Hussain Shahzad, Gul Raazia, Ullah Sabeeh, Waheed Abdul, Naeem Muhammad
Department of Business Administration, Rawalpindi Women University, Pakistan.
Faculty of Management Sciences, Shaheed Zulfikar Ali Bhutto Institute of Science & Technology, Karachi, Pakistan.
Heliyon. 2023 Feb 28;9(3):e13164. doi: 10.1016/j.heliyon.2023.e13164. eCollection 2023 Mar.
We aim to investigate the empirical nexus between carbon emissions and financial inclusion for a panel of 74 countries from 2004 to 2020 based on the environment kuznets curve (EKC). Using the advanced panel data analysis framework of Driscoll-Kraay, Generalised linear model, and Prais-Winsten test for the entire sample and heterogeneous subsamples, we document an inverted U-shape relationship between carbon emissions and inclusive financial system. Notably, an inverted U-shape relationship is established in developed, emerging and frontier economies except in standalone economies. Furthermore, the analysis of region-wise subsamples reveals that nonlinear relationship varies across regions. The heterogeneous response of financial inclusion in curtailing environmental degradation provides vital policy insights. It suggests that financial inclusion can be used as a mitigation measure based on well-structured and robust regulatory and legal frameworks. These frameworks would create synergy effects of financial inclusion in designing policies and addressing issues related to sustainable development and climate change.
我们旨在基于环境库兹涅茨曲线（EKC），对2004年至2020年期间74个国家的面板数据研究碳排放与金融包容性之间的实证关系。使用Driscoll-Kraay的先进面板数据分析框架、广义线性模型以及对整个样本和异质子样本进行的Prais-Winsten检验，我们记录了碳排放与包容性金融体系之间的倒U形关系。值得注意的是，除独立经济体之外，发达经济体、新兴经济体和前沿经济体均呈现出倒U形关系。此外，对区域子样本的分析表明，非线性关系因地区而异。金融包容性在减少环境退化方面的异质反应提供了重要的政策见解。这表明，基于结构完善且稳健的监管和法律框架，金融包容性可作为一种缓解措施。这些框架将在设计政策以及解决与可持续发展和气候变化相关的问题时，产生金融包容性的协同效应。
