经济与管理研究2025，Vol.46Issue(5)：14-36,23.DOI:10.13502/j.cnki.issn1000-7636.2025.05.002
低碳转型、绿色再贷款与宏观审慎政策
Low-Carbon Transition,Green Refinancing,and Macroprudential Policies
摘要
Abstract
Climate change increasingly impacts the global economy,making it essential to understand the policy effects of carbon taxes,green refinancing,and their coordination with other macroprudential policies for the low-carbon transition.This paper constructs an environmental dynamic stochastic general equilibrium(DSGE)model to examine the interplay of these policy measures and assess their combined effects on low-carbon transition and financial stability. The findings reveal that carbon taxes help reduce emissions and the scale of banks'brown assets but exert insufficient effects on stimulating real investment and output for the low-carbon transition.Countercyclical adjustments to carbon taxes can enhance green investment and output but cause fluctuations in the scale and price of bank assets.However,the adjustments to the scale of green refinancing reduce carbon emissions and pollution stocks but come at the cost of increased bank asset volatility.Moreover,the adjustments to refinancing rates help reduce emissions and increase output,yet they also cause fluctuations in banks'net assets.Combining refinancing with countercyclical adjustments to reserve requirements and capital adequacy ratios effectively promotes the low-carbon transition and modestly enhances banks'net assets,thereby aiding financial stability amid climate risk shocks.Further analysis shows that incentive-based adjustments to refinancing lead to smaller macroeconomic and financial fluctuations compared to penalty-based ones. Based on these conclusions,the paper offers the following policy implications:first,deepen the development of the carbon market by expanding industry coverage and building a comprehensive carbon trading system;second,introduce carbon taxes promptly to complement and reinforce existing carbon pricing mechanisms;third,formulate monetary and financial incentive policies to guide financial institutions in increasing financing support for low-carbon projects;and finally,strengthen environmental and climate risk assessment and supervision. This paper focuses on the coordination effects between green refinancing and other macroprudential policies.It innovatively incorporates both incentive-and penalty-based mechanisms into the policy analysis framework,deepens the research on the dynamic effects of policy tools,expands the welfare analysis dimensions of low-carbon transition policies,and proposes a coordinated pathway that balances macroeconomic stability with financial stability.The potential contributions include investigating the macroeconomic and financial stability effects of carbon taxes and countercyclical refinancing adjustments under climate risk shocks;exploring the policy combination effects of green refinancing with countercyclical adjustments to reserve requirements and capital adequacy ratios for commercial banks;and comparing the incentive-and penalty-based mechanisms of countercyclical refinancing adjustments as well as the short-term and long-term effects of green low-carbon transition policy combinations,thereby providing valuable theoretical insights for balancing macroeconomic policies to address climate risk shocks.关键词
气候变化/低碳转型/绿色再贷款/宏观审慎政策/碳税Key words
climate change/low-carbon transition/green refinancing/macroprudential policy/carbon tax分类
管理科学引用本文复制引用
曹春玉,朱孟楠..低碳转型、绿色再贷款与宏观审慎政策[J].经济与管理研究,2025,46(5):14-36,23.基金项目
国家自然科学基金面上项目"重大突发公共卫生事件冲击下的全球金融风险溢出及其管理研究"(72073113) （72073113）
