金融発展と米国の再生可能エネルギー転換：地熱・太陽光・風力・バイオマス消費に関する分位点間ARDL分析
Financial development and the U.S. renewable energy transition: A quantile-on-quantile ARDL analysis across geothermal, solar, wind, and biomass consumption (原題)
Nehir Balcı, Mesut Doğan
🤖 gxceed AI 要約
日本語
本研究は米国を対象に、金融発展が再生可能エネルギー転換を促進するかを、地熱・太陽光・風力・バイオマスの消費別に検証した。1989年1月〜2025年5月の月次データを用い、QQARDL法で分析している。長期的には金融発展が全ての再エネ消費を有意に押し上げ、特に太陽光と風力で効果が大きい。短期的効果は分位点条件に依存し不均一だが、誤差修正により安定的な長期均衡へ収束する。政策当局は集計目標ではなく技術別経路に金融規制を整合させるべきと結論づける。
English
This study examines whether financial development drives the U.S. renewable energy transition, disaggregating geothermal, solar, wind, and biomass consumption. Using monthly data from January 1989 to May 2025 and a Quantile-on-Quantile ARDL approach, it finds financial development significantly boosts renewable consumption in the long run across all types, with the strongest effects for solar and wind. Short-run effects are heterogeneous and state-dependent, converging to a stable long-run equilibrium. The authors urge policymakers to align financial regulation with technology-specific pathways rather than aggregate targets.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本ではGX推進法・GX経済移行債による資金動員が進むが、本論文は金融深化が技術別に異なる効果を持つことを示し、太陽光・風力など特定電源への資金配分設計を考える上で示唆を与える。ただし米国データに基づくため、日本の政策・制度文脈への直接適用には注意が必要。
In the global GX context
Amid global efforts to mobilize transition finance under frameworks like TCFD and ISSB, this paper adds evidence that financial deepening affects renewable technologies unevenly, supporting technology-specific rather than aggregate climate finance strategies. Its U.S. focus limits direct transferability, but the quantile methodology offers a template for assessing finance–energy linkages in other markets.
👥 読者別の含意
🔬研究者:金融発展と再エネ消費の非線形・分位点依存関係をQQARDLで示した実証手法と知見が参考になる。
🏢実務担当者:技術別に資金調達環境が異なるため、太陽光・風力など特定電源への投資判断に金融市場の深さを考慮する材料となる。
🏛政策担当者:金融規制を集計目標ではなく技術別経路に整合させる必要性を示唆する。
📄 Abstract（原文）
The global energy transition requires synergy between financial systems and technology specific pathways to achieve sustainable development goals. This study investigates the enabling role of financial development in the United States renewable energy transition by examining impacts on disaggregated consumption patterns. Unlike literature focusing on aggregate metrics, this research evaluates geothermal, solar, wind, and biomass consumption individually. This granularity captures the inherent heterogeneity across energy sectors, essential for informed energy planning and management. Utilizing monthly data from January 1989 to May 2025, the relationship is analyzed through the Quantile on Quantile Autoregressive Distributed Lag (QQARDL) method. This approach allows long run and short run effects of financial development to vary across conditional distributions of both financial depth and energy consumption levels. Empirical results indicate that financial development significantly promotes renewable energy consumption in the long run across all analyzed types, although magnitudes vary considerably. Strongest positive associations are found in solar and wind sectors, suggesting deeper financial markets are vital for expanding these transition critical sources. In the short run, effects remain heterogeneous and state dependent, influenced by specific quantile conditions. Error correction estimates confirm that short term fluctuations gradually converge toward a stable long run equilibrium. These findings suggest that while financial deepening facilitates the green transition, its influence is technology specific. Consequently, policymakers should align financial regulations with specific technological pathways rather than relying on aggregate targets to ensure a resilient energy infrastructure and foster long term environmental sustainability within the U.S. economy.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1080/15567249.2026.2726983first seen 2026-09-26 04:36:57
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