The study analyzes the role of financial development on CO2 emissions based on the primary studies in the existing literature. However, the heterogeneity in reported effect size estimates of the primary studies complicates to test the competing hypotheses for the role of financial development on CO2 emissions. The paper tries to determine and quantify the representative empirical genuine effect of financial development on CO2 emissions, if any. To address the issue, a meta-regression analysis has been carried out for 275 estimation results from 72 primary studies. We have found a substantial publication selection bias in the literature due to the design characteristics of the primary studies. The results suggest the presence of an authentic positive empirical effect of financial development on CO2 emissions beyond publication selection bias. Hence, financial development leads to environmental degradation. The effect of financial development on carbon emissions changes both in magnitude and direction depending on which financial development indicator is used, which estimation technique is employed, which countries or region are included and which time period is analyzed.

中文翻译：

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金融发展对碳排放的作用：荟萃回归分析。

该研究根据现有文献的基础研究分析了金融发展对二氧化碳排放的作用。但是，基础研究报告的效应量估计值的异质性使得检验竞争假设对于金融发展对二氧化碳排放的作用的检验变得复杂。本文试图确定和量化金融发展对二氧化碳排放的代表性经验性真实影响（如果有）。为了解决这个问题，已经对来自72个主要研究的275个估计结果进行了元回归分析。由于基础研究的设计特点，我们在文献中发现了大量的出版物选择偏见。结果表明，在出版物选择偏见之外，金融发展对CO2排放存在真实的积极经验效果。因此，金融发展导致环境恶化。金融发展对碳排放的影响在大小和方向上都会发生变化，这取决于使用哪种金融发展指标，采用哪种估算技术，包括哪些国家或地区以及分析哪个时间段。