Department of Economics, The Islamia University of Bahawalpur (IUB), Bahawalpur, Pakistan.
School of Economics, Finance and Banking, Universiti Utara Malaysia, Sintok 06010, Kedah, Malaysia.
Environ Sci Pollut Res Int. 2019 Nov;26(33):34468-34478. doi: 10.1007/s11356-019-06565-1. Epub 2019 Oct 22.
This research article aims to investigate the moderating role of financial development in Environmental Kuznets Curve (EKC) in the context of Malaysia for the period 1970-2016. As the time series variables are integrated of different order therefore, Auto-Regressive Distributed Lag (ARDL) model has been employed to estimate the long-run equilibrium relationship among the variables. The results indicate that EKC does exist for Malaysia and financial development has negative impact on carbon emission. Moreover, financial development is found to have significant moderating impact on income environment relation. More financial development brings early turning point of the EKC. The results recommend that financial development can be used as one of the policy measures to reduce the environmental cost of economic growth in Malaysia.
本研究论文旨在探讨金融发展在环境库兹涅茨曲线（EKC）中的调节作用，以 1970 年至 2016 年的马来西亚为研究背景。由于时间序列变量的整合阶数不同，因此采用自回归分布滞后（ARDL）模型来估计变量之间的长期均衡关系。结果表明，EKC 确实存在于马来西亚，金融发展对碳排放有负面影响。此外，金融发展对收入与环境关系具有显著的调节作用。更多的金融发展带来了 EKC 的早期转折点。研究结果表明，金融发展可以作为马来西亚减少经济增长对环境成本的政策措施之一。
