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Patterns of Interdependence between Financial Development, Fiscal Instruments, and Environmental Degradation in
Magdalena Zioło1, Krzysztof Kluza2, Jarosław Kozuba3
1Department of Sustainable Finance and Capital Markets, University of Szczecin, 71-101 Szczecin, Poland.
Summary
Governments face environmental risks, with fiscal instruments like R&D spending and financial sector development strongly linked to greenhouse gas emissions. Environmental taxes
Area of Science:
- Environmental Economics
- Public Finance
- Sustainable Development
Background:
- Modern governments confront significant environmental risks, including climate change and pollution, necessitating substantial mitigation expenditures.
- The public financial system is crucial for resource allocation and influencing market behavior through mechanisms like environmental taxes.
- Understanding the interplay between environmental degradation and fiscal policies is vital for sustainable governance.
Purpose of the Study:
- To assess the interdependence between environmental degradation and key fiscal and financial factors.
- To diagnose the relationship between environmental degradation and sustainable fiscal instruments within the financial system.
- To introduce novel variables for a sustainable assessment of the financial system's role in environmental management.
Main Methods:
- Comparative analysis of two groups of European Union countries (converging Central/Eastern European economies and developed Western European economies) from 2008-2017.
- Inclusion of variables representing a sustainable approach to financial system assessment.
- Statistical assessment of the interdependence between environmental degradation indicators and fiscal/financial variables.
Main Results:
- A strong relationship was identified between greenhouse gas emissions and fiscal instruments, particularly R&D expenditure and financial sector development.
- Environmental taxes demonstrated varied impacts, proving beneficial in high-emission countries but unfavorable in low-emission nations.
- Public expenditure and financial sector development show significant links to environmental degradation metrics.
Conclusions:
- Fiscal instruments and financial sector development are strongly linked to environmental degradation, particularly greenhouse gas emissions.
- The effectiveness of environmental taxes is context-dependent, varying with a country's emission levels.
- Sustainable fiscal policies and financial system integration are essential for addressing environmental challenges.
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