality economic development. At the same time, the mediation effect model is used to test whether there is a mediation effect in the development of green finance on high-quality economic development. The results show that: green finance has a significant positive impact on high-quality economic development, and the spatial spillover effect is not significant; energy development has a significant positive impact on high-quality economic development, and the spatial spillover effect is significantly negative; the interaction term between green finance and energy development has a significant negative impact on high-quality economic development, and the spatial spillover effect is not significant and green finance plays a partial intermediary role in the process of energy development promoting high-quality economic development. Existing research considers less of the impact of green finance on high-quality development. On the one hand, the research in this paper can theoretically supplement and improve existing research and expand the research field; on the other hand, it can provide a policy basis for the realization of high-quality development in the region, which has important practical significance for the realization of sustainable development goals in the region.

Suggested Citation

  • Rong Wang & Fayuan Wang, 2022. "Exploring the Role of Green Finance and Energy Development towards High-Quality Economic Development: Application of Spatial Durbin Model and Intermediary Effect Model," IJERPH, MDPI, vol. 19(14), pages 1-17, July.
    • Handle: RePEc:gam:jijerp:v:19:y:2022:i:14:p:8875-:d:868531
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    Cited by:

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    2. Qiangsheng Mai & Mengting Bai & Le Li, 2022. "Study on the Dynamic Evolution and Regional Differences of the Level of High-Quality Economic and Social Development in China," Sustainability, MDPI, vol. 15(1), pages 1-15, December.
    3. Zhao, Yantong & Said, Rusmawati & Ismail, Normaz Wana & Hamzah, Hanny Zurina, 2024. "Impact of industrial robot on labour productivity: Empirical study based on industry panel data," Innovation and Green Development, Elsevier, vol. 3(2).
    4. Xiaojie Wang & Rongqing Han & Minghua Zhao, 2023. "Evaluation and Impact Mechanism of High-Quality Development in China’s Coastal Provinces," IJERPH, MDPI, vol. 20(2), pages 1-24, January.
    5. Ziying Liu & Zhenzhong Shen & Wenqian Chang & Yingxiu Zhao, 2024. "Spatiotemporal Evolution of Green Finance and High-Quality Economic Development: Evidence from China," Sustainability, MDPI, vol. 16(13), pages 1-28, June.
    6. Tonghui Yu & Xuan Huang & Shanshan Jia & Xufeng Cui, 2023. "Unveiling the Spatio-Temporal Evolution and Key Drivers for Urban Green High-Quality Development: A Comparative Analysis of China’s Five Major Urban Agglomerations," Land, MDPI, vol. 12(11), pages 1-25, October.
    7. Tao Li & Lei Ma & Zheng Liu & Chaonan Yi & Kaitong Liang, 2023. "Dual Carbon Goal-Based Quadrilateral Evolutionary Game: Study on the New Energy Vehicle Industry in China," IJERPH, MDPI, vol. 20(4), pages 1-16, February.
    8. Ilya V. Naumov & Sergey S. Krasnykh, 2023. "Spatial Modelling of the Impact of R&D Potential on the Dynamics of Scientific and Technological Development of Russian Regions," Journal of Applied Economic Research, Graduate School of Economics and Management, Ural Federal University, vol. 22(3), pages 630-656.
    9. Hao Zhou & Xinyi Li & Xiaoli Li, 2023. "Can the Digital Economy Improve the Level of High-Quality Financial Development? Evidence from China," Sustainability, MDPI, vol. 15(9), pages 1-13, April.
    10. Yanchao Feng & Yue Gao & Yuxi Pan, 2024. "Identifying the antecedents for the green transformation of resource-exhausted cities in China," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-17, December.
    11. Jinhuang Mao & Zhenyu Wang & Tianyang Ma, 2023. "Dynamic Evolution of High-Quality Economic Development Levels: Regional Differences and Distribution in West China," Land, MDPI, vol. 12(11), pages 1-21, October.
    12. Yeguan Yu, 2023. "The Impact of Financial System on Carbon Intensity: From the Perspective of Digitalization," Sustainability, MDPI, vol. 15(2), pages 1-22, January.

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