Xuezhou Wen, Manu Emmanuel Kwaku, Akowuah Isaac Newton
School of Business, Jiangnan University, Wuxi, 214122, Jiangsu, People's Republic of China.
School of Management, Jiangsu University, Zhenjiang, 212013, Jiangsu, People's Republic of China.
Environ Sci Pollut Res Int. 2022 Apr;29(16):23069-23093. doi: 10.1007/s11356-021-17271-2. Epub 2021 Nov 19.
The Sub-Saharan African region is considered to be the most susceptible to the effects of climate change. The region's climate is influenced by several factors, the most notable of which is increased variation in development. The conglomerate between the financial sector and environmental quality (EQ) has been a priority for policymakers and analysts. This study looked at the complex relationships between financial development (FD) and environmental quality, as well as the position of economic growth (EG), from the perceptions of the five sub-national economies, from 1980 to 2017. The study tested the EKC hypothesis across the sub-regions. We employed the panel vector autoregressive (PVAR) model in a generalized method of moment framework to investigate the topic. The PVAR result showed that (i) financial development had a negative impact on CO in four geographical regions (Western, Southern, Northern, and Central). As a result, FD in these countries minimizes carbon emissions and enhances the atmosphere. (ii) Also, FD had a positive impact on carbon emissions in Western Africa. As a result, FD in these countries increases CO rather than improving environmental quality. The EKC hypothesis was validated in the Western African sub-region but was rejected in Central and Eastern (u-shape relationship) African sub-regional economies indicating variations in growth and environmental outcomes among the sub-regional economies. The Granger causality results in the West and Central African republics was a two-way causal connection between EG and CO. The results demonstrate how "EG and CO" and "CO and EG" are intertwined in Western and Central, while most of the relationships were unidirectional. Detailed sub-regional policy recommendations are deliberated.
撒哈拉以南非洲地区被认为是最易受气候变化影响的地区。该地区的气候受到多种因素影响，其中最显著的是发展变化加剧。金融部门与环境质量（EQ）之间的关系一直是政策制定者和分析师关注的重点。本研究从1980年至2017年五个次国家经济体的角度，考察了金融发展（FD）与环境质量之间的复杂关系，以及经济增长（EG）的情况。该研究在各次区域检验了环境库兹涅茨曲线（EKC）假说。我们在广义矩估计框架下采用面板向量自回归（PVAR）模型来研究这一主题。PVAR结果表明：（i）金融发展在四个地理区域（西部、南部、北部和中部）对一氧化碳有负面影响。因此，这些国家的金融发展减少了碳排放并改善了大气环境。（ii）此外，金融发展在西非对碳排放有积极影响。因此，这些国家的金融发展增加了一氧化碳排放，而非改善环境质量。环境库兹涅茨曲线假说在西非次区域得到验证，但在中非和东非（呈U形关系）次区域经济体中被拒绝，这表明各次区域经济体在增长和环境结果方面存在差异。在西非和中非共和国，格兰杰因果关系结果显示经济增长与一氧化碳之间存在双向因果联系。结果表明，在西部和中部，“经济增长与一氧化碳”以及“一氧化碳与经济增长”是相互交织的，而大多数关系是单向的。文中还审议了详细的次区域政策建议。
