Abstract Based on panel data of "The Belt and Road" countries, SBM -DDF function and Luenberger index is used to calculate green total factor productivity. This paper measures the financial development from the three dimensions of financial deepening, financial structure and financial efficiency. Then the dynamic GMM method is used to study the influencing mechanism of financial development on green total factor productivity. The major conclusions are as follow: In the long run, the financial deepening and the optimization of the financial structure have promoted the GTFP, and the excessive promotion of financial efficiency has a negative effect on GTFP. In terms of the components of GTFP, the financial deepening and the optimization of financial structure promotes the technical efficiency in the long run. The optimization of the financial structure has a positive effect on technological advancement while the financial deepening has a negative effect. Considering the regional differences, the sample is divided into Asian and European ones. Further analysis shows that in European samples, the optimization of the financial structure has a positive effect on GTFP and technology advancement both in long and short terms. But there is no such effect in Asian samples. The promotion of the financial efficiency has a negative effect on the GTFP in Asian countries whereas it shows a positive effect in European countries.
WANG Xiao-Teng,XU Zhang-Yong,LIU Dan. Does Financial Development Enhance the Rise of Green Total Factor Productivity of “The Belt and Road” Countries？. Economic Survey, 2018, 35(5): 017.
2018, Vol. 35 
