School of Economics and Management, Nanjing University of Science and Technology, Nanjing, 210094, People's Republic of China.
School of Social Sciences and Humanities, University of Management and Technology, Lahore, Pakistan.
Environ Sci Pollut Res Int. 2022 Mar;29(11):16588-16596. doi: 10.1007/s11356-021-16648-7. Epub 2021 Oct 14.
This study explores the dynamic linkages of financial inclusion, modernization, and environmental sustainability in South Asia during the period 1998-2019. Two distinct composite indexes for financial inclusion and modernization are developed by using principal component analysis (PCA) based on normalized indicators. To examine the dynamic linkages, we adopted panel regression models that are not only robust but also heteroskedasticity consistent. We find that financial inclusion, modernization, per capita GDP, and FDI appear to lead to higher CO2 emissions in the South Asian region. Meanwhile, increased economic integration and trade openness appear to have negative dynamics for carbon emissions. These empirical findings are unbiased and robust to different reasonable modifications to panel data model specifications. This study comes up with the conclusion that presently there is no policy coherence and coordination between growing financial inclusion, modernization, and carbon mitigation strategies in South Asia. Thus, the prospect of financial inclusion and modernization should be cohesive into comprehensive climate change mitigation strategies at regional, national, and global levels, specifically to mitigate the adverse dynamics of higher carbon emissions associated with modern development.
本研究探讨了 1998 年至 2019 年期间南亚金融包容性、现代化和环境可持续性之间的动态联系。通过基于标准化指标的主成分分析（PCA），我们分别为金融包容性和现代化制定了两个不同的综合指数。为了检验动态联系，我们采用了面板回归模型，这些模型不仅稳健，而且具有异方差一致性。我们发现，金融包容性、现代化、人均 GDP 和外国直接投资似乎导致了南亚地区更高的二氧化碳排放。同时，经济一体化和贸易开放度的增加似乎对碳排放具有负向动态。这些实证结果是无偏的，并且对面板数据模型规范的不同合理修改具有稳健性。本研究得出的结论是，目前南亚地区在不断增长的金融包容性、现代化和碳减排战略之间没有政策一致性和协调性。因此，应该将金融包容性和现代化的前景纳入区域、国家和全球各级的综合气候变化缓解战略中，特别是要缓解与现代化发展相关的更高碳排放的不利动态。
