摘要
本文基于2000—2021年全球95个国家的碳排放数据,采用PSM-加权DID模型,从市场机制与政府干预的角度来考察全球碳市场的碳减排效应。本文发现,全球范围内碳市场的设立能够显著降低相应经济体约18.2%的碳排放水平,经过一系列稳健性检验后,该结论依然成立。本文从市场机制和政府干预的双重视角分析了全球碳市场的减排效应,发现市场机制和政府干预在不同经济体中的作用效果存在差异。具体而言,在市场机制不健全的发展中经济体样本中,政府干预更有效地促进了碳减排;发达经济体则在市场机制的作用下具有更好的碳减排效果。进一步分析表明,市场机制和政府干预均促进了绿色技术创新和能源结构优化。本文旨在助力全球碳市场加强区域合作,为各国政府在碳相关领域精准施策提供参考。
As the market-oriented environmental regulation tool,carbon markets have been widely implemented across many countries to address the challenges posed by climate change.However,the effectiveness of carbon markets in reducing emissions largely depends on the interplay between market mechanisms and government interventions.This paper utilizes carbon emissions data from 95 countries spanning from 2000 to 2021 and employs the PSM-weighted DID model to investigate the specific impacts and effectiveness of these mechanisms on carbon emissions reduction within the global carbon market.The conclusions of this study are as follows.Firstly,the establishment of carbon markets in major global economies generally leads to a significant reduction in carbon emissions.After a series of robustness tests,this conclusion still holds.Secondly,the analysis from the dual perspectives of market mechanisms and government interventions reveals varying effects across different economies.Specifically,in developing economies with underdeveloped market mechanisms,government interventions are more effective in promoting carbon emission reductions;conversely,in advanced economies,market mechanisms are more effective.Thirdly,both market mechanisms and government interventions contribute to carbon reduction through green technology innovation and energy structure optimization.Fourthly,there is considerable heterogeneity in the carbon emissions reduction effects across major global carbon markets,attributable to differences in quota allocation methods and energy endowments.Based on these findings,the paper offers several recommendations to enhance the emission reduction effectiveness of global carbon markets.Firstly,it is recommended to improve market mechanisms by strengthening their design to enhance efficiency.Secondly,fostering the integration of international carbon markets can further bolster the synergistic effects of global emission reductions.Thirdly,countries should develop tailored government intervention policies based on their economic development levels and the maturity of their market mechanisms.Lastly,leveraging the combined advantages of market mechanisms and government interventions to promote green technology innovation and energy structure optimization can provide new pathways for carbon emissions reduction.
作者
徐新扩
张少京
Xu Xinkuo;Zhang Shaojing(School of Finance,Capical University of Economics and Business)
出处
《国际金融研究》
北大核心
2025年第5期29-39,共11页
Studies of International Finance
基金
北京市社会科学基金重点项目“产业转型升级视角下绿色金融推动京津冀县域碳减排的路径研究”(23JJA006)
北京市国际金融学会研究课题“全球碳市场发展的碳减排效应、机制与政策比较研究”(BIFSYB202303)
首都经济贸易大学学术创新团队项目“绿色金融与企业减碳机制”(XSCXTD202502)资助。
关键词
全球碳市场
碳减排效应
政府干预
市场机制
Global Carbon Trading Market
Carbon Emission Reduction Effect
Government Intervention
Market Mechanism
