Registro de acceso restringido Este recurso no está disponible en acceso abierto por política de la editorial. No obstante, se puede acceder al texto completo desde la Universitat Jaume I o si el usuario cuenta con suscripción. Registre d'accés restringit Aquest recurs no està disponible en accés obert per política de l'editorial. No obstant això, es pot accedir al text complet des de la Universitat Jaume I o si l'usuari compta amb subscripció. Restricted access item This item isn't open access because of publisher's policy. The full--text version is only available from Jaume I University or if the user has a running suscription to the publisher's contents.
In this study, we analyse the relationship between financial development and energy intensity in 28 Chinese provinces over the period 1999 to 2014. Using a wide variety of financial development measures, as well as specific indicators capturing the level of state intervention in the financial system and the degree of market-driven financing in the economy, we examine whether limited access to finance acts as a barrier to reducing energy intensity. Our estimations control for variables such as state investment, stock market capitalization and the composition effect. Further, a GMM estimator is used to control for endogeneity in our models. Our results provide evidence that a poorly functioning financial system constrains the reduction of energy intensity across regions. However, the strength of these effects has been gradually declining over time, especially following the implementation of the Green Credit Policy. Limitations in domestic access to finance as well as the misallocation of funds and the efficient use of capital have policy implications, as they can reduce the incentives for investment in the energy sector. These findings are a source of considerable interest in light of the new policy based on green credit, and they highlight new opportunities as well as challenges to sustainable economic growth.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.