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In response to the dilemma between economic development and environmental protection, green finance is an effective tool for environmental regulation. Based on the stochastic frontier analysis method to measure the energy efficiency of China’s provinces from 2001 to 2017, the promotion effect of green finance on energy efficiency and the intermediary effect of green technology innovation are tested and analyzed in our study. The results show that green finance can significantly improve energy efficiency. Specifically, green finance makes stronger effect on energy efficiency in provinces with rich resource endowments, high levels of economic development, and high degree of marketization. Green finance can improve energy efficiency through the development of new energy technologies and disruptive green innovation, which provides important supports for formulating policies to optimize energy structure and improve energy efficiency.

This paper examines the dynamic relationship between crude oil prices and the U.S. exchange rate within the structural break detection context. Based on monthly data from January 1996 to April 2019, this paper identifies structural breaks in movements of oil price and examines the dynamic relationship between crude oil prices and the U.S. exchange rate movement by introducing the economic policy uncertainty and using the TVP-VAR (Time-Varying Parameter-Vector Auto Regression ) model. Empirical results indicate that shocks to crude oil prices have immediate and short-term impacts on movements in the exchange rate which are emphasized during the confidence intervals of structural breaks. Oil price shocks and economic policy uncertainty are interrelated and influence movements in the U.S. exchange rate. Since the U.S. dollar is the main currency of the international oil market and the U.S. has become a major exporter of crude oil, the transmission of price shocks to the U.S. exchange rate becomes complicated. In most cases, the relationship between oil prices and the U.S. exchange rate movements is negative.

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