Finance 5.0, Digital Financial Inclusion, and Carbon Footprint: Evidence From a Multi‐Country Panel Using Threshold Models
ファイナンス5.0、デジタル金融包摂、および炭素足跡：閾値モデルを用いた多国間パネルからの証拠 (AI 翻訳)
Utku Altunöz
🤖 gxceed AI 要約
日本語
金融5.0の文脈でデジタルファイナンスと金融包摂が炭素排出に与える影響を多国間パネルデータ（540観測）で分析。パネル平滑遷移回帰などの非線形手法により、デジタルファイナンスは低水準では排出を増やすが、ある閾値を超えると排出削減効果があることを発見。金融包摂は特に新興国で排出増加に寄与。政策としてデジタルインフラとグリーンファイナンスの整備が必要。
English
This paper analyzes the impact of digital finance and financial inclusion on carbon emissions using a multi-country panel of 540 observations. Employing nonlinear methods including panel smooth transition regression, it finds that digital finance increases emissions at low penetration but reduces them after a threshold, while financial inclusion consistently raises emissions, especially in developing economies. Policy implications stress the need for digital infrastructure and green finance frameworks to align FinTech with climate goals.
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
日本のキャッシュレス化やデジタル金融推進は炭素排出にどう影響するか示唆。高度なデジタルインフラを持つ日本では、デジタルファイナンスが排出削減に寄与する閾値を超えている可能性があるが、金融包摂拡大が消費主体の排出増を招くリスクも示唆。グリーンファイナンスとデジタル化の統合がGX戦略に重要。
In the global GX context
This study contributes to the debate on digitalization's environmental impact, showing that the effect is regime-dependent. It highlights that financial inclusion, without green safeguards, can increase carbon footprints in developing countries. For global policymakers and international bodies, it underscores sequencing digital and green finance reforms. Also relevant to TCFD/ISSB discussions on transition finance and climate-risk assessment in FinTech.
👥 読者別の含意
🔬研究者:Empirical evidence on nonlinear digital finance-carbon nexus; useful for climate-finance research.
🏢実務担当者:For financial institutions, understanding when digital finance is environmentally beneficial vs harmful can inform green product design.
🏛政策担当者:Regulatory sequencing: ensure digital infrastructure and green finance frameworks are in place before scaling digital finance.
📄 Abstract（原文）
This study investigates the impact of digital finance and financial inclusion on carbon emissions within a multi‐country panel framework, contributing to the emerging Finance 5.0 literature that links digital transformation with environmental sustainability. Using data for 540 country–year observations, we employ a combination of linear and nonlinear econometric techniques, including panel smooth transition regression (PSTR), common correlated effects (CCE), augmented mean group (AMG), and instrumental‐variable GMM estimators. The results reveal a nonlinear, regime‐dependent relationship between digital finance and carbon emissions. Digital finance increases emissions at low levels of digital penetration but significantly reduces emissions once a critical digitalization threshold is surpassed, confirming “first promote, then inhibit” dynamics. Financial inclusion, by contrast, exhibits a positive and robust effect on carbon emissions, particularly in emerging and developing economies where consumption‐driven mechanisms dominate. Subgroup AMG estimates further show that digital finance yields stronger emission‐reducing effects in advanced economies than in developing ones, reflecting differences in infrastructure, regulatory capacity, and renewable‐energy adoption. Robustness tests using IV–GMM, CCE–MG, and bootstrap‐based threshold validation confirm the stability of the main findings. Policy implications suggest that digital financial systems become environmentally beneficial only when supported by adequate digital infrastructure, green‐finance frameworks, and institutional maturity. The study underscores the need for sequencing strategies that integrate digitalization with climate‐oriented financial regulation to ensure that financial inclusion and FinTech development contribute to a low‐carbon transition.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/bse.71077first seen 2026-06-12 06:06:51
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