Capital account liberalization facilitates free investment and financing in the international capital market, and makes it possible for carbon emission reduction coordination. Against the background of the growing call for global synergy to promote emission reduction and carbon reduction, this paper uses capital account openness database（GKAOPEN）, and empirically analyzes the spatial spillover effect of capital account openness on carbon dioxide emissions based on the carbon dioxide emissions data of 188 countries（regions）from 1999 to 2019. This paper explores the potential of partial capital account liberalization to achieve global coordinated carbon emission reduction.
There are three conclusions. Firstly, the opening of capital account has a negative spatial spillover effect on carbon emissions., The enhancement level of capital account openness in a region（or neighboring regions）can reduce the carbon dioxide emissions in the neighboring regions（or the region）. Notably, the four sub-categories of the capital account, namely collective investment market, bond market, equity market and direct investment market, have the strongest spatial spillover effect on carbon dioxide emissions. Secondly, the opening of the capital account promotes the spillover of green technology and green capital, serving as an intermediary channel for carbon reduction. This intermediary role is still the most significant in the four capital account sub-categories, namely collective investment market, bond market, equity market and direct investment market. Thirdly, the spatial spillover effect, influenced by economic distance, is more pronounced, with closer economic connection correlating to a more pronounced carbon emission reduction effect of capital account openness. The heterogeneity test shows that the negative spatial spillover effect of capital account opening on carbon dioxide emissions is more obvious in regions such as Asia, America and other regions characterized by significant development differences among member countries, compared to regions like Europe or Africa. This indicates that capital account opening is more conducive to promoting the realization of collaborative carbon emission reduction in these regions.
Based on this, this paper puts forward policy suggestions from the aspects of promoting capital account opening to introduce green technology and green capital, enriching carbon emission reduction policy toolbox through differentiated opening strategies, and leveraging the opportunity of opening to explore additional avenues for carbon emission reduction cooperation.
Key words
Capital Account Liberalization /
Carbon Reduction Synergy /
Spatial Spillover Effects
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