期刊
ENERGY ECONOMICS
卷 59, 期 -, 页码 238-250出版社
ELSEVIER
DOI: 10.1016/j.eneco.2016.08.012
关键词
Financial development; External financing; Deployment of renewable energy technologies
类别
资金
- Korean Ministry of Science, ICT, and Future Planning through Graduate School of Green Growth at KAIST College of Business
- National Research Foundation of Korea [A0801014001] Funding Source: Korea Institute of Science & Technology Information (KISTI), National Science & Technology Information Service (NTIS)
Using a unique panel data set of 30 countries for the 2000-2013 period, we examine whether financial market development promotes the deployment of renewable energy on a global scale. In particular, we conjecture that countries with well-developed financial markets experience growth in the renewable energy sector due to easier access to external financing. We find that renewable sectors that are relatively more dependent on debt and equity financing grow disproportionately faster in countries with developed financial markets. Our results support the view that financial development leads to a reduction in CO2 emissions by addressing the role of financial markets in deploying renewable energy. (C) 2016 Elsevier B.V. All rights reserved.
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