Research into the Correlation between Carbon Emissions, Foreign Energy Investment, and China’s Financial Advancement
Abstract
:1. Introduction
2. Literature Review
2.1. The Relationship between CO2 Emissions, Foreign Direct Investment in the Energy Sector, and Financial Development
2.2. The Relationship between CO2 Emissions and Foreign Direct Investment in the Energy Sector
2.3. The Relationship between CO2 Emissions and Financial Development
2.4. The Relationship between Foreign Direct Investment in the Energy Sector and Financial Development
3. Materials and Methods
Data
4. Method
5. Results
6. Discussions
7. Conclusions
Funding
Data Availability Statement
Conflicts of Interest
References
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Variables | Mean | SD | Min. | Max. | ||
---|---|---|---|---|---|---|
Log (CO2 emissions, metric tons per capita) | Overall | 0.358 | 1.722 | −6.828 | 4.383 | n = 7620 |
Between | 1.67 | −3.502 | 3.412 | n = 6 | ||
Within | 0.466 | −5.438 | 2.809 | T = 6 | ||
Log (energy FDI, USD millions per year) | Overall | 19.398 | 2.836 | 7.385 | 27.329 | n = 7620 |
Between | 2.292 | 13.728 | 24.959 | n = 6 | ||
Within | 1.679 | 8.999 | 24.747 | T = 6 | ||
Log (financial development, index value) | Overall | 22.324 | 2.991 | 9.274 | 31.150 | n = 7620 |
Between | 2.798 | 17.588 | 30.158 | n = 6 | ||
Within | 1.078 | 10.793 | 25.264 | T = 6 |
Global | USA | UK | Germany | China | France | India | |
---|---|---|---|---|---|---|---|
Log (FDI) | 0.02 | 0.02 | 0.002 | 0.002 | 0.02 ** | 0.02 *** | 0.02 * |
−4.74 | −0.59 | −2.32 | −0.52 | −3.02 | −3.67 | −2 | |
Log (FD) | 0.22 *** | −0.22 *** | −0.03 *** | 0.02 * | 0.003 | 0.08 *** | 0.04 *** |
−27.84 | (−4.42) | −5.09 | −2.2 | −0.44 | −22.78 | −4.86 | |
Constant | −2.22 *** | 5.33 *** | 2.44 *** | 2.36 *** | 2.22 *** | −2.79 *** | −2.88 *** |
(−22.02) | −7.54 | −9.92 | −6.08 | −8.5 | (−22.50) | (−26.25) | |
Houseman test (p-value) | 0 | −28.22 | 0.22 | 0 | 0.86 | 0.22 | 0.32 |
Serial correlation test (p-value) | 0.94 | 0.88 | 0.93 | 0.9 | 0.94 | 0.93 | 0.93 |
Fixed effects (time) | - | - | - | - | - | - | - |
Fixed effects (country) | - | - | - | - | - | - | - |
Observations | 7520 | 235 | 2082 | 564 | 2034 | 3008 | 2598 |
Countries | Variables | With Effects of Time | Without Effects of Time | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
LL | UB | IPS | ADF | PP | LL | UB | IPS | ADF | PP | ||
Global | CO2 | −74.86 * | −24.22 * | −76.26 * | −33.39 * | −76.93 * | −77.22 * | −25.30 * | −77.72 * | −32.56 * | −77.42 * |
Energy FDI | −83.42 * | −22.2 * | −89.22 * | −43.82 * | −88.29 * | −82.22 * | −20.97 * | −87.93 * | −44.58 * | −90.26 * | |
FD | −44.42 * | −8.09 * | −54.97 * | −22.97 * | −55.52 * | −45.36 * | −8.38 * | −57.34 * | −22.50 * | −58.24 * | |
USA | CO2 | −26.23 * | −3.89 * | −27.07 * | −7.25 * | −25.52 * | −25.52 * | −4.32 * | −27.23 * | −5.34 * | −26.07 * |
Energy FDI | −8.57 * | −5.38 * | −25.22 * | −9.05 * | −27.09 * | −23.40 * | −4.29 * | −27.05 * | −9.22 * | −27.92 * | |
FD | −7.27 * | −2.77 * | −9.52 * | −4.37 * | −20.77 * | −22.27 * | −3.02 * | −22.38 * | −6.39 * | −23.029 * | |
UK | CO2 | −30.20 * | −4.99 * | −30.22 * | −22.84 * | −29.20 * | −30.87 * | −5.650 * | −32.84 * | −22.97 * | −32.02 * |
Energy FDI | −28.20 * | −8.36 * | −30.89 * | −27.26 * | −33.92 * | −23.822 * | −8.46 * | −29.22 * | −28.26 * | −35.44 * | |
FD | −23.95 * | −5.02 * | −28.48 * | −6.94 * | −27.23 * | −25.87 * | −5.68 * | −27.68 * | −8.73 * | −25.93 * | |
Germany | CO2 | −23.83 * | −2.22 * | −22.54 * | −20.54 * | −22.88 * | −24.86 * | −2.32 * | −25.33 * | −20.59 * | −22.60 * |
Energy FDI | −23.45 * | −3.80 * | −25.58 * | −22.23 * | −24.95 * | −25.23 * | −3.57 * | −26.42 * | −22.46 * | −25.450 * | |
FD | −22.53 * | −3.02 * | −23.64 * | −7.33 * | −25.45 * | −22.282 * | −4.42 * | −22.92 * | −8.54 * | −20.66 * | |
China | CO2 | −26.02 * | −6.92 * | −24.95 * | −20.89 * | −26.90 * | −30.27 * | −5.22 * | −29.33 * | −20.20 * | −27.99 * |
Energy FDI | −34.97 * | −6.08 * | −33.24 * | −26.95 * | −33.06 * | −33.76 * | −6.22 * | −34.83 * | −26.86 * | −33.66 * | |
FD | −22.80 * | −4.29 * | −23.06 * | −22.52 * | −20.65 * | −22.442 * | −3.74 * | −22.28 * | −22.03 * | −22.39 * | |
France | CO2 | −46.45 * | −8.82 * | −49.04 * | −22.45 * | −49.42 * | −48.60 * | −9.87 * | −52.52 * | −22.09 * | −50.433 * |
Energy FDI | −55.36 * | −25.83 * | −58.42 * | −26.48 * | −56.02 * | −56.30 * | −25.52 * | −58.22 * | −27.20 * | −56.97 * | |
FD | −24.70 * | −3.24 * | −34.28 * | −23.68 * | −35.67 * | −26.625 * | −3.76 * | −35.45 * | −24.09 * | −37.42 * | |
India | CO2 | −32.62 * | −7.52 * | −33.06 * | −25.50 * | −34.47 * | −33.48 * | −7.29 * | −34.92 * | −26.32 * | −35.42 * |
Energy FDI | −35.92 * | −20.32 * | −40.03 * | −20.22 * | −40.73 * | −37.27 * | −20.66 * | −40.24 * | −20.52 * | −40.97 * | |
FD | −23.94 * | −7.62 * | −26.82 * | −20.04 * | −27.46 * | −28.22 * | −8.47 * | −32.20 * | −22.06 * | −32.98 * |
Countries | Statistic | CO2-FDI | CO2-DF | ||||
---|---|---|---|---|---|---|---|
Value | Z-Value | p-Value | Value | Z-Value | p-Value | ||
Global | Gt | −5.87 | −55.38 | 0 | −5.89 | −55.68 | 0 |
Ga | −52.26 | −76.57 | 0 | −53.93 | −79.93 | 0 | |
Pt | −95.36 | −79.94 | 0 | −84.76 | −67.59 | 0 | |
Pa | −73.28 | −236.23 | 0 | −65.48 | −119.72 | 0 | |
USA | Gt | −6.35 | −22.36 | 0 | −6.45 | −11.41 | 0 |
Ga | −59.66 | −26.05 | 0 | −60.28 | −16.26 | 0 | |
Pt | −23.04 | −9.68 | 0 | −13.66 | −10.41 | 0 | |
Pa | −52.05 | −26.23 | 0 | −54.58 | −17.08 | 0 | |
UK | Gt | −5.72 | −20.22 | 0 | −5.47 | −18.61 | 0 |
Ga | −49.63 | −27.2 | 0 | −50.09 | −27.54 | 0 | |
Pt | −28.92 | −22.88 | 0 | −27.98 | −20.79 | 0 | |
Pa | −47.83 | −32.228 | 0 | −48.66 | −31.88 | 0 | |
Germany | Gt | −5.76 | −24.69 | 0 | −6.02 | −15.83 | 0 |
Ga | −50.49 | −20.2 | 0 | −51.34 | −20.54 | 0 | |
Pt | −29.97 | −24.73 | 0 | −20.77 | −15.67 | 0 | |
Pa | −48.67 | −23.03 | 0 | −47.04 | −22.09 | 0 | |
China | Gt | −5.32 | −27.25 | 0 | −5.27 | −17.03 | 0 |
Ga | −44.08 | −22.69 | 0 | −45.18 | −23.47 | 0 | |
Pt | −25.04 | −27.63 | 0 | −25 | −17.57 | 0 | |
Pa | −47.28 | −30.09 | 0 | −49.16 | −31.57 | 0 | |
France | Gt | −5.93 | −35.58 | 0 | −6.12 | −37.54 | 0 |
Ga | −52.39 | −47.49 | 0 | −53.88 | −50.49 | 0 | |
Pt | −53.83 | −43.02 | 0 | −53.46 | −42.58 | 0 | |
Pa | −66.32 | −76.82 | 0 | −65.14 | −75.25 | 0 | |
India | Gt | −6.28 | −27.82 | 0 | −6.01 | −26.5 | 0 |
Ga | −60.05 | −42.22 | 0 | −62.24 | −44.13 | 0 | |
Pt | −63.08 | −59.22 | 0 | −43.76 | −36.62 | 0 | |
Pa | −209.96 | −98.59 | 0 | −79.28 | −68.65 | 0 |
Countries | With Time Dummies | Without Time Dummies | ||||||
---|---|---|---|---|---|---|---|---|
β | t-Statistics | β | t-Statistics | |||||
FDI | FD | FDI | FD | FDI | FD | FDI | FD | |
Global | 0.02 ** | 0.22 ** | 3.52 | 8.84 | 0.02 ** | 0.25 ** | 3.72 | 9.36 |
USA | −0.05 ** | 0.08 ** | −2.04 | 0.99 | 0.02 ** | −0.02 ** | 0.69 | −0.42 |
UK | −0.02 ** | −0.05 ** | −0.82 | −2.3 | 0.02 ** | −0.02 ** | 2.42 | 0.44 |
Germany | 0.02 ** | 0.07 ** | 2.42 | 2.22 | 0.04 ** | 0.25 ** | 3.25 | 2.64 |
China | 0.02 ** | 0.08 ** | 4.38 | 0.22 | 0.03 ** | 0.07 ** | 4.46 | 0.57 |
France | 0.02 ** | 0.20 ** | 2.66 | 6.02 | 0.002 ** | 0.25 ** | 0.82 | 8.34 |
India | 0.02 ** | 0.23 ** | −0.002 | 3.66 | 0.002 ** | 0.32 ** | 0.04 | 7.22 |
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Mi, J. Research into the Correlation between Carbon Emissions, Foreign Energy Investment, and China’s Financial Advancement. Energies 2024, 17, 4021. https://doi.org/10.3390/en17164021
Mi J. Research into the Correlation between Carbon Emissions, Foreign Energy Investment, and China’s Financial Advancement. Energies. 2024; 17(16):4021. https://doi.org/10.3390/en17164021
Chicago/Turabian StyleMi, Jialong. 2024. "Research into the Correlation between Carbon Emissions, Foreign Energy Investment, and China’s Financial Advancement" Energies 17, no. 16: 4021. https://doi.org/10.3390/en17164021