Research Centre in Business, Economics & Resources, Open University, Ho Chi Minh City, Vietnam.
International School of Business, University of Economics, Ho Chi Minh City, Vietnam.
PLoS One. 2022 Jun 16;17(6):e0268631. doi: 10.1371/journal.pone.0268631. eCollection 2022.
The trade agreement is generally considered an effective mechanism to encourage trading activities. However, trade activities may lead to environmental degradation because more trade is generally associated with more energy consumption. In addition, financial development with an increased flow of capital among members is required to fund trading activities. Renewable energy can be a moderating factor to balance the effects of trade activities and financial development on the economy and the environment. This paper focuses on the inter-relationship between growth-energy-finance nexus for the CPTPP members in the 1971-2020 period. While the energy-growth-environment nexus has been extensively investigated, the energy-growth-finance relationship has been largely ignored in existing literature, particularly for the CPTPP countries. Our findings can be summarized as follows. First, we find that renewable energy consumption does reduce CO2 emission while financial development does not necessarily increase environmental degradation. Second, financial development is found to cause renewable energy usage bilaterally. Finally, when different proxies are used for financial development, a bilateral causality relationship between renewable energy usage, financial development and economic growth is confirmed. These important findings imply that the governments of the CPTPP countries should encourage renewable energy usage to achieve the dual objectives from the CPTPP trade agreement: (i) to increase trade activities; and (ii) to support further financial development within the region. These two objectives together support economic growth.
贸易协定通常被认为是鼓励贸易活动的有效机制。然而，贸易活动可能导致环境恶化，因为更多的贸易通常与更多的能源消耗有关。此外，为了为贸易活动提供资金，成员之间需要有更多的资本流动来促进金融发展。可再生能源可以成为平衡贸易活动和金融发展对经济和环境影响的调节因素。本文重点研究了 CPTPP 成员国在 1971-2020 年期间增长-能源-金融关系的相互关系。虽然能源-增长-环境关系已经得到广泛研究，但现有文献在很大程度上忽略了能源-增长-金融关系，特别是对于 CPTPP 国家。我们的研究结果可以总结如下。首先，我们发现可再生能源消费确实可以减少二氧化碳排放，而金融发展不一定会加剧环境恶化。其次，发现金融发展会双向引起可再生能源的使用。最后，当使用不同的金融发展代理变量时，可再生能源使用、金融发展和经济增长之间存在双向因果关系。这些重要发现意味着 CPTPP 国家的政府应该鼓励可再生能源的使用，以实现 CPTPP 贸易协定的双重目标：（i）增加贸易活动；（ii）支持该地区的进一步金融发展。这两个目标共同支持经济增长。
