Carrera de Economía y Centro de Investigaciones Sociales y Económicas, Universidad Nacional de Loja, 1050, Loja, Ecuador.
Faculty of Economics and Business, University of Vigo, Campus Universitario, s/n, 36310, Vigo, Spain.
Environ Sci Pollut Res Int. 2023 Jan;30(4):9624-9641. doi: 10.1007/s11356-022-22772-9. Epub 2022 Sep 3.
In this research, the objective is to examine how private financial development, urbanization and foreign direct investment and economic growth affects the environment using the ecological footprint as an indicator. Panel data was used for 100 countries from 1980 to 2019, classified according to their income level. Several econometric steps were used to estimate the results, such as cointegration and causality techniques. The results show that the private financial system and environmental degradation have a long-term equilibrium relationship, and the incidence is positive, but not significant at the level of the 100 countries. In high-income countries, the private financial system reduces environmental degradation; however, in upper middle-income, lower middle-income and low-income countries, it increases in the long run. Likewise, urbanization plays a predominant role on the ecological footprint in the long term. Meanwhile, the role of foreign direct investment is not stable over time. The causality test shows bidirectional causality between environmental degradation and the private financial system at the global level in high- and upper middle-income countries. However, low-income countries have a unidirectional relationship of environmental degradation to the private financial system. With regard to foreign direct investment, there is a unidirectional causal relationship between environmental degradation and foreign direct investment at the global level and from foreign direct investment to environmental degradation in high-income countries.
在这项研究中，我们的目标是利用生态足迹作为指标，检验私人金融发展、城市化和外国直接投资与经济增长如何影响环境。使用面板数据对 1980 年至 2019 年期间的 100 个国家进行了研究，这些国家根据收入水平进行了分类。采用了多种计量经济学步骤来估计结果，例如协整和因果关系技术。结果表明，私人金融体系与环境恶化之间存在长期均衡关系，其影响为正，但在 100 个国家的水平上并不显著。在高收入国家，私人金融体系减少了环境恶化；然而，在中上收入、中下收入和低收入国家，从长期来看，这种体系会增加环境恶化。同样，城市化在长期内对生态足迹起着主导作用。而外国直接投资的作用则不是稳定的。因果关系检验表明，在全球范围内，高收入和中上收入国家的环境恶化与私人金融体系之间存在双向因果关系。然而，在低收入国家，环境恶化与私人金融体系之间存在单向关系。就外国直接投资而言，在全球范围内以及在高收入国家，外国直接投资与环境恶化之间存在单向因果关系，而环境恶化与外国直接投资之间存在单向因果关系。
