Endogenous Conflict Of Green Economic Development And Internal Support From Green Finance

Facing the global energy crisis and ecological environment problems,green development has been widely concerned by the international community.Some developed countries and some emerging developing countries have formulated and implemented green development plans that stimulate economic recovery and focus on the development of low-carbon economy,trying to take advantage of the new opportunities brought by the global economic transformation to seize the commanding heights of green economic development in the new round of economic development process,so as to master the dominance and control in the new round of global industrial technological revolution.In order to realize the construction of ecological civilization and sustainable development,China has also carried out a strategic deployment guided by green economy and taken a series of practical actions.To sum up,as China’s economy enters the transition period,the hard constraints on resources and environment are the main obstacles hindering the further development of China’s economy,andmust follow the path of sustainable green economic development.However,as far as the relevant practical experience at home and abroad is concerned,there is no universal case for reference.Accordingly,the relevant theoretical research and practical exploration have not yet been able to clarify the internal power and main contradictions of the development of green economy,so it is impossible to comply with the objective economic laws and overcome the objective constraints in the green economy.Giving full play to the endogenous support of green finance for the green development of the economy,so as to ignite the green development engine,is the starting point and breakthrough point of this study.After a comprehensive review of relevant research,this paper believes that the existing relevant theoretical research is still in the empirical test of green economy and green finance,as well as the qualitative discussion of relevant mechanisms,far from forming a theoretical framework and transmission mechanism for mathematical analysis and policy simulation.The logic of this study breaks through the vein of existing research.It is no longer the summary and correction of pilot experience,nor is the discussion of relevant policies a qualitative analysis and inference.Instead,it systematically combs the endogenous mechanisms of green finance to overcome subjective contradictions and objective constraints and promote the independent development of green economy based on typical facts in economic development and the objective laws of economic operation,It also resorted to mathematical models to describe,so as to realize the simulation of the effects of different support policies,expand the options of relevant policy combinations,and strive to provide a realistic and feasible discussion tool for the development practice of China’s green economy.Before putting forward policy suggestions for the establishment of China’s green financial system to support the development of green economy,this paper has deeply considered the following three issues: First,what is the internal motivation for the development of green economy? There are general laws behind economic growth and social development.To clarify the internal motivation of green economic development is the starting point of all policy design and the foothold of theoretical research;Second,what are the principal contradictions and objective constraints of green economic development? The development of green economy is inseparable from the decomposition of contradictions among relevant economic subjects and the breakthrough of objective constraints.The development of green economy itself is an endogenous problem of economic externalities.Third,what is the research idea? The establishment of green financial system is not a qualitative analysis and induction of historical reality,but a simulation and choice of possible adjustment paths in the future based on the current economic state.To solve these problems,this paper first summarizes the practical exploration and typical cases of green economy development.This paper briefly reviews and combs the practical experience and lessons of green transformation and green development in some developed economies and China,and summarizes the path choices that can be used for reference in the process of green economic development.Secondly,it analyzes and solves the endogenous power and contradiction of green economic development from both the subjective and objective aspects of green development,and discusses the endogenous support of green financial system for green economic development.Due to the existence of endogenous contradictions,economic development does not necessarily lead to green development.The government provides policy measures,including green finance,and provides endogenous support for green development through market-oriented regulation.Thirdly,from the perspective of the government,the market and the enterprise,the paper constructs the relevant theoretical analysis model.In order to expand the quantitative analysis of green financial support capacity,this paper first conducts an empirical test on the applicability of the environmental Kuznets curve to China by building a green development indicator system and using an econometric model.The results show that there is a nonlinear relationship between economic growth and environment protection,and there are both endogenous and contradictory between green development and economic development.This shows that the environmental Kuznets curve is applicable to China,but the results also show that the environmental Kuznets curve has an obvious threshold effect,and the development goals of local governments have an important impact on it.To achieve the goal of green development,we need to further deepen the reform of government performance appraisal,actively guide and encourage the participation of social and market forces,create "green development" policy "gift package",and enhance the psychological expectations of people,enterprises,government and other stakeholders on green development.Then,a DSGE model of green economy including government governance is constructed.The model includes three economic subjects: residents,enterprises and government.For residents,the optimal condition is utility maximization;For enterprises,the optimization condition is profit maximization;The government balances the environmental protection department and the financial department through the adjustment of the fiscal policy.Based on the above,all the equilibrium conditions involved in the model are summarized,and the static and dynamic parameters with uncertain values are estimated by Bayesian estimation method;The undisputed static parameters are directly calibrated using other relevant literature.Finally,according to the research conclusions,this article focuses on strengthening the government’s guiding role in green development and vigorously developing green financial innovation;Specific policy recommendations were put forward at three important levels,including better playing the cohesive role of the green financial market.