Department of Economics, Abia State University, Uturu, Abia State, Nigeria.
Department of Economics, University of Calabar, Calabar, Cross Rivers State, Nigeria.
Environ Sci Pollut Res Int. 2021 Aug;28(29):39524-39539. doi: 10.1007/s11356-021-12843-8. Epub 2021 Mar 23.
Previous studies failed to account for the effects of major, minor and moderate changes in financial development on environmental sustainability in Nigeria. To provide this necessary fresh evidence, the current study applied the recently proposed multiple threshold nonlinear autoregressive distributed lag model for the provision of such information. Quarterly data series from 2000Q1 to 2018Q4 obtained from various data hosts were used for empirical analysis. Evidence from the estimations proves that the MTNARDL models provide more robust outputs than the NARDL. Equally, results from this enhanced framework indicate that the effects of extremely large changes in financial development on environmental sustainability differ significantly from the effects of extremely small changes. Again, the finding reveals that the positive impacts of financial development on environmental sustainability fizzles out at the lower thresholds. Furthermore, stronger asymmetric effects between financial development and CO emissions exist in the long run, as compared with the short run. Therefore, to ensure environmental sustainability and sustainable development in Nigeria, policy makers should pay adequate attention to the long-run dynamics and ensure that financial development level does not degenerate to the lower thresholds where the positive impacts of financial developments fizzle out.
先前的研究未能考虑到金融发展的主要、次要和适度变化对尼日利亚环境可持续性的影响。为了提供这一必要的新证据，本研究应用了最近提出的多门限非线性自回归分布滞后模型来提供这些信息。实证分析使用了来自不同数据来源的 2000 年第一季度至 2018 年第四季度的季度数据序列。估计结果证明，MTNARDL 模型比 NARDL 模型提供更稳健的结果。同样，从这个增强的框架中得出的结果表明，金融发展的极端变化对环境可持续性的影响与金融发展的极端小变化的影响有显著差异。此外，与短期相比，长期来看，金融发展与 CO2 排放之间存在更强的不对称影响。因此，为了确保尼日利亚的环境可持续性和可持续发展，政策制定者应该充分关注长期动态，并确保金融发展水平不会退化为金融发展的积极影响消失的较低门槛。
