The West Centre for Economics Research, Southwestern University of Finance and Economics, 55, Guanghuacun Street, Chengdu, 611130, China.
Department of Economics, Karakoram International University, Gilgit, 15100, Pakistan.
Environ Sci Pollut Res Int. 2022 Nov;29(53):80549-80567. doi: 10.1007/s11356-022-21520-3. Epub 2022 Jun 20.
This study investigates the influence of globalization, industrialization, urbanization, and financial development on energy demand and environmental quality. The current study uses annual data from 92 Belt and Road Initiative countries over the sample period 1995 to 2018. After the confirmation of cross-sectional dependency and cointegration among the variables, we applied System Generalized Method of Moment, Driscoll and Karry approach, and Dumitrescu and Hurlin causality test to check the long-run relationship and direction of causality, respectively. The results reveal that globalization, financial development, industrialization, urbanization, and economic growth significantly increase the energy demand and CO emissions over the sample period. In addition, the granger causality test confirms a one-way causal relationship between financial development and CO emissions, GDP per capita and CO emissions, and globalization and energy demand. Moreover, there is a two-way causal relationship between urbanization and energy demand and financial development and GDP per capita. Based on these findings, number of suitable policy recommendations presented in the prospective of Belt and Road Initiative countries.
本研究调查了全球化、工业化、城市化和金融发展对能源需求和环境质量的影响。本研究使用了 1995 年至 2018 年期间 92 个“一带一路”倡议国家的年度数据。在确认变量之间存在横截面相关性和协整后，我们分别应用系统广义矩方法、Driscoll 和 Karry 方法以及 Dumitrescu 和 Hurlin 因果检验来检查长期关系和因果关系的方向。结果表明，在样本期内，全球化、金融发展、工业化、城市化和经济增长显著增加了能源需求和二氧化碳排放。此外，格兰杰因果检验证实了金融发展与二氧化碳排放、人均 GDP 与二氧化碳排放以及全球化与能源需求之间存在单向因果关系。此外，城市化与能源需求以及金融发展与人均 GDP 之间存在双向因果关系。基于这些发现，提出了一些适合“一带一路”倡议国家的政策建议。
