Влияние роста мировых фондовых рынков на выбросы углекислого газа в условиях инновационного развития / The impact of global stock market growth on CO2 emissions in the context of innovative development
Аннотация
The relevance of the thesis is due to the need to address the global problem of climate change and environmental conservation, as well as the importance of studying the relationship between economic development and environmental security.
Currently, global warming and climate change are among the most pressing problems facing the world community. One of the key factors contributing to this process is the emission of carbon dioxide (CO2) into the atmosphere as a result of human activity. Therefore, the study of factors affecting the dynamics of CO2 emissions and the development of effective methods to reduce them are of particular importance.
One such factor may be the growth of world stock markets. On the one hand, economic growth associated with increased production and consumption may lead to an increase in CO2 emissions. On the other hand, innovative development stimulated by the growth of stock markets may contribute to the emergence of new technologies that reduce CO2 emissions and increase energy efficiency.
The study of the impact of the growth of global stock markets on CO2 emissions in the context of innovative development is an important task, the solution of which can contribute to the development of effective methods for reducing CO2 emissions and combating global warming. In addition, the results of this study can be used in the design of economic development strategies aimed at combining economic growth and environmental conservation.
We aim to investigate the relationships between stock market development and carbon dioxide emission intensity in the context of innovative development. We hypothesize that the aggregate economic effect leads to environmental degradation, but in countries with developed stock market, economic and innovative development contributes to the reduction of CO2 emission.
Using data on 94 countries from 2001 to 2020, we use regression analysis to study in detail the impact of the stock market depending on its level of development (Frontier, Emerging, Developed) on CO2 emission intensity. The data base for the study is data from World development indicators (WDI) on variables such as GDP, Market capitalization, CO2 emission, urbanization, population growth, percentage of renewable energy consumed, percentage of non-renewable energy consumed, etc.
As a result, it has been found that aggregate economic activity and technological progress exacerbate environmental conditions. However, this is not true for all countries. We constructed graphs as well as a regression model separately for each subgroup by stock market development level and found that the effect of innovative development and the effect of stock market development has a negative impact on the environment only for countries in the Frontier and Emerging groups. The countries with stock market of Developed level are characterized by a decrease in carbon dioxide emission during innovative and economic development. We attribute this result to the fact that developed markets are able to redistribute money flows and direct them to reduce the negative impact on the environment.
The novelty of this paper lies in dividing markets into three levels of development according to the MSCI index methodology and further assessing their impact on carbon dioxide emissions.
Currently, global warming and climate change are among the most pressing problems facing the world community. One of the key factors contributing to this process is the emission of carbon dioxide (CO2) into the atmosphere as a result of human activity. Therefore, the study of factors affecting the dynamics of CO2 emissions and the development of effective methods to reduce them are of particular importance.
One such factor may be the growth of world stock markets. On the one hand, economic growth associated with increased production and consumption may lead to an increase in CO2 emissions. On the other hand, innovative development stimulated by the growth of stock markets may contribute to the emergence of new technologies that reduce CO2 emissions and increase energy efficiency.
The study of the impact of the growth of global stock markets on CO2 emissions in the context of innovative development is an important task, the solution of which can contribute to the development of effective methods for reducing CO2 emissions and combating global warming. In addition, the results of this study can be used in the design of economic development strategies aimed at combining economic growth and environmental conservation.
We aim to investigate the relationships between stock market development and carbon dioxide emission intensity in the context of innovative development. We hypothesize that the aggregate economic effect leads to environmental degradation, but in countries with developed stock market, economic and innovative development contributes to the reduction of CO2 emission.
Using data on 94 countries from 2001 to 2020, we use regression analysis to study in detail the impact of the stock market depending on its level of development (Frontier, Emerging, Developed) on CO2 emission intensity. The data base for the study is data from World development indicators (WDI) on variables such as GDP, Market capitalization, CO2 emission, urbanization, population growth, percentage of renewable energy consumed, percentage of non-renewable energy consumed, etc.
As a result, it has been found that aggregate economic activity and technological progress exacerbate environmental conditions. However, this is not true for all countries. We constructed graphs as well as a regression model separately for each subgroup by stock market development level and found that the effect of innovative development and the effect of stock market development has a negative impact on the environment only for countries in the Frontier and Emerging groups. The countries with stock market of Developed level are characterized by a decrease in carbon dioxide emission during innovative and economic development. We attribute this result to the fact that developed markets are able to redistribute money flows and direct them to reduce the negative impact on the environment.
The novelty of this paper lies in dividing markets into three levels of development according to the MSCI index methodology and further assessing their impact on carbon dioxide emissions.