The impact of monetary policy on green innovation: global evidence
Abstract
This research investigates and robustly verifies the impact of expansionary monetary policy actions on green innovation, conducted on a panel covering 133 countries from 1960 to 2018. Overall, we find that such actions have a significantly positive effect on green innovation performance, no matter in the static or dynamic model. A lower degree of central bank independence and poorer property rights protection in developing countries may hinder monetary policies’ effect to be transmitted to green innovation activities smoothly. Moreover, stringent environmental regulation contributes to magnifying the expansionary monetary policy’s positive effect on green innovation, but such a positive moderating effect should be supported by good national governance quality (including better control over corruption, higher efficiency of governments and a complete law system). Accordingly, several policy suggestions are provided.
Keyword : green innovation, monetary policy, environmental regulation
How to Cite
Yin, H.-T., Chang, C.-P., & Wang, H. (2022). The impact of monetary policy on green innovation: global evidence. Technological and Economic Development of Economy, 28(6), 1933–1953. https://doi.org/10.3846/tede.2022.17020
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Horbach, J. (2008). Determinants of environmental innovation – New evidence from German panel data sources. Research Policy, 37(1), 163–173. https://doi.org/10.1016/j.respol.2007.08.006
Hu, H., Chen, D., & Fu, Q. (2022). Does a government response to COVID-19 hurt the stock price of an energy enterprise?. Emerging Markets Finance and Trade, 58(1), 1–10. https://doi.org/10.1080/1540496X.2021.1911803
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Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies, 58(2), 277–297. https://doi.org/10.2307/2297968
Arellanoa, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29–51. https://doi.org/10.1016/0304-4076(94)01642-D
Aretz, K., Campello, M., & Marchica, M. T. (2020). Access to collateral and the democratization of credit: France’s reform of the Napoleonic security code. Journal of Finance, 75(1), 45–90. https://doi.org/10.1111/jofi.12846
Belongia, M. T., & Ireland, P. N. (2015). Interest rates and money in the measurement of monetary policy. Journal of Business & Economic Statistics, 33(2), 255–269. https://doi.org/10.1080/07350015.2014.946132
Benedictow, A., & Hammersland, R. (2020). A financial accelerator in the business sector of a macroeconometric model of a small open economy. Economic Systems, 44(1), 100731. https://doi.org/10.1016/j.ecosys.2019.100731
Bernanke, B., & Blinder, A. S. (1992). The federal funds rate and the channels of monetary transmission. American Economic Review, 82(4), 901–921.
Bernanke, B. S., & Gertler, M. (1995). Inside the Black Box: The credit channel of monetary policy transmission. Journal of Economic Perspectives, 9(4), 27–48. https://doi.org/10.1257/jep.9.4.27
Bernanke, B., & Gertler, M. (1997). Agency costs, net worth, and business fluctuations. American Economic Review, 79(1), 14–31.
Bernanke, B., Gertler, M., & Gilchrist, S. (1996). The financial accelerator and the flight to quality. Review of Economics and Statistics, 78(1), 1–15. https://doi.org/10.2307/2109844
Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115–143. https://doi.org/10.1016/S0304-4076(98)00009-8
Boschen, J. F., & Mills, L. O. (1995). The relation between narrative and money market indicators of monetary policy. Economic Inquiry, 33(1), 24–44. https://doi.org/10.1111/j.1465-7295.1995.tb01844.x
Brunnermeier, S. B., & Cohen, M. A. (2003). Determinants of environmental innovation in US manufacturing industries. Journal of Environmental Economics and Management, 45(2), 278–293. https://doi.org/10.1016/S0095-0696(02)00058-X
Cai, X., Zhu, B., Zhang, H., Li, L., & Xie, M. (2020). Can direct environmental regulation promote green technology innovation in heavily polluting industries? Evidence from Chinese listed companies. Science of the Total Environment, 746, 140810. https://doi.org/10.1016/j.scitotenv.2020.140810
Campiglio, E. (2016). Beyond carbon pricing: The role of banking and monetary policy in financing the transition to a low-carbon economy. Ecological Economics, 121, 220–230. https://doi.org/10.1016/j.ecolecon.2015.03.020
Chang, C. P., Feng, G. F., & Zheng, M. (2021). Government fighting pandemic, stock market return, and COVID-19 virus outbreak. Emerging Markets Finance and Trade, 57(8), 2389–2406. https://doi.org/10.1080/1540496X.2021.1873129
Chen, Y. (2008). The driver of green innovation and green image: Green core competence. Journal of Business Ethics, 81(3), 531–543. https://doi.org/10.1007/s10551-007-9522-1
Christiano, L. J., Eichenbaum, M., & Evans, C. (1996). The effects of monetary policy shocks: Evidence from the flow of funds. Review of Economics and Statistics, 78(1), 16–34. https://doi.org/10.2307/2109845
Dahlhaus, T. (2017). Conventional monetary policy transmission during financial crises: An empirical analysis. Journal of Applied Econometrics, 32(2), 401–421. https://doi.org/10.1002/jae.2524
Dai, L., Mu, X., Lee, C., & Liu, W. (2021). The impact of outward foreign direct investment on green innovation: The threshold effect of environmental regulation. Environmental Science and Pollution Research International, 28(26), 34868–34884. https://doi.org/10.1007/s11356-021-12930-w
Dincer, N. N., & Eichengreen, B. (2013). Central bank transparency and independence: Updates and new measures (NEBR working paper). https://doi.org/10.2139/ssrn.2579544
Drechsler, I., Savov, A., & Schnabl, P. (2018). Liquidity, risk premia, and the financial transmission of monetary policy. Annual Review of Financial Economics, 10(1), 309–328. https://doi.org/10.1146/annurev-financial-110217-022833
Driscoll, J. C., & Kraay, A. C. (1998). Consistent covariance matrix estimation with spatially dependent panel data. Review of Economics and Statistics, 80(4), 549–560. https://doi.org/10.1162/003465398557825
Fang, L. H., Lerner, J., & Wu, C. (2017). Intellectual property rights protection, ownership, and innovation: Evidence from China. Review of Financial Studies, 30(7), 2446–2477. https://doi.org/10.1093/rfs/hhx023
Feng, G. F., Yang, H. C., Gong, Q., & Chang, C. P. (2021). What is the exchange rate volatility response to COVID-19 and government interventions?. Economic Analysis and Policy, 69, 705–719. https://doi.org/10.1016/j.eap.2021.01.018
Fu, Q., Chen, Y. E., Jang, C. L., & Chang, C. P. (2020). The impact of international sanctions on environmental performance. Science of the Total Environment, 745, 141007. https://doi.org/10.1016/j.scitotenv.2020.141007
Gadenne, D. L., Kennedy, J., & McKeiver, C. (2009). An empirical study of environmental awareness and practices in SMEs. Journal of Business Ethics, 84(1), 45–63. https://doi.org/10.1007/s10551-008-9672-9
Garriga, A. C., & Rodriguez, C. M. (2020). More effective than we thought: Central bank independence and inflation in developing countries. Economic Modelling, 85, 87–105. https://doi.org/10.1016/j.econmod.2019.05.009
Griliches, Z. (1990). Patent statistics as economic indicators: A survey. Journal of Economic Literature, 28(4), 1661–1707.
Hickel, J., & Kallis, G. (2020). Is green growth possible? New Political Economy, 25(4), 469–486. https://doi.org/10.1080/13563467.2019.1598964
Horbach, J. (2008). Determinants of environmental innovation – New evidence from German panel data sources. Research Policy, 37(1), 163–173. https://doi.org/10.1016/j.respol.2007.08.006
Hu, H., Chen, D., & Fu, Q. (2022). Does a government response to COVID-19 hurt the stock price of an energy enterprise?. Emerging Markets Finance and Trade, 58(1), 1–10. https://doi.org/10.1080/1540496X.2021.1911803
Hu, G., Wang, X., & Wang, Y. (2021). Can the green credit policy stimulate green innovation in heavily polluting enterprises? Evidence from a quasi-natural experiment in China. Energy Economics, 98, 105134. https://doi.org/10.1016/j.eneco.2021.105134
Kyle, M., & Qian, Y. (2014). Intellectual property rights and access to innovation: Evidence from TRIPS (NEBR working paper 207099). https://doi.org/10.3386/w20799
Li, S., & Shao, Q. (2021). Exploring the determinants of renewable energy innovation considering the institutional factors: A negative binomial analysis. Technology in Society, 67, 101680. https://doi.org/10.1016/j.techsoc.2021.101680
Liu, G., Liu, Y., & Lee, C. (2020). Growth sources of green economy and energy consumption in China: New evidence accounting for heterogeneous regimes. The Energy Journal, 41(6), 33. https://doi.org/10.5547/01956574.41.6.gliu
Long, H., Chang, C. P., Jegajeevan, S., & Tang, K. (2022). Can Central Bank Mitigate the Effects of the COVID-19 Pandemic on the Macroeconomy?. Emerging Markets Finance and Trade, 58(9), 2652–2669. https://doi.org/10.1080/1540496X.2021.2007880
Lv, C., Shao, C., & Lee, C. (2021). Green technology innovation and financial development: Do environmental regulation and innovation output matter? Energy Economics, 98, 105237. https://doi.org/10.1016/j.eneco.2021.105237
Marchi, V. (2012). Environmental Innovation and R&D Cooperation: Empirical evidence from Spanish manufacturing firms. Research Policy, 41(3), 614–623. https://doi.org/10.1016/j.respol.2011.10.002
McCollum, D., Nagai, Y., Riahi, K., Marangoni, G., Calvin, K., Pietzcker, R., Vliet, J. V., & Zwaan, B. V. D. (2013). Energy investments under climate policy: A comparison of global models. Climate Change Economics, 4(4), 1340010. https://doi.org/10.1142/S2010007813400101
Romer, C. D., & Romer, D. H. (1989). Does monetary policy matter? A new test in the spirit of Friedman and Schwartz (NEBR working paper). https://doi.org/10.3386/w2966
Sun, H., Edziah, B. K., Sun, C., & Kporsu, A. K. (2019). Institutional quality, green innovation and energy efficiency. Energy Policy, 135, 111002. https://doi.org/10.1016/j.enpol.2019.111002
United Nations Framework Convention on Climate Change. (2010, March 30). Report of the conference of the parties on its fifteenth session. UNFCCC Sites and platforms. https://unfccc.int/process-and-meetings/conferences/past-conferences/copenhagen-climate-change-conference-december-2009/cop-15/cop-15-reports
Wang, H. J., An, K., & Zheng, M. (2021). Who has done a better job in fighting the COVID-19 epidemic? Left or Right?. Emerging Markets Finance and Trade, 57(8), 2415–2425. https://doi.org/10.1080/1540496X.2021.1908259
Wang, Q. J., Feng, G. F., Wang, H. J., & Chang, C. P. (2021). The impacts of democracy on innovation: Revisited evidence. Technovation, 108, 102333. https://doi.org/10.1016/j.technovation.2021.102333
Wang, Q. J., Feng, G. F., Wang, H. J., & Chang, C. P. (2022). The influence of political ideology on greenhouse gas emissions. Global Environmental Change, 74, 102496. https://doi.org/10.1016/j.gloenvcha.2022.102496
Wang, S. (2021). How does stock market liberalization influence corporate innovation? Evidence from Stock Connect scheme in China. Emerging Markets Review, 47, 100762. https://doi.org/10.1016/j.ememar.2020.100762
Wen, J., & Zheng, L. (2020). Geographic technological diversification and firm innovativeness. Journal of Financial Stability, 48, 100740. https://doi.org/10.1016/j.jfs.2020.100740
Wen, J., Deng, P., Fu, Q., & Chang, C. (2022). Does health innovation relieve disease burden? The comprehensive evidence. Technological Forecasting & Social Change, 174, 121202. https://doi.org/10.1016/j.techfore.2021.121202
Wen, J., Deng, P., Zhang, Q., & Chang, C. (2021a). Is higher government efficiency bringing about higher innovation? Technological and Economic Development of Economy, 27(3), 626–655. https://doi.org/10.3846/tede.2021.14269
Wen, J., Zhang, S., & Chang, C. (2022). Legal origins and innovation: Global evidence. Technological Forecasting & Social Change, 174, 121216. https://doi.org/10.1016/j.techfore.2021.121216
Wen, J., Zhao, X., & Chang, C. (2021b). The impact of extreme events on energy price risk. Energy Economics, 99, 105308. https://doi.org/10.1016/j.eneco.2021.105308
Wen, J., Zhao, X., Wang, Q., & Chang, C. (2021c). The impact of international sanctions on energy security. Energy & Environment, 32(3), 458–480. https://doi.org/10.1177/0958305X20937686
Yang, H. C., Feng, G. F., Zhao, X. X., & Chang, C. P. (2022). The impacts of energy insecurity on green innovation: A multi-country study. Economic Analysis and Policy, 74, 139–154. https://doi.org/10.1016/j.eap.2022.01.017
Yin, H., Wen, J., & Chang, C. (2022). Science-technology intermediary and innovation in China: Evidence from State Administration for Market Regulation, 2000–2019. Technology in Society, 68, 101864. https://doi.org/10.1016/j.techsoc.2022.101864
Zeqiraj, V., Sohag, K., & Soytas, U. (2020). Stock market development and low-carbon economy: The role of innovation and renewable energy. Energy Economics, 91, 104908. https://doi.org/10.1016/j.eneco.2020.104908
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