*4.3. Results of Sub-Sample Regressions*

The above empirical analysis proved that from a global perspective, financial development has a positive effect on carbon emissions. However, this conclusion may not be valid for countries in different stages of development, as these countries have an obvious discrepancy in economic structure, technical level, and resource endowment. Therefore, we further analyzed the relationship between financial development and carbon emissions by dividing the sample countries into the following two groups: developed countries, and emerging market and developing countries. Table 7 presents the regression results.

