Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2022.2158115
Effects of Chinese-style fiscal decentralization on carbon emissions: is there a role for urban construction investment bonds?
Jianlong Wang
Yong Liu
Weilong Wang
Haitao Wu
Sažetak
Fiscal decentralization is the source of China’s rapid economic
growth, but inevitably leads to a surge in total carbon emissions.
We verify whether the intermediary mechanism of real estate
development and the urban construction investment bonds
(UCIB) can share the fiscal pressure of local governments to provide
empirical support to clarify and solve the realistic decentralization
dilemma. This study conducted a spatial analysis of panel
data from 266 Chinese prefecture-level cities from 2006 to 2019
and obtains the following findings. (1) Carbon emissions are spatially
correlated, displaying the characteristics of ‘one glory and
one loss’. (2) Fiscal decentralization drives an increase in carbon
emissions over the entire spatial region. (3) The decomposition
results show that although fiscal decentralization aggravates local
carbon emission growth, it benefits the carbon emission reduction
of neighboring regions. (4) The eastern regions’ fiscal decentralization
does not significantly affect carbon emissions, whereas the
central and western regions’ fiscal decentralization causes an
upsurge in total carbon emissions. (5) Fiscal decentralization has
promoted the prosperous development of the real estate industry,
which positively influences carbon emissions. (6) The UCIB has
a negative moderating effect on fiscal decentralization and carbon
emissions, implying that it plays a role in alleviating financial pressure
on local governments. Accordingly, we propose relevant
countermeasures: adjusting the degree of decentralization, controlling
real estate development, and issuing UCIB.
Ključne riječi
Fiscal decentralization; carbon emission; spatial effect; real estate development; urban construction investment bonds
Hrčak ID:
314010
URI
Datum izdavanja:
17.5.2023.
Posjeta: 77 *