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Carbon Pricing, Credit Reallocation, and Real Effects

炭素価格、信用再配分、および実体経済効果 (AI 翻訳)

FEDERICO APICELLA, ANDREA FABIANI

Journal of Money, Credit and Banking📚 査読済 / ジャーナル2026-05-21#炭素価格Origin: EU
DOI: 10.1111/jmcb.70060
原典: https://doi.org/10.1111/jmcb.70060
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🤖 gxceed AI 要約

日本語

EU排出権取引制度（ETS）の炭素価格上昇が、企業の排出原単位削減に銀行融資と補完的に作用することを実証。イタリアの信用登録データを用い、ETS負荷の高い企業がタームローンの需要を増やし、投資拡大と排出原単位改善を達成する一方、中小企業向け融資をクラウドアウトする可能性を示した。

English

This paper shows that carbon pricing and bank credit complement each other in reducing firms' carbon emission intensity. Using a reform-driven carbon price increase in the EU ETS and Italian credit registry data, it finds that highly exposed ETS firms increase term-loan demand, leading to larger investment and lower emission intensity, but also crowd out credit to smaller brown-sector firms.

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

日本でもカーボンプライシングの本格導入が議論される中、本論文は炭素価格が金融市場を通じて企業行動に与える波及効果を示す貴重な実証研究。特に、中小企業への信用収縮リスクは日本の政策設計にも示唆を与える。

In the global GX context

This study provides novel causal evidence on how carbon pricing interacts with bank lending to shape firm-level decarbonization, a crucial issue for global carbon pricing design. The credit reallocation channel identified offers insights for policymakers concerned about unintended consequences for smaller firms.

👥 読者別の含意

🔬研究者:Provides causal evidence on the credit channel of carbon pricing, relevant for climate finance and corporate finance research.

🏢実務担当者:Highlights how banks and firms can leverage carbon pricing for green investments, but also warns of credit crowding-out effects on brown SMEs.

🏛政策担当者:Informs carbon pricing design by showing complementary role of bank credit and potential side effects on small business lending.

📄 Abstract（原文）

Abstract We show that carbon pricing and bank credit complement each other in reducing firms' carbon emission intensity. Our identification exploits a reform‐driven carbon price increase in the EU emission trading system (ETS) and administrative microdata, including the Italian credit registry. We find that highly exposed ETS firms increase term‐loan demand, relative to less exposed ETS firms. Such credit channel is associated with larger investment, but not with higher carbon emissions, reducing emission intensity. These effects are significant only among firms undertaking green investments. Moreover, higher credit demand by ETS firms crowds out credit supply to smaller firms in brown sectors.

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