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<p>The digital economy introduces a novel framework for analyzing the costs associated with human market environments. Finance is pivotal in this context, as it provides the necessary capital, and its integration with digital technologies enhances the inclusivity of green finance, thereby facilitating carbon reduction. This paper theoretically explores the relationship between the digital economy, financial development, and carbon emissions through an endogenous economic growth model that incorporates an extended Environmental Kuznets Curve (EKC) using a Constant Elasticity of Substitution (CES) production function. Employing panel data from 209 countries spanning from 2000 to 2021, this study investigates the impact of the digital economy on carbon footprints and the mediating role of finance. The findings reveal that the digital economy exhibits an “N”-shaped effect on carbon emissions, which is particularly pronounced in high-income countries and regions, while an inverted “N” pattern is observed in low-income countries and regions. In the intermediate and later stages of digital economy development, the depth and breadth of financial systems, alongside institutional efficiency, significantly influence carbon emissions, demonstrating a trend that aligns with changes in carbon emissions. Consequently, policymakers must devise appropriate development strategies tailored to their specific contexts, striving to balance economic growth with environmental sustainability and prioritizing sustainable development initiatives.</p>

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Digital economy, financial development and carbon emissions: based on the impact of countries and regions worldwide

  • 期刊论文

  • 发表日期：

    2025年3月29日

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  • Cheng Ye,
  • Xinyi Huang,
  • HongJing Ou,
  • Miraj Ahmed Bhuiyan

摘要

The digital economy introduces a novel framework for analyzing the costs associated with human market environments. Finance is pivotal in this context, as it provides the necessary capital, and its integration with digital technologies enhances the inclusivity of green finance, thereby facilitating carbon reduction. This paper theoretically explores the relationship between the digital economy, financial development, and carbon emissions through an endogenous economic growth model that incorporates an extended Environmental Kuznets Curve (EKC) using a Constant Elasticity of Substitution (CES) production function. Employing panel data from 209 countries spanning from 2000 to 2021, this study investigates the impact of the digital economy on carbon footprints and the mediating role of finance. The findings reveal that the digital economy exhibits an “N”-shaped effect on carbon emissions, which is particularly pronounced in high-income countries and regions, while an inverted “N” pattern is observed in low-income countries and regions. In the intermediate and later stages of digital economy development, the depth and breadth of financial systems, alongside institutional efficiency, significantly influence carbon emissions, demonstrating a trend that aligns with changes in carbon emissions. Consequently, policymakers must devise appropriate development strategies tailored to their specific contexts, striving to balance economic growth with environmental sustainability and prioritizing sustainable development initiatives.