Akadiri Seyi Saint, Adebayo Tomiwa Sunday
Research Department, Central Bank of Nigeria, Abuja, Nigeria.
Department of Economics, Faculty of Economics and Administrative Science, Cyprus International University, 99040, Nicosia, Turkey.
Environ Sci Pollut Res Int. 2022 Dec;29(56):84226-84242. doi: 10.1007/s11356-022-21687-9. Epub 2022 Jul 2.
This research examines the linkage between financial risk and carbon emissions using a quarterly dataset spanning from 1991 to 2019 for top carbon emitting countries. To achieve the study objective, this study apply quantile-on-quantile regression (QQR), the quantile regression (QR) approach for robustness check, and the nonparametric predictive test that identifies causality in mean and variance. Empirical findings from the QQR technique disclose the following: (i) financial risk decreases carbon emissions in the USA, Russia, Germany, and Canada; (ii) in China, India, Japan, Brazil, and Indonesia, financial risk enhances carbon emissions (iii) while we find mixed reactions in the case of South Korea. The outcomes of the conventional quantile regression also confirm the QQR outcomes, while that of nonparametric causality discloses evidence of causality in majority of quantiles from financial risk to carbon emissions. Based on these empirical outcomes, policymakers in the financial risk-induced-environmental degradation regions should consider implementing policies or reforms that would keep financial systems sound, in order to prevent shocks to the environment, and its attendant multiplier impact on the environmental sustainability targets implemented to protect both the immediate and the future generations.
本研究使用1991年至2019年碳排放大国的季度数据集，考察金融风险与碳排放之间的联系。为实现研究目标，本研究采用分位数对分位数回归（QQR）、用于稳健性检验的分位数回归（QR）方法以及识别均值和方差因果关系的非参数预测检验。QQR技术的实证结果表明：（i）在美国、俄罗斯、德国和加拿大，金融风险降低了碳排放；（ii）在中国、印度、日本、巴西和印度尼西亚，金融风险增加了碳排放；（iii）而在韩国，我们发现了不同的反应。传统分位数回归的结果也证实了QQR的结果，而非参数因果关系的结果则揭示了在大多数分位数上从金融风险到碳排放存在因果关系的证据。基于这些实证结果，金融风险导致环境退化地区的政策制定者应考虑实施能够保持金融体系稳健的政策或改革，以防止对环境的冲击及其对为保护当代和后代而实施的环境可持续性目标带来的连锁乘数影响。
