Fig. 1. Annual climate finance flowing to 77 recipient countries during 12 periods
Fig. 2. Number and regional distribution of recipient countries below the threshold, 1980-2014
| 变量 | 具体含义 | 单位 | 观测值 | 均值 | 标准差 | 最小值 | 最大值 |
|---|
| lnC | 人均碳排放 | kg/人 | 924 | 6.545 | 1.435 | 2.649 | 9.242 | | lncf | 气候资金 | 美元 | 924 | 13.647 | 5.409 | 0.000 | 21.890 | | lny | 人均收入 | 美元 | 924 | 7.038 | 1.106 | 4.692 | 9.730 | | lnkl | 资本劳动比 | 美元/人 | 924 | 6.412 | 1.311 | 2.356 | 9.357 | | trade | 贸易开放度 | % | 924 | 51.973 | 28.824 | 8.406 | 190.698 | | urban | 城镇化水平 | % | 924 | 43.831 | 21.226 | 4.505 | 94.894 |
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Table 1. Descriptive statistics of the variables
| 变量 | （1）常规标准误 | （2）稳健标准误 | （3）差分GMM | （4）系统GMM |
|---|
| lnCt-1 | | | 0.450*** | 0.903*** | | | (13.63) | (53.14) | | lncft-1 | -0.001 | -0.001 | -0.001** | -0.001** | | (-0.31) | (-0.63) | (-2.56) | (-2.15) | | lny | 0.966*** | 0.966*** | 0.501*** | 0.196*** | | (7.67) | (12.97) | (5.88) | (2.78) | | (lny)2 | -0.037*** | -0.037*** | -0.028*** | -0.015*** | | (-4.76) | (-10.99) | (-5.94) | (-4.70) | | lnkl | 0.078*** | 0.078*** | 0.100*** | 0.183*** | | (2.80) | (2.95) | (3.90) | (5.84) | | trade | 0.005*** | 0.005*** | 0.003*** | 0.002*** | | (8.88) | (7.58) | (7.98) | (4.49) | | urban | 0.006** | 0.006*** | 0.004 | 0.007* | | (2.30) | (11.39) | (0.39) | (1.81) | | 常数项 | 0.445 | 0.445 | 1.491*** | -0.881*** | | (0.92) | (1.05) | (4.32) | (-3.57) | | 观测值 | 847 | 847 | 770 | 847 | | 国家数 | 77 | 77 | 77 | 77 | | AR（2）-p | - | - | 0.324 | 0.207 | | Sargan | - | - | 0.866 | 1.000 |
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Table 2. Regression estimation results of the benchmark model
| 变量 | （1）常规标准误 | （2）稳健标准误 | （3）差分GMM | （4）系统GMM |
|---|
| lnC t-1 | | | 0.493*** | 0.898*** | | | (13.99) | (48.37) | | lncf t-1 | -0.000 | -0.000 | -0.002** | -0.002*** | | (-0.25) | (-0.66) | (-2.39) | (-3.05) | | lny | 1.016*** | 1.016*** | 0.412*** | 0.175* | | (7.90) | (10.72) | (4.89) | (1.95) | | (lny)2 | -0.042*** | -0.042*** | -0.026*** | -0.016*** | | (-5.09) | (-7.92) | (-5.36) | (-4.03) | | lncf t-1×lny | 0.003* | 0.003* | 0.002*** | 0.002*** | | (1.83) | (1.88) | (2.78) | (3.14) | | lnkl | 0.087*** | 0.087*** | 0.135*** | 0.202*** | | (3.08) | (3.12) | (4.97) | (5.30) | | trade | 0.005*** | 0.005*** | 0.002*** | 0.002*** | | (8.74) | (7.15) | (5.52) | (4.23) | | urban | 0.006** | 0.006*** | 0.014 | 0.005 | | (2.21) | (9.71) | (1.46) | (1.24) | | 常数项 | 0.269 | 0.269 | 1.302*** | -0.835*** | | (0.55) | (0.55) | (3.75) | (-2.84) | | 观测值 | 847 | 847 | 770 | 847 | | 国家数 | 77 | 77 | 77 | 77 | | AR（2）-p | - | - | 0.297 | 0.228 | | Sargan | - | - | 0.988 | 1.000 |
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Table 3. Regression estimation results of the model with interaction term
| 门槛变量 | 门槛数 | F值 | P值 | 门槛值 | 95%置信区间 |
|---|
| lny | 单一 | 53.530*** | 0.000 | 6.263 | （5.697, 6.325） | | 双重 | 4.780 | 0.754 | 6.000 | (5.973, 6.571) |
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Table 4. Threshold significance test, threshold value, and confidence interval
| 门槛区间 | 估计参数 | 门槛区间 | 估计参数 |
|---|
| lny ≤ 6.263 | -0.007*** | lny>6.263 | 0.002 | | (-2.73) | (0.90) |
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Table 5. Regression estimation results of threshold effect model
