Market-based policies are implemented to achieve environmental targets in China's 12th five-year plan. Green credit policy is one of the most important financial policies. In this paper, it is assumed that commercial banks request higher interest rates from the high-emission industries and try to explore mechanism and path of green credit policy with the model, as well as policy effects on industrial and macro economy. A Chinese financial CGE model is applied and data from listing corporation annual reports, real SAM of China, flow of fund tables and Yearbook of Finance of China in 2006 and 2007 are used. It is found that green credit policy is effective in reducing investment of the high-emission industries. And in the short or medium term, it has negative impacts on the production activities of paper and chemical industries but it is not effective on non-metal ores or steel and metals industries.
LIU Jing-yu, XIA Yan, LIN Shih-mo, WU Jie, FAN Ying
. The Short, Medium and Long Term Effects of Green Credit Policy in China Based on a Financial CGE Model[J]. Chinese Journal of Management Science, 2015
, 23(4)
: 46
-52
.
DOI: 10.16381/j.cnki.issn1003-207x.2015.04.006
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