The Role of Transition Finance in Promoting Synergistic Transformation of Digital and Green: A CRL-Based Analysis
移行金融がデジタルとグリーンの相乗的変革を促進する役割：CRLに基づく分析 (AI 翻訳)
Chen Bian, Yingying Ding, Liu bing, Pengduo Cui, Wenbo Lu
🤖 gxceed AI 要約
日本語
中国のデジタルとグリーンの相乗的変革（STDG）を促進するため、移行金融の役割を分析。特に炭素削減貸出（CRL）の伝達メカニズムと政策効果を検討。CRLは銀行内部資金移転価格を通じて部門間貸出スプレッドを再形成し、STDGに非線形かつ持続的な正の効果をもたらす。R&D補助金は限界効果が逓減し、単独では不十分で、CRLとR&D補助金の組み合わせが最良。
English
This paper analyzes the role of transition finance, specifically carbon-reduction lending (CRL), in promoting China's synergistic transformation of digital and green (STDG). CRL reshapes inter-departmental loan spreads via banks' internal transfer pricing, inducing factor reallocation and technological progress with nonlinear, dynamic positive effects. R&D subsidies show diminishing returns and may crowd out output, while CRL combined with R&D subsidies and a dual-pillar monetary framework yields the best policy mix. Some welfare costs arise but the coordinated framework achieves Pareto improvement.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本でもトランジションファイナンスの枠組みが議論されているが、本論文のCRLのような具体的な金融商品と政策ミックスの分析は、日本のGX政策（GX経済移行債、カーボンプライシングなど）の設計に示唆を与える。特に銀行の内部資金移転価格の役割は、日本の銀行システムにも応用可能。
In the global GX context
This paper contributes to the global transition finance literature by modeling the interplay between a specific lending instrument (CRL) and macroeconomic policies. It offers insights for emerging economies and central banks designing climate-aligned monetary and fiscal policies.
👥 読者別の含意
🔬研究者:Provides a theoretical and policy analysis of transition finance instruments and their interaction with monetary and fiscal policy, useful for researchers in climate finance and sustainable macroeconomics.
🏢実務担当者:Offers insights for banks and corporates on how CRL-type instruments affect loan spreads and resource allocation, relevant for designing green lending programs.
🏛政策担当者:Demonstrates the effectiveness of combining transition finance instruments with monetary and fiscal policies, with implications for central banks and finance ministries.
📄 Abstract（原文）
Against the backdrop of China’s synergy transformation of digital and green (STDG), advancing transition finance has become a key lever to overcome structural transformation constraints. Our paper develops a STDG analytical framework, focusing on an innovative transition finance instrument, CRL, to examine its transmission mechanisms and policy effects. The results show that CRL reshapes inter-departmental loan spreads through banks’ internal funds transfer pricing, thereby inducing factor reallocation and technological progress, and generating a nonlinear, dynamic, and persistent positive effect on STDG. R&D subsidies exhibit a nonlinear pattern with diminishing marginal effects on STDG and may crowd out output in later stages, indicating that standalone fiscal subsidies are insufficient to sustain optimal coordinated transition paths. In terms of policy mix, looser monetary policy and MFR significantly amplify the effectiveness of CRL, with the “CRL + R&D subsidy” combination delivering the best performance, and the “dual-pillar” framework further maximizing synergies, while fiscal expenditure expansion weakens the transformation effect. However, achieving the STDG inevitably involves certain social welfare costs, the coordination of the “CRL + R&D subsidy” with “dual-pillar” framework delivers a Pareto improvement. These findings provide a theoretical and policy basis for constructing a coordinated transition governance framework integrating transition finance instruments with price-based policy instuments.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1016/j.iref.2026.105592first seen 2026-07-09 05:11:58
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