Theoretical economics Theoretical economics Теоретическая экономика 2221-3260 93751 10.52957/2221-3260-2024-12-86-96 СОВРЕМЕННЫЕ ПРОБЛЕМЫ МИРОВОЙ ЭКОНОМИКИ MODERN PROBLEMS OF THE WORLD ECONOMY СОВРЕМЕННЫЕ ПРОБЛЕМЫ МИРОВОЙ ЭКОНОМИКИ Impact of Russia’s financial development on the environment in other EAEU countries Влияние финансового развития России на состояние окружающей среды в других странах ЕАЭС https://orcid.org/0000-0002-4608-2780 Маркин Максим Игоревич Markin Maksim Igorevich markinmi@ystu.ru Ярославский государственный технический университет Yaroslavl Россия Yaroslavl State Technical University Yaroslavl Russian Federation 16 01 2025 16 01 2025 12 86 96 04 12 2024 26 12 2024 https://theoreticaleconomy.ru/en/nauka/article/93751/view

Устранение барьеров для перемещения товаров, услуг и факторов производства в рамках интеграционного объединения приводит к возникновению спилловер-эффектов, оказывающих существенное влияние на благосостояние населения в интегрирующихся странах. В работе анализируется один из таких спилловер-эффектов интеграции, связанный с развитием финансовых рынков и инструментов. Цель исследования – идентифицировать влияние финансового развития России на состояние окружающей среды в странах ЕАЭС в долгосрочном интервале. С помощью модели фиксированных эффектов в исследовании верифицируется гипотеза о том, что развитие финансового рынка и финансовых инструментов крупнейшей экономики интеграционного объединения оказывает влияние на состояние окружающей среды соседних стран, через увеличение темпов экономического роста и выбросов CO2. В результате проведенного исследования установлено, что финансовое развитие России оказывает положительное и статистически значимое влияние на темпы роста ВВП и выбросы CO2 в странах ЕАЭС; при этом влияние финансового развития на состояние окружающей среды статистически незначимо.

The removal of barriers to the movement of goods, services and factors of production within an integration association leads to the emergence of spillover effects that have a significant impact on the welfare of the population in the integrating countries. The paper analyzes one of such spillover effects of integration related to the development of financial markets and instruments. The aim of the study is to identify the impact of Russia’s financial development on the environment in the EAEU countries in the long-run interval. Using the fixed effects model, the study verifies the hypothesis that the development of the financial market and financial instruments of the largest economy of the integration association has an impact on the environment of neighboring countries, through an increase in economic growth and CO2 emissions. The study finds that Russia’s financial development has a positive and statistically significant impact on GDP growth rates and CO2 emissions in the EAEU countries, while the impact of financial development on the environment is statistically insignificant.

 индекс финансового развития; ЕАЭС; экологический след; спилловер-эффекты интеграции; качество окружающей среды; выбросы CO2; экономический рост financial development index; EAEU; ecological footprint; spillover effects of integration; environmental quality; CO2 emissions; economic growth Исследование выполнено за счет гранта Российского научного фонда № 23-28-01774, https://rscf.ru/project/23-28-01774/ The research was supported by the Russian Science Foundation grant No. 23-28-01774, https://rscf.ru/project/23-28-01774/

Шкиотов С. В. Экономические факторы, влияющие на состояние окружающей среды: обзор эмпирических исследований // Теоретическая экономика. 2024. № 11. Shkiotov S. V. Ekonomicheskie faktory, vliyayuschie na sostoyanie okruzhayuschey sredy: obzor empiricheskih issledovaniy // Teoreticheskaya ekonomika. 2024. № 11. Anwar A. [и др.]. The nexus between urbanization, renewable energy consumption, financial development, and CO2 emissions: evidence from selected Asian countries // Environment, Development and Sustainability. 2022. № 5 (24). C. 6556–6576. Anwar A. [i dr.]. The nexus between urbanization, renewable energy consumption, financial development, and CO2 emissions: evidence from selected Asian countries // Environment, Development and Sustainability. 2022. № 5 (24). C. 6556–6576. Batool Z. [и др.]. ICT, renewable energy, financial development, and CO2 emissions in developing countries of East and South Asia // Environmental Science and Pollution Research. 2022. № 23 (29). C. 35025–35035. Batool Z. [i dr.]. ICT, renewable energy, financial development, and CO2 emissions in developing countries of East and South Asia // Environmental Science and Pollution Research. 2022. № 23 (29). C. 35025–35035. Bayar Y., Diaconu (Maxim) L., Maxim A. Financial Development and CO2 Emissions in Post-Transition European Union Countries // Sustainability. 2020. № 7 (12). C. 2640. Bayar Y., Diaconu (Maxim) L., Maxim A. Financial Development and CO2 Emissions in Post-Transition European Union Countries // Sustainability. 2020. № 7 (12). C. 2640. Das A., Brown L., McFarlane A. Asymmetric Effects of Financial Development on CO2 Emissions in Bangladesh // Journal of Risk and Financial Management. 2023. № 5 (16). C. 269. Das A., Brown L., McFarlane A. Asymmetric Effects of Financial Development on CO2 Emissions in Bangladesh // Journal of Risk and Financial Management. 2023. № 5 (16). C. 269. Kuznets S. Economic Growth and Income Inequality // The American Economic Review. 1955. № 1 (45). C. 1–28. Kuznets S. Economic Growth and Income Inequality // The American Economic Review. 1955. № 1 (45). C. 1–28. Lv Z., Li S. How financial development affects CO2 emissions: A spatial econometric analysis // Journal of Environmental Management. 2021. (277). C. 111397. Lv Z., Li S. How financial development affects CO2 emissions: A spatial econometric analysis // Journal of Environmental Management. 2021. (277). C. 111397. Maji I. K., Habibullah M. S., Saari M. Y. Financial development and sectoral CO2 emissions in Malaysia // Environmental Science and Pollution Research. 2017. № 8 (24). C. 7160–7176. Maji I. K., Habibullah M. S., Saari M. Y. Financial development and sectoral CO2 emissions in Malaysia // Environmental Science and Pollution Research. 2017. № 8 (24). C. 7160–7176. Shahbaz M. [и др.]. Economic growth, energy consumption, financial development, international trade and CO2 emissions in Indonesia // Renewable and Sustainable Energy Reviews. 2013. (25). C. 109–121. Shahbaz M. [i dr.]. Economic growth, energy consumption, financial development, international trade and CO2 emissions in Indonesia // Renewable and Sustainable Energy Reviews. 2013. (25). C. 109–121. Xiong F. [и др.]. The influencing mechanism of financial development on CO2 emissions in China: double moderating effect of technological innovation and fossil energy dependence // Environment, Development and Sustainability. 2023. № 6 (25). C. 4911–4933. Xiong F. [i dr.]. The influencing mechanism of financial development on CO2 emissions in China: double moderating effect of technological innovation and fossil energy dependence // Environment, Development and Sustainability. 2023. № 6 (25). C. 4911–4933. Xiong F., Zhang R., Mo H. The mediating effect of financial development on CO2 emissions: An empirical study based on provincial panel data in China // Science of The Total Environment. 2023. (896). C. 165220. Xiong F., Zhang R., Mo H. The mediating effect of financial development on CO2 emissions: An empirical study based on provincial panel data in China // Science of The Total Environment. 2023. (896). C. 165220. Xu X., Huang S., An H. Identification and causal analysis of the influence channels of financial development on CO2 emissions // Energy Policy. 2021. (153). C. 112277. Xu X., Huang S., An H. Identification and causal analysis of the influence channels of financial development on CO2 emissions // Energy Policy. 2021. (153). C. 112277. Xu Z. [и др.]. Nexus between financial development and CO2 emissions in Saudi Arabia: analyzing the role of globalization // Environmental Science and Pollution Research. 2018. № 28 (25). C. 28378–28390. Xu Z. [i dr.]. Nexus between financial development and CO2 emissions in Saudi Arabia: analyzing the role of globalization // Environmental Science and Pollution Research. 2018. № 28 (25). C. 28378–28390. Zhao B., Yang W. Does financial development influence CO2 emissions? A Chinese province-level study // Energy. 2020. (200). C. 117523. Zhao B., Yang W. Does financial development influence CO2 emissions? A Chinese province-level study // Energy. 2020. (200). C. 117523.