Accompanying economic growth, CO₂ emissions have polluted the natural environment worldwide. This study highlights the special problems with stock market development and CO₂ emissions in 25 Organization for Economic Cooperation and Development (OECD) countries during 1971–2007 to trace the trend of CO₂ emissions while countries grow their economies. A panel‐data model is applied to analyze the relationships between stock market (SM) development, energy consumption, gross domestic product (GDP), and CO₂ emissions in 25 OECD countries. Low‐GDP countries show different results from high‐GDP countries in the trends of SM development and CO₂ emissions, and dynamic effects occur in SM development and CO₂ emissions under various GDP conditions. There is a negative relationship between SM development and CO₂ emissions if countries enjoy high economic growth, which means that these countries avoid CO₂ emissions through SM development. However, a positive relationship is found between SM development and CO₂ emissions if countries experience low economic growth, which means that SM development does not show the boycott‐effect relationship with CO₂ emissions when countries experience low levels of economic development. This study shows a correlation between SM development and CO₂ emissions among OECD countries.

中文翻译：

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通过经验模型分析经合组织国家的股票市场发展和二氧化碳排放量

伴随着经济增长，CO ₂排放污染了全世界的自然环境。这项研究突出了1971-2007年间25个经济合作与发展组织（OECD）国家股票市场发展和CO ₂排放的特殊问题，以追踪国家经济发展过程中CO ₂排放的趋势。应用面板数据模型分析了25个经合组织国家的股市（SM）发展，能源消耗，国内生产总值（GDP）和CO ₂排放之间的关系。低GDP国家在SM发展和CO ₂排放趋势方面与高GDP国家表现出不同的结果，SM发展和CO发生动态影响₂在各种GDP条件下的排放量。如果国家经济高速增长，SM发展与CO ₂排放之间存在负相关关系，这意味着这些国家通过SM发展避免了CO ₂排放。但是，如果国家经济增长缓慢，则SM发展与CO ₂排放之间存在正相关关系，这意味着当国家经济发展水平较低时，SM发展不会表现出与CO ₂排放的抵制效应关系。这项研究表明，经合组织国家中SM发展与CO ₂排放之间存在相关性。