Department of Economics and Finance, College of Business Administration, University of Hail, P.O. Box 55476, Hail, Kingdom of Saudi Arabia.
Environ Sci Pollut Res Int. 2022 Jan;29(3):4350-4362. doi: 10.1007/s11356-021-16005-8. Epub 2021 Aug 17.
This study explores the influence of financial development (FD) on CO emissions in five South Asian economies including energy consumption (ENC) and per capita income (PCI) as control variables. Using annual panel data for the period 1980-2018, this study applies the second-generation unit root and cointegration tests, panel pooled generalized least square (GLS) estimate, pooled mean group (PMG) estimation, and Dumitrescu-Hurlin panel causality test to accomplish the study. Westerlund cointegration test confirms a long-run relationship among the variables. The GLS estimation results reveal that FD, ENC, and PCI have significant impacts on environmental pollution. The relationship between FD and CO emissions is linear, and thus, FD causes environmental pollution positively; an increasing level of FD does not reduce the latter. PCI and ENC affect environmental quality negatively. However, the existence of the EKC hypothesis is validated, as, at a rising level of PCI, pollution starts declining, taking an inverse U-shape. The PMG estimators also provide similar outcomes and validate the robustness of the panel GLS estimation. The D-H causality test supports the GSL findings and further reveals a feedback relationship between PCI and CO emissions, ENC causes CO emissions, bidirectional causality exists between FD and ENC, PCI causes both ENC and FD, and CO emissions cause FD. The outcomes have implications for the policymakers to encourage firms and stakeholders to invest in renewable energy projects, and the financial intermediaries to the extent and subsidize loans for such investment projects. This is likely to induce investments in renewable energy sources, which will boost the energy portfolios, reduce CO emissions, and produce a moderately cleaner environment.
本研究探讨了金融发展（FD）对五个南亚经济体中二氧化碳排放的影响，包括能源消费（ENC）和人均收入（PCI）作为控制变量。使用 1980 年至 2018 年期间的年度面板数据，本研究应用第二代单位根和协整检验、面板汇总广义最小二乘法（GLS）估计、汇总均值组（PMG）估计和 Dumitrescu-Hurlin 面板因果检验来完成研究。西方勒特协整检验证实了变量之间的长期关系。GLS 估计结果表明，FD、ENC 和 PCI 对环境污染有显著影响。FD 与 CO 排放之间的关系是线性的，因此，FD 对环境污染有积极的影响；FD 水平的增加不会减少后者。PCI 和 ENC 对环境质量有负面影响。然而，EKC 假说得到了验证，因为随着 PCI 水平的提高，污染开始下降，呈现出倒 U 型。PMG 估计器也提供了类似的结果，并验证了面板 GLS 估计的稳健性。D-H 因果检验支持 GSL 的发现，并进一步揭示了 PCI 和 CO 排放之间的反馈关系，PCI 导致 CO 排放，ENC 导致 FD，FD 导致 ENC，CO 排放导致 FD。这些结果对政策制定者具有启示意义，即鼓励企业和利益相关者投资可再生能源项目，以及金融中介机构在多大程度上为这些投资项目提供贷款和补贴。这可能会促使对可再生能源的投资，从而增加能源组合，减少 CO 排放，并产生一个适度清洁的环境。
